Comment

Comment by Kent Dills on November 24, 2009 at 9:43am

Wow. Do you avoid the normal "30 day review in the pool" by sending directly to a negotiator you've gotten approvals from previously?

Comment by Wendy Rulnick on November 24, 2009 at 9:41am

Just received Wells short sale approval- EIGHT days from fax to approval.

Comment by Jeff Payne on November 24, 2009 at 8:48am

Ralph, use the numbers in this group. Wells is moving much faster now.

Comment by Ralph Gorgoglione on November 24, 2009 at 8:40am

I have a short sale ready to go with a fully executed PA. Who can give me a direct contact that can help? First is with Wells Fargo Home Mortgage, and small second is with Wells Fargo Home Equity.
Would appreciate any lead help!!

Comment by Lizette Cano on November 24, 2009 at 8:26am

thank you this is very helpfull

Comment by Kent Dills on November 24, 2009 at 8:24am

Lizette, all my accepted Wells Fargo short sales have involved seller who were behind, but I don't think being behind is a requirement for acceptance by Wells (nor should it be for any bank). All that's required is that you prove hardship and a willingness to sell to mitigate any future loss for Wells and their investors.

For example, you've got a couple that's getting divorced. They have a definite hardship. They've only lived in their home for a couple years and have little or no equity and were relying on both incomes to make the payment. They need to sell and they're going to have to sell short. The bank can see that it's better for them and their investors to accept the short sale as soon as possible to avoid future late payments, eventual foreclosure espenses and REO expenses, etc.

I hope to put this to the test as soon as I find sellers that fit this or similar scenarios!

Comment by Jeff Payne on November 24, 2009 at 8:19am

Lizette, YES. Closed one last week for a condo investor who was not behind on any payments

Comment by Lizette Cano on November 24, 2009 at 8:14am

is wells fargo accepting shortsales if the sellers are not behind on thier payments ?

Comment by Anna Mackey SDHS on November 18, 2009 at 2:43pm

Yes, WF did give $5k to a charged-off 2nd on one of our deals. You can certainly try to get WF to increase, but I think your best bet would be to get buyer and seller to contribute to Chase to total 10% of 88k and to be hard with Chase about the deficiency and tell them seller's attorney may advise seller to go to foreclosure if they do not wave deficiency. Escalate if needed. Good luck!

Comment by Lupe Soto on November 18, 2009 at 2:30pm

Hi, Anna, Chase balance HELOC is $88,000. Wells Fargo contribution $3,000 non negotiable, Chase wants minimum 10% from seller without counting $3,000 from Chase. Actually, Chase wants 15% to avoid deficiency judgement. I am putting together no more than 10% total and hoping that Seller/Buyer will contribute, however, I started this topic to see if anyone dealing with WF have negotiated a higher approved on the second from WF. thank you for your comments. Lupe

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