Wells Fargo Asking for P & L signed by CPA
Wells Fargo is demanding that a CPA sign and date my seller's profit and loss. This is a small home based part time business with less then $20,000 in total sales and he doesn't have the funds to hire a CPA to prepare a profit and loss for him. This is the 1st time I have been asked for it to be signed by a CPA. Has anyone else come across this issue?
Replies to This Discussion
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Permalink Reply by Michael D. Babbitt on
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They are in default, no payments for 2 years. They have started judicial foreclosure, but we are 3-4 months out before anything will be done on the foreclosure. They show it as an active short sale under review. In fact Wells Fargo even started decommissioning the oil tank for the seller since it was required as part of the sale. However they are insisting on the P&L being prepared by a CPA without any explanation as to where this new out of the blue requirement is coming from.
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Permalink Reply by Jeff Payne on
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Wells Fargo processors are old underwriters who have a tiny box that they work in and they will not work outside the box. They have to check off everything before they send to the negotiator and if there is one box unchecked or a T that is not crossed they will hold up. Since the seller prepared the P&L, just have them sign and date it and send it to Wells
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Thank you for the response. I did send it to the processor signed and dated. Also attached was a letter from the seller saying he prepares all his own financials. It was still rejected. So I sent it to her supervisor 2 days ago, and have received no response from him and the processor is still requesting them signed by a CPA. I also called and left voicemails with the processor, supervisor and customer service.
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Permalink Reply by Short Sale Superstars LLC on
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Have you reached out to the presidential office? There either needs to be an underlying reason to why this is being requested or a way around this. I'd keep escalating as I've yet to see WF make a request such as this.
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