Comment

Comment by Kylee Roe on August 4, 2010 at 4:52pm

Hi Everyone. Had an "interesting" conversation with local Nor Cal Wachovia SS manager this week. New policies in place, so check with your Wachovia contacts. They aren't delaying Trustee sales any longer, and in the rare instance they do, they will need at least 10 days notice. So if you get approval on the 1st of month, for a 30 day close, and the trustee sale is on the 20th of the month, you have to close, or you could lose the deal. I'm open to corrections, but this is my understanding of their new policy. They are clearing the books!

Comment by Rose Mencia on May 24, 2010 at 6:19am

Hi all...!! Does anyone have any wachovia s/s docs?? (list agreement addendum, etc)----- Pls let me know... one of my sellers is leaving the state....need to get some docs signed in advance.... THANKS!!!

Comment by Van Bui on May 1, 2010 at 5:24pm

I put 5K seller incentive in the HUDs. Wachovia allowed it with no problem. However, they cut my commission to 4% because it was a double end transaction. The manager said it was their policy. My buyer walked. I did not work hard to convince him to stay though.

Comment by Kent Dills on March 26, 2010 at 12:40am

Wow Melanie. You are kicking ____! Good for you! What is you best marketing tool for filling you pipeline? Your experience and success getting short sales into you pipeline REALLY MARK you as an expert marketer and it would be AWESOME if you would share one or two of you best marketing strategies so we could all get out there and help more people.
I'm not just saying this for a selfish purpose (although getting more deals certainly wouldn't hurt :-)
Last night while I was prospecting this month's foreclosure list (one of my tactics), I spoke with an agent (I always cross the foreclosure list properties to the MLS to see if an active listing) who didn't know her client was in foreclosure. This happens ALL THE TIME and that wasn't the issue. The issue is that when I got to asking whether the agent wanted to work together (she admitted having zero short sale experience) to help her client avoid foreclosure, lessen the damage to his/her/their credit record, etc., the agent told me SHE'D RATHER JUST LET CLIENT GO TO FORECLOSURE.
So now I'm wondering whether I should just go around this sad, piece of ____ agent, and go directly to the homeowner about this.
So, back to my original request, it would be nice if Melanie and anyone having success filling their pipeline would share so we could help more unwitting homeowners.

Comment by Juan Reyes on March 25, 2010 at 4:17pm

Good for you Melanie,

I have quite a few short sales that are lining up well for the upcoming few weeks, I closed one last week, another tomorrow, and the rest are coming thru.

I did hit a bump with a BOA one today where after 5 months of waiting and looking like we were about to get the approval, we got decline because the seller was not delinquent on his payment.

Although I've had other SS with BOA approved where the seller is still current for some reason this investor requires that the seller be at least 30 days late.... My question to them of course was, Why did it take them 5 months to notice that the account was still current. I called at least twice a week for the past 5 months and was never told this.

Had the seller known he would have stopped making his payments a long time ago... so go figure!! Hope the buyers are willing to wait a few more weeks so the seller can become delinquent.

Comment by Melanie Hollis on March 25, 2010 at 4:03pm

Hi Everyone!!! Kent and Juan hey remember last month I had 2 back to back Wachovia approvals (1 in less than 24 hrs!) and the seller was to receive $5000 at closing?!?

Welllll We closed today and the seller walked away with a check for $5000!!!!
He has another closing next month and will get another $5000 at closing! Wachovia told me its to compensate for moving expenses, relocation, losses etc. (although both properties are investment properties)
Needless to say he thinks I am the best.. lol but Wachovia makes it so easy.
I have had a total of 17 approvals this month alone!
Even Bank of America is approving through Equator (4 this month)
ALL APPROVALS ARE WITH 6% COMMISSION!!!
Everyone dont even submit anything less!
Finally our hard work is paying off!

Comment by Kent Dills on March 25, 2010 at 1:45pm

I still think it may have been a mistake but doesn't matter at this point. GOOD FOR YOUR SELLER! ;-)

Comment by Juan Reyes on March 25, 2010 at 1:43pm

No it was a $135,000 sale. The seller is actually getting more money than I'm making with my 3% commission. Go figure!

Comment by Kent Dills on March 25, 2010 at 1:38pm

Good for you Juan.

Was this a $500K sale? Were they just conforming with their own 1% policy?

Comment by Juan Reyes on March 25, 2010 at 1:29pm

Oh and they do pay 6% commission Del, so make sure you put that in the HUD. Matter of fact I do that for all my short sales. Lately I've had most of my sales get approved with 6%

Kent, of all the banks I've dealt with in the past 2 1/2 yrs. Wachovia is the only one I've seen do this, for sure! What the reason is for them doing this, I have no clue. Maybe there are some executives out there that actually care about people and realize that we all need to work at turning this mess around.

It does give me a good feeling about this company. As a matter of fact, I think I'll close my BOA accounts and go to Wachovia. :-)

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