HELP :) work for a small office and no one is familiar with the wells fargo short sales let alone the equator system and to top it of...this is my first short sale.   I did fax in the third party authoirsation form.  and registered on the system....can anyone point me to an online training for this system or in general short sales...I feel totally out my depth here, but trying to help the seller out.

thanks in advance

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Not to pile on, but if no one in your office has ever done a short sale, and I'm assuming that short sales are as much a part of the market in Ohio as in Chicago, wouldn't you be better off putting your license elsewhere? I mean when these started in a big way in 2006 I'm sure most agents didn't know much about them, but now? They're pretty far behind the curve if no one there has done one by now.

 

To address your question more directly, Wells Fargo's short sale packet (available under the Wells Fargo group on this site) will a list of the documentation you need from the seller. Your best education (other than talking to agents that have done this) is to go through the Wells Fargo group here post by post. There are courses like the training courses on this site (see the part of the banner above where it says, "need training" which was designed by Wendy and Brian, this site's founders.

\I think that there's no better bank to learn with. I think Wells is the most user unfriendly of all of the banks on Equator. The experiene will build a strong short sale agent. They do close eventually....even Wells loans.

It's not that difficult to actually do a short sale - with patience and a sense of humor. You can watch a few videos, and you are off and running. Don't let anyone tell you that you can't. We all started with that one first short sale.

My only advice is to be a pest and check on it every day.

 

 

You have to initiate the short sale into equator when your logged into your account. If this file is HAFA eligible the file will be handled outside of equator. If not you will have to run the file through equator. Well's Fargo's equator system is very detailed orientated so make sure you have all updated documents within the last 30 days and that all documents are dated and filled out correctly. You also will have to be familiar with imputing figures from the HUD for the lenders review. I run files through equator on a daily basis and Well's Fargo equator system may be great system it is often frustrating due to having to upload so many documents and having to be so precise. Hopefully this file is HAFA eligible ! That will be determined once you initiate the file into equator and if so you will receive an email outside of equator. If you have any questions i'd love to help!

Katrina,  Not to "pile-on" as someone else put it BUT, if no one in your office has worked a Wells Fargo Short Sale or worked in Equator, you should do what's right for your client and hire a 3rd party negotiator who is licensed in your State to handle it.  It will likely cost you 1% but well worth it to have someone else handle these tasks and get your client the approval they need.  There's no time left this year to "learn on the job".  Also, don't expect the person you hire to teach you how to do it yourself as that would be taking future income away from them.

The MOST important take away is you need to do what is in the best interest of the client - and - providing them the expertise to handle their situation is what's right.  

Best of luck,

That is what our company does for agents and attorneys. Just let me know if interested/stuck.

I think Julie is right you can learn to do this and Wells is pretty easy to work with but to protect your seller and yourself I would ask a broker at another brokerage that is short sale saavy if they woud dbe interested in co-listing with you.  That way you have a fail safe for your seller.  Learning is great and you will probably have to learn this sometime and now is good a time as any but be careful that your seller doesn't have to pay for your education.

Carole

Check with your local Board to see if you need any special training to even handle a short sale. Ask Wells questions. It's in their best interests to close the sale as a short sale, so ask them. You don't have a choice who the negotiator is on their side and hopefully you end up with someone who is communicative and responsive but it not, don't be afraid to go up the ladder to their supervisor.

Since your transaction will be handled via Equator, look for training modules about Equator.

But again... ask questions of the Wells person. IS your client HAFA eligible? Once you've started the short sale process with an offer in hand, you can't turn back and start over to get the HAFA approval. And be sure to let your Seller know that just because you're in the midst of the short sale process, it doesn't stop the foreclosure wheels from turning. 

You'll also need to be sure the agent representing the Buyer is on board with everything and is able to educate the Buyer accordingly. Lots of education for everyone in the transaction if everyone is new to the process. 

I agree with Brian. It's not fair to seller, eventual buyer or even the buyers agent for you to solo this short sale. Find a third party and follow along on every step. Find a mentor. The basics can be found in a course or two, experience is learned on the job.

I will gladly handle it for you and pay you a referral fee at closing. The time for training was way before you took the listing. You would be doing your client a disservice by attempting a short sale and making mistakes at their expense.

Referring your short sales out can be a very effective business model as I do shorts sales exclusively for a few agents and make them look like rock stars. If it's within my MLS area I handle it all, if not I do most of the work except Listing in the MLS and showings. I handle all communications as an "assistant" to the listing agent.

You will learn...finally.Good luck.

I have to agree with those that are encouraging you to use a 3rd party negotiator or short sale assistant. The best way to help the seller is to have the sale close. Your chances of closing are greater with help than not. If you have questions about what a 3rd party negotiator does and the typical costs, please feel free to call me. My direct line is 262-573-6309

HI Kartina,

I hope you found the the answers you've received helpful.  I have been working as a Short Sale Coordinator for agents for the last few years.  I have worked in Equator with Bank of America, Wells Fargo, & GMAC.

I agree with Brett regarding the HAFA.  The best thing to do is call Wells Fargo SS department; 866-903-1053. And make sure that they get the correct docs prior to getting started.  It use to be that if the loan was a Fannie or Freddie then you would have to send in the HAFA docs first , getting the borrower qualified for this before initiating in Equator.  But I have found that this program can be long and drawn out, however, I have processed Coop SS's & Streamline Coop SS's with ease and with a lot less documentation requests made from the bank.

If you haven't initiated the loan as a short sale in the system yet, other than calling WF, that would be your first step.  Then tasks will be assigned to you to upload docs and submit the HUD figures into their form as well as the borrowers financial information.  

It is a really great system once you get the hang of it!  :)

Melody Najera - California

[email protected]

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