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Wells Fargo Home Mortgage / short sale fiasco!

United States Review updated:

Good luck to anyone trying to work with Wells Fargo on a short sale...I have considered it my part-time job for 5 months. When my deadbeat tenant finally moved out, I began looking at a short sale for what had become a distressed property. I had a buyer, but every time I contacted Wells Fargo they wanted something else before they could review the offer. When I said, 'Is there any checklist or form that shows what is needed?' they said, 'No, but I will list the things for you.' EVERY SINGLE list was different...it was maddening. After listing the house with a realtor, at their insistence, and spending literally hundreds of hours on the phone with the WF staff and realtors, they said the offer received wasn't high enough...it needed to be $10, 000 higher. I thought that was the unfortunate end, but wait...it gets worse! The buyers raised their already very respectable offer by $10, 000 and resubmitted it late last fall. Today is Feb. 3, and my realtor just called and said Wells Fargo now says that offer is not enough, though it is practically the payoff amount for the loan! I asked what my realtor thought would happen next, and she said, 'It doesn't make sense, but they are going to end up paying someone to bulldoze the house, and sell the lot for a quarter of what they could've made for the house on the lot.' Well, that will happen over my cold and dead body. I have worked too hard on this to let it go...I will be on the phone 8 hours tomorrow, and will not rest until I have found a way to revive this deal.

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Comments

  • Lu
      31st of Mar, 2010

    Exactly the same thing is happening to me right now. It has been two months since I first met with a representative mortgage broker of Wells Fargo. The first time I gave him all my paperwork, last three months bank statement, 2 years income tax, child support information etc. Instead of moving quickly to get this loan done, they waited and a lot of things had happened and two months later I still not able to close. My realtor ask for an extension of the closing date for April 5, 2010. As up today, I still don't know if I am going to close or I will loose the chance to buy my home. Incredible! Very frustrting. And if you take in consideration that you have to be calling them all the time, they never call you when they say they are going to do it. Every time the FHA underwritter ask for something else they procrastinate in working diligent and fast. I am divorce and trying to get going and buy my new home for me and my kids...but this has been very unprofessional from Wells Fargo. Bradenton, FL

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  • Yo
      14th of May, 2011

    Check out the Cheronda Guyton scandal in Malibu! She was a vice president in charge of foreclosures. After foreclosing on homes, she would move into them herself and start partying down! Google-it, people, and see for yourself, how crooked Wells Fargo is. I am certain that she is not the only one. When realtors tried to make an offer on the foreclosed home, her branch office would tell the realtors that the house was "off-market." during the entire time it was "off-market, " the neighbors busted Cheronda at the party house.

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