Sign promissory note BEFORE closing
I'm working on an approved short sale with Wells Fargo that involves a promissory note. This week I was just informed by the negotiator that they must have the promissory note signed ahead of closing or they'll deny the short sale and close the file - what?, I said. What Seller in their right mind would sign a promissory note before closing when we all know that anything can happen with a closing not happening and then the Seller would be on the hook for an additional note. They insisted signing of the note or they'll deny the short sale and close the file. I insisted and said the Seller isn't going to sign and finally management said they'll make an exception this time if the Seller calls the negotiator to tell them that they agree to the note and will sign it at closing. I mean really this is absurd.. has anyone else come across this "new" Wells Fargo policy?
Replies to This Discussion
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Permalink Reply by Tiffany Alleshouse on
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Oh no! ... we have A LOT to look forward to with my pending Wells deals...
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Permalink Reply by Ben Benita on
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Could not be a more CLEAR CASE OF BS from the bank!!!!!
Wow, you had the ______ to actually say "no" and you got the "Well, we'll make an exception for you just this once" line.......
I hope EVERYONE READING THIS sees what non-sense goes on.....again, the people at teh bank are called "NEGOTIATORS" because they get paid to negotiate!!!!
Lynn, good for you sticking up for your client (I hope they appreciate it). To all, I CAN NOT SAY THIS ENOUGH..........
DO NOT BE AFRAID TO TELL THE BANKS "NO"!!!!!
Again, my congratulations to you Lynn!!!! -
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Permalink Reply by Kent Dills on
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Yep, agree with my friend Ben on this TO THE MAX EXTENT POSSIBLE.
Great job Lynn for having the common sense and guts to JUST SAY NO! That's not a trivial step in a short sale specialist's professional development. Don't know how long you've been doing short sales, or how many you've done, but you've just passed a significant TRAIL BY FIRE with flying colors. Welcome to the club Lynn! -
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Permalink Reply by Lynn Pineda on
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And I don't think this is the last of Wells new ideas Tiffany...and it's a shame as I've been enjoying working with them.
Tiffany Alleshouse said:Oh no! ... we have A LOT to look forward to with my pending Wells deals... -
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Ben, my thoughts exactly...what a bunch of "BS". Too many love the power that they feel when they try to say "no" even when it makes absolutely no sense. Thanks a lot for your comments!
Ben Benita said:Could not be a more CLEAR CASE OF BS from the bank!!!!!
Wow, you had the ______ to actually say "no" and you got the "Well, we'll make an exception for you just this once" line.......
I hope EVERYONE READING THIS sees what non-sense goes on.....again, the people at teh bank are called "NEGOTIATORS" because they get paid to negotiate!!!!
Lynn, good for you sticking up for your client (I hope they appreciate it). To all, I CAN NOT SAY THIS ENOUGH..........
DO NOT BE AFRAID TO TELL THE BANKS "NO"!!!!!
Again, my congratulations to you Lynn!!!! -
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Hi Kent, and that's exactly how I saw it ... it was just a matter of common sense. Yet, I've been doing these long enough, several years, and know better than common sense isn't always what we have to deal with in Short Sales. I mean what kind of lunatic did they take us for?! Thanks for your comments - I appreciate it.
Kent Dills said:Yep, agree with my friend Ben on this TO THE MAX EXTENT POSSIBLE.
Great job Lynn for having the common sense and guts to JUST SAY NO! That's not a trivial step in a short sale specialist's professional development. Don't know how long you've been doing short sales, or how many you've done, but you've just passed a significant TRAIL BY FIRE with flying colors. Welcome to the club Lynn! -
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Permalink Reply by EL E on
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What does anyone think about suggesting the seller sign the note with a notation near the signature lines that says something to the effect of "subject to completing the real estate closing on or about xx/xx/xxxx." and initialing it?
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Permalink Reply by Alan Remigio on
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Every doc can be modified when it comes from a lender. If it is a WF form promissory note, simply add the line "subject to the short sale closing with__________ on (date). Make it specific to an event.Get your legal involved for verbiage. I'm not an attorney. Get it initialed by appropriate parties. I've done it numerous times. The worst scenario is rejection. The next is compromise on language. Two positives out of three is not bad. Rejection never occurs when it is in line with the intent of the short sale. BTW, I am not an RE agent and I recognize, completely, that agents have a different set of standards to conduct their short sales negotiations by. The above (use correct verbiage from legal) does work, my realtors submit it with success,
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