Comment

Comment by Cody Lampariello on September 29, 2011 at 3:51am

Shane they are doing that because technically it is not an arms length transaction when you are the listing agent and buyer. You have no motivation to bring the bank the best offer on the property or to purchase at market value. Whether you are or not the bank is going to think that you are offering a lowball offer and not considering other offers. They also assume that if someone else lists the property and uses your offer then it is a friend of yours and you gave them the listing so you could place your below market offer again. Please note I am not saying this is what you are doing I am just stating the banks postion in this. That being said you can probably cancel the file entirely and resubmit in a week or so with either a different buyer or a different listing agent and still be involved, doubt they will notice.

Comment by Kevin - Greenville, SC on September 29, 2011 at 3:47am

Shane,

In 'most' cases the sale must be an Arm's Length Transaction.

 

Comment by Shane Feist on September 29, 2011 at 3:40am

I just was told from Wells Fargo Financial that because I am the listing agent and the buyer that now they will not work with me in any shape or form.  They want the property listed with a different agent and will not accept an offer from me.  Anyone had a similar experience with them?  Good thing I got my real estate license, so I can NOT purchase a deal when I find one.

Comment by jennifer mullen on September 27, 2011 at 9:00am

Katherine, I had a file last year with Wells HELOC.  We had to have the BK attorney file with the BK court for a release of lien.  They approved the short sale.  It cost $400 and our buyer was willing to pay for it.

 It took a little time for the extra steps but Wells took 10%.

Comment by Bill Somerset on September 27, 2011 at 8:31am

I was also told 30 days after receipt of appraisal.  I'm crossing my fingers and holding on the an answer on Oct. 5th.

Comment by Jim Stewart on September 27, 2011 at 8:26am

Bill, they told me I'd get an answer 30 days after receipt of the appraisal.  Both of the ones I have have been true to that to the day.  For whatever reason we're having problems on just the one now.  The other is going smoothly.

Comment by Bill Somerset on September 27, 2011 at 8:17am

If there is a good number or contact for FHA loans I would appreciate some help also.  All documents have been sent in, appraisal was completed on Sept. 5th, and still no answer.  I have been given a name and email address for a negotiator, but nothing yet.  I am told every time I call in to follow up in a week.

Comment by Anna "Banana" Kruchten on September 27, 2011 at 7:12am

Katherine if the client had a BK I would imagine there was an attorney that handled it, correct. The attorney should be able to get that lien released.  That's how we were advised by the attorneys we work with here in AZ - not sure of other states.

Comment by Katherine Muhs on September 27, 2011 at 7:04am

Has anyone been involved in a short sale where Wells is the jr lienholder (HELOC) and the HELOC debt has been discharged through BK? Wells still has a lien on the property, and is telling me they "are in no position to negotiate" and will "take what they can get" in order to release the lien. True? Any input from real life experiences would be appreciated!

Comment by Jim Stewart on September 27, 2011 at 6:45am

Having the same problem as Trish on an FHA.  ATP supposedly sent out on the 17th but seller didn't receive. Customer service will only email the processor to call me but she never does.  They won't give me any contact info for her.

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