"Here you go... thank you for any thoughts you have. Probably not a big deal but I wonder why they need to change the date of the offer's acceptance. --S"
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Wells Fargo Closing Date Extension form in the Contract Addendum
Started this discussion. Last reply by Sue Irwin May 17. 2 Replies 0 Likes
The end of Wells' s Short Sale Contract Addendum has this little form, and the second sentence says: "This document also extends the contract acceptance date to within 15 days from the investors'…Continue
speed of approval, B of A vs Wells Fargo
Started this discussion. Last reply by Robert Huntsinger Feb 20. 16 Replies 0 Likes
Hello Superstars,Are you finding that Wells Fargo (now on Equator) is still generally faster than B or A for approvals? I have a first and a HELOC, both with Wells and haven't done a Wells SS in a…Continue
Can seller use Chase $20k payment incentive to cover a personal lien concurrently at closing?
Started this discussion. Last reply by Aziz Seyal Oct 30, 2011. 11 Replies 0 Likes
Hi Superstars!Chase offered my seller $20,000 to do a short sale, and I haven't done one in this program yet. The seller owes state income taxes that are a lien against the property. Does anyone know…Continue
Bankruptcy and short sales
Started this discussion. Last reply by Wendy Smith Sep 1, 2011. 2 Replies 0 Likes
Hi Everyone,I'm looking at my first SS with a bankruptcy involved. I was told by a very experienced short sale agent that the bankruptcy had to be finalized before the short sale could be done.…Continue
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Sue Irwin replied to Sue Irwin's discussion Wells Fargo Closing Date Extension form in the Contract Addendum
Bryant Tutas replied to Sue Irwin's discussion Wells Fargo Closing Date Extension form in the Contract Addendum"Can you attach the addendum you are referring to? You will see "Upload Files" right under the comment box"
Sue Irwin posted a discussionWells Fargo Closing Date Extension form in the Contract Addendum
The end of Wells' s Short Sale Contract Addendum has this little form, and the second sentence says: "This document also extends the contract acceptance date to within 15 days from the investors' approval"What does this mean in practice? -- anything we should be wary about?Thanks!See More
Robert Huntsinger replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"Yes, HELL YES!
BofA is a bear to work with.
Had a lender that came in late on getting a loan funded in mid December, late by a day. I am still trying to get a new approval out of them.
The bad news is, the buyer has been waiting for 11 months and…"
Jeffrey Burnham replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"Last one I did with Wells they assigned a rep to it and I got an email religiously on EVERY Tuesday insisting on my marketing updates. They periodically reduced the price until we got a Buyer and then were diligent about making sure the Buyer…"
Kevin - Greenville, SC replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"Than you have your FHA and VA Loans too."
Kevin - Greenville, SC replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"Actually Wells Fargo HELOC's have been much easier and faster than the first's in my opinion. Isn't it amazing how some people have vastly different experiences....opinions... ?"
Ben Benita replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"ALWAYS ALWAYS ALWAYS ALWAYS depends on who the Investor is, has virtually nothing to do with the "Serivcer" (BOf A and Wells Fargo in your example).
There are 3 investor types:
GOvernement backed - Fannie, Freddie (for whome B of A is…"
Jerri Schick replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"I have one Well's short sale that is going on 1 year and the second buyer, 5th negotiator :-(. I call twice a week and so does the home owner. I have escalated the file, basically I have done everything I know to do short of driving…"
Thom Colby 888-391-5245 CA Brkr replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"Most recent experience is BofA abotu the same as they have been for the past year - fairly good as long as it's an Equator transaction.
WF - now that they've gone to Equator they are horrific. And, WF HELOC (cannto be…"
Kari A. Battaglia replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"Wells Fargo is much faster than BofA. Although lately I seem to be fighting inflated BPO's from Wells. I had an approval from them in December for $92,000 and then in January with substitute buyer they won't go lower than $112,000…"
"In my experiences, and I know all of us on here have different experiences.... B of A wins hands down for fast approvals and definitely for knowing how to work Equator. I won't even DARE to submit a short sale in equator with Wells...much…"
Sue Irwin replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"I've only had one substitute buyer with a BAC short, and it took 6 weeks for the new approval. I was giving the listing suggestions along the way for rattling the cage. Wasn't too bad. But I agree the substitute buyer thing has a long way…"
Jeffrey Burnham replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"I have a "substitute" Buyer deal going right now. When the first one started waffling I lined up a back up offer who had their loan in place and could have CLOSED by the date assigned to the original Buyer. Been 75 days so far beyond…"
Jeffrey Burnham replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"Wow. And you've had DIFFERENT results from B ofA?? I have a file on my desk NOW that was HAFA approved back in August that I've been calling on with a CASH offer since October. This is Buyer # 4, file is 2 years old and FAR from the record…"
Sue Irwin replied to Sue Irwin's discussion speed of approval, B of A vs Wells Fargo"Hello everyone, thank you for your comments. I welcome more comments; these are very helpful. -Sue"
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What happens when Seller won't sign a contract cancellation after the Buyer's waiting period is over?
Posted on July 10, 2011 at 1:14pm 5 Comments 0 Likes
Hello SuperStars! Has anyone had a situation where their buyer wants to cancel, is past their waiting period, and the seller won't sign the cancellation form? Seems the Buyer should be able to get out of the contract but I've heard they need the Seller to cooperate. Your experience? --Sue
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