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Bonjour,

  We all feel the pain as do appraisers, so if you did BPOs for Wells between 2005-2010 those BPO companies were cleaning up while we were getting peanuts. Take a minute to view these guys adding humor to current issues. http://thenationalrealestatepost.com/another-50mm-from-wells-for-overcharged-bpos/

While I am on a rant, AMC- appraiser clearing houses where appraisers have to pay the middle man for their appraisals, in my neck of the woods a SFR appraisals are $450-500, those AMCs take around $125, in the video link above these guys talk about.

  In a nut shell New York Governor Cuomo in my eyes is behind the AMC mess http://mandelman.ml-implode.com/2009/08/cuomo%E2%80%99s-crossing-an-outsider%E2%80%99s-appraisal-of-the-new-hvcc-rules/

Also remember Dodd- Frank not the bill , a.k.a. Chris and Bernie were on the Senate finance committee 2000-2007, these are the guys that started this mess along with Graham -leach bill of 99'.  We do need more reform removing the finders/referral co, all these banks have to do is set-up web-portal date entry site, agents get on the approved list, code the fields like we do now on quality and condition may be other fields, less people involve, more efficient. 

Very likely these finders might be editing our BPO's after we submit too? Is that right, how do we know?

Where is the fine money?  Govt has received in excess of billions from these financial institutions.

 Summary can we collect on that 50 million if we did BPOs for Wells? Class action suit?

Thoughts!!

Happy Selling,

Paul 

I just closed a Wells Fargo Short Sale that is not typical. It was a nice 3 bedroom townhome in North San Jose, close to Santa Clara. The owners were divorcing and neither could afford to buy the other one out or afford the property alone. This constitutes a hardship in most lender's minds. I have closed other Wells Fargo short sales with similar circumstances. The current owners had been able to pay the mortgage but they will not be able to in the near future because of an impending change of circumstance. These owners were current on their payments, and were hoping to sell short and then finalize their divorce.

So last fall I put the town home on the market, got a good offer, and submitted it to Wells Fargo. It was promptly denied. I was told that while this was not Wells Fargo policy, the particular investor on the loan (the person on entity who purchased the loan from Wells Fargo, and hired Wells to keep servicing the loan) had a policy of not allowing short sales unless the borrower was behind in their payments.

So, my clients stopped making payments for a few months and we put the home back on the market. We got another offer for the same price and 2 months later got an approval and closed escrow in 30 days. 

So here is what happened to the investor: They lost 5 months of payments of about $4000 a month, so $20,000 of missed payments for the same price of the home. Call me crazy, but that make no sense to me. Let me re-iterate:

THIS IS NOT THE GENERAL POLICY OF WELLS FARGO SHORT SALES.

So, if someone owed me money and I had the chance of recovering 70% of it, or 70% minus $20,000 I would go for the straight 70%. But maybe I am greedier than that investor.

If you have any questions about short sales in Santa Clara or San Mateo Counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

I just got approval on a Wells Fargo Short sale in San Jose. It was both a long and short road.

The long road first:

Town home put on the market in October of 2011 at $575,000. After one week we received an offer for which the seller accepted and it was sent to the bank.

Sellers were not behind on payments but are getting divorced and neither one can afford the home alone or afford to buy out the spouse.

Bank orders BPO which comes in a little under accepted price. I do not under price my short sales because I want them to get accepted by the bank. Also I knew this would be a popular property.

Negotiator immediately rejects the short sale saying the investor will not approve short sales where the seller is not behind in payments. Keep in mind this is not a Wells Fargo policy, it is the investor who bought the loan's policy.

Seller stops making payments and we plan on going back on the market in Jan of 2012.

Before we go back on the market a buyer makes an offer which is accepted by the sellers on Jan 16th.

Offer goes to Wells Fargo and this time is accepted on Feb 29th, 6 weeks after submission. 

On March 2, 2 days later the approval from the second which is a Wells Fargo HELOC arrives.

We are all happy with the results!

If you have any questions about short sales in Santa Clara or San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

I've seen a lot of articles and blog posts about Wells Fargo, Chase, BofA and others recently. It got me thinking about the future of the REO industry.

I've been an REO agent for over 8 years, back before the REO market was hot. Until recently my largest client was Wells Fargo. Early 2011, Wells Fargo's inventory became non-existant so in June I decided to go out on my own. Knowing that I would lose Wells Fargo as a client (they only work with agencies that have a JV), since there inventory dried up I figured I wouldn't be missing much. Seems I was right, they've only had 2 listings in my area since my move. My question is this.... if you had to align yourself with one major bank moving forward which would you choose? Wells Fargo, BofA, Chase, Other? 

I've found that most Banks prefer to give their REO inventory to agents with working relationships with their local branches (at least with the top 3 mentioned above). I have worked with my local Wells Fargo Rep my entire career, but I refuse to give them business if it's their policy to end a long established relationship with me because I don't have a Joint Venture mortgage company with them. So the question remains, where do I send buyers? Which Bank do you thing will have the most upside in the coming years? 

Have you ever gotten a Save the Date invitation for an upcoming event? They are great because they help you plan for the future, and bring excitement for the future into the mix. I got a lovely e-mail today from my negotiator on a Santa Clara Short Sale Listing.  He said that he was just waiting for management to approve his approval and he should have something in writing to me in a few days.  This was very nice for a number of reasons:

1. Everyone involved is looking forward to getting approval and moving forward. The buyer and seller need to know things are moving forward.

2. After short sale approval there is a lot that needs to be done. The buyer's loan gets initiated, appraisal is ordered, and the property inspections are completed. The HOA docs also need to be ordered if the home is a condo and they have not already been ordered.

Knowing that approval should be coming in a few days (baring any management hiccups) means we all have a heads up to get ready to roll.

If you have any questions about short sales in Santa Clara or San Mateo Counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

I frequently hear the question "Can I short sell my house if I have not stopped making payments."  The answer to this depends on your lender, the investor on the loan, and the phases of the moon.  However, at least right now, if you have a loan with Wells Fargo then at this moment in time they will look at approving a short sale if you have not stopped making your payments.  Wells Fargo has two different review processes, one for currently defaulted and one for eminent defaults.  So if you are currently making your payments, but you have circumstances which will make it impossible for you to make the payments in the future then you are likely to have an eminent default and can potentially qualify for a short sale.  Nothing is for ever, and with short sales there are no guarantees, but it is worth a try.

If you have any questions about short sales in San Mateo or Santa County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Wells Fargo has a call center which is where you call to initiate a short sale, and then to get updates before they assign a negotiator.  But what sets them apart from some other banks' call centers is that they stay involved throughout the short sale process.  So, if you call or e-mail your negotiator and he or she is not available you can ask the call center to talk to them directly.  It is a very nice system, kind of like talking to an agent's personal assistant. Sometimes you get more information from an assistant then you do from agent. 

Isn't nice to know that at least some banks are trying to get this process more organized?

If you have any questions about short sales in San Mateo or Santa Clara County, please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Federal Government Disclaimer (MARS): 1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us commission as agreed to in listing contract for our services.
2. Marcy Moyer of Keller Williams Realty is not associated with the government, and our service is not approved by the government or your lender; and 
3. Even if you accept this offer and use our service, your lender may not agree to change your loan.