Comment

Comment by Bryant Tutas on December 18, 2010 at 3:05am

Julia. 3% is usually the most a lender will pay. And unless the buyer is putting down 20% on a conventional I doubt their lender will allow more than a 3% contribution.

Comment by Jennifer Dudley on December 18, 2010 at 2:55am

I am currently working with Wells Fargo on a HUD short sale.  We have had an offer in since July.  I still can not get an answer.  I call and ask to speak to the negotiator and they will not allow me to .  I email her and she doesn't respond to me.  It has changed negotiators several times.  I have received the ATP and our offer meets the HUD requirements.  The buyer needs to close by the end of the month due to VA requirements on loan amount changing JAN. 1, 2011.  I received an email from the negotiator stating that she needed a new Listing Agreement with sales price changed on Dec. 15 and it would be submitted for final approval.  Then yesterday... I get a new email stating that she has to go to HUD for variances since it has been so long.  I try to speak to the supervisor and wait and wait until I get a voice mail which is full.  Does anyone have any suggestions??  I hate to lose these buyers being that they are military and being transferred into the area and we are right at the end.  Help!!

Comment by Jim Schneider on December 17, 2010 at 4:26pm

Does anyone else know how to get a pre-approval on a short sale for the World Savings Bank loans now owned by WF?  Melissa Colvard-McKinsey mentioned it just below.

Comment by julia hwang on December 17, 2010 at 1:08pm

Hi,

I have a question about closing cost. What is the most WF has offered for a closing cost? Buyer who is going to apply conventional loan asked 4% of closing cost and bank said closing cost 3% is not negotiable. Does any one have experience of getting more than 3% from WF?

Thank you for your help!

 

Julia.

Comment by Jim Schneider on December 17, 2010 at 9:46am

Melissa,

that's great news! How do we get that started? Is there a phone number for the seller call?

Comment by Melissa Colvard-McKinsey on December 17, 2010 at 9:19am

Jim, In our area, we have separate Account Managers for World Savings and Wachovia short sales. They actually make contact with the sellers directly and approve the short sale. It takes about 30 days start to finish.

Comment by Jim Schneider on December 17, 2010 at 8:04am

I have a home I'm about to list where the first mortgage and HELOC were from World Savings Bank. Is it safe to assume that these are now Wells Fargo serviced loans?

Comment by AMY GERRISH on December 12, 2010 at 5:42pm

Yay Pam! Congrats =)

Comment by Pam Jank on December 11, 2010 at 8:29pm

Whoopi! 18 months and 5-Offers later... Wells Fargo HELOC (2nd) finally quits playing hard ball and agrees to take $3,000 at close....  I could always get the CHASE 1st and the Private 3rd to agree, just NOT WF.  It is now CLOSED!!! Celebrate, Celebrate, Dancing to the music!!

Comment by Malcolm McLean on December 6, 2010 at 2:43pm

I recently negotiated a short reverse mortgage from Wells / Wachovia!

They said they have never done one before?

I shorted the balance by $55,000 so homeowner could qualify for reverse mortgage!

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