Comment

Comment by Kevin - Greenville, SC on July 30, 2011 at 9:45am

Received this today - 

 

Agent Questionnaire

  Please answer the following questions to help ensure an accurate and timely review.

 1)  Is there a second mortgage on the property being sold? (You will need to negotiate directly with them) 

                Name of Lender:                                                                             

                Balance of 2nd Lien:

                Loan #:

                Lender Contact information (name & number):

2)  Are there buyer closing costs paid by the seller (seller concessions)? 

preliminary HUD.

3)  Please ensure all taxes, liens and HOA fees/dues to be paid are accurate and shown on the preliminary HUD. If these items are not properly disclosed it can delay the final approval to move forward with the sale. 

4) Does the sales contract represent the highest and best offer? 

5)  How many real estate agents are involved in this transaction?

6)  Will there be a power of attorney used to sign on behalf of the seller? 

 

Comment by Laura Rivera on July 30, 2011 at 3:54am

Carol, I had one last year before the Wells Fargo equator system, that I was able to stop the auction one hour and 45 minutes before the sale in Alameda County. It was not easy as I live in the PST zone. I got up at 4:30 in the morning and by 5 am my time, I was on the phone at the foreclosure attorney's office and my seller was on the phone with the servicer, Wells Fargo office. I believed we worked through it for the next 2 hours, by the time it was almost 10:15 PST, I got a call from seller that her house's auction for that day was cancelled. It was probably the most memorable, hectic & stressful short sale I have ever handled, but at the end of that day, it was worth the extra step. Before the auction day though, I was in contract w/ Wells Fargo and FC attorney's office- yes, they are same office, city, state, etc. but find somebody to at the FC office. And by the way, my seller's house closed and luckily she speaks English, as this takes proactive role on your seller too. Maybe find somebody in your seller's household who can speak for in her behalf. Good luck.

Comment by Carol Pease on July 29, 2011 at 5:43pm

I had a short sale denied today by Wells Fargo because the foreclosure was within 10 days.  I pointed out to them that the offer has been in Equator for three weeks. I was told "That's Equator and this is the Foreclosure Department"   They wait until 4:30 to give me that nice message.  I only have a day to stop this. Monday I go into b***h mode.  I'm going to twitter, phone and email the CEO. Anybody have any contacts to escalate this file?   My clients do not speak English. 

Comment by Erin Atherton on July 29, 2011 at 12:17pm

Heard a new one from Wells today on a short sale I just initiated for my sellers (via fax, btw). It was rejected during the initial audit (we haven't even been assigned a nego) due to the fact that their income exceeds their expenses (by less than $200) on the Wells financial worksheet. I've done multiple short sales w/Wells that they approved where there was basically no financial hardship- the income has exceeded the expenses by far- and I've never run into this issue. I asked if that was the only issue to cause the denial and they said yes. Anybody been given this excuse lately? My sellers are current and I'm thinking it has to do with that, but I don't want to tell them to stop paying unnecessarily.

Comment by Sharon Alters, CDPE, GRI on July 29, 2011 at 4:49am

Laura, I have had the same problem with Wells Fargo PAS tasks on their portal for foreclosures. Once they issue a task, there is no way to recall. I have had to do dummy info just to complete the task and not be penalized. So, it's not just on Equator that it is a problem.

Comment by Sharon Alters, CDPE, GRI on July 29, 2011 at 4:31am

We represent the buyer in a Wells Fargo short sale that started as a fax and was changed to Equator. It has been painfully slow, whereas Wells via fax worked very well in our past experience. I don't think they have their Equator act together yet, or else the attorney handling the short sale doesn't have their act together. Do you have a choice? The attorney said they were told to switch over to Equator. Sharon

Comment by Michael Schneider on July 29, 2011 at 4:29am

Well, these are good points, Laura.
I feel like this is a choice between the Garden State Parkway versus the New Jersey Turnpike, leaving NYC at 5pm on Friday.

Or, whatever the alternative is to the 405 in LA, outside of the hours 10pm - 3am.

Wells needs to fix their Equator implementation.  It is a bit of a mess.

Comment by Laura Rivera on July 29, 2011 at 4:18am

If I have a choice, I will fax, it is faster. Also the equator system has a mind of its own. The last time it repeatedly asked for a task that was not even called for, as file is complete, I asked the negotiator what to do with the task, and he told me "Just upload a blank piece of paper, and that will do it. I did put in the remarks, copy and pasted from the email I got from the negotiator that he advised me to send in a blank piece of paper for just in case, I will be questioned. Sure enough, the task query stopped. But then again, the "Is closing on schedule?" followed next, I just fill in the scheduled close date. Even with the equator, they send messages via a secured e-mail where you are to log in with a user name and password, and if you forget, after 3 attempts, it will lock you out. Given a choice between equator and faxing, I will fax, saving all the fax confirmation.

Comment by Michael Schneider on July 29, 2011 at 3:46am

Wells, Equator vs Fax.  Sigh.....

Wells has choosen to implement Equator as a "pass through server", so no docs are retained on Equator.  This can be a real nuisance, as it can make it very hard to know what the processor is referring to, because you cannot be certain you are looking at the same document they are.

And, their comments can be difficult to understand, to say it nicely.

I've done two files with Wells on Equator.  And, in the second, two weeks after the closing, I'm continuing to get messages from Equator asking me if the closing is on schedule.  (Do I answer Yes or No to that question?)

But, sigh, I choose Equator over fax....

Comment by Tni LeBlanc (805) 878-9879 on July 29, 2011 at 3:28am

Hi Jennifer -- I would highly advise using an efax service.  It will save you days of work.  You need a scanner though.  I recommend getting a Fujitsu.  Worth every single penny and more.  Tni

• ‹ Previous
• 1
• …
• 121
• 122
• 123
• 124
• 125
• …
• 220
• Next ›
• Page