Replies to This Discussion

Permalink Reply by Eric Mieles on February 4, 2012 at 2:41am

If this was Wachovia/world savings originated than it possibly qualifies for the fast track program. There is a special dept that will qualify the loan, assign you one point of contact, order values right away and get you the approval.

There have been changes to the program as before all you needed was HUD, purchase contract, listing agreement and fast form. Now they require a little more however it's still an amazing program.

$3k relo
Up to $10k lien
No prom
10 days.

You should have an area manager that can help you. Where are you located?

Permalink Reply by Tni LeBlanc (805) 878-9879 on February 4, 2012 at 2:57am

Central California - North of LA - South of SF

Permalink Reply by Laura Giannotta on February 4, 2012 at 2:48am

Here in New Jersey many Wachovia loans are fast tracked and handled by a short sale manager for Wells Fargo.  My contact in NJ is Chrisopher Reichert.  Maybe if you contact him you can find out if he has a counterpart in your area.  His email is:   [email protected]

Good luck, let me know if you need more info.

Laura Giannotta

Permalink Reply by Tni LeBlanc (805) 878-9879 on February 4, 2012 at 3:03am

Thanks for the contact Laura.  Maybe he can point me in the right direction and get me fastracked!  I would love that.  Right now I think they have me slowtracked! 

I wonder why I can't get this info from calling and asking them.  Or is that just a ridiculous thought?  LOL.

Permalink Reply by Laura Giannotta on February 4, 2012 at 3:16am

The latter Tni!  LOL

Actually one short sale I had with Wachovia,  Wachovia knew nothing about.  Chris striaghtened it out!  Good luck, again, keep us posted.  

Permalink Reply by Tni LeBlanc (805) 878-9879 on February 4, 2012 at 5:54am

Thank you Harry! 

I am excited thinking I may be fast tracked! 

I'll come back and let you know the result.

Permalink Reply by Stephanie Greenberg on February 4, 2012 at 7:11am

I am in a similar situation.  Faxed my authorization in to Wells and Wachovia several times.  Just got to someone in the foreclosure dept of Wachovia who was finally able to help me.  I have so many phone and fax numbers that I was told to call it is ridiculous.  Now property preservation has locked me out of the house and am waiting for them to contact me.  The bank even sent the seller a Wachovia letter of authorization to complete and she had to put a copy of her drivers license on it.  Very disorganized.

Permalink Reply by Tni LeBlanc (805) 878-9879 on February 4, 2012 at 11:12am

Yes, that has been our experience as well.  It is getting comical.

I was shocked because Wachovia has a good reputation for short sales.  I wonder why they are not more forthcoming about this other procedure.  I hope it is still in place.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on February 4, 2012 at 8:46am

Tni,

My understanding is the Wachovia / World loans were kept in a special "unit" or company-within-a-company at Wells / Wachovia to dispose of them as quickly as possible.  Sort of like the RTC in the 80's. 

In early 2010, they were actually paying Listing agents a 3% bonus on top of Listing Commission to get rid of them and a Wachovia rep would go with listing agents on the appointment to pre-approve the short sale right there.  At that time the ONLY paperwork they wanted was an RPA, a hardship letter and an estimated HUD - nothing else !  Back then, we could get deals done in about 3 weeks.  I haven't done any Wachovia deals for a while so I don't know what the current situation is but I suspect they still want to get rid of those loans ASAP.

Best of luck,

 

Permalink Reply by Tni LeBlanc (805) 878-9879 on February 4, 2012 at 11:06am

Wow!  Well they know those loans are very problematic. 

Have you read a set of those loan docs on those pick a payment loans? 

In this climate almost all short sales should be handled with very little paperwork requirements, if you ask me.

I am perfectly ready to be impressed.  Hopefully I can come back in 10 days with an approval in hand.

Permalink Reply by Sheyenne Schultz on February 12, 2012 at 3:20pm

I just did one where it was Wachovia  1 loan.  I DID submit to area rep for fast track program. Although the home was totally destroyed inside by a tenant that had to be evicted..so basically this needed an all cash buyer. It would NEVER have appraised at the value Wachovia thought it should be in this area of more valuable homes. The process started fast, thank god, and then a wachovia rep from San Antonio was assigned who was great. What slowed down my process was the fact that this home in its current condition was WAY BELOW what the bank's appraisal came back at. I had to fight that for a while and do BPO and Appraisal disputes. Finally once that was agreed upon. My first buyer was an all cash buyer of an LLC. People let me stress to you right now. IF you have buyers who are LLC's or Corporations...make sure the LLC or CORP gives u ALL their papers upfront. Statement of Information, Articles of incorp, by laws, minutes, etc... EVERYTHING!

This had to be submitted. To Quality Control. This is what took a while. Also, your contract must be signed correctly.

If u don't know what correctly is... and I DO NOW! It has to be a certain way or rejected..then let your Wachovia/wells rep explain to you. Too complicated for me to explain to you here.

Since wells bought wachovia and wells got audited in october, the quality control process is a nightmare. Then my 1st buyer walked, and submitted a 2nd all cash buyer of a corp this time. Again contract had to be perfect in all signatures and the way it was submitted, then their corp papers, bylaws, articles of incorp,statement of information had to all pass quality control. People this took a month..due to their depts asking me for things piece meal instead of all upfront. It was a nightmare. But finally after almost 2 months later. I got the approval letter and we closed in about 2 wks. At that point, my buyer caused a 4 day delay in wiring their funds in due to wanting an approval letter in their name. WELLS does NOT issue an approval letter in ANY BUYER"S name AT ALL.  I had to show them the FORMER approval letter and get 3 supervisors from Wells to email them this ruling also BEFORE they would wire their monies in. And if that wasn't bad enuf, a franchise tax lien of $1300 popped up at last minute. Homeowner was only receiving $1500 of her $3000 relocation money due to this being sold at such a low price. Homeowner refused to pay. SOOOOOOOOOO as usual, both buyer and listing agent HAD to pay this since seller and buyer refused. Thank god it was only $650 off on my side.  Such is life. But I DOOOOOOOOO look forward to many more with Wachovia/Wells. I have another 2 of them right now. And now I know exactly who I will submit them to...cutting through lots of wasted time. And since my next buyer is another LLC/Corp all cash buyer...I definitely know exactly how the contract must be signed and what papers the buyer must give me so it will go smoothly and much faster.