Wells Fargo Short Sales

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Wells Fargo Short Sales

Wells Fargo and ASC (America's Servicing Company)

This group is for information, tips and solutions for Wells Fargo short sales.

Members: 1439
Latest Activity: Oct 27, 2022

Wells Fargo Short Sale Information

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Wells Fargo Short Sale Info and Items Needed

Wells Fargo Short Sale Dept 1-866-903-1053    (see below for ASC forms)
Short Sale FAX 1-866-969-0103
Letter of Authorization Fax 1-866-917-1877

Mortgage Servicing 1-877-841-5301.

Wells Fargo Line of Credit Division 866-961-6861 or 866-970-7821

Third Party Authorization: 866-917-1877 (fax)
Fax: 866-834-7850 or 866-834-7949

Email format [email protected]
OR [email protected]

ESCALATION DEPARTMENT 866-605-0829

Wells Fargo Executive Offices:  800-853-8516

Discussion Forum

What can I expect?

Started by Beth Walsh. Last reply by James Franko Nov 1, 2021. 6 Replies

Violation to Receive Additional Funds

Started by Kay VanKampen. Last reply by Brett Goldsmith Oct 8, 2019. 2 Replies

Investor denial

Started by Angie Fraguas. Last reply by Brett Goldsmith Jul 11, 2018. 3 Replies

Comment Wall

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Comment by Jeff Payne on October 1, 2011 at 6:08am

I also do not care who the buyer is.  I care about my duty to my seller and letting the buyer negotiate with my sellers lender on my sellers behalf is more than absurd in my opinion.  

Comment by Cathy Baumbusch on October 1, 2011 at 5:48am
You hit the nail on the head Brenda and Joe. Our market is very different from the rest of the country. Prices have gone up in most neighborhoods in the last year and we see multiple offers all the time. I don't care whether the buyer is an investor or not, if its the best offer for MY CLIENT (the Seller) with the best chance of getting approved by his lender, AND the best chance of CLOSING once we do get approval (we all know how lack of financing kills most short sales), that's the offer I will have my Seller ratify. On the other hand, if we get only one offer then it gets ratified and sent to the bank. In our market (DC metro) I don't know of anyone who gives the buyer agent authorization to deal with the banks. That's an interesting concept. As a listing agent, I already bombard the lender with information on the true market value. But the bottom line is that the investor (Fannie/Freddie, private investor) is going to go with the BPO or the appraisal that they ordered.
Comment by Barbara J. Rice on October 1, 2011 at 5:36am
Actually, Mark, NV allows for the buyer to have their own negotiator. That negotiator just has to be properly licensed.
Comment by Brenda Houghton on October 1, 2011 at 4:47am

I am a listing agent with a very good track record of getting offers approved.  My focus is different from @Joe's however.  My focus is to get the house sold under the best possible scenario for my CLIENT, Mr/s Seller.  I do not work for the bank, they are just a layer in the process.  When the house is listed at true market value (which takes into consideration its condition), we do not have a problem getting a well qualified buyer and typically we get an approval.  I do not care if the buyer is an investor or an owner/occupant.  My favorite buyer is a cash buyer and the description stops there.  

In Texas it is a race to get an offer to the table because we have a 21 day foreclosure cycle - not much time to waste.  However, most of our short sales have buyers within the first week.  Because I represent my seller and his/her best interests, and I represent my broker and must protect his interests, I would not allow a buyer to negotiate the short sale.  That doesn't even make sense.  The buyer certainly does not have my seller's best interests at heart.  Also, how could I ensure the buyer will not take liberties with my broker's license?  I've not done any a-b-c transactions on my listings, probably due to my above stance. I'm with @Joe on that. 

Comment by Joe Green on October 1, 2011 at 3:01am

As an ; listing agent that has a very high success ratio of getting my offers approved. I don't have a problem with investors.  My focus is on getting the best price for the bank.  Therefore I typically would not encourage my seller to accept an offer to the bank that is less than 10% below my current list price.  If you are consistently doing price reductions, at some point you will reach a price that the market is willing to bear.  If that is an investor or a regular buyer, then I don't care.  On a short sale it's not a race to get an offer to the table, but its more getting an offer that has a high chance of getting accepted.  If you follow that then you don't have to worry about an A-B-C transaction.

Comment by Cathy Baumbusch on October 1, 2011 at 1:17am
"...concealing parties to the transaction...". Sounds pretty clear to me. But you go right on ahead and believe what you believe. Whatever gets you through.
Comment by Alan Remigio on September 30, 2011 at 3:30pm

Eric, I work with realtors and brokers and have also bought from several in this group. I have a lot of great realtor friends. I have respect for every professional in the RE industry. Not only do I hear frustration from my realtor and broker friends, I see it here, regarding short sales. It's not a put down in any way. I'm sharing my observations. I see the frustration here and now. I do see lenders just wasting many realtors efforts.

Here's the reality, Eric.Lenders push their REO's and SS, as is. They are betting the consumer, in spite of their inspection reports,valid concerns and justified offer, will take the property off their hands for their price which is near retail, in most states. We both see them stubbornly stick to it. They want max value. You want max value for your client. I want max value. We all have different approaches and they all are valid ones. It's just that our perception is our own reality. People walk from potential purchases  The reasons are varied as mine. With all the inventory, realtors are showing more properties... it's a buyers market. 

It's been proven time and again and articles are written on this, that identical properties, one in foreclosure and the other for retail, have different values. No different than two identical cars, one with 40k more miles, worn tires and dirty worn engine, the other just the opposite...both with detailed interior and exterior for any consumer to buy. Same price? Riiight...

The difference between the retail buyer and me...he wants to live there, our reasons to buy are as different as north and south. Consumers will always be the larger market. There's enough for both to do well.

What I'm really saying is there is no consistent approach for the realtor to bring fair value to the consumer regarding short sale or REO. I'm not an advocate of BPO nor will I make offers. It wastes everyone's time, especially realtors. Signed contract and let's get down to business.

I can't speak for other investors, but my company does all of our short sales. We have a much quicker turnaround, now, than 3 months. I see that with realtors on this site, so I don't think it's investor exclusive.

The excess inventory has to be reduced with all buying sources actively acquiring properties. Like I said, we can discuss this for months.

Comment by Eric Mieles on September 30, 2011 at 1:36pm
Oooo oooo I want in! Alan why is it that you think Realtors have a disadvantage in the short sale arena?? I think our focus is just completely different than that of an investor and our overall goal (at least the good ones) are to educate, empower and save our homeowners and community from foreclosure all while being an independent contractor and running our own successful business.

Please don't get me wrong I love the art on investing however I have yet to see the value of a a-b-c ss flip and feel it's really unecessary. Why do I need an investor to try and have me negotiate for 3 months only to drop out when the bank won't sell at 50 cents on the dollar or I could find the end buyer myself and avoid the hassle.

I don't know if this is right but I do often think about what it would be like if I lent $200k to someone and some investor was trying to buy a home for $70k and asking me to write off $100k only for him to "flip" the next day and make $30k.

Think about it!
Comment by Alan Remigio on September 30, 2011 at 1:06pm

Wow, everyone!!! This is exciting!! We can talk about this subject into the next year and still not get a general consensus.I've said before that realtors have a disadvantage in the short sale area, but, I've also seen many here do very well, and share their techniques for success.

As an investor, all I know is this...lenders know our intentions as investors. We flip, do back to backs, as well as other concepts that bring us income.One EVP I know told me he preferred doing business with us because the overall costs are lower. I don't know how true that is. All I know is we understand the process and hold the lenders to that. They know I will flip the property for a profit. Do they possibly have a column in their management reports regarding my companies? Of course they do! Our exit strategies seem to be contrary to what they tell most.

I am not a lawyer, but my point is fraud can only occur when one or more entities are TOTALLY dependent on information provided by a party to make a decision to buy, lend monies or provide services and that information to extract the monies or services is false and AGAINST THE LAW. Flipping, back to backs, are not against the law. Non-arms length transactions are also not fraud. However, lenders, as seen on numerous past posts here, have their own rules, different from each, and put into place because of informative sites like this. Rules affect the process both ways, good and bad. So a practice, seemingly unethical, but known to be against a lender's rules, must violate a law to be fraud.

I'm not backing up anyone here.  Thom posted an accurate definition of  two types of fraud. Kevin used the word "most" accurately. I like hot topics like this!

Comment by The Negotiator on September 30, 2011 at 12:56pm

Cathy - when you use a line from a famous play you need to use quotations. Shakespeare would be very upset that he not get credit for the line. Hamlet, too, methinks.

Also, possibly breaking a FNMA arm's length agreement does not constitute fraud. I would not have posted what I did if we were talking about breaking "arms length" terms.

 

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