Comment

Comment by Amy Martin on March 31, 2011 at 1:43pm

Can you do a short sale with Wells Fargo even if your client is not yet in default and imminent?

Comment by Jeanine Whitehead on March 31, 2011 at 7:54am

Okay, Please help... I'm up to the 2nd level in the esculations process and we cannot come to an agreement over $4310.  Any ideas anyone???

Comment by Jeanine Whitehead on March 31, 2011 at 4:44am

Thanks Kevin, it is now my understanding that since the buyers didnt close then the sellers are no longer eligable for the HAFA program.  As a result we have to deal with a new negotiator.  I've since esculated this to a supervisor for further assistance.  They are not only reducing the commission they are also reducing the seller concessions.

Comment by Kevin - Greenville, SC on March 31, 2011 at 4:30am

Jeannie, review this -

 

http://www.realtor.org/wps/wcm/connect/e78e110043e7dbacacdfed34cafa...

Comment by Jeanine Whitehead on March 31, 2011 at 4:15am

Please help!  I have an open file w/ WF as my 1st lien hldr.  The file was previously approved as a HAFA short.  (the buyers failed to close-financing).  My new negotiator is requiring me to reduce my commission to 5% and will only allow 2% in closing help to the buyers.  We have a full price offer according to the BPO value. We have full loan commitment and the buyers need the concessions to be approved.  What should I do??

Comment by Kevin - Greenville, SC on March 30, 2011 at 7:13am

Statement from Wells Fargo processor - The DATE on the Short Sale Hardship Letter cannot be computer generated it must be Handwritten. What??

 

Comment by Kay Mann on March 28, 2011 at 7:38am

Time difference was 24 hours.

Comment by Melissa Colvard-McKinsey on March 28, 2011 at 7:16am

Short answer Kay. YES!

Comment by Kay Mann on March 28, 2011 at 7:07am

Here is something really shocking!  Payoff on short sale is $136k, offer comes in at $135k, seller asks WF to assist w/closing costs & commission, which would mean an extra $10k.  WF denies short sale.  Buyer comes back with 2nd offer @ $120k, WF approves short sale.  Initially, WF would have lost approx $10k, now they are losing $25k......is this an industry gone  mad?

Comment by Ben Benita on March 26, 2011 at 8:44am

For FHA short sales, you need to do the pre-qual., but, this is EXCELLENT b/c they will give you approval price BEFORE you have to list....

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