Is this for real? I think I pissed off Wells Fargo.

Is this for real.

I asked Well Fargo for a 1 week extension on their short sale approval letter and received
the below reply.

I have many times asked for small extensions and received them. 

Good Morning,

Per CALIFORNIA LAW, let me repeat that, per CALIFORNIA LAW we can only give extensions in 30 day increments.  Therefore, you must provide me with an amendment to the contract extending the closing date to 11/7/12.  If you provide me with an amendment extending the closing date to ANY OTHER DATE I will not respond and NO EXTENSION WILL BE GIVEN.

 

My instructions are crystal clear here, PLEASE follow them!

 

Nathan Wolf

Loan Adjustor

Loss Mitigation - Short Sale

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Comment by Denise Orrico on October 4, 2012 at 10:02pm

Hi Sidney!

Nathan must have been having a bad day! He is usually pretty good to work with and has helped me out in the past...I actually sent him a cookie bouquet for helping me close a never ending short sale where we went through 4 buyers!
Glad you got things worked out!

Comment by Sidney Kutchuk on October 4, 2012 at 6:03pm

OK I received the extension today from Wells and guess what? Its for less than 30 days??

You have requested an extension of the closing date as provided in our Approval Letter dated 09/28/12 for the Short Sale of the above listed property. We have reviewed and noted your request and have found legitimate and good cause to grant the extension.

This letter serves to extend the closing date to: 10/12/12. All other terms and requirements of the previously issued Approval Letter remain and are requirements of this transaction.

At this time we will also remind you, we require a proposed final HUD for approval at least 72 hours before the closing. This HUD will need to match the figures on the approval letter. When the proposed final HUD is approved the closing may take place as scheduled using a HUD exactly like the approved one.

Respectfully,

Wells Fargo Home Mortgage 

Comment by Janice Wheeler on October 4, 2012 at 3:05pm

Hi Sidney, 

I should proof read my own text before I hint send.  It should read -- Sometimes the way things work you get 31 -35 days. 

I called California Association of Realtor's legal hotline about a year ago and asked. About the rules for extensions.

Also on slightly different subject. Most mortgage companies will only give 3 extensions for any reason. Even if it's there fault you need them because of there delays. 

Janice Wheeler

Lic 01162965

www.besthomesofsacramento.com

Comment by Sidney Kutchuk on October 4, 2012 at 2:34pm

Janice could you please point me to were I can read up on this law?

Comment by Janice Wheeler on October 4, 2012 at 12:11pm

This is true, California law does require extensions in 30 day increments. Sometimes the way things work you get 21-35 days.  Good luck.

Janice Wheeler

Lic. 01162965

www.besthomesofsacramento.com 

Comment by Sidney Kutchuk on October 3, 2012 at 4:01pm

Still tying to find the law he is referring to.

Comment by Rose Mencia on October 3, 2012 at 2:15pm

he is needy-----stroke ,stroke,stroke-------its the nature of this game--- sad but true......sorry!

Comment by Rita Zimmer on October 3, 2012 at 1:48pm

Give him what he is asking for then close as soon as you get the approval. Wells does have pretty concise guidelines their negotiators have to follow.

Comment by Sidney Kutchuk on October 3, 2012 at 1:45pm

Went directly to the closer and received a 30 day extension which is great.

MY radar was up because of the hostile reply from Wells.

Comment by Satar Naghshineh on October 3, 2012 at 1:37pm

You are dealing with a negotiator who thinks or has to follow certain guidelines and believes we agents are stupid for not understanding what they want. Just do as he says and let it go.

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