Comment

Comment by Lillie Handy Dominguez on August 19, 2011 at 7:40am

Has anyone had a Wells Fargo short sale approved with 6% Buyer closing cost or any closing costs approved?  In 30 short sales, I've never had closing costs approved for buyers.

Thank you,

Lillie

Comment by Thom Colby CA Brkr 888-391-5245 on August 17, 2011 at 5:18am

Don -

Ask for the bonus when you send over your "Cooperating  Broker Compensation" agreement / form (assuming you have this form in Ohio).  The seller / lender cannot indicate a "Contingent Offer of Compensation" which is an offer based upon a "full price offer" or an "offer must be recieved by...", etc.  It's against the NAR MLS Rules.  It never hurts to ask !

Best of luck,

Thom Colby

Broker

Newport Beach CA

Comment by Don Corson on August 17, 2011 at 5:08am

I have a question regarding an offer of Buyers agent bonus on a Wells Fargo short sale.  I am representing the buyer in the transaction.  We wrote an offer that is about 18% off the list price.  The listing agent was putting all the paperwork together, but we had 1 addendum that my buyer needed to sign.  In the interim between our original offer and the time when the agent sent the package to Wells, they requested that she lower the price (still above our offer) AND offer the buyers agent a $2k bonus for bringing a buyer.  

Should I be entitled to that bonus, since Wells won't have the package until after that offer was added to the MLS.  The listing agent wasn't sure if Wells would honor that bonus at below list price.  Any thoughts or experience on this type of situation?

Comment by Tanya Reese on August 15, 2011 at 3:28am

Wells Fargo is a national bank and is goverend by the Office of the Comptroller of Currency, which is part of the Department of Treasury.  Go to www.helpwithmybank.gov.   I found this out thanks to the NYS Attorney General and the NY State Dept of Banking. 

Good Luck!

Comment by Bill Seufert on August 15, 2011 at 3:17am

What is the best way to escalate a file with Wells Fargo? The BPO was completed 2 months ago, all paper work has been submitted (several times) and I have a negotiator that doesn't respond in Equator or via secure email, he reply's via regular mail (if ever) so I can't figure out who his supervisor is. He asked me to negotiate with the second (GMAC) but won't give me any idea as to where Wells is. I have settled at least 10 shorts with Wells and this is ridiculous.

 

Thank you in advance for any advice.

Comment by Jim Stewart on August 8, 2011 at 7:29am

Hi Tara, yes I have called them but they won't talk to me until 48 hours after I get an authorization specifically naming them.  Mine only names Wells.

Comment by Tara Polley on August 8, 2011 at 7:10am

Hey Jim, Did you contact the FHA Service Center? Their number is 877-622-8525

Comment by Jim Stewart on August 8, 2011 at 7:08am

Ok, superstars, I need help in escalating a short sale request with Wells Fargo.  It's a very long story but I'll shorten it to this: This short sale has been declined multiple times because of title issues.  These issues were rectified in May (and I have recorded proof). WFC now says a foreclosure date has been set for 8/26 even though there are still "title issues".  I have an offer on the house but WFC is saying that FHA denied the short sale request again Friday because of the supposed title issues which no one can tell me what those issues are.  My seller called the short sale department and was told that I have been lying to her. Supposedly FHA is pulling the strings here but no one will let me talk to them to figure it out.  I need help figuring out whom to call to get this settled.  Can anybody help??  Thank you!!

Comment by Brenda L Wood on August 5, 2011 at 7:57am

Can anyone help with a FNMA allowable closing cost question?  WF/Equator has countered HUD and indicated that investor (FNMA) will only pay 6% of HOA assessments and HOA Disclosure Package.  Where can I find this ruling in writing?

Comment by Kevin - Greenville, SC on July 30, 2011 at 9:47am

Once again Wells Fargo trying to insert themselves such that you and/or all parties owe them some Fiduciary.

 

4) Does the sales contract represent the highest and best offer?

 

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