Wells Goes to Equator, Navy Fed Dumps on Veterans and Short Sales Smooth Out

This month in Short Sales bring us some interesting news.

Wells Fargo moves to Equator.

For those that don’t know, Equator is a semi-automated system for banks to manage assets. Use primarily for foreclosed properties (REOs), and adapted for short sales. Equator become “famous” when Bank of America decided to use them for their short sales. Since then GMAC and now Wells Fargo use this “software” to manage the process. What we should see is a slowdown as employees get used to the quirkiness of the design (clearly Equator was not designed with User Interface in mind) followed by a much quicker process. Wells has always been ahead of the curve in regards to short sales.

Navy Federal Credit Union Sucks

Honestly I tried to find a different word to describe Navy Fed, but how they handle their business as it relates to our service people is just plain deplorable. If you are buying a home right now, do not use this company. It’s not that you get taken advantage of in the front end but if you get stationed elsewhere and are forced to short sale, expect to have the roughest time of it out of all the lenders we deal with.

Short Sales are not quick as some people think.  However, they do sell fast!  This condo in Atlanta on 950 W. Peachtree Street was approved twice by Wells Fargo before it finally closed, but in both instances, the condo went under contract with less than a week on the market.  Be sure to sign up for our updates if you want “first dibs.”

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We recently recorded a video (got to learn how to use a mic) about a Wells Fargo Short Sale. Here we go into why we like Wells Fargo Short Sales.  Wells Fargo is the most consistent of the banks we typically deal with.  They also seem to be the most lenient when it comes to their borrowers in terms of not asking for promissory notes.

The short answer is finally yes. 

You must be at least 30 days delinquent for a short sale.

In over a year with shorts sales, we noticed a trend in the last 60 days to get more agressive with borrowers who have the financial ability to pay. 

Previously, if you moved out of the home and could “barely” afford the home and had some sort of hardship, you could do a short sale, no problemo.  Now however, you must be at least 30 days behind to be considered, see below:

Wells Fargo Short Sale

(from a secure e-mail) I am the new negotiator that has just been assigned to the Short Sale. Please be advised that per the investor guidelines, we are unable to do a short sale while the mortgage is current. At this time, I have to close the short sale file. Should [client] become at least 30 days late on the mortgage payments and is in the need of a short sale, please contact the short sale set up team at 866-903-1053. I am unable to set up a short sale file, so you will have to go thru the short sale set up team should you need to do a short sale in the future.

Thank you!

Alex

FNMA Loan Adjustor Specialist
Hours: M-F 8:00-5:00 EST
Wells Fargo Home Mortgage
3476 Stateview Blvd.
Fort Mill, SC 29715
MAC#X7801-01K
(P) 803-396-7001
(F) 866-738-8566

CITI Short Sale

(e-mail from negotiator) I have attached the HUD closing worksheet, Sales contract review and the Approval letter good through 01/08/10. Please make sure all documents are signed by mortgagor and returned with final HUD and closing check. Closing worksheet must also be signed by both realtors and title company. The loan must be at least 30 days delinquent in order to be able to close. Also, please submit a letter of authorization for the title company working on the closing of the sale, if applicable. If you have any questions, Please feel free to contact me at anytime. Thank you. 

Every month as more and more short sales come to our team, we’re still amazed with how fast Wells Fargo (or rather ASC) moves the short sale through.  In fact, it’s so amazing that we’d almost pay just to work with Wells Fargo Short Sales.

A Wells Fargo short sale will take less time to close and usually has less overall hassle.  Still the deal will hinge on a good BPO, but overall Wells Fargo is the best in short sales.

Our team is experiencing the following:

• 30-45 Days to close
• Full Commissions
• Forgiveness of the entire debt
• No Hassles at closing