Short Sale Specialist Network

Realtor Short Sales Training and Resources

WELLS FARGO CHANGES

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.

4 members like this

Replies to This Discussion

Permalink Reply by Danielle Alleyne on September 21, 2011 at 9:03pm

Thank you Debbie. Great Info.

Permalink Reply by Andrew Ostrander on September 21, 2011 at 9:37pm

Debbie:

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.

Permalink Reply by Kevin - Greenville, SC on September 21, 2011 at 9:52pm

Debbie,

Great info and Thanks for posting. VA Loans, however are processed on Equator with Wells Fargo. I've done a couple recently.

Permalink Reply by Kim Marin on January 3, 2012 at 9:33pm

Hi, Kevin. This last VA offer in compromise I started on Equator & got message that it must be initiated by phone. Do they process in Equator once it is initiated?

Permalink Reply by Kevin - Greenville, SC on January 3, 2012 at 9:52pm

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.

Permalink Reply by Paul Francis on September 21, 2011 at 9:54pm

Thanks for the Great Info. Debbie.

Permalink Reply by Mike Linkenauger on September 21, 2011 at 11:17pm

Thanks Debbie, great stuff! We need you here more! Debbie has been a great agent of ours for like 2.5 years now, wish we had your expertise around here more Debbie! Hope to get to meet you on the cruise/conference as well!

Permalink Reply by Debbie Parkans, CDPE, CSSG, CRS on September 22, 2011 at 2:08pm

Thanks Mike.

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.

Permalink Reply by Kevin - Greenville, SC on September 21, 2011 at 11:41pm

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.

Permalink Reply by Paul Francis on September 23, 2011 at 4:41pm

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.

Permalink Reply by Debbie Parkans, CDPE, CSSG, CRS on September 23, 2011 at 4:48pm

I agree with you - Apparantly there was some kind of audit a month or so ago. I'm sorry, I don't remember who she said did the audit - but Wells had to tighten up on the quality of their documentation. So now they are going overboard from what I hear. And it could get worse. Supposedly it is a backlash from the documentation issues earlier this year. Tracy said we can probably expect Chase and BA to follow suit. Isn't that great!!! Makes our job soooooo much easier!!! I am ready for Happy Hour today!

Permalink Reply by Andrew Ostrander on September 23, 2011 at 4:53pm

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? :)

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