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Kristin, Home Buyer in Littleton, CO

Does anyone have a number for Wells Fargo short sale escalation department.?

Asked by Kristin, Littleton, CO Mon Dec 17, 2012

We are the buyer and have been waiting for short sale approval. Finally got it and agreed to price. Closing is set for December 28, 2012 and today my broker was saying that title co, both agents are having a hard time getting response from Wells Fargo and closing is coming fast. Any number we can call to get this moving. What could the hold up be? Any advice greatly appreciated. We MUST close on December 28th our lender is ready, seller ready just waiting for Wells Fargo........

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Hello Kristin,
If the listing agent is using Equator then there is an email access within the portal where each member of the chain of command can be selected. Only their positions are mentioned. Other than that, there are quite a few different ways that this can go and I hope your agent has had some very good and recent experience with Well's Fargo Short Sales. Is the foreclosure sale date set, shortly after your projected closing date? If you have time to postpone the sale date it may be needed. 9 out of 10, the approval letters are for a period of 30 days and the approval letter has the email address of the "closing negotiator" in case the title closer has questions about the file prior to close. These emails typically get responded to within 24 hours in almost all cases. Keep in mind you are dealing with end of quarter/end of year which is never an easy time, especially for Well's.
0 votes Thank Flag Link Thu Dec 20, 2012
I have closed three short sales as the Listing Agent. In each sale, the bank supplied a Letter that stated the details to the closing. Until we had that letter, we really didn't have a deal. However, in each case, we were always able to reach our negotiator or speak with the supervisor. I'm not sure there is one "catch all" phone number you can call. I would advise going through your existing negotiator first. Call everyday; stay calm; always have the loan number for the Wells Fargo client that is behind on the payment when you call. Good luck.
0 votes Thank Flag Link Mon Dec 17, 2012
Bob, is this letter something that I as the buyer can see? We (buyer/seller) did an Amendment stating the new purchase price and the closing date but I dont know if Wells Fargo is a party to that agreement. Can you advise me at all. My broker is not a seasoned short sale specialist - he has been working hard to get us answers but I would love advice from someone who actually works and knows short sales.
Flag Mon Dec 17, 2012
Hello Kristin-

Do you know what type of loan seller has? Is it a FHA, FNMA or Freddie Mac loan? Who is the servicer? IIs this a HAFA short sale, Is it a Co-op short sale? You see, once approval is giving, in that particular approval letter it does state who to contact, if all parties are ready to close, submit final HUD-1 to bank for final approval. Following instructions, POC (point of contact) will be listed in the approval letter. I 'm a seller's short sale specialist and I do not allow buyer's agent to contact the negotiator, I communicate with the buyer's agent on a weekly basis about short sale status. It takes about 24-48 hrs to the bank to give out final approval once final HUD-1 is been reviewed.
0 votes Thank Flag Link Mon Dec 17, 2012
I am working on a short sale with Wells Fargo myself, scheduled to close by December 28, 2012. From our experience over the last several months, you can call their customer service line for generic questions, but only the negotiator will have the real information you need. Over a 3 month period I have only managed to talk directly to the negotiator once. We have left almost daily e-mails and voice mails, with response only when the negotiator was ready. I also read that all banks handling short sales are overwhelmed with the volume due to the changes coming January 1. I wish you the best on your closing, but your only choice may be to let Wells Fargo be in control.
0 votes Thank Flag Link Mon Dec 17, 2012
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