I initiated a short sale in Equator, and the only task I've gotten is to submit the 3rd party authorization. This has been done now for a few days, but I can't get them to assign additional tasks to upload the sales docs. They keep telling me that they need to review the 3rd party auth. (what is there to review)..
Does anyone know how to expedite this process. My seller has a FC looming in about 3 weeks, and we're trying to get in front of things..
It took them 3 or 4 days before another task appeared.
Thanks Sharon! Maybe I just need to give it another day or so... With the FC so close, I would hate for them to say that we didn't get everything submitted in time to postpone.
It doesn't matter who it is in Equator, all the tasks show up on a pre-determined routine.
It seems to be almost impossible to get Wells to move quickly - all 3 of mine I initiated in equator took from 3-5 days after I uploaded the authorization.
Thanks Debbie! I guess I'm simply in a holding pattern. It appears that this is their normal mode of operation..
Lotsa luck. I would not try another Equator with Wells. One was enough. Contact the liquidation department, tell them you want to deal with a human and not Equator. They will let you fax a packet to them. That way you can send the complete packet at once rather than one piece at a time on equator. Be sure to ask for a name of the negotiator assigned to the file. Keep notes as to date, time and who you spoke with. I am currently starting a Short Sale on a property with Wells where the seller is deceased. The collections department was calling the Executor of the estate every morning. I called collections and sent them an order to to stop calling him so now they are calling me at 8 AM every morning. Collections doesn't seem to understand the property owner is dead. I will probably have to turn them in to the FTC and the FDIC under the FDCPA(Fair Debt Collections Practices Act) before this is over. I always try to remember who(unsavory characters who prey on the weak, old and unprotected) I am really dealing with in respect to the big 5 who were involved in a 25 billion dollar settlement (and another big chunk to the state of Oklahoma) that would have put any of us normal folks in prison..
I had on opposite. My seller was alive, they declared him deceased. Go figure.
I am the buyers agent for a short sale with Wells Fargo. Listing agent states one FHA loan with Wells and that she can not use equator with an fha well loan. Is this true??? We have been waiting since July 11 2012. It is very frustrating not knowing where this file is at. The stated the appraisal was done under a modification not a short sale so she has a call into hud. She does not have the approval to particpate. Maybe one of you can put all of this together for me...does this make sense?
I have several with Wells. I do have an FHA with Wells and we do not go through Equator. We initially faxed the information in and now we go throught secure email for everything else. She/He should have an FHA coordinator at Wells who contacts HUD. They have to send out an appraiser, at least in my case, do an appraisal and then provide the Approval to Participate.. She need to call Wells FHA and ask for them to get an approval to participate. She cannot proceed without one.
WF will try FHA through Equator first these days. After they killed my last one (seller took more than 3 days to give input - over 4th of July weekend), they took it outside of Equator - to decide if they would retry. It hasn't gotten anywhere yet, but that is typical FHA. I don't yet have it "assigned" - if that gives you an idea of how long things take when they are FHA. I can't say much more about FHA at WF, all my others are at BofA - where a retirement plan should be the usual addendum for an FHA SS at BofA.