Wells Fargo Short Sale Approved! – Fresno, CA
I got another short sale approved, this property has a first and second mortgage both with Wells Fargo. This short sale was a very interesting one. In my negotiations with Wells Fargo I felt like I was dealing with a bi-polar, split personality, schizophrenic crazy person. .. I’ll explain.
First a little history on the sellers… Before calling me they had attempted a loan modification (several times). And in order to persuade Wells Fargo they were able to afford the proposed loan mod terms they submitted supporting income documentation (bank statements, pay check stubs tax returns). After several months of going back and forth with Wells they were turned down because their income was too high. Because they were so upside down in their property, and behind in payments, their only options were short sale or foreclosure.
That’s when they called me. At this point a negotiator “Jennifer” was already assigned to the file. After agreeing to take the listing and negotiate the short sale I told them to inform “Jennifer” that she can now contact me for all communications going forward. The next morning “Jennifer” calls me to let me know there is no way in hell Wells Fargo will approve a short sale. She went on to tell me that the sellers will have to pay the deficiency if they still want to sell. And somehow “Jennifer” was able to notate the account so that whenever I call in to any department, the call would be transferred directly to her. And when I faxed the short sale pack over guess who called me? Yep, “Jennifer”. What the heck!
I’ve done quite a few short sales with Wells Fargo over the years. This was the first time I had ever experienced anything like this. I’ve never had a negotiator take such an interest in a file, and dedicate her life to stone walling every effort I made. She was not from the short sale department; she deals with the loan mods only. So I knew if there was any chance of getting this approved, I needed to get it to the short sale department. In a last ditch effort, I decided to fax-blast the short sale pack to every Wells fax number I have accumulated over the years and pray for a response (another reason I LOVE my efax service).
72 hours later I receive a call from Wells Fargo. And guess what…. It’s the short sale department!!!!! This time they are SUPER friendly and want to push the short sale forward as fast as possible. In fact they are really pushing me to move even faster. They needed up to date pay stubs and bank statements, and would call me every morning to remind me. After a couple days I received the requested docs from my clients, fax them over, and 48 hours later an acceptance letter appears in my efax!!
Why the change of heart? I don’t know. Why the need to close the file so fast? I don’t know, but appreciate it. Wells Fargo is a bi-polar, split personality, schizophrenic crazy bank! But I love ‘em.
Jeremy Smiley, Realtor
Short Sale Specialist
London Properties
Fresno, CA
(559) 790-8760
About Jeremy Smiley
Nice job way to work hard for your client!
Thank you! Having a good Realtor on your side is the best tool to have in a short sale.
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We’ve signed closing docs and funded over two weeks ago and still no word from Wells Fargo to close and receive keys. I have no idea what the issue may be, but we are very frustrated at this, day 276 after submitting our offer.
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