Why is it that Bank of America can be so easy to work with on a short sale and Wells Fargo is so dreadful? They both use Equator. Wells Fargo promised us last January that it had approved a short sale and was sending the approval letter any day now, at least by the third week of January. The buyer was excited. Yet, that third week came and went and no approval letter. OK, drop-dead date of February 4th, promised Wells Fargo. No letter. So, yesterday, the buyer canceled.
I don't have that problem with Bank of America. When Bank of America tells me it will do something, it performs. Yesterday, a law firm contacted me to say Bank of America would not release our mutual client from personal liability. The lawyer had sent Bank of America a letter, talking about California Civil Code 580e and so forth -- it was a non-recourse loan -- but no release was forthcoming. The request was denied. I suspect the lawyers advised the client to close anyway because the hard-money second was releasing her.
The problem was the lawyer's letter wasn't reaching the right person at Bank of America. I emailed my executive contact at Bank of America, explained the situation and asked his team to take a second look. By late afternoon we had a release of personal liaibility letter for that seller. No deficiency judgment.
The following short sale I just listed in Roseville does not have any loans with Bank of America nor Wells Fargo. I suspect this short sale will be a relatively smooth escrow. It's a darling home, with a truly open floor plan. When you walk in the front door, you are standing in the family room with a sweeping view of the fireplace, the dining area and kitchen.
The family room, hall and 2 of the 3 bedrooms boast laminate flooring that look just like real wood. Both of the baths have ceramic floors, so does the kitchen. The master bath has a granite top on the vanity, and 12-inch ceramic around the tub.
This home was built in 2005 by JML. It's a popular one-story with high ceilings. You've got indoor laundry, an attached 3-car tandem garage, and a pretty back yard with a couple of uncovered patio areas.
2008 Milan Way, Roseville, CA 95678 is exclusively offered by Lyon Real Estate as a short sale at $180,000. For more information, call your Sacramento short sale agent, Elizabeth Weintraub, at 916 233 6759. For a private showing, call Linda Swanson at 916 607 0111.
Photos: Elizabeth Weintraub
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
WOW - This post shocked me - I have had wonderful success with Wells Fargo and horrible experiences with Bank of America. When I go to list a short sale and the lender is Wells Fargo I am thrilled and when it is Bank of America I cringe.
Nice job on taking care of your short sales and your sellers !
Hi Terry: I've heard agents on the East Coast seem to have an easier time with Wells Fargo, for some reason, but for us West Coast agents, I haven't run into anybody who really enjoys working with Wells Fargo. Bank of America is a different story, though. If you're not getting the results you need through Bank of America, you might want to escalate your files to a supervisor. After a while, you will probably form relationships with key employees at the bank.
Hi Laura: I fight tooth and nail for my sellers if I believe they have a case worth fighting for. Not all of them do. Those cash-out refinances are very unlikely to be released without a big contribution.
We have less problems with Wells Fargo in our office. Perhaps it's because we have an agent with a long standing relationship as an REO agent with them and her asset managers know who to reach out to for help... because we've used that connection when we could to try to help our clients.
I love that you fight for those who really deserve it. When you already have true hardships, enough is enough already.
Elizabeth - Ok, I'm going to be a pill and say that I cringe whenever any of my borrowers get into escrow on a BofA or WF short sale. Based on my experience with those banks short sales, they're both bad but I will say that WF is definitely the sleazier of the two. Don't even get me started on why I feel that way (a whole other post).
I wish Wells Fargo on the East Coast would start using Equator. I'm getting tired of faxing in those blessed short sale contract packages. They always seem to lose something.
Hi Tammy: Well, we have a relationship with several negotiators at Wells Fargo but it doesn't seem to help us any. With Bank of America, though, it helps to have connections.
Hi Donne: I have a short sale in Elk Grove in which I represent the seller. The buyer is represented by herself, and she's from the Bay area. She is using Wells Fargo for her loan. That file has been in underwriting for MORE THAN 30 DAYS at Wells Fargo, and Wells Fargo won't return phone calls nor explain why we don't have approval. It's like it fell into a big black hole at Wells Fargo, and our short sale approval letter has long ago expired, despite promises by Wells Fargo that it would close on time.
Hi Chris Ann: What would happen if you uploaded a file to Wells Fargo in Equator just for the heck of it? Hmmm?
Elizabeth - That sounds so typical for not only WF but for any bank these days regardless if it's the buyers or sellers lender. Just out of curiosity, who is the lender for your ss and is there one or two loans? How long was the escrow period for once you got the ss approval letter?