Replies to This Discussion

Permalink Reply by Mori Langshaw Sr on August 24, 2010 at 5:38am

I am currently working 3, one of which is a new listing, with Wells short sales and I have not heard that.

Permalink Reply by Melissa Colvard-McKinsey on August 24, 2010 at 6:45am

No. I just completed a short sale with Wells and I dealt directly with them. Hope that helps!

Permalink Reply by Jaydee Miller on August 24, 2010 at 7:22am

Thank you. We typically work directly with Wells too so I thought it was a little odd. I did call Wells Fargo's short sale department and they did confirm they are working with this company on some of their short sales.

Melissa Colvard-McKinsey said:

No. I just completed a short sale with Wells and I dealt directly with them. Hope that helps!

Permalink Reply by Melissa Colvard-McKinsey on August 24, 2010 at 7:25am

Maybe they're easier to work with! It took me 6 months to finalize mine. Good luck!

Permalink Reply by Jennie Blackburn on August 24, 2010 at 8:31am

Hmmm. I thought I already posted about this, but I guess not. I received a couple of calls from what I thought was Wells Fargo (probably because they SAID they were from Wells Fargo), asking how the short sale was going, did I have any offers, what's the current listing price, is it being shown? At first I thought, "Wow. Finally a bank being proactive about short sales." During the 3rd call, the rep said something that made my spidey senses tingle, so I asked a few questions. That's when I learned about Kazork. Bottom line is that Kazork (see Kazork.com) is a 3rd party negotiator with an agreement to process and negotiate short sales on WF's behalf. There must be some truth to it, because the call back # was a Wells Fargo line and the Kazork people had access to the WF database/loss mit software app (which is how they knew about the short sale and had my contact info). Kazork wanted me to fax everything to them so they could process the short sale offer. Wells Fargo pays their fee. What the?

Wonderful. Lenders not approving short sales because the figures are a little bit off, but they WILL pay these guys a fee for doing what Realtors are already doing?

Permalink Reply by Jaydee Miller on August 24, 2010 at 9:00am

Thank you very much for your post Jennie. We were very suspicious as well especially since they asked for a considerable amount of information pertaining to the buyer.

Jennie Blackburn said:

Hmmm. I thought I already posted about this, but I guess not. I received a couple of calls from what I thought was Wells Fargo (probably because they SAID they were from Wells Fargo), asking how the short sale was going, did I have any offers, what's the current listing price, is it being shown? At first I thought, "Wow. Finally a bank being proactive about short sales." During the 3rd call, the rep said something that made my spidey senses tingle, so I asked a few questions. That's when I learned about Kazork. Bottom line is that Kazork (see Kazork.com) is a 3rd party negotiator with an agreement to process and negotiate short sales on WF's behalf. There must be some truth to it, because the call back # was a Wells Fargo line and the Kazork people had access to the WF database/loss mit software app (which is how they knew about the short sale and had my contact info). Kazork wanted me to fax everything to them so they could process the short sale offer. Wells Fargo pays their fee. What the?

Wonderful. Lenders not approving short sales because the figures are a little bit off, but they WILL pay these guys a fee for doing what Realtors are already doing?

Permalink Reply by Alex Vincent on August 25, 2010 at 4:09am

Kazork.com called me regarding a Wells Fargo short sale I had listed. At first I was suspicious because it sounded too good to be true! They told me the quickest way to verify their relationship was sending an email to [email protected]. It's a Wells Fargo email address and they confirmed everything the short sale manager had told me on the phone. Apparently, this new process is "transparent" so the bank doesn't have to worry so much about fraud. It was awesome! Everyone (agents, buyer, seller) knew the offers on the table and they were able to get me a FULL APPROVAL in two weeks!! TWO WEEKS!!! It didn't cost me or my seller anything and they actually just called me about a GMAC short sale I have. Apparently they are working with Wells Fargo & GMAC. Also, I have one dedicated manager who always answered my calls or got right back to my emails. Worked great for me!

Permalink Reply by Lola Anderson on August 30, 2010 at 3:43am

Friday, Aug 27th, I received a call from Kazork. They had my seller's loan number and information regarding my listing of their home. It does appear that Wells Fargo and I think GMAC too, have hired Kazork to help get their short sales sold. We'll see if it works or not. We listed the property on Kazork's site and when we get offers, the submission process seems too good to be true. If this works out, it'll change short sales across the country. Instead of taking months, could take just days! I contacted Wells Fargo through the email Kazork gave me at Wells, and it's real.

Alex Vincent said:

Kazork.com called me regarding a Wells Fargo short sale I had listed. At first I was suspicious because it sounded too good to be true! They told me the quickest way to verify their relationship was sending an email to [email protected]. It's a Wells Fargo email address and they confirmed everything the short sale manager had told me on the phone. Apparently, this new process is "transparent" so the bank doesn't have to worry so much about fraud. It was awesome! Everyone (agents, buyer, seller) knew the offers on the table and they were able to get me a FULL APPROVAL in two weeks!! TWO WEEKS!!! It didn't cost me or my seller anything and they actually just called me about a GMAC short sale I have. Apparently they are working with Wells Fargo & GMAC. Also, I have one dedicated manager who always answered my calls or got right back to my emails. Worked great for me!

Permalink Reply by Sam Hague on December 21, 2010 at 9:54am

According to the call from Kazork that we recieved this afternoon, they are handling Fannie firsts for GMAC, also some Wells and Chase.  We have a full price offer, contacted GMAC expecting to be routed through Equator, were told by their Liquidation Advisory Unit to submit the listing and  ATR and someone would contact us.  We submitted on 12/17, were contacted today...by someone from Kazork.  Since we were not instructed to submit the offer yet ( and were expecting to do it through Equator) Kazork did not know we had a full price offer.  The gentleman informed us that any and all offers were rejected!  I asked for something in writing, and he did immediately send an email stating that.  It is not on GMAC letterhead, nor is his email sig helpful, just Kazork.  We need to connect the dots for the poor buyers agent. 

 

Informed them of a desire to do a HAFA deal, and his tone changed and informed us that the seller needed to contact the lender in person and the file would be handled again by GMAC (and our commission would be cut) Actually an effectively handled objection response on his part, (some part of me always notes these things) however, the seller's attorney is looking for a HAFA deal and we always pursue it until told to go away ( ie "investor is not participating") at whichpoint we do it whatever passes for a normal short sale  these days.

 

Any way, I'll post any important items as we learn more.  I have no problem with lenders taking steps to make their processes more effecient, and this outfit seems on the up and up.  Methinks we will see more of them in the future so might as well get our arms around the process from the jump.   The knowledge sharing on here is outstanding and if we can contribute to the conversation we will.