The boy version of my situation: Had approval, buyer walked. Have new buyer at same terms but Wells is dragging their feet. Just got Freddie Mac to postpone trustee sale for last time until May 18, but need at least 2 weeks for buyer to get loan together/sign off in order to close on time. Does anyone have a contact high up at Wells that could help me expedite this approval FAST?

Thanks in advance for any help!

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While I'm sure it feels like it to you, Wells may not be dragging their feet. Since an approval letter is written for the seller and a specific buyer, if the buyer changes they have to go through at least part of the approval process again.Logic would tell any sane person that this should be a no-brainer and it should be something that can be done in a couple of days. Logic and short sales don't go well together I've learned.

When was your BPO done? BPO's are typically only valid for 90 days and then they have to do new valuations. So even though you have a new buyer at the same price, they may put you back through the entire process again if the BPO expired or will be expiring soon.

Bank of America has a "fast track" system for situations like this and they can get them done in a couple of weeks, but even with BofA if the BPO is expiring or has expired you start over again.

If the BPO was done recently, you may be able to get a new approval out of Wells in the next 3-5 weeks. What does your negotiator say?

 

 

Thanks Steve,

 

Unfortunately, that's feels like part of the problem. The negotiator doesn't say anything!!!! My 1st go around on this deal, the negotiator was awesome. Responded every time I emailed. This new one doesn't say ANYTHING. Since she was assigned 5 weeks ago the ONLY response I had was to say the investor was not postponing the trustee sale date so the file was closed. That was last Thursday - I since called Freddie Mac and Wells a couple times a day, and just got it extended until May 15. But I must have emailed the negotiator every other day the past month and got NOTHING. I left a few messages for her supervisor and got nothing either.

I think they didn't think the trustee sale date would get postponed again (we've already had 2) so I think they just sat on the file. Now I need them to move fast so that's why I'm looking for any other contacts ...

 

I feel terrible for my client. He's one of the ones who really has had a lot of financial duress and tried desperately to hold on, but can't. He's a police officer and has had a 17% decrease in pay and is on the chopping blocks due to cut backs. Just doesn't seem right he should have to suffrer the consequences of a foreclosure when we have had 2 viable buyers - over market value and the banks long process are causing the foreclosure...just stinks.

Some clients I don't feel so badly for, but this one I do.

Hope your deals are going well!

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