I had an interesting luncheon meeting today at our short sale mastermind group. Tracy King, one of the senior negotiators at Wells Fargo updated us on some of the changes going on.
!!!!!Escalation number for Realtors 877-841-5301
VERY IMPORTANT - this seems dumb but it can save you weeks. When you send in your package, one of the first pages should be a letter to Wells as to what kind of Short Sale it is.
Every file that comes in is first considered for HAFA at this time. Even if it is an investor or you know they will not qualify. It would go to HAFA and they would determine where to send it. Put a cover letter detailing that you want it considered for HAFA or why it does not qualify, so it goes to the right department up front (even in Equator). I normally do it anyway if it is a FHA.
Wells has instituted a new Specific Point of Contact for each homeowner. Once they are in trouble and call in, they are assigned to someone. So as soon as you speak to them, get them to call in. This is NOT our contact person - this is just for them, but be prepared cause the person they are talking to is probably in loan mod and don't understand short sales. THey are trying to get people trained. Could be interesting.
Who is the Buyer? Send in the proper documentation up front. If it is a LLC, provide the filed document, If it is a Trust, a copy of the portion detailing who the beneficiary's are, a corporation the articles and members etc. Again, this can save you several weeks. It has to be the official documents, not a letter from the buyer.
When the buyer signs, they need to sign their name and then underneath, their name typed or printed and their position of the corporation or LLC etc.
Please make sure ALL of your documents are legible, properly signed, dated etc.
In the past, they were not required to review our contracts, just match the sales price, buyer etc, now they have to look at it like your broker would. One big issue - number your counteroffers so they know if something is missing.
You do not have to have an offer to start your short sale, either in Equator or by fax. Start it as soon as you can.
FHA, VA and Wachovia loans are not yet in Equator. On 2nd loans some are - some aren't so try and initiate it. If Equator won't let you, then it probably can't be done in Equator.
I know some of these things seem to be common sense, but she said you would not believe some of the packages submitted. Hope this information helps.
Thank you Debbie. Great Info.
I totally agree and have found the more complete you are as a Realtor, the easier you make their job. That doesn't mean there aren't some negotiators who make things difficult, but I complained about that long ago. That is the reason I am a huge proponent of our having one contact as well. Having personally worked on a deal with Tracy King who you mentioned, I can vouch for how successful that can be. Hopefully, the other lenders will eventually see the success Wells Fargo and Wachovia are having and follow suit. The sooner we get more of these short sales wrapped up, the better.
Great info and Thanks for posting. VA Loans, however are processed on Equator with Wells Fargo. I've done a couple recently.
Yes they still process via Equator. I'm working one right now with Wells Fargo that I initiated via Equator and I didn't have to call in.
Thanks for the Great Info. Debbie.
Not sure if I am going to be able to make the cruise or not - it is right after the Re/Max Convention. But I am going to Orlando on Monday and am hoping to get a chance to drive up to Jacksonville and meet you all next week.
How far back does this go?
'In the past, they were not required to review our contracts, just match the sales price, buyer etc, now they have to look at it like your broker would.'
Wells Fargo is the worse about paperwork, asking agents, buyers, sellers to even sign where there is not even a requirement to on Board forms. They nitpick everything and have been doing so for quite awhile.
Ok... well.. I was originally going to try to be nice concerning Wells Fargo but after what I just received... In my opinion... Wells Fargo has gone backwards in the past year. They used to be such a joy to work with but today..... I would rather work Bank of America short sales if that tells you anything.
As Kevin states above.... Wells Fargo has become ludicrous in the silliest, stupidest little things. I'm not going to get into exact details with what I just received back.... but things are being rejected in Equator because an addendum is attached to an offer? The listing agreement is rejected because there is a short sale addendum attached?
10 days after they were submitted? Give me a break...
Talk about slowing the process down....
The Wells Fargo SS department needs to go through training in the Wachovia short sale department and figure out what common sense means.... I'm not even going to get into how Wells Fargo has turned Realtors into data processing slaves.
What a joke.... I'm having flashbacks of the Countrywide Short Sale days.
So true! The banks make our jobs easier? hahaha The only one to do that so far is Wachovia. Happy hour is a daydream every time I'm on hold with a lender. Remember the days when we used to just help clients buy and sell real estate? :)