Replies to This Discussion

Permalink Reply by Brenda Houghton on August 10, 2011 at 2:20pm

Bill, if you check with the good folks at Wells Fargo, they will tell you their turn around time for a short sale decision is 45 to 60 business days, and typically that information is delivered in a very condescending tone as if you are foolish to expect anything less.  If you do the math, that equals 9 - 12 weeks, which is about 2 1/2 to 3 months.  To top that off, they lie.  It may be necessary to modify your close date.  My guess is you won't be closing until 2012, but that is only based on my experience.  If your buyers are cash, it may be possible to close this year, on or about 12/30/2011.  Your best plan of action is to appropriately set your buyers' expectations so you don't lose them after the first 60 days. 

 

Good luck!

Permalink Reply by Bill Somerset on August 10, 2011 at 2:30pm

Ouch!  Really, that long?  I have had success with several companies and this will be my first with Wells.  I thought they might be easier to deal with!

Permalink Reply by Brenda Houghton on August 10, 2011 at 3:09pm

In my opinion they are currently the worst big name bank to deal with, and are second only to Ocwen as being the most difficult company to work with on a short sale. I have been doing short sales for 9 years. Ocwen's excuse is that they outsource their call center to India and try to knock commission down to 4%.  Wells Fargo has no excuse; simply their ego gets in the way and you should be happy to wait.  The good news is they typically give full commission, if you can get to closing.  I can't think of any other good news. 

Permalink Reply by joe beauchamp on August 11, 2011 at 10:30am

Brenda, I do BOA junk and was just talking to one of our guys who was just fuming about the WF negotiator and that WF has really gone down the tubes.  So, you are confirming his opinion.  On the other hand, do you know how far down that slope you need to go to find the pit that BOA is in?  ;-)

Permalink Reply by Elvira Quiray on August 14, 2011 at 4:51am

Good luck. The equator system for Wells Fargo is different. Upload functionality is only allowed after the task before it is done. I am on the 9th task, and I see all my preceeding files missing.