Thursday, November 5, 2009
I thought I was sunk with a short sale listing that I took just 6 days before the trustee sale date on the courthouse steps in San Jose. I had to get this done so that the owner could process a short sale instead of a foreclosure. I listed the property and got an offer in within the day. Signatures, tax returns, pre-approval letter, financial worksheet, hardship letter, listing agreement, purchase agreement, verification of funds, etc - all this took about 24 hours. I faxed the 35+ pages to Wells Fargo's short sale department last night at 6:30pm. Today at 5:45am I am sitting in my living room trying to see who I can contact to get some movement on this file - normal receipt processing time is 72 hours - not time that I have to spare with a weekend looming and a Monday trustee sale date. Luckily I found an email through a business networking site of a manager in the Wells Fargo short sale division - I shoot him an email at 7am, by 10:13am I get a reply with 3 cc'd Wells Fargo employees who are all searching for my file, 10:18am another cc email to THE guy who can stop a trustee sale and by 10:38am a personal call from that wonderful gentleman telling me the foreclosure has been postponed and assigning me a short sale negotiator! This group of people from all different parts of the country made damn sure that this property was not going to slip into foreclosure oblivion. Great job Wells Fargo!
Great insight into why Wells Fargo bought Wachovia. I just read this article as I was searching for ways to get my client's Wells Fargo short sale approved. The banking industry of course is very influential to real estate and knowing why banks do certain moves is power. Eric Meyerson's blog Free Rise is outstanding. He is a banking industry insider and San Francisco area resident. Check him out.