Comment

Comment by Michael Schneider on July 1, 2011 at 11:25am

You can do a short sale on performing loans.  I just did one with Wells, two loans, both current, both serviced by Wells.

I think the guidelines are pretty Investor specific. For example, Fannie has criteria and tests for "imminent default" in one of the 2011 Servicing Guides.  Google for:

Fannie imminent default servicing guide 2011

The 1st and 2nd as essentially separate Companies with Wells. 

WFHM and WFHE have separate processes, different requirements.

Comment by Sue Fitzhugh on July 1, 2011 at 11:04am

Here's the situation: I'm the buyer's agent and this is what I've been told by listing agent.  Seller has a 1st and 2nd with WF. He tried to do a loan modification but it was turned down. When they said no, they sent a letter saying his next step would be a short sale. WF did the BPO extremely fast a week and a half ago.  No requests for more info/paperwork in Equator all this week. The owner has NOT missed a payment.

 

Question 1: Has anyone had a short sale approved recently where the seller was not behind by at least one payment?

 

Question 2: Any insight on how long to hear from WF once BPO is done and paperwork complete?

 

Thanks so much. Sue

Comment by Brenda Keck on June 29, 2011 at 6:41am

I'm not sure where to go from here. Wife lists house for short sale, ex is out of picture but on mtg. Divorce Decree states that within 1 year, either refinance or sell. Wife took divorce papers to clerk of courts and he is removed from Auditor.  Wells fargo still wants a quit claim, but he is already removed. HUD says what she did is good and we dont need quit claim, HUD is waiting for Wells to return calls, No one will return calls

Comment by Thom Colby CA Brkr 888-391-5245 on June 26, 2011 at 8:13am

@Rob,  Lender cannot discuss this with the current Listing Agent until after foreclosure - it's a conflict of interest to discuss listing the property with a current agent in a transaction for a short sale.  Most likely, if this property is near foreclosure time, they have already assigned it to one of their approved agent/vendors for the area.  That agent is likely already "managing" the property from a distance for Wells.  e.g. drive-by once a week, checking on condition, providing ongoing CMAs / BPOs, etc.

 

I've never seen a current Listing Agent be given the Listing after foreclosure by any of the "big banks" - some small banks, yes - but not the big ones.

 

Best of luck,

Thom Colby

Broker

Newport Beach CA

Comment by Wendy Rulnick on June 26, 2011 at 6:27am

@Danielle -1.  Ask if you can prove "imminent default" if Wells Fargo/investor will reconsider 2. Ask if seller can contribute cash and/or promissory note, will they reconsider?

Comment by Robert A. Carrino on June 26, 2011 at 5:59am

Does anyone have suggestions on how to position yourself to pick up the REO listing when my short sale listing with Wells forecloses?

Comment by jennifer mullen on June 22, 2011 at 9:51am

I've seen that several times.  The only sulution I know of is to have them stop paying...and hope the buyer will wait 60 more days.

Comment by Phil Putnam on June 22, 2011 at 9:43am

Danielle,

 

Ask yourself one question, What is the motivation of the lender to do a short sale on a non owner occupied property where the paymets are current?

Comment by Danielle Powell on June 22, 2011 at 9:26am

I just had WF decline a short sale because the seller is not behind on their payments. This is an investment property taking a $1500 loss each month. Any suggestions?

Comment by Tni LeBlanc (805) 878-9879 on June 22, 2011 at 4:15am

@Sally I just had something similar on a Wells Home Equity file.  They said if the first paid me more than 5%, that I needed to contribute any excess to them.   But, in this case the first wants to pay 4%.  LOL.  Crazy world.

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