Comment

Comment by Theresa Prim on July 8, 2011 at 12:48am

I'm in the beginning stages of negotiating a VA Compromise sale with Wells, and the nice lady in the short sale department yesterday, actually told me "Faxing is quicker than equator".  I think after reading your posts that I will do it the way I always do and FAX THE PACKAGE TWICE..therefore no pages are missed. Thanks guys!

Comment by Shamekia Goldsmith on July 6, 2011 at 12:29pm

I'm using Equator for the 1st time. If you can fax it's better.  Waiting for tasks when the file could have already been reviewed and BPO ordered by now is a waste of time.

 

Comment by Gabe on July 6, 2011 at 11:11am

Excellent.  Thank you for the information, Phil.

Comment by Phil Putnam on July 6, 2011 at 11:06am

I have found that fax as of now is still better and I have also been told by some of the Wells empolyees that fax is even still preffered by them as well. I have 4 files with Wells that are in Equator right now and about 5 that are the old fashion way and the the Equator files are much more cumbersome and seem to be taking longer.   

Comment by Gabe on July 6, 2011 at 11:00am

Can anyone recommend whether to use Equator for a new Wells file or is the fax process still better?

Comment by Michael Schneider on July 6, 2011 at 5:28am

Who is the investor?  If this is a trust or some unregulated entity, anything is possible.  There may be no requirement for sharing or existence of guidelines on this.

I had a similar situation with Wells.

The negotiator may be managing around the Investor.  Wells can be helpful.

Comment by Jeff Payne on July 6, 2011 at 4:40am

Sue, if that is their guideline, which I HIGHLY DOUBT, they should easily be able to direct you to said guideline.  I have closed MANY with Wells that were current and I really think the negotiator on this file did what was easiest to get this file off of her desk.  I ain't buyin what the negotiator is sellin :)

Comment by Sue Fitzhugh on July 6, 2011 at 4:01am

Thanks to all for your input. I emailed the listing agent with my concern about the seller not missing a payment. She contacted the negotiator and this is what she said

 

"I spoke with the negotiator directly today, she verified what you were concerned with; without a 60 day default, the investor automatically rejects the file.  She told me that they would leave the file open and to hang on to her contact information and when the account was 45 days past due to call her directly and she would "get it done quickly".

 

Hope this helps everyone.

Comment by Laura Rivera on July 1, 2011 at 12:43pm

Sue,

When I listed, sold and submitted an offer to Wells Fargo in November 2010 my seller was current. The offer was full price.  After 1 month review, she was rejected because, she is not of "imminent default yet". So my seller did not pay after that. Three months later, we had an offer after a price reduction and got 2 offers, 1 got sent to bank and 1 kept as back up. We had a counter back from Wells Fargo after only 1 month and of course it was $11,000 more than what the market is. Buyer countered to original offer, after 2 weeks, we got it back and Wells agreed to sell the property at buyer's offering price and 60 day extension to close. While buyer was about to begin the loan process, something happened to his family and he backed out. I immediately contacted the back up buyer who was still interested, told him to write similar to the approved short sale price and terms and close of escrow. Wells Fargo took the back up buyer- all in about 2 weeks time frame, and we are closing in 2 weeks.

Comment by Marcy Moyer on July 1, 2011 at 12:03pm

I am doing one right now.  First and 2nd with wells. Seller has not missed any payments, but relocated for a job and will run out of funds soon.  It took 4 months for approval of both loans.  Lot's of delays. It went through an additional layer of review because the seller had not missed payments.  Did not go through Equator as short sale started before they were on Equtor.

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