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Can anyone help me on Wells Fargo ?

Posted by Suzanne Martin on June 23, 2011 at 1:30pm in Short Sale Discussions

We submitted a complete file to Wells on June 14th including an offer.  Wells did not respond for almost a week.  The sale date is set for the 27th.  They said that they would not postpone any sale unless there was an approval on the short sale.  They said these are the new investor guidelines.  Has anyone run into this or have any contacts or other ways of getting this done?  My clients are really upset and they feel like they have been treated unfairly.  I am really trying to help them and would GREATLY APPRECIATE any help to get this postponed.  Thank you all!

Suzanne

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  • Jeff Payne June 24, 2011 at 5:37am
    Send me an email at jeff.payne@kw.com
  • Christina Conrad June 24, 2011 at 5:34am
    Then please enlighten me with these peoples contact information...because I can't get anywhere with them with that short of notice before a f/c...unless it is one of the investor that will postpone last minute...any help would be deeply appreciated Jeff...thanks

    Jeff Payne said:

    Christina,

    We have been successful in getting these postponed, i was just playing devils advocate above.  You just have to get to the right people.  Remember these words "If someone is telling you NO, it means that they are not allowed to tell you YES. Go find the person who has authority to say YES"

    Christina Conrad said:

    Suzanee:

     

    I have lost 5 short sales to Wells Fargo over the past 3 weeks with the same scenario as yourself...I was able to speak with someone that gave me some good adivce as follows:  99% of the investors that Wells Fargo deals with will not allow a postpone of a f/c unless it is submitted at least 11 business days prior to the f/c...you indicated 13 days...can't count weekends or the actual f/c day....it goes by the date they actually get it loaded in their system.  They have  a small 1% of investors that will postpone with a short window prior to f/c...it is the luck of the draw...however, you can request to find out who the investor is in writing..that way you can start keeping a log of which investors will or will not postpone a f/c...then you will know whether to waste your time or not on future deals.

  • Jeff Payne June 24, 2011 at 4:55am

    Christina,

    We have been successful in getting these postponed, i was just playing devils advocate above.  You just have to get to the right people.  Remember these words "If someone is telling you NO, it means that they are not allowed to tell you YES. Go find the person who has authority to say YES"

    Christina Conrad said:

    Suzanee:

     

    I have lost 5 short sales to Wells Fargo over the past 3 weeks with the same scenario as yourself...I was able to speak with someone that gave me some good adivce as follows:  99% of the investors that Wells Fargo deals with will not allow a postpone of a f/c unless it is submitted at least 11 business days prior to the f/c...you indicated 13 days...can't count weekends or the actual f/c day....it goes by the date they actually get it loaded in their system.  They have  a small 1% of investors that will postpone with a short window prior to f/c...it is the luck of the draw...however, you can request to find out who the investor is in writing..that way you can start keeping a log of which investors will or will not postpone a f/c...then you will know whether to waste your time or not on future deals.

  • Jeff Payne June 24, 2011 at 4:52am
    Suzanne, check your email!!!  There is a surprise waiting for you :)
  • Christina Conrad June 24, 2011 at 4:37am

    Suzanee:

     

    I have lost 5 short sales to Wells Fargo over the past 3 weeks with the same scenario as yourself...I was able to speak with someone that gave me some good adivce as follows:  99% of the investors that Wells Fargo deals with will not allow a postpone of a f/c unless it is submitted at least 11 business days prior to the f/c...you indicated 13 days...can't count weekends or the actual f/c day....it goes by the date they actually get it loaded in their system.  They have  a small 1% of investors that will postpone with a short window prior to f/c...it is the luck of the draw...however, you can request to find out who the investor is in writing..that way you can start keeping a log of which investors will or will not postpone a f/c...then you will know whether to waste your time or not on future deals.

  • Jeff Payne June 24, 2011 at 4:05am
    Good luck, you have a tough task ahead of you.  Maybe one of our resident short sale superstars in CA will weigh in. Harry where are you?????
  • Suzanne Martin June 24, 2011 at 2:49am

    Hi Jeff,

    Thanks for your feedback.  I'm in CA. I'll check out jigsaw and see what we can do.  Have a great day

  • Jeff Payne June 24, 2011 at 2:10am

    Suzanne, just to play devils advocate.... You submit a short sale package to Wells Fargo 13 days before a sale date and the sellers think they are being treated unfairly?  While I agree that Wells would be better off postponing the foreclosure, the offer submission is a little late in the game.

    To get the sale date stopped, you will definately need to escalate the file. What state are you in?

    You can find escalation contacts at www.jigsaw.com

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