Short Sale Shenanigans, Courtesy of Wells Fargo

November 7, 2013 at 12:42 pm Leave a comment

by: Maria Hass
I am currently processing a client’s short sale with Wells Fargo, and unlike Bank of America, the Wells Fargo Short Sale Department doesn’t seem to have a streamlined escalation process or system that works.

I found this out when I tried escalating a short sale recently regarding a file that isn’t moving forward because the processor is requiring numerous documents from the buyer which the buyer does not possess and cannot provide. Ironically, Wells Fargo has recently approved the same buyer on several other short sale transactions without requiring these documents. Wells Fargo apparently changed their minds, or maybe “it depends” on who you get to review your file.
Having worked many short sales before, I knew something like this was bound to occur. To escalate a short sale with Wells Fargo is like throwing darts wearing a blindfold and hoping one of them hits the bull’s-eye. So, you contact the executive officers by phone, email, Equator. You also Tweet a request or communicate to the world via Facebook and hope that someone from Wells Fargo will reply. Once you finally get a soul to reply, there is no guarantee that the file will be approved or move forward.

The lesson of the story is this: When dealing with Wells Fargo on a short sale, have a list ready of the most current executive officers to whom you can escalate the matter. It is a shame that a company as big as Wells Fargo still hasn’t figured out an efficient system to escalate and resolve matters more quickly for its customers.

The verdict on whether Wells Fargo will allow this buyer to move forward without these documents on this particular short sale will, I hope, soon be delivered. I continue to work every angle possible and hope to offer good news to my clients soon.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate. Tags: , , , , .

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