Comment

Comment by Thom Colby CA Brkr 888-391-5245 on October 26, 2011 at 3:38am

Ok - maybe I'm missing something.....  After reading the form @Jim Crawford posted, I see nothing wrong with it !

 

It looks to me as though Wells is asking everyone involved in the transaction to affirm a number of things such as

• Seller doesn't get to stay in the house,
• neither buyer nor seller get an $$,
• there's no "side deals",
• it's not intended to be a flip,
• no one is aware that the proeprty will be immediately resold at a higher price.

As for the "Note to the Settlement Agent" - that's just a statement that the Settlement agent needs to make sure all signatures are notarized.

Folks, to me, as long as everything is above-board, this is not a big deal - sign it and move on.

 

I expect this form (whether new or not) is to flush out all of the side / multiple deals that have been going on.  I say Good for Wells Fargo - they've spelled it out as plainly as they can so there's no misunderstandings or misinterpretations.

 

Please tell me what I'm missing (if I am)

 

Have a great day !

 

Thom Colby

Broker

Newport Beach CA

 

Comment by Jeff Payne on October 26, 2011 at 3:37am

I do not see any issue with it unless you know of misrepresentation or of any of those items being violated.  If you did know of any of the items that are being violated, dont sign the document.  You can not be held liable for anything that you don't know or would not be able to reasonably tell was wrong that your buyer or seller do.  I would sign this all day long and would not think twice about it UNLESS one of the items on the affidavit were being violated.

 

Comment by Michael Schneider on October 26, 2011 at 3:25am

The WF and Fannie Arms Length that I have are signed by buyers, sellers, and agents, but not the settlement agent (or attorneys).  Has Wells or the Investors changed this?

Comment by Jim Crawford on October 26, 2011 at 3:20am

Here it is.

 

It puts everybody on the hook and Wells claims that it is NOT new.

 

145%20%20WF%20SS%20affidavit.pdf

Comment by Brenda Houghton on October 26, 2011 at 3:17am

My closing agent has crossed out certain phrases in the affidavit which claim his liability.  I have not had any rejected from either Wells or BoA, which I think is hilarious. 

Comment by Michael Hayley on October 26, 2011 at 2:52am

Jim; I want to see it too. Have you asked other closing agents if they have the same problem? 

Comment by Michael Schneider on October 26, 2011 at 2:51am

@Jim Can you post the Affidavit?  Is the attorney signature required?  This is the Arms Length? 

Comment by Jeff Payne on October 26, 2011 at 2:36am

Jim Crawford, I would be very curious what the liability issue is for a closing agent? 

Comment by Jim Crawford on October 26, 2011 at 1:52am

I have a closing attorney refusing to sign the Wells Fargo Short Sale Affidavit.  He sent me the reply from his liability insurance provider telling him NOT to sign it.  I have another attorney looking at it and he says that most lenders are changing their affidavits to put more liability on the closing agents.

Has anyone else run into this.

Comment by Verna Hierath on October 25, 2011 at 9:38am

Thanks Michael and I have included the Death Cert. all estate/trust docs etc every time to no avail.  I know that the people I am talking too at WF just have no idea what to do because they have told me so.  In the end they simply ask me to resend all docs and provide me with additional fax #s.  It's like the fly banging against a window, I just can't get anywhere .... .

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