Short Sale - Wells Fargo, Must Be Listed 90 Days? - Posted by BigHarold

import · April 12, 2004, 10:58am

Posted by forrest on April 12, 2004 at 12:20:36:

Hello
I am working on a foreclosure with Wells Fargo right now. I am not sure where you live, but I was told that Wells Faqrgo doesn’t even handle their own REOs anymore. They have a company called Premier Asset Services handling their residential reos.
Alson, noone had mentioned anything to me about requirements such as the three valid offers or that it must be listed for 90 days. Acyually, not all of Wells Fargo’s REO’s are even listed. Sounds to me like someone was trying to put you off and avoid having to work with you.
Check to see if their is another lien holder attached to the property that may require these things.

import · April 12, 2004, 10:58am

Posted by BigHarold on April 12, 2004 at 10:58:27:

Hello again,
I’ve signed up a house that is a classic case for a short sale - owner owes waaay more than the house was ever worth, it’s in terrible condition from the last renters she had in there, and she not only lives somewhere else, but wants nothing more to do with it. I called Wells Fargo because it’s delinquent since October (by the way, here in PA it generally takes a year for the foreclosure process to run it’s course), and they told me not only must it be listed for 90 days, but also must have at least 3 valid offers! Is this standard fare from them, since this is the first time I’ve called them, or is there a good way around it? I know after 90 days, there won’t be much time before the foreclosure, and of course, I want to get paid before that. Any thoughts?
Oh, the details. The payoff amount is $78K, houses in this area go for about $60-$65K on average, but this one needs probably $10-$15K worth of work to get it up to standard. I think at 50% of payoff, or around $38K is what I’m gonna need them to accept to make this work. Think it’s a go? Thanks in advance for your help.

Harold Wilson
Real Estate Wholesaler

import · April 12, 2004, 5:08pm

Re: Short Sale - - Posted by David Alexander

Posted by David Alexander on April 12, 2004 at 17:08:28:

First of all… To make short sales work… You need quite a few working at a time… Don’t hinge your life on one working…

Next… we use our secretary to handle the negotiations, phone calls and the great wait on hold… as if she is working with the the seller…

They always seem to assume she is a realtor…

The listing thing has come up before… and somehow we always seem to get past it…

As in… we’ve got a buyer now… please help…

David Alexander

import · April 12, 2004, 4:18pm

Re: Short Sale - Wells Fargo - Posted by rm

Posted by rm on April 12, 2004 at 16:18:33:

I’ve worked short sales of every kind of flavor (FHA, VA, etc.) and any time I’ve been given the 90-day nonsense, I tell them that we don’t have time.

Besides, if they were 60 days into the listing period and got an offer, would they refuse it because 90 days hadn’t yet passed?

Blow this off and move forward on your sale.

import · April 12, 2004, 1:26pm

Re: Short Sale - - Posted by Kevin IL

Posted by Kevin IL on April 12, 2004 at 13:26:28:

Is this an FHA loan? Usually FHA will require it to be listed for a short sale. Also, if it’s FHA it has to be owner occupied for a short sale. I’d call wells fargo back and ask if this is FHA/VA or Fannie Mae.