Wells Fargo Short Sale - HEADS UP!!! - "Contract Addendum" = "Short Sale Affidavit"

For those that do not know, or, have not had this issue, FYI:



In Equator, when asked by Wells Fargo to upload the "Contract Addendum", they are REALLY asking for the document titled - "Short Sale Affidavit"



We learned this the hard way (we lost about 10 days processing time).

DO NOT LET IT HAPPEN TO YOU!!!

If you are having trouble with your short sales - CONTACT ME!!!

If you are NOT having trouble with your short sales - CONTACT ME AND TELL ME HOW YOU DO IT!!!!


All my best to anyone battling the banks.

Sincerely,

Ben Benita
BBenita@Comcast.net
703-754-7551

Views: 623

Tags: 3rd, company, help, negotiations, party, sale, short

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Comment by TOP END Properties on August 28, 2012 at 1:47am

You can find the document on my site here: http://www.shortsalesinct.com/banks/wellsfargo/

Comment by Sandy Wickware on August 23, 2012 at 12:21pm

It is true that we do not speak the same language as the Equotor system or the lenders.  The first time through, I was not sure if they wanted something from me or if they were doing something and they often ask for items and you have to figure out what they want.  I am currently working with 4 different lenders on 2 different platforms, Equator and Resnet.

It can make you weary.

Also, beware that Wells has a link for things on Equator to grab documents.  They come to you through email and on the system.  So far, I have gotten what I need and have been able to upload through Equator, but there is a link on there as well. 

The issue with Wells right now as the author stated is that it is taking several days for them to get back to our files and give notification of corrections needed.

Comment by DiOndra Anderson on August 23, 2012 at 12:09pm

Hi Ben,

Thank you for the Heads Up.  I am submitting a new Short Sale to Wells todya

Comment by DiOndra Anderson on August 23, 2012 at 12:08pm

Hi Ben,

Thank you for the Heads up on this one.  I am submitting a new short sale today to Wells.

Comment by Karin Cannon on August 19, 2012 at 10:03am

The Arms' Length Short Sale Affidavit is required by WF, BoA, Ocwen, etc., to be signed by the listing & selling agents, the buyer, seller, title company, & settlement agent.  Because of the SAFE Act, it has put Realtors in certain states in a position that we have to work through a RE attorney. I'm very involved with the entire process & work with a paralegal & we work together as a team. I provide the sales data, & detailed info on the comparables used to support the vale of the offer being submitted. A paralegal or negotiator doesn't know the market like we do. We have to provide the info to make the negotiations with the bank effective.

Comment by Ben Benita on August 18, 2012 at 6:16pm
I am sure we have it (if not I will get you a copy)...
Send me an e-mail - BBenita@comcast.net and we can check.
Comment by Tracy Hatchell on August 18, 2012 at 4:57pm

Do you have a copy of the crazy listing addendum they are now requiring. I have been doing short sales since long before the market fell and I have never been told by Wells Fargo that I had to use this. I always put the verbiage that is required for either Fannie Mae or FHA in the listing. I asked Wells Fargo to send me one or tell me where to get it on their web site but the idiot told me to google it. Well, I have googled it and there is not one stupid form out there. All there is, is just everyone asking for one all over the internet. HOpe you may be able to help me out. Have that time line on Equator so I am under the gun. Thanks, Tracy


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