What the???!!!%%%
Wells Fargo Typo Victim Dies in Court
http://ning.it/13VWqKK
My question: Why is the unemployment rate so high when there are so many people get paid for a job they can not do? Surely they are many unemployed qualified detail minded people looking for a job. And when there is a problem it gets fixed ASAP! Without facilitating someone's death.
Is there anyone who can help us solve this dilemma so that the buyer and seller can accomplish the short sale?
Needing help fast
Ruth Jacobs
I just closed a Wells Fargo Short Sale that is not typical. It was a nice 3 bedroom townhome in North San Jose, close to Santa Clara. The owners were divorcing and neither could afford to buy the other one out or afford the property alone. This constitutes a hardship in most lender's minds. I have closed other Wells Fargo short sales with similar circumstances. The current owners had been able to pay the mortgage but they will not be able to in the near future because of an impending change of circumstance. These owners were current on their payments, and were hoping to sell short and then finalize their divorce.
So last fall I put the town home on the market, got a good offer, and submitted it to Wells Fargo. It was promptly denied. I was told that while this was not Wells Fargo policy, the particular investor on the loan (the person on entity who purchased the loan from Wells Fargo, and hired Wells to keep servicing the loan) had a policy of not allowing short sales unless the borrower was behind in their payments.
So, my clients stopped making payments for a few months and we put the home back on the market. We got another offer for the same price and 2 months later got an approval and closed escrow in 30 days.
So here is what happened to the investor: They lost 5 months of payments of about $4000 a month, so $20,000 of missed payments for the same price of the home. Call me crazy, but that make no sense to me. Let me re-iterate:
THIS IS NOT THE GENERAL POLICY OF WELLS FARGO SHORT SALES.
So, if someone owed me money and I had the chance of recovering 70% of it, or 70% minus $20,000 I would go for the straight 70%. But maybe I am greedier than that investor.
If you have any questions about short sales in Santa Clara or San Mateo Counties please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
I just got approval on a Wells Fargo Short sale in San Jose. It was both a long and short road.
The long road first:
Town home put on the market in October of 2011 at $575,000. After one week we received an offer for which the seller accepted and it was sent to the bank.
Sellers were not behind on payments but are getting divorced and neither one can afford the home alone or afford to buy out the spouse.
Bank orders BPO which comes in a little under accepted price. I do not under price my short sales because I want them to get accepted by the bank. Also I knew this would be a popular property.
Negotiator immediately rejects the short sale saying the investor will not approve short sales where the seller is not behind in payments. Keep in mind this is not a Wells Fargo policy, it is the investor who bought the loan's policy.
Seller stops making payments and we plan on going back on the market in Jan of 2012.
Before we go back on the market a buyer makes an offer which is accepted by the sellers on Jan 16th.
Offer goes to Wells Fargo and this time is accepted on Feb 29th, 6 weeks after submission.
On March 2, 2 days later the approval from the second which is a Wells Fargo HELOC arrives.
We are all happy with the results!
If you have any questions about short sales in Santa Clara or San Mateo County please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Short Sale Approval Received in 26 Days from Well Fargo Home Mortgage!
I just received short sale approval from Wells Fargo in 26 days! It was a total of twenty six days from when the short sale application was submitted to the lender until I received the short sale approval letter in my email box. So much is written about the bad short sales - the ones that drag on for months at a time - that I thought I should remind potential short sale sellers that not every short sale takes forever to be approved. Many are approved in 30 - 45 days, and some lenders are even encouraging their distressed borrowers to apply for a short sale.
It should be noted that there are many factors that can affect how long your short sale will take to process, and, of course, short sale approval is not guaranteed. That said, submitting a complete or near complete application at the outset will speed processing time. For example, Wells Fargo Home Mortgage has forms that are specific to Wells Fargo that must be used in their short sale application package. Including these forms at the beginning can improve processing time. Also, promptly responding to requests for additional documentation and following up with calls to the lender can also play an important role. An experienced short sale agent can help you put together a complete (and persuasive) short sale package.
If you are considering a short sale of your Santa Maria, Orcutt, Nipomo, or Arroyo Grande home, you should seek out an experienced and diligent short sale agent to guide you through this process. There are many pitfalls that can be avoided with the right upfront advice. If you would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.
*Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Copyright© 2011 Tni LeBlanc * Short Sale Approval Received in 26 Days from Well Fargo Home Mortgage!*
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