Comment

Comment by Lori Young on October 10, 2009 at 3:34pm

Contact the foreclosure attorney and send them the short sale package. I have done this a few times with great results.

Comment by Pam Jank on October 10, 2009 at 11:32am

Las week I took a "Short Sale " listing that goes to foreclosure Oct 23, 2009. There is a WaMu 1st and a Wells Fargo Equity line 2nd. Property Market Value is approx $80K less than owed. 1st is $175K, 2nd is $65K. Just received an offer for $140K (Market is approx $179K).... Has anyone had any success getting one of these done when it is so close to the Foreclosure date? As of today, I have all the Seller's "Homework," CMA, Low Offer, pretty much everything needed..... Any experiences or advise that could help expedite this?

Comment by Steve Loynd on October 3, 2009 at 3:14pm

Just had my Wachovia deal...became a Wells Fargo Deal thanks for the forms...Saved me a ton of time, from starting all over again.

Comment by Pam Graham on October 3, 2009 at 12:40pm

I found out that Wells Fargo has different mortgage companies within themselves. There's Wells Fargo Mortgage and Wells Fargo Financial. They also handle their short sales different too. WF Financial has it together. They did the BPO once they got a copy of the listing paperwork, I also have a negotiator who I can email and get a speedy reply. Every month I do a market update and they tell the price to reduce it to. They also told me they can get an approval in 7-10 business days. Unfortunately, the seller has not been good at giving me required forms and the last price reduction WF authorized middle of September, the sellers have not signed and returned it to me. Which means I can't reduce the price.

Comment by DanaVoelzke on September 25, 2009 at 4:09am

This might seem like a dumb question but when you get the "closing date extension form" from Wells that means an approval is imminent, correct?

Comment by Bryant Tutas on September 25, 2009 at 1:10am

Bud this is one of those clauses that makes absolutely no sense at all. What they are referring to is the "effective date" of the contract. They are basically giving the buyer an opportunity to cancel the contract.

Comment by Lori Young on September 24, 2009 at 12:19pm

These mean when Wells Fargo sends you the approval letter you have to close within 30 days. On some of my deals that are cash I require the buyers to close ASAP and at times in 15 days. This will allow you to close the deal and get the funds to Wells Fargo. Sometimes waiting to close on the last day may cause issues with sending the funds to the lender. This is also putting the buyer on notice to start rolling on the closing of the house with the buyer requirements etc.

Comment by Wendy Rulnick on September 21, 2009 at 8:02am

TIDBIT: Wells Fargo won't assign your file until you have all your documents in. If you are missing documents, they won't call and tell you. You must call them and ask if anything is missing :)

Comment by Steve Loynd on September 15, 2009 at 10:07am

Thanks Wendy...Sent stuff there today, and they didn't seem to know why I was sending it there? Funny...

Comment by Wendy Rulnick on September 15, 2009 at 9:39am

Steve, the only ones I have for Wach right now are 866-642-9405 and fax 866-260-3962

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