"The renter's address would be the same as the property address being purchased."
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Tenant wants to submit offer on WF SS
Started this discussion. Last reply by Joseph C. Alfe Feb 4, 2011. 3 Replies 0 Likes
Has anyone experienced an investor's WF shorty where the tenant in place wanted to submit an offer on the house? WF does not allow Business Associate relationships - I am not sure if they consider…Continue
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Kenneth J. Ruffo replied to Penny Howard's discussion Tenant Wants to Submit Offer on SS in the group Wells Fargo Short SalesKenneth J. Ruffo replied to Penny Howard's discussion Tenant Wants to Submit Offer on SS in the group Wells Fargo Short Sales"I worked with Ernie Dill with Re/MAX BRAVO in VA on a Short Sale last year on a tenant in place who purchased a short sale from the owner. Ernie is the reason it worked! http://activerain.com/erniedill
The tenant rented the home…"
Fred Tenbrink CDPE, SFR replied to Penny Howard's discussion Tenant Wants to Submit Offer on SS in the group Wells Fargo Short Sales"Plus, how would Wells Fargo know if the person submitting the offer is the renter? That isn't disclosed anywhere. They are not a friend, neighbor or family member and they are not in a business relationship to somehow have the home go back to…"
Fred Tenbrink CDPE, SFR replied to Penny Howard's discussion Tenant Wants to Submit Offer on SS in the group Wells Fargo Short Sales"As long as they are not related that is fully acceptable."
Angela Alfe replied to Penny Howard's discussion Tenant Wants to Submit Offer on SS in the group Wells Fargo Short Sales"However, what they are looking for is someone who is going to "save" the home and give it back to the seller. If I rent a property out to someone, I do not automatically have a "close personal relationship" with the…"
Joseph C. Alfe replied to Penny Howard's discussion Tenant wants to submit offer on WF SS"It's OK as long as they are not related or business partners."
Steele V. Propp replied to Penny Howard's discussion Tenant Wants to Submit Offer on SS in the group Wells Fargo Short Sales"Interesting if they don't like this as their REO department will usually look to a tenant as the first person to offer the property to."
Ernie Dill replied to Penny Howard's discussion Tenant wants to submit offer on WF SS"Ditto to what Mike said. I did one a couple months ago where I negotiated the deal and had referred it to another member of this network. The transaction was in TX and I am in VA. We simply did not inform WF of the tenant status."
Craig Lawler replied to Penny Howard's discussion Tenant Wants to Submit Offer on SS in the group Wells Fargo Short Sales"In looking at the Wells Fargo Home Mortgage Realtor Short Sale Guide: "This must be an "arms-length" transaction. The property may not be sold to anyone the seller has a close personal or business relationship with including family,…"
Steele V. Propp replied to Penny Howard's discussion Tenant Wants to Submit Offer on SS in the group Wells Fargo Short Sales"No, I don't see how this would fit at all. I go to the same gas station on a regular basis. Am I a business associate? No.
Steele"
Kim Hanson replied to Penny Howard's discussion Tenant Wants to Submit Offer on SS in the group Wells Fargo Short Sales"Yes- you should never write your own offer... they will do this to you most times. Very frustrating.
"
Mike Linkenauger replied to Penny Howard's discussion Tenant wants to submit offer on WF SS"I closed one last year with Wells Fargo where the tenant purchased it. Everything went fine. We didn't tell them that it was the tenant purchasing the property, nor were we required to. The arms length affidavit doesn't…"
JILL BERNI replied to Penny Howard's discussion Tenant Wants to Submit Offer on SS in the group Wells Fargo Short Sales"Lenders generally want an arms-length transaction, no side agreements to sell the home back to the owner. I had one with Wells Fargo where they had buyer, seller and agent sign a form verifying it. Also my commission was cut to 3% to represent…"
Kim Hanson replied to Penny Howard's discussion Tenant Wants to Submit Offer on SS in the group Wells Fargo Short Sales"I have had a tenant buy the home at the very last moment. It did work out, however, we had to get attorneys involved. This was a few years ago- so I do not recall all of the full details. But, it can happen from what I know.
"
Penny Howard added a discussion to the group Wells Fargo Short Sales
Tenant Wants to Submit Offer on SS
Has anyone experienced a WF Short Sale where a tenant in place wants to submit an offer on the property? WF does not allow Business Associate relationships but not sure if they consider lessee/lessor to be Business Associates. Thanks!See More
Penny Howard joined Mike Linkenauger's groupWells Fargo Short Sales
Group to discuss short sales with Wells Fargo and Wells Fargo Financial and share solutions to getting mortgage short sales approved.
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- California - Yolo County: West Sacramento, Woodland, Esparto, Winters, Yolo, Zamora, Dunnigan. Colusa County: Arbuckle. Placer County: Roseville, Rocklin
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- I have a BS Degree in Counseling and 20 yrs work experience in accounting & finance. I acquired my California Real Estate License in June 2009 and my certification as a distressed property expert December 2009. I am a member of the Distressed Property Institute, LLC. My background in counseling, accounting and real estate experience and training provides me with the overall ability to be understanding, compassionate and dedicated to helping distressed property owners.
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