Replies to This Discussion

Permalink Reply by Sharon Burgos on October 9, 2013 at 3:40am

I'm also working on a Wells Fargo SS currently, but we did receive an ATP.  That came first, then they proceeded to negotiate the offer we had, about $26,000 less than Wells' calculated FMV, and their counter was the FMV. Buyer walked. Wells then insisted that I increase the list price to their FMV - I had it listed about $6,000 under FMV, trying to get an offer. Wells would not listen to reason and insisted that I raise the list price - even though there is a builder in the neighborhood selling brand new homes for less than what this home is now listed at!  Since I raised the list price, we've gotten zero showings - as I predicted.  Seems Wells Fargo is not really interested in doing short sales.  They are apparently just waiting for the "marketing period" to be over so they can foreclose.  Sad for my poor sellers and frustrating for me.

Permalink Reply by Megan Brooks on October 9, 2013 at 3:45am

Wow, sounds almost like my situation (minus the ATP). What are they thinking? 

Our listing is at their FMV, but the condition of the house is not even close to being worth it. 

I hope they agree to meet in the middle and are reasonable. 

Permalink Reply by Sharon Burgos on October 9, 2013 at 3:56am

Since they refused to meet anywhere in the middle when we were $26,000 apart, I'm predicting they won't be reasonable and try to meet in the middle when you are $40,000 apart.  From what I've heard from other agents dealing with WF short sales, they are just not motivated to do them.  Not sure why, but it looks like unless they get an offer that matches or is higher than their FMV, they won't even consider it.  And don't get me started on the competence of the people they hire to do their appraisals!  The woman who called me to set the apt was so flustered she called me twice about a property that I'm not even listing!  Then she called back to say she had car trouble and couldn't do the appraisal and needed to re-schedule.  When I called her back, she said she was just confused and actually could do it!  By then, I was confused!  Good luck with your short sale, but don't hold your breath.  Prepare your sellers for foreclosure.  That's my advice.

Permalink Reply by Kevin - Greenville, SC on October 9, 2013 at 3:58am

Megan,

You need to dispute the value and possibly get them to order another Appraisal to ensure they have a correct picture of Fair Market Value.

Permalink Reply by Megan Brooks on October 9, 2013 at 4:20am

As soon as HUD opens back up I will do that. They said the following in the message:

"If the offer remains unacceptable, the file will be removed from further short sale consideration per investor guidelines."

Does anyone know if this means future offers as well?

Permalink Reply by Nolberto on October 9, 2013 at 4:51am

That means you are meeting what the investor wants. Even if a Neg. tells you what the Net is you still need the ATP. Kevin's suggestion makes sense to corner them to get another appraisal. The problem with that is the investors are dictating the appraiser what to appraise for. Again, deal with a Mrg or AVP who have more room to negotiate than a negotiator.

Permalink Reply by Kevin - Greenville, SC on October 9, 2013 at 4:41am

Sharon and/or Megan, Call me. 864-485-9283

Permalink Reply by Nolberto on October 9, 2013 at 4:44am

Megan,

You could do couple of things; deal with the manager in getting in the ATP. I've seen this game played by some servicers lately. Secondly, you need to know who the investor is and ask for the "reconsideration of Value / Value dispute form". They usually don't take long to give you an answer. 

Hope the best,

Permalink Reply by Ro Reed on October 14, 2013 at 7:33am

Hi, Megan.  I am having the same issue with WF and just spoke to someone who seems as clueless as the processor.  This guy just told me they HAVE ordered an appraisal but there's nothing back yet.  So I commented that I would know if it were performed, and no one has called.  He responded that they sometimes just do drive bys and use tax values???  I was floored so I then asked if they would be issuing a HUD 90045:  he said he doesn't know what that is and with the new guidelines doesn't think they have to. 

Permalink Reply by joe beauchamp on October 14, 2013 at 12:46pm

WF clearly pays SS reps the minimum, like they do for most things, so don't expect them to know FHA rules.

New guideline includes both a BPO and FHA appraisal, but you know HUD is out to lunch until the fed shutdown is over, right? And SS reps don't see more than what the SS processor puts in the notes, so any communication breakdown gets you no info.

Permalink Reply by Kevin - Greenville, SC on October 14, 2013 at 4:47pm

Starting Oct. 1st FHA will use a full FHA As-is Appraisal and a BPO to establish 'value'.

Permalink Reply by Megan Brooks on October 15, 2013 at 3:03am

I think I have it figured out. They do a BPO to start off with (drive-by , most likely) and then they check the offer we have with that before moving onto the financial review, ect. If the our offer is lined up with the BPO, then they will do an actual full blown appraisal. Just my hunch.

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