WA – Wells Fargo is one of the largest lenders in the US. They are the second biggest short sale lender we work with. The Wells Fargo Loss Mitigation Department is much better to work with than lender’s loss mitigation departments.
Wells Fargo has two loss mitigation departments. One is located in Fort Mill, South Carolina. The other is located in Milwaukee, Wisconsin.
Here is what we do to negotiate a short sale with Wells Fargo.
To start a short sale with Wells Fargo, we first call 1-877-216-8448. We ask the representative what the short sale fax number is. That is where we fax the entire short sale package.
In my experience, these phone and fax numbers are often changed with little notice. That is why I call to check. The current fax number to send paperwork to is 1-866-969-0103. That has been the correct number for a long time.
In addition I will need authorization from to speak to your lender on your behalf. You fill out and sign a form giving me that authorization. I will fax that to Wells Fargo’s Authorization Fax. That number is 1-866-917-1877.
Once the short sale is approved by the owner of the loan, then Wells Fargo will want all parties to sign Wells Fargo’s Specific Addendums. They are the following.
Arms Length Addendum. This simply states that there is no funny business going on and this is a normal “Arms Length” sale. In other words, you aren’t selling the home to your best friend for a low price, or anything similar to that.
Closing Date Extension Addendum. They want the buyer to sign this and agree to close within 30 days of the short sale approval.
Listing Addendum. This is an addendum they want the seller and the listing agent to sign. It gives Wells Fargo a little more protection on the short sale.
Contract Addendum. This is another addendum they want the buyer and the seller to sign. It simply lays out how a Wells Fargo Short Sale works for the buyer and the buyer agrees to those terms by signing the addendum.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at PhillipsRealtyllc.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.
Thanks for reading this,
Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.
Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Short Sale Realtor. WA Short Sales. Realtor.
Copyright 2012. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Phillips’s personal views and do not reflect the views of Phillips Realty LLC. This information on Short Sales: Walk Away or Stay? is provided as a courtesy to our viewers to help them make informed decisions.