Comment

Comment by Ben Benita on May 1, 2010 at 3:28am

Karmann (and ALL OTHER AGENTS) - -you are making a mistake if you never show a buyer another short sale b/c good deals are out there.

Next, and again to EVERYONE, ask who is negotiating with the lender.....if it is the listing agent and this is only one of their first few short sales (and they are NOT a memeber of this board....
:-)

I would DEFINITELY run for the hills, or, hire a professional negotiator to work with you on teh Buyer's side (we do this). SUbmit your offer to buy contingent on your being able to use a professional negotiator to handle the BS with the banks....most listing agents will LOVE you for htis....they get paid and NEVER HAVE TO DEAL WITH TE DING DONGS AT THE BANK!!!!

Everyone wins......

Comment by Sharon Horne-Ellstrom on April 30, 2010 at 1:43pm

Karmann,
I would wait 1-2 weeks and resubmit your offer again (unless you are up against the sheriff sale date). I have had to do that on 4 other deals with Wells Fargo. It is a pain, but we did get the short sales done. They were all in Wisconsin, if that is of any help.

Comment by Karmann Ghia on April 30, 2010 at 9:42am

Well, looks like our Wells Fargo/Fannie Mae short sale (trying to buy) is DOA. They sent an e-mail to the seller today rejecting her request for a new BPO (their BPO came in 40% higher than the FHA appraisal) and said they were rejecting the offer and closing the file. The really ridiculous thing is that their BPO is also over 40% higher than the first BPO they did at the beginning of the year. Now, this market is declining so much you can't even get PMI here, yet Wells is telling us the value of this house increased 40% while sitting vacant for four months. Oh well, we're house-hunting again tomorrow. You all are troopers for taking on these sales--we'll never attempt another one.

Comment by Carolyn Vatuone on April 29, 2010 at 12:45pm

Does anyone have a contact name for the person in charge of loan mods at Wells Fargo?

Comment by CJ Wright on April 16, 2010 at 9:54am

Hey Juan, contact Ben - I'm just a newby at this, following the big boys. I just hammered the negotiator-of-the-day and was successful. I suspect prayer had alot to do with it. Good Luck!

Comment by Ben Benita on April 16, 2010 at 8:48am

you can contact me off line about rescisions so we do not clog things up here.....many questions to ask to send you in the right direction, loan type, who si the ivnestor, is the BUyer still willing to go, how strong is the BUyer, etc.

Comment by Juan Reyes on April 16, 2010 at 8:35am

CJ, anyone in particular you dealt with, do you have their contact info? you can email it to me @ [email protected]

Ben, getting the foreclosure rescinded is exactly what i want to do. I have a very strong offer for the home.

Comment by CJ Wright on April 16, 2010 at 8:30am

Hey Juan, I was successful in getting a WF foreclosure rescinded but it took forever (about 3 months). I had a solid offer, solid buyer, who I have since closed on another deal. It can be done! Good Luck!!

Comment by Ben Benita on April 15, 2010 at 7:31am

At 2 weeks out, it can be VERy ahrd to get the foreclsoure rescinded, but, if you ahve a good short sale offer, worth a few phone calls.

if not, and you are just looking to get the home before or when it gets listed as REO, start here:
https://www.wellsfargo.com/about/wfhf/realestateowned

and be a TOTAL pain in the _____ on the phone.

The issue you MIGHT hit, some properties do not get listed for up to 6 months post auction (lenders generally will NEER list a home for sale if they own another property within varying radius's of the subject property, i.e., if Wells Fargo owns a property REO and has it listed for sale, then, forecloses on teh hosue across teh street as well, they will almsot NEVER list the foreclosed home until the currenlty listed home has been sold, again, they avoid cometing against themselves.....

best of luck
You will have strong push back

Comment by Juan Reyes on April 15, 2010 at 7:23am

Does anyone have a contact for the REO Dept. of Wells Fargo. I received an offer on a short sale and when I called BOA (The Servicer) to initiate the S/S I was told that it went to foreclosure just over 2 weeks ago and that Wells Fargo bought back the loan.

I was told that I needed to contact WF directly to see if they were willing to look at a short sale offer, but I'm unbale to find a phone # to call them. The Rep at BOA did not have one she could provide.

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