Comment

Comment by Jennifer Luna SFR on July 29, 2011 at 3:26am

Hi I am a real estate agent in the Milwaukee area. Thanks for the comments left regarding Wells Fargo short sales Equator vs Fax.  Even though I got the message from Equator to start using it for Wells Fargo short sales I think I am going to pass for now. By the way when faxing in a short sale I hover over the fax machine to make sure every page goes through!

Comment by William Chea on July 21, 2011 at 3:02pm

CA Agents please understand this law. It seems the negotiator doesn’t understand the law and it SHOULD still work in your sellers favor. They instructed you that the seller could not contribute - well what the negotiator may not realize is that by accepting money from the 1st they are still receiving money thus wiping any chance of going after the seller. Unfortunately as more servicers figure out the law, this is NOT going to make dealing with 2nds any easier.

Comment by Laura Rivera on July 21, 2011 at 1:53pm

Yes Jennifer, she loves more today than yesterday.

Comment by jennifer mullen on July 21, 2011 at 1:49pm

Lucky for you Laura, that you have Jerry Brown on the side of the homeowners.  I won't hold my breath that we'll see anything like that in South Carolina.  Very happy for your clients, though!

Comment by Laura Rivera on July 21, 2011 at 1:43pm

We have an approved short sale to close on August 15, 2011, first with Wells Fargo, second loan a HELOC also w/ Wells. We just got an approval for the HELOC last Tuesday 7/19, requiring my seller to match the 1st pay-off to second of $1543, $3086 total, my seller agreed. Today, I got a phone call from the negotiator and she told me that with the passing of SB458 on 7/15/ 2011 http://www.car.org/newsstand/newsreleases/sb458/?view=Print&url...

a new HUD1 shall be prepared omitting my seller contribution. Wells Fargo is not allowed to collect any contribution. Well, hooray for my seller, she could certainly use that money for security deposit.

 

Comment by Bill Seufert on July 14, 2011 at 7:55am

I have been working on a short sale with Wells since for about 8 months. I listed the property at $219,900 and over the first 2 months reduced the price every few weeks as I typically do. After 2 months at a list price of $199,900 I received an offer for $180,000. The seller qualified for a HAFA short sale (didn't occupy the property though). After 3 weeks the bank countered at $225,000 based on the BPO value. I never had the BPO agent schedule the showing through my office so was not aware when or who completed the BPO.

 

Obviously this buyer walked. I spoke to the negotiator and the investor had to net $191,000 but market value was $225,000 so I had to keep the property listed at $225K. Every2-3 weeks I would email the negotiator new comps and an update on showing activity, always zero. Finally 2 weeks ago I am allowed to reduce the price o $209K (still too high but better).

 

I get another offer for $170K, I email the negotiator, he responds that the SSA is expired and I need to send the listing agreement, property history report and MLS sheet to start the deed in lieu process.

I have sent countless comps and letters to explain the amount of repairs and upkeep this property needs to no avail. If their lucky this home will sell $160 tops as a bank owned property.

 

This happen to anyone?

Comment by Smitty on July 14, 2011 at 4:36am

Yes, but new HAFA guidelines I BELIEVE were published at the beginning of this year stating the homeowners did NOT have to make partial payments - I THOUGHT...I'll have to research that.  I also thought it was 120 days and not 90 to close it.

 

I'm NOT a fan of a HAFA short sale.  Every hafa short sale I've seen the lender wants ABOVE market value therefore, deed in lieu.  It's not a program designed for the homeowners.  It's designed for the lenders.

Comment by jennifer mullen on July 12, 2011 at 2:41pm

I have a WF short sale where they are attempting to have sellers do a HAFA.  However, they are asking for 'Partial Payments' that are actually higher than the original payments; are giving it 90 days to close; and, if it doesn't close, they will have to sign a deed in lieu and move out within a week!  BPO was done two weeks ago and WF will not tell us their number unless sellers agree to this deal.  Anyone hear of this before?

Comment by Marcy Moyer on July 11, 2011 at 8:04am

My last 2 have been the same as the first.

Comment by Angie Branco on July 11, 2011 at 8:03am

Is there any additional paperwork Wells HELOC department will need for a 2nd?

 

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