Replies to This Discussion

Permalink Reply by Melissa Polce on January 7, 2011 at 10:05am

Are the buyers willing to do an appraisal...ordered by their lender? I have gotten buyers to do this twice...both deals just like this with WF...both ended in our favor... b/c bar none...you cant get financing on a home that wont appraise...

Permalink Reply by AMY GERRISH on January 7, 2011 at 10:07am

Keep calling. Try calling the general short sale ling and ask them to read you the notes and see if there are any new updates. Sometimes I find the notes in the system are different then then what they tell me.  If that doesn't get you anywhere ask them to escalate the file to a supervisor.

The last one I disputed they told me the same thing, that they wanted the higher net. We kept bugging them and saying how they can ask for a higher net since the value came back lower. Then she had an epiphany! That net was from the old valuation. 

This is FHA, did it qualify for PFS?

Permalink Reply by Pacita C Dimacali on January 7, 2011 at 10:08am

Seems like you did the right thing getting a full appraisal.

 

I've had mixed results with Wells Fargo --- it truly seems to be luck of the draw in terms of whom you get starting with the set up specialist, the negotiator and the investor.  I've had to provide market statistics and charts to defend an offer of $360K against the $420K Wells Fargo wanted, which was so out-of-line with the current market. 

 

Twice when I had extreme difficulty with negotiators, I emailed/faxed to the executives of Wells Fargo (and even cc'd TV program "On Your Side"), I got action, in favor of my clients.

 

Someone here may have all the current email addresses of the executives. I don't know that I have the right ones anymore.

 

Try that, and see if that generates results. Good luck!

Permalink Reply by Aaron Signor on January 7, 2011 at 10:18am

The appraisal being used was ordered by the buyers lender...

Melissa Polce said:

Are the buyers willing to do an appraisal...ordered by their lender? I have gotten buyers to do this twice...both deals just like this with WF...both ended in our favor... b/c bar none...you cant get financing on a home that wont appraise...

Permalink Reply by Deborah McGraw-McCormick on January 7, 2011 at 10:20am

Okay Jim and Ben, I am taking your advice here in encouraging.....ESCALATE this to the highest supervisor.  Send out an SOS to ALL of the names you have with WeLLS...trust me, you will get a response and some help.....

Permalink Reply by Aaron Signor on January 7, 2011 at 10:20am

Does anyone have any current email addresses for any execs??  

Pacita C Dimacali said:

Seems like you did the right thing getting a full appraisal.

 

I've had mixed results with Wells Fargo --- it truly seems to be luck of the draw in terms of whom you get starting with the set up specialist, the negotiator and the investor.  I've had to provide market statistics and charts to defend an offer of $360K against the $420K Wells Fargo wanted, which was so out-of-line with the current market. 

 

Twice when I had extreme difficulty with negotiators, I emailed/faxed to the executives of Wells Fargo (and even cc'd TV program "On Your Side"), I got action, in favor of my clients.

 

Someone here may have all the current email addresses of the executives. I don't know that I have the right ones anymore.

 

Try that, and see if that generates results. Good luck!

Permalink Reply by Pacita C Dimacali on January 7, 2011 at 10:34am

Here's where I found the information last time.

 

wells fargo

Contact Info For Wells Fargo CEO John Stumpf And Friends

By Ben Popken on September 24, 2008 1:32 AM 16357 views

—>Here's some info we dug up that can help you contact some higher ups at Wells Fargo if you've tried regular customer service and escalating to supervisors and it's not working out. First read this post about how to contact and conduct yourself when using executive customer service. 1) Call 866-249-3302. Ask to be transferred "to the office of Mr. Stumpf." Once you reach the secretary or switchboard operator, say the following: "Hello, my name is ________. I'm one of your customers, and I was hoping to speak to Mr. Stumpf because I'm really getting frustrated with getting a problem resolved, and I know that your company doesn't want me to feel that way." 2) You can also send some of their busy executives a well-written and cogent complaint letter (here's how to write one): [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected] If you prefer using written correspondence, particularly when sending letters by certified mail provides a trail that they actually got your letter, these addresses may come in handy: Corporate Offices Wells Fargo 420 Montgomery Street San Francisco, CA 94104 Home Mortgage Wells Fargo Home Mortgage P.O. Box 10335 Des Moines, IA 50306-0335 Home Equity Wells Fargo Home Equity-Internet MAC S3837-020 2nd Floor 2222 W Rose Garden Lane Phoenix, AZ 85027-2644 Online Customer Service Wells Fargo Customer Service P.O. Box 4132 Concord, CA 94524-4132 Wells Fargo Financial Wells Fargo Financial, Inc. Customer Service F4008-080 800 Walnut Des Moines, IA 50309

Permalink Reply by Aaron Signor on January 20, 2011 at 10:32am

I was informed today that the investor has rejected the offer of 205k with an FHA appraisal in hand for 212k due to the "low offer" according to the BPO and have tried to contact Fannie Mae for clarification on why an offer less than 3% under the actual appraised value and so far have no answers. I've also contacted WF's executive mortgage line at 800-853-8516 and they say they're looking into it.
Anyone know who Fannies portfolio manager for WF is??

Permalink Reply by Aaron Signor on January 20, 2011 at 10:36am

I was informed today that the investor has rejected the offer of 205k with an FHA appraisal in hand for 212k ordered by the buyers lender due to the "low offer" according to the BPO and have tried to contact Fannie Mae for clarification on why an offer less than 3% under the actual appraised value would be rejected and so far have no answers. I've also contacted WF's executive mortgage line at 800-853-8516 and they say they're looking into it.

When you had your buyers pay for appraisals were the BPOs fairly close to the appraisal, if so, why did your buyer need the appraisal??

Who was your negotiator?



Melissa Polce said:

Are the buyers willing to do an appraisal...ordered by their lender? I have gotten buyers to do this twice...both deals just like this with WF...both ended in our favor... b/c bar none...you cant get financing on a home that wont appraise...