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Mphotodesign, Home Buyer in Chester Springs, PA

Wells Fargo Short Sale - New Jersey

Asked by Mphotodesign, Chester Springs, PA Sat Oct 6, 2012

I am a first time short sale buyer in NJ going through this Short Sale Process- There were times when All parties were responsive and asking for stuff to be signed and returned- At one point the Bank countered my offer and I accepted it. I am now waiting for the approval letter to be sent. Weeks have gone by and my agent has been asking sellers agent for updates and has not had any luck with a response to emails/calls. Who does the negotiator contact when they do approve the sale? What is there left to do for me as the buyer? Also my mortgage Commitment has been sent to negotiator.

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Marsha Bowen Washington’s answer
If you have an attorney, perhaps you can have them send a letter over to the sellers attorney to inquire about what's going on with the approvals. Sometimes the lender has a problem with charges and fees that they have to pay on behalf of the seller. This can cause delays.
0 votes Thank Flag Link Mon Oct 8, 2012
If there was an approval with Wells Fargo then it is in writing . Wells Fargo uses a system called Equator. all communications are thru Equator . Which means all communications are documented. Ask for the communications.

IF what you say is true, then wells fargo has provided an approval in writing.
There may be conditions for the sellers to do. such as will not release without deficiency or they want some sort of contribution. The seller could be looking toward a bankruptcy or insolvency.

But certainly communications can be recvd. Ask for them.

Because the buyers agent is on the deal, they will not get personal info thru equator but certainly can get info regarding the short sale. Have your agent contact wells fargo directly. All he needs is the property address and name of the sellers. There is a liquidation dept that can be contacted by phone.

Also if the sellers agent is not responding to any communications. Then contact the broker. the broker has full access to the file rightfully.

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0 votes Thank Flag Link Sat Oct 6, 2012
I think the bigger issue here is:

"Weeks have gone by and my agent has been asking sellers agent for updates and has not had any luck with a response to emails/calls."

Now: Why isnt the seller's agent responding to these inquiries?

A simple two sentence email or text would suffice. No need for a longwinded response. A simple: hey we're working out some kinks; would be fair enough in this instance.

Barring death or coma, its not very professional and I won't apologize for saying that.
0 votes Thank Flag Link Sat Oct 6, 2012
I suspect it has nothing to do with you, most likely Wells is seeking some sort of contribution from the seller, a promissory note or something, and the seller is resisting. Do you know if the sale falls under the perview of HAFA, the government short sale program? If so, you might want to ask whether the seller's agent and/or attorney has contacted the government overseers to see whether they can't get this resolved within HAFA guidelines.

I recently had a Bank of America Short sale that appeared to have stalled. As the seller's agent I contacted the office of the CEO for Bank of American and now we are back on track. That is another option the seller's agent may want to try. Often these things are contracted out to third parties who are less than clear as to the rules on a State by State basis. Sometimes all that is needed is a little push in the right direction.
0 votes Thank Flag Link Sat Oct 6, 2012
To answer your questions:

1) The negotiator would only be in contact with the seller's agent (and/or attorney and any other authorized third parties)

2) If you haven't been asked to sign any documents then its just a matter of being patient and waiting for a response (i know it could be frustrating, i'm sure your agent is pretty ticked off as well).

Seems like a case where the agent might be--although we can't be certain--slacking off. Normally, you would have received an approval letter within days of agreeing to that counteroffer.

I experienced one instance with Chase, where the buyer agreed to the counteroffer, and then Chase ordered one last valuation (it was an appraiser this time, and not an agent completing the inspection) before issuing an approval letter. In hindsight it made complete sense: We disputed the initial valuation that was set a little too high, so a bit of due diligence was completely understandable.

If the seller's agent hasn't responded to any phone calls, then picture this scenario: the specialist at Wells Fargo is waiting for the final valuation report. The person assigned to complete the valuation can't get in touch with the Point Of Contact (often times the listing agent). The order is placed on hold for about two weeks. Then its cancelled.

I'd suggest calling the selling agent's broker and inquiring as to this agent's whereabouts. Its possible that this person may have some emergency or extenuating circumstances.

There are a ton of reasons to suspect that Wells Fargo isn't the one causing the delay.

Ask your buyer's agent to go into inspector gadget mode.
0 votes Thank Flag Link Sat Oct 6, 2012
You have negotiated the price, perhaps the sellers are trying to negotiate a deficiency judgement. Wells Fargo short sales are usually handled through the Equator on line system. The only person the Wells Fargo negotiator will communicate with is the person or persons authorized by the seller.
0 votes Thank Flag Link Sat Oct 6, 2012
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