I am desperate for any guidance.  I am a nurse, not an agent.  I entered into a contract on a condo in Seattle on 12/30/11.  Owners have 1st and 2nd with wells fargo.  They were denied for modification and now have applied for hafa. Finally heard back from wells with an offer of 2k above list price which is 195k. I countered at 185k only because of a pending 25k assessment for a building envelope due to start sometime in the future once loans are straightend out.  I know people are already thinking run like the wind but the condo is in the area I want, in the price range and has everything I want.  The inventory has been so dry for many months that nothing else is even remotely getting me to rethink anything.  It has been 3 weeks since I countered and have heard nothing.  LA said hasnt heard anything yet.  I know this to be in equator?  My contract is through the end of the month and I will wait through June if need be but I think to have so little progress for 5 months is crazy.  Anyone advice or words of wisdom are appreciated.

 

Thanks

 

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Hi Noelle,

I feel your pain in waiting so long for an answer to your counter offer. 

There's really not much a person can do other than to have patience.  WF has investors to answer to, the $185K offer you countered is probably not in the window of value that the investor has authorized the negotiator to accept, forcing the negotiator to kick it up to the investor, who might then order new valuation on the property and who knows what all else.  This applies double, since there is a 1st & a 2nd (just because WF services does not mean that both loans have the same investors).

I have heard that the foreclosures will start being turned loose onto the market this month... keep your eyes peeled, you might see an even better deal that the bank can actually answer!  Be prepared to put an offer in slightly above list in order to beat out the competition!

I heard this as well and am hopeful but not holding my breath.  I had wanted to be moved by July at the latest.  I thought back in December when I signed the p and s, that it would be a slam dunk by July.   I am obviously now re-evaluating.  Thanks SO much for this great advice and what a great resource.  I feel like by the end of the I will be a JD.  So hard to be teased for months, live under a financial microscope and be in limbo for months.  My file was already closed "accidently" once.  Do not have a lot of optimism at this point. Will keep you posted!!

WF is ugly. HAFA is uglier - multiply those and you are living your life in dog years.  The bank will ignore an upcoming $25K assessment. If you have not hammered that point to the selling agent, you should - if he hits hard enough, some facts may sink through to the WF negotiator, however, my experience with them for the last year is that they are mostly useless drones incapable of comprehending the McD's pictures on the cash register and management is nearly non-existent.  So, patience is your best friend.

You might get a little traction by having your own BPO done on the property - hopefully reflecting the impending $25K cost. Banks pretty much ignore these, but not always. (an appraisal would cost you $400 and get almost the same results, btw)

The only advantage you might have is that you can go look for and sign for another property when this contract is up and you can let this one ride until it either comes through or you decide to ask for your deposit back - occasionally, the bank will ask for an addendum to continue the contract, usually they ignore it.  Not much of an advantage, but you could be looking elsewhere while this continues to roll.

You are very far removed from the (in)action. You have 5 levels to deal with: investor, servicer, negotiator, his manager, selling agent. You cannot think of this mess as a single entity with an IQ above 90.  And you have almost no control. Hope that illuminates your possibilities and the situation - good luck.

Thanks SO much for your reply.  Sums it up perfectly.  I had a pretty good understanding of the layers involved but this really lays it out nicely.  Even if the bank approves I know that landmines are far from over.  Still looking but that is even more depressing as there is lots of buyers/investors and no inventory.  Do you see a fair percentage close? 

I cannot speak to WF/HAFA combo. At BofA, it is a deadly duo of 2 poorly driven environments (again, banks lose money every time a short sale succeeds). The numbers are pretty low at BofA for HAFA, but WF could actually dedicate someone to it. My HAFA experience at WF is that they take any issue from the seller and turn it into a HAFA denial - BofA does not.

Your "no inventory" comment is a surprise.

Actually, I see far fewer short sales going on. I see a market swamped with these properties not moving. It clearly appears that the servicers (WF, BofA, etc) have succeeded in stalling/killing short sales thus continue their income from the investors to "manage" these accounts.  I believe that this glut is so big and damaging that this situation goes a long way to keeping the U.S. and world economy depressed.  The major investors have been bailed out by the taxpayer and no one is making them accountable to the taxpayer so the servicers do as they please and the taxpayer pays them to do so. [Their recent "we are speeding up short sales" from Freddy Mac and Fannie Mae amount to them killing deals because the servicers take too long to process them - exactly what the servicers want - not a positive response, in my mind.]  Not that I have an opinion or anything.  ;-)

5 months is actually not that crazy.  There is so much talk, these days, about getting approvals in 20-30 days...and while it happens, it is certainly not the norm.  Which is why it drives me crazy when lenders say, "With our new system, we'll spit out approval within 20 days of submission!"  Because it certainly doesn't happen that fast (yet).

I always get uneasy when I hear people saying they haven't "heard anything" yet.  Are they just waiting until the lender contacts them or are they actively pursuing the information and just haven't heard back?  Definitely something to look in to.


Joe gave some pretty good answers, so I'll stop there...I would just advise asking the LA if they are actively pursuing an answer.  Things fall through the cracks with WF's Equator a lot, too. 

Joe's comments are spot on. Short sale servicers are trying to prolong the problem so they can keep their cushy jobs. If you think they work hard think again. You do all the work they just sit back and harass people.

But to your problem. WF has an executive staff that can look at what is happening on your loan and tell you where it is stuck. They answer as office of the chairman, but they are in Iowa and Stumpf is in San Fran.

At least when you talk to someone there most people have two brains cells that are beating together and can look across the system. They also seem to understand WF.

Email me at pjc949@gmail and I can get the number. I have it on the iPad.

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