Wells Fargo Short Sales

I just received an email from Wells Fargo stating that I have been chosen to test Equator with them.  They say that they will send me Short Sale Assignments.   I am trying to find out if this email went out to everyone with Equator, or if this really is something positive.  I would appreciate your thoughts.

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  • Does anyone have any idea how to get in on this? I have done Wells shorts and I am on Equator with a successful short closed. I would donate my first born to get on their list. (it is okay, he is a grumpy teenager, they will send him back, so no harm done!)
    • What the banks are doing is providing a list of agents they recommend, but the key is the borrower still gets to pick who they want. Any body is free to talk to the borrower. Get all the notices of default on Wells Fargo loans and go door knocking, introduce yourself, find out were they are at with there modification or not, get the listing, get the offer, submit to equator and then start the dialogue with Wells Fargo.Easier said then done!! Since the Reo slow down, I have started doing this with (on my own) Citi, Wells etc. Most of the borrowers I speak to, are reluctant to shortsale until they know for sure that they will not get the modification. But the key is they are talking to me. Good Luck!!
  • Dont' think I've got it and we've done a bunch on Equator. We have done lots with BOA and GMAC on there, and closed lots with Wells Fargo. It is good however that they are switching to the system, and will only make a good short sale lender process even better!
  • I just received an email from Wells Fargo with my answer. Here is what it said:

    When you receive a short sale request from a homeowner who wants to use Wells Fargo you are free to set it up in Equator with us. So in that respect, yes you are getting your own listing and adding it to Equator.
    When we receive short sale requests from homeowners directly, we send them a list of Wells Fargo approved agents available in their area and they are free to choose the agent they desire. So in that respect, yes your name might end up on a list if a homeowner in your service area is requesting a short sale.

    I am now going on to Foreclosure Radar and picking out people to market to. :)
    • Are you "Equator Certified"?
      • No, I dont have any ceritifications. I just try to read a lot, take classes all of the time and learn from each transaction.
  • Ann,

    Myself and two broker associtates in my office Received the email. I am currently a PAS REO broker as well as, have active shortsales in Equator with B of A. Don't know if only agents with shortsales in the system got this letter or if it was based on a realtionship, referral from a BM. Regardless its a good thing, and there is nothing like being on the forefront of something this big. If this dosen't spell it out clearly where this market is heading, I don't know what eles to say. Congrats and lets work together to make this process a success...
  • Ann,
    I received this email as well and another agent in my office who uses Equator for Short Sales did not.
    I now have BOFA, WF and ASC as options to initiate a short sale with.

    I am a BOFA Listing Agent and really dont have ties to WF, but hey lets see where this goes!
    • That is what I noticed too. My partner uses Equator, but doesnt show the WF and ASC options.
      • Just had a thought, are you platinum certified on REOTRANS? Just wanted to see if maybe that was the ticket?
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