Comment

Comment by Alan Remigio on March 27, 2010 at 12:05pm

I just did this. There is a clear disadvantage for RE agents in negotiating with many lenders. First, net has to be met. It is obvious Seller's financials indicated, per their formula, that a seller contribution needs to be made in the amount of $XXX. You can negotiate it out with another hardship letter by seller addressing the contribution. Seller has to support the letter with data. Seller can also counter with a real offer to which the condition will appear on the Demand Statement/Approval Letter when approved. If you feel the lender may say no to "0" contribution, you can do a (my favorite new word) "commissionectomy", if seller has no funds. You have one stab at this. If they feel you are negotiating this, it may fall apart. Attitude is seller either has it or not, Stick with one figure. It is a statement and not a negotiable point like the rest. Good Luck!

Comment by Victoria Frieberg on March 27, 2010 at 11:25am

i am at my wits end. Wells Fargo loss mitigator (2nd one) e mailed that she would have an answer on a seller contribution amount by a week ago Wednesday, 8 days. Now, no e mail, no return phone call. Have escalated to her supervisor, and to Dawn in Communications. I have asked my Fannie contact for her input, as Fannie has said the amount requested is acceptable as an exception, since the net to Wells Fargo is still ABOVE their requested net. Any other ideas? The silence is deafening! I even called the normal call center to see if they showed an update, and the girl got rude and said, quit calling every day and let your contact work!!

Comment by Alan Remigio on March 27, 2010 at 3:53am

I will, if I knew how. Will be back in three hours.Let me know.

Comment by EL E on March 27, 2010 at 3:16am

Alan... can you just upload them to the group so everyone can get access to them?

Comment by Alan Remigio on March 27, 2010 at 3:09am

The addendums are now called the Short Sale Listing Addendum and Short Sale Contract Addendum. I can email PDF if you give me your addy.

Comment by Keji Ogunleye on March 27, 2010 at 1:32am

Does anyone has the updated Wells Fargo short sale Listing addendum form and short sale contract addedum form. I used the ones attached at the top but the negotiator emailed that he needed an updated ones but the ones he attached are void so I cannot use them.
Thanks much

Comment by Kent Dills on March 24, 2010 at 1:34am

If the loan isn't FHA or VA, then it's usually some form of conventional. You can find out if it's Fannie or Freddie by using their loan lockup tools at:
Fannie's - http://loanlookup.fanniemae.com/loanlookup/
Freddie's - https://ww3.freddiemac.com/corporate/
I always use these links on the front-end of a short sale because I know that Fannie and Freddie won't cut my commission. Find out if it's Fannie or Freddie backed and get back to us on that for contact info at WF! :-)

Comment by Victoria Frieberg on March 23, 2010 at 1:43pm

thanks! I will try her

Comment by Kent Dills on March 23, 2010 at 1:41pm

Victoria, a really good WF Conventional/Fannie negotiator is [email protected] . Give her a try and see what you get!

Comment by Victoria Frieberg on March 23, 2010 at 1:34pm

i could use those too! i have one where the contact promised me a response by Wednesday of last week, and won't answer an e mail at all! Fannie Investor..conventional

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