So, Wells used to be the easiest for us to close, no worries, no hassles. Now, negotiators are MIA, escalation is common and I just got word their NEW standard on approval letters is "NO waiver of deficiency". Anybody else losing their mind with Wells out there?
Are you doing the SS on Equator? I know they were still getting their act together on that. The difference between the secured email negotiations vs. Equator negotiations were like night and day.
What State are you in? Some servicers are doing this to let local laws apply. They must come up with a "boiler plate" letter to cover 50 states and 200+ investors. The investors have been sueing them when the servicer is breaching their fiduciuary duty (i.e. - waiving their defficiency rights, modifying a loan to lose more $$, prolonging foreclosure, etc).
In the end, their true customer is their INVESTOR.
Hi Edwin, Yes of course I am using Equator...I have closed over 60 Wells short sales. I'm in Oregon. Funny, the investor previously approved 2 short sale offers on this same home with full settlement language (sale fails) but will not do so now.
But basically my peeve is...Wells has been dropping the ball on all my files recently, when they used to be the best.
To clarify my post: I've always preferred the NON-Equator short sales with Wells. I was recently able to complete a non-Equator deal back in April. I hope they're still allowing off-Equator short sales because it seems more efficient. I have a new file and want to try again. :)
I agree they've regressed recently. While I haven't closed anywhere close to 60 with them, they were always at the top of my list.
We are working thruogh a WF issue now, they ASKED the Seller to bring $7000 cash to closing, we countered by saying the Seller can only bring $2000 (duh, this IS a negotiation).
WF CLOSED THE FILE on Equator (at least they TRIED TO but the negotiator had NO CLUE he was up against a professional......me)!!!!
We got things ironed out and are set to close next week, BUT, again, if I had NOT known what I do, this clown would have had us start completely over on the short sale through Equator!!!!
and for those keeping track at home, the Seller is only brining $1000 to closing now, I got that reduced b/c of the headaches caused by our negotiator!!!!
Good stuff....keep fighting guys!!!!
In your opinion, what triggered the seller contribution requirement? Too many assets? DTI < 31%? Current on mortgage? Rental property?
The majority of my deals are HAFA short sales with no contribution. The last time a seller of mine contributed $2,000, it was because the WF negotiator called her DIRECTLY and talked her into it. She was current on her mortgage.