2 Hours to respond to counter that's almost $16,000 more than principal balance
Need some help with a WF loan -- we have overcome a lot of issues on this file, but I'm not sure how to move forward with the newest one...We received a counter today for $89,000 more than our current cash offer (and almost $16,000 higher than the current principal balance). The counter email states "Please be advised that this file has an advisory cut-off date, meaning if we do not secure an approval by tomorrow their will be no chance of achieving a postponement. This date is firm and unchangeable." Any suggestions of what I need to do? We're prepared to do a value dispute, but we cannot get one done and reviewed within a couple of hours. If the negotiator does not receive a counter by 5pm today, he's declining the file. I called to find out who the investor is, and I was told that "this investor requires to stay anonymous". The BPO was received 7/12, but they will not tell me the amount.
I've emailed and called all of the contacts I have and have not been able to reach anyone. I cannot get through to the # I have for the escalations department. Any help is GREATLY appreciated :)
Replies to This Discussion
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Permalink Reply by Karyl Moore on
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@ Melanie: Last Friday Wells gave me until tomorrow to close a file - I guess two hours is even worse. We called the attorney's office named on the Trustee Sale notice and they told me who to call to get the sale postponed. I also emailed the Wells CEO from info provided on this site: [email protected]. Had a call from the CEO's office today. i don't know which, or if both, avenues worked but at least it got done. I really do think the negotiators do this to us just for fun. A little power . . . .
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Permalink Reply by Melanie Yarberry on
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Thank you! I'll definitely try these avenues. I've got to agree - it seems that all of our Wells Fargo files are train wrecks these days!
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Permalink Reply by Pattilynn Guilford on
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You are the second person to blog this same thing today. WF is acting weird lately, not sure why or that it even makes sense but it sure makes us work way to hard to help a bank mitigate their loss sooner rather than later.
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Permalink Reply by Robin Mitchell on
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To say that Wells is acting weird is an understatement. I have a short sale that I have been working on since June. At that time they countered back with a sales price of $139k and seller contributing $2k. The buyer didn't go for it then contract died. I put it back active and buyer found that they could qualify so they did a new contract with those exact terms. I just found out Wells countered back at $166k and $8k from seller. The house will not appraise for that amount. If I didn't know better, I would say that Wells wants to take the house back. My seller is giving up.
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