Wells Fargo Flushed My Short Sale Down the Equator Toilet
I have been working a HAFA short sale with Wells Fargo since October 2011 and we had everything submitted & BPO was done back in January. The cash buyer is a Canadian and provided proof of funds from a Canadian bank which was uploaded to Equator Jan 23, 2012.
Well, on Feb 15th, the negotiator stated through equator to "Please provide proof of funds in USD within 48 hours of this request to keep your file active".
If you Google exchange rate calculator a million ways to convert Canadian Dollars to US dollars comes up. We explained in the Equator system that basically 1 Canadian Dollar roughly equals 1 US dollar.
I guess the Wells Fargo processor "Wanda Strickland" didn't like that response and then hit the Equator flush button... and now we have to start all over including uploading all documents again :(
ARRGGGHHH
This is the most frustrating thing about Equator... One idiot employee touches one button and you have to start all over after months of work have gone down the drain.
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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I tiptoe around negotiators. This is not Equator (although it can be), it is WF. "Negotiators" are very much out of control at WF - nobody is in charge and nobody cares. My last negotiator asked a question. I answered it. She killed the deal claiming a non-specific response (as in I asked a question, so she did and I gave her the info). That was not through equator. WF has gone from being the most responsible and best to work with a couple of years ago to the bottom of the pit.
Likely the best thing to do is find a contact for the escalation team at WF and try to get it restarted. BTW, did the signature from the negotiator contain, "Let them eat cake"? ;-)
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Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on
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Foreign Currency Translations http://www.frbservices.org/app/fedachfx/
Country Local Currency Date Rate Issued FX Rate Brazil (BR) Real (BRL) 02/27/2012 1.6700 Canada (CA) Canadian Dollar (CAD) 02/27/2012 Credit: 1.0015 *Rates are automatically reported to this page after they are established. A short time lag may occur before a rate appears on this page. Check the "Date Rate Issued" column above to confirm the date.
See the notes on the page concerning exact exchange rate in the Exchange Rate Calculator.
http://www.frbservices.org/app/fedachfx/rateCalculationRequest.action
Surely, the negotiator would understand the amount would be different on the day of closing so to ask what the exchange rate now is really irrelavant.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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I have found the issue to be teh banks "fear" of a currency exchange fluctuation. I've had transactions where the negotiator won't even discuss a short sale review from a foreign buyer unless the money is already in a U.S. bank especially here in the CA Desert where many Canadians are buying 2nd homes for cash.
When you re-initiate your short sale make sure you have something that proves American Dollars....
Godo luck
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