Comment

Comment by Pattilynn Guilford on December 13, 2013 at 2:48pm

True .. they will require all of those docs. Not sure why as it's not an origination loan.

Comment by Sharon Burgos on December 13, 2013 at 2:44pm

After questioning how WF could get away with refusing to work with certain buyers, the negotiator now tells me that actually the real problem is the buyer has a history of not submitting all required LLC docs. The buyer LLC has 5 member companies that own some percentage of it, and WF wants LLC docs for each of the 5 member companies. So, if my buyer will submit all those LLC docs, he says he can submit the offer for review.

Comment by Pattilynn Guilford on December 13, 2013 at 1:08pm

Blackstone is American Homes 4 Rent biggest competitor. Depends which servicers are connected to whom.

Comment by joe beauchamp on December 13, 2013 at 12:36pm

Some of these investment companies are partially owned by the servicers so there is a clear conflict of interest - the servicer paid to get the best deal for the investor buying the property itself.

Probably what most agents think is that these are investors that lowball and play games with the bank. I've only seen BofA do this once and that was with the seller, so they do have lists, but seem to rarely use them for game-players, just big investor conflicts. (Which, according to the news, have been buying properties for the last 3 years, found that dealing with renters is a pain and now unloading them like mad, so head's up..)

Comment by Thom Colby CA Brkr 888-391-5245 on December 13, 2013 at 11:35am

There is a list of "Flagged" Buyers many lenders will not allow to buy short sales.  They have their reasons and they are probably legitimate......

Comment by Teresa Keeler on December 13, 2013 at 10:52am

I just had the exact same thing happen. My buyer was an investment company as well and I just received the decline today. Their reasoning was that it did not pass "quality control". My buyers are going to buy in their personal names and quit claim it to the investment company after closing. It definitely seems to me lenders are looking for reasons to deny short sales these days. 

Comment by Donna Clayton, Broker, MBA on December 13, 2013 at 10:25am

Yes they can refuse certain specific buyers or certain general types of buyers (e.g. investors, brokers etc).

Comment by Sharon Burgos on December 13, 2013 at 10:21am

Has anyone heard of Wells Fargo refusing to work with certain buyers (investment companies)?  I heard from our negotiator today that the buyer who submitted the most recent offer is not an "approved" buyer.  Therefore, they are rejecting the offer.  I know a lender can refuse a short sale on the numbers, but can they really refuse to work with certain buyers?

Comment by Julie Lyons on November 29, 2013 at 12:49pm

Does anyone have the Wells Fargo Short sale Escalation dept. phone number?  Not sure if they still have an escalation department any more.  I have a weird situation, the First Line is Wells Fargo, the Second Lien is a Wells Fargo HELOC.  The second lien is ready to approve the short sale but needs the short sale to come from the first lien first.  The first lien WF Mortgage is insisting that the second lien give approval first.  I am stuck in the middle.  On all previous short sales that I have engaged in, the first lien always give approval first, followed by the second lien.  I believe I need the escalation department to solve the situation of two Wells Fargo bodies that can not "figure this out."  We have been working on the short sale with the first lien in and outside of Equator.

Comment by Donna McClelland on November 21, 2013 at 10:44am

Sharon, that is exactly the feeling I am getting from all of the lenders. 

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