Home Buying in San Jose>Question Details

Cmarshall, Home Buyer in Fowlerville, MI

Hi i hear Wells fargo isn't bad on their short sales but that wells fargo equity is a hole problem with short sales any advise

Asked by Cmarshall, Fowlerville, MI Thu May 27, 2010

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The Short Sale (i.e. Long Sale) party has been over for a while now. Stay away from Long Sales because IF by some slim chance it gets to closing after 10 month, you will be paying market price for the home and may have missed out on these low rates and a better deal on a better property.

These banks are not going to let the sellers walk away from all their debt and then turn around and increase their loss even more by selling you the home at a good deal!

Find yourself a foreclosure or re-sale where you can get a credit to pay your closing costs.

http://www.pro-option.com
0 votes Thank Flag Link Mon Jun 18, 2012
Wells Fargo is terrific to work with. However, you will need an agent/broker to expedite a short sale option.

The most important and profound aspect of a short sale package is the home owner's financial information. The bank is less concerned about the hardship letter and other "filler" information associated with the package. I think there are rules and "ratios" that vary from bank to bank. The bank is aware of various scenarios that include foreclosure, REO and short sale options related to each property in its inventory. If their ratios (probably computer generated) show it is more profitable to let a home go into foreclosure then I do not think there is much an agent/broker or other representative can do to prevent this from happening.

My problem with the short sale process is how the banks seem to be removing the "human" element and possibly relying on computer generated information as a primary tool to approve short sale options. This may, in part, explain why the process may drag on for months with little to no response from the bank.
0 votes Thank Flag Link Fri Aug 6, 2010
Wells Fargo primary is terrific and works well with agents processing the sale. WF Equity will let it go into foreclosure before they will cooperate. I had a listing that fell apart over $650 (in the $200K+ range) because the first lender only allows 2nd to get 10% of loan balance maximum. We had verbal agreements, then equity negotiator came back wanting $650 more or they would not close. We had to go into foreclosure instead of selling it.
0 votes Thank Flag Link Fri Aug 6, 2010
Why are you looking at short sales?

Can you wait 6 months to a year to hear the answer NO 4 out of 5 times and begin all over again??

Realtors have very little control, to NO control, ce can't even get answers. There are no rules- it's a very ugly process -
0 votes Thank Flag Link Thu May 27, 2010
CM,
On any short sale purchase the three most imprtant keys are:
1) patience
2) a good knowledible realtor who knows how short sales work, who has the numbers of the loss mitigation managers, and knows how to structure the offer to expedite the reponse
3) more patience
I work with dozens of realtors but only have 1-2 that I recomend for short sale and foreclosure offers. Email me if you need some referals
kevenbrennan1@comcast.net
0 votes Thank Flag Link Thu May 27, 2010
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