Wells Issues Approval Letter Based on Expired HUD
Went into contract early July, submitted file in Equator. (VA loan).
Estimated HUD gave close date 8/31/12
July 29 Wells emails me that the file is being assigned to a negotiator & it will take 10-14 business days to review. Checked with them after 10 days and again after 20 days, "please be patient our negotiators are very busy"
8/31 - assigned a task in Equator to update Seller's hardship letter & financials.
Did so. no other task assigned, no request for HUD, although I had Title start to prepare a new HUD in anticipation of a task being assigned.
9/6 I was SHOCKED to receive an approval letter from Wells!!!! Giving a close date of 10/8 (doable) BUT using the old property tax owed based on the 8/31 close date.
9/7 submitted the revised HUD to Wells, asking for a corrected approval due to tax revision.
Email from Negotiator " the taxes willhave to be paid by another source. The file is approved and the information should have been updated before I reviewed this file"
I think the negotiator jumped the gun a bit and skipped assigning that very important task of Upload Updated HUD 1 for Review & just doesn't want to go back to her boss & get an adjustment.
But I could be wrong. Your comments, please.
I've completed 6 or 7 short sales with Wells in the past, and they have always had a very logical and predictable process -- assign a task, move on to the next one. Thanks, everyone.
Replies to This Discussion
-
Permalink Reply by Sheila Vardakis on
-
that is weird that they would give an approval without seeing a HUD1 first. did they allow for the other closing expenses such as title work, prorated taxes, wire fee, settlement cost? I would fight hard to get the additional taxes included. The other source will be you and that is BS and will be all day long in my book.
-
-
Permalink Reply by Joanne Hodge on
-
They apparently did not bother to look at closing date on the HUD that was uploaded July 6 when the short sale was initiated. And did not ask for a revised HUD with a new closing date before issuing the approval letter. I emailed the supervisor. Wells is usually much better in following their own process & having everything in order.
-
-
Permalink Reply by Justin Berry on
-
We have a clause in our addendum that buyer agrees to pay up to $500 of cut title, hoa, pro-rations, etc. to avoid having to go back to a lender in this instance....
I would push buyer to absorb and move towards closing.
-
-
Permalink Reply by joe beauchamp on
-
I have never had an issue with taxes being adjusted - I've never asked for an approval to be adjusted - I guess always handled this through giving them the HUD-1 to approval for closing (and if something pops up before then, I'll send a new preliminary HUD-1 to the closing officer explaining the change). Other things have become problems, the investor won't cover some things, of course, so money has to come from somewhere, but never taxes.
Most likely, your negotiator is of the nimrod variety - there are plenty around - and you need to get to someone who has brain cells engaged.
Out of curiosity, who is paying the taxes now? Often, the seller has stopped paying and the bank is paying them. That makes it look really stupid for the negotiator to argue about WF paying the taxes or WF paying the taxes, no? A new tax quarter starts 10/1 - if the taxes are being paid by anyone, they should be lower for 10/8 than 8/31.
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons