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Wells Fargo Short Sale Info and Items Needed
Wells Fargo Short Sale Dept 1-866-903-1053 (see below for ASC forms)
Short Sale FAX 1-866-969-0103
Letter of Authorization Fax 1-866-917-1877
Mortgage Servicing 1-877-841-5301.
Wells Fargo Line of Credit Division 866-961-6861 or 866-970-7821
Third Party Authorization: 866-917-1877 (fax)
Fax: 866-834-7850 or 866-834-7949
Email format [email protected]
OR [email protected]
ESCALATION DEPARTMENT 866-605-0829
Wells Fargo Executive Offices: 800-853-8516
Started by Beth Walsh. Last reply by James Franko Nov 1, 2021. 6 Replies 0 Likes
Started by Kay VanKampen. Last reply by Brett Goldsmith Oct 8, 2019. 2 Replies 0 Likes
Started by Angie Fraguas. Last reply by Brett Goldsmith Jul 11, 2018. 3 Replies 1 Like
Comment
I am getting the feeling from a couple of banks that they really don't want to do the short sales anymore!
I have a processor with Wells, the investor is Freddie. I submitted the 710 and requested any kind of program for my seller and relocation. My seller is 86 years old.. had his leg amputated and now walks with a prosthetic, not the best health, on a fixed income and needs to move to an assisted living community once the short sale is complete. My client is worried about tarnishing his good name and credit and has never been late on anything and wants to do the right thing. I even tried talking him out of doing a short sale.. but he insisted on it. So basically the processor at wells has said my client cannot participate in any programs and will get no relocation when I asked why.. he said it was because he asked for a prom note. To me.. that is not a good reason because if he was reviewed to be in a program.. they wouldn't of asked for the prom note. The bank also countered the buyers offer.. original offer was $64,250 (a little on the low side of the comps).. bank countered at $77k.. buyer countered back at $73k (which is fair market value). Now the bank is countering back at $78k.. I still do not have an actual answer as to why my client doesn't get to participate in any programs or get relocation (ive asked about 7 times now) and my file was just declined. I've put a call into a supervisor.. nothing yet.. any advice? I haven't come across a processor that is so cavalier and will offer up no answers or explanations.. and I've been negotiating short sales for 9 years.. is it me or is it getting harder and harder to get cooperation?
Thanks Nancy, I will be calling Freddie on Monday!
Ellen, that is exactly what happened to me. I contacted Freddie Mac and they took my info and gave me a reference number. I had to fax in comps, purchase contract, HUD-1, proof of funds and 3rd party authorization. They told me today that they advised WF to do another BPO so we'll see what happens. The number I called is 800-373-3343 option 2.
I feel your pain. Mine is with WF (Freddie). Briefl history in Equator spanning a couple of weeks. Buyer offer 75k, WF counter 88k, Buyer agreed (88k).
Then file dropped from Equator mysteriously.I resubmit, WF(with same buyer/offer) counters to 99k. Buyer complies. NOW HIT REPEAT. WF now counters at 110k. Buyer recounters at 99k. WF counters to 125k.
Dawn, you are not alone. I have been getting ridiculous counter offers from Fannie Mae for the past year. Not only that, when I dispute them through their website, it's like they don't even look at our comps, photos, 3rd party appraisals and inspection reports. A total waste of time.
Dawn, Yes. Many a post/article has been written regarding.
http://www.realtor.org/articles/gse-short-sale-valuation-problems
Morning. Curious if anyone else is having issues with Fannie regarding values? Two BPO's done. Countered some 90k over offer and not in my wildest dreams could this home sell in as is condition at that price! The attorney handling this stated this has been a trend? Just checking in to see if anyone else is seeing this...
That is true, sometimes thing lurk in the back and we get totally blind sided.
We always assume that the bank is at fault, and the negotiators are out to lunch. I would speak to the LA broker, and then figure out if you need to take this further.
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