8th Street Short Sale – Wells Fargo

Realty Professionals  805-474-7040.  8th Street Short Sale – Wells Fargo Loan.  This will provide for your 24 hour access and Short Sale Update for the process of the 8th Street property:  Included here will be information that will be logged and updated daily as there are changes for this Wells Fargo Short Sale and its progress.  Most of your questions and concerns will be answered here.  If you follow this link you should be updated as much as the listing agent is on this file.  At any time that you have any questions or concerns please contact your representative immediately.  Remember that Short Sales are different than a Traditional or Standard sale in the sense the we are dealing with other entities, some of which may include a bank, a servicing company, investor or investors, private parties, corporations, insurance companies, trusts, etc. and more so than not, a Short Sale typically takes longer than a regular or standard sale where you only have a buyer and seller.  Please be patient with the process as we the agents are working our tails off and it requires us Much more work than a Tradition transaction.  We will commit to you that we will work diligently, blood, sweat and tears if it requires it … to get this transaction completed for you … all we ask in return is for you to be as committed to this transaction as we are!  Thank you in advance for your patience and understand throughout this wonderful opportunity … the Realty Professionals Team.

Realty Professionals 805-474-7040

This property has been listed for sale, we have multiple offers and have initiated the Short Sale process via the Equator system.  Below you will be able to see, monitor and track the process:

9/13/2012 – Property listed for sale
9/14/2012 – Short Sale request via Equator
9/21/2012 – Equator request for offers, offers submitted
9/24/2012 – Short Sale denied due to file in Loss Mitigation (Modification)  requested Escalation, CB Friday. TS 31 Oct 12
9/25/2012 – Faxed in Loan Modification Halt
10/1/2012 – Notified that the e-Doc forms were received but at this time WF is not accepting e-Sigs (Electronic Signatures).
10/2/2012 – Initiated Short Sale on Equator, not able to download package, Faxed in complete package. HAFA hold.
10/3/2012 – Call from Valuations, got in to building, awaiting WF response.
10/4/2012 – Submitted documents to remove from HAFA program.
10/5/2012 – re-faxed HAFA ineligibility again.
10/9/2012 – released from HAFA.
10/10/2012 – back on track for Standard Short Sale
10/11/12 – Equator shows HAFA released.
10/14/2012 – (DAY 31) Equator, sent request for update on file, one week still not released from HAFA.
10/15/2012 – (DAY32) response from Kelly with HAFA, no longer in system, contact WF Customer Service (CS) first Mike then Mary, CS said HAFA had to release, emailed Kelly at HAFA again, reply: call CS, spoke with Nesha CS and emailed Jacqueline, Jasmine & Stephanie to assign tasks so that I can upload and reply to tasks on Equator.  Requested task to be escalated.
10/16/2012 – (DAY 33) Stephanie responded:  Why are you sending me this letter? As I already explained the file cannot move forward until the HAFA Rep completes their task. I cannot do it for them. Please contact them on this matter.  Kelly in HAFA: This file has been removed out HAFA, it is no longer active.  You will need to contact customer service to have them set this up for a traditional short sale review and have them assign this file to a processor or negotiator.  Please contact customer service at 866-903-1053 to have this file set up in another name, this is no longer my file and is not currently active in my inventory.  Customer Service: Says it is assigned to a Negotiator/Processor that says it is not her job to set up the file.   PLEASE NOTE THAT WE ARE OVER 30 DAYS AND NOTHING HAS BEEN ACCOMPLISHED!  This is why Short Sales take so long!  Spoke with Tish, she is getting her Manager “Nika” involved to determine whose responsibility it is to push the “Remove” button from HAFA and the “Input” button to Traditional Short Sale.  Tish also requested  to “Escalate” the file/task.  Finally they assigned the “Task” to load in 3rd Party Authorization to Communicate. Form loaded, waiting for next task.
10/17/2012 – (DAY 34) communicating with Stephanie on Equator a Pop up showed we can email docs in.   So I did, the complete package and she responded back acknowledging that the window is there but please don’t email …  too late, already done.  She stated we will need to wait for the tasks to populate and load each one in, one by one.  Well they fired them off to me today: HUD1-Check, Offer-Check, Proof of Funds-Check, Buyers info-Check, Picture-Check, manually input offer-Check, manually input HUD1-Check, Buyers Agent information-Check … now all I need are a couple of papers from the seller tomorrow and the paperwork should be done!
10/18/2012 – (DAY 35)  Equator asked for more paper work regarding the seller, Tax returns, Bank Statements, Pay Stubs, Profit and Loss, Rental Agreements, etc.
10/22/2012 – (DAY 39)  Got all paperwork in from Seller, PDF formatted and submitted via Equator., Task complete.
11/01/2012 – (Day 49)Update all financial information, 90 day P&L, Bank Statements, Pay Stubs, Tax Returns and Rental Agreements
11/5/2012 – (Day 53) Status of second from WF.  Reply discharge in BK7.  Need to remove lien from title.
11/07/2012 – (Day 55) Second TD was Discharged in BK. Also Operating agreement for buyer LLC provided.
11/08/2012 – (DAy 56) Statement for the Second, email from TO.
11/12/2012 – (Day 60) Redo HUD1
11/15/2012 – (Day 63) Arbitration clause not mandatory on any contract, especially Listing Agreement.
11/16/2012 –  (Day 64) Counter Offer or Addendum to purchase contract, renegotiate HUD1.   removal of lien is $281.
11/17/2012 – (Day 65) Listing Contract
11/18/2012 – (Day 66) Spoke with DRE Attorney doesn’t advise without letter of explanation liability to WF/ASC and Negotiator.
11/20/2012 – (Day 68) Listing Agreement altered as requested.  Submitted Via Equator.
11/27/2012 – (Day 75)Requested info from Sellers Tax Returns.  Sent Via Equator and Email.
11/29/2012- (Day 77) Requested info on Buyers Costs.
12/3/2012 – (Day 81) Requested Info on 2nd Trust Deed, explained again.
12/4/2012 – (Day 82) Requested a copy of Page 10 of contract with Escrow Signature.  Sent via Equator and Email.
12/5/2012 –  (Day 83) Requested a copy of the entire contract in one PDF for investor. Sent via Equator.
12/6/2012 – completed online questionnaire, file sent for final investor approval.
12/18/2012 – Requested Hardship Letter, submitted again dated 10/4/2012.
12/22/2012 – (Day 100)
12/23/2012 – Final Investor Approval, close by 1/11/2013, buyer out of country until 1/7/2013.
12/24/2012 – Request for Extension due to the Holidays
1/3/2013 – Request for Final HUD
1/7/2013 – Bank of America Manager to return to work today in Foreclosure dept, message left.
1/8/2013 – Bank of America Manager, left message again, called customer service also.
1/9/2013 – Bank of America stated BK department cant authorize discount of second must do short sale, awaiting Package.
1/9/2013 – (Day 118) – Requested again Wells Fargo to give extension.
1/10/2013 – Requested again Bank of America Short Sale Department the Short Sale Package for 2nd. Tamika.
1/10/2013 – Wells Fargo stated max extension until 2/15/2013. WF need Letter & Add., Addendum out to Buyer and Seller.
1/11/2013 – (Day 120) Short Sale package received from Bank of America 8am, completed, sent out for signatures, sent in to B/A Short Sale Department 645pm.
1/14/2013 – (Day  123) Short Sale Department with Bank of America responded “unfortunately our department cannot assist you with your short sale.  Our records indicate that this loan has either been closed as settled or paid in full and the release completed.  So escrow sent in a Zero demand.  They came back with a full pay off.
1/15/2013 – (Day 124)  I called the Short Sale department, spoke with Kim, she said they could not help me that I would have to speak with the BK department, spoke with Laquisha and she said they couldn’t help me that I needed to speak with the Recovery department, spoke with Joe in the Recovery department and he said he couldn’t help me that I needed to speak with the Short Sale department because the Recovery department does not negotiate, so I asked for the manager and was put on hold, Joe then stated that his manager Scott French was gone for the day but he spoke with Sherry Williams a manager and that I needed to go back and deal with the BK department. I called back to the BK department and spoke with Sasha Clark and explained everything again, she said there was nothing she could do and that her manager Shamone Coleman was busy and could not take my call that I could call back in the morning.  Finally after pleading with Sasha she said that she would help me deal with the Short Sale department, so she calls and states that she will stay on the line as long as needed to help me through the process, Lance from the Short Sale department begins to help me and has a question for Sasha about a minute into the call and she had already left the conversation.  After begging and pleading with Lance to help me he said I had no alternative because the Short Sale department could not help me was to call back to the BK department.  Again I call to the Short Sale department and speak with Rico, I explain the entire process again and he says we will call the Short Sale department together, I explained about how Sasha had abandoned the call early and  if there was a possibility if he could hang out on the call at least for a couple of minutes to help the family here, Amy Smith picked up the call from the Short Sale department and after a complete explanation she said it is very simple, you are emailing the package to the wrong email address, you should have been given the Short Sale Recovery email address because the loan had already been written off.  This is a lesson on Persistence, Determination and Faith that I can make this happen!  Thank you Rico and Amy for finally after over 5 hours of dealing with Bank of America solving this matter!  Short Sale package submitted (again) via both email and fax.
1/16/2013 – Customer Service and Negotiator can’t figure out how to update the Equator System to accept task with closing date.
1/17/2013 – Received Short Sale package changes request back: First Mortgage Worksheet needs borrowers name at top, BOA Buyers Disclosure needs sales date, BOA Authorized 3rd Party only needs agent name not company, Buyers LLC Docs, Preliminary HUD 1 BOA wants physical address of buyer and seller.
1/21/2013 – Approval on short sale for 2nd Trust Deed, buyer out of town, good until 2/15/2013
1/23/2013 – Seller to escrow signed docs and grant deed.
1/28/2013 – Buyer to deposit money Weds-Thur for Friday close.
1/31/2013 – Buyer deposited balance of cash offer via wire to escrow.
2/1/2013 – (Day 140)  Recorded and Successfully Closed Escrow.

Realty Professionals 805-474-7040

Buyers and Sellers:  At any time you have a question or concern please contact your representative immediately!  If you are a Buyer and have representation from another Agent, Broker or Brokerage you will need to contact them as they are your representative.  Thank you and we look forward closing this escrow with you.  If you are a seller that is looking to sell your home under Short Sale circumstances please read about Short Sale Scams before proceeding, if you have any further questions please contact us for a Confidential Interview and we would be happy to go over all of your options and explain the process along with the positive and negatives that go along with a Short Sale.  Call us today!  855-955-SOLD (7653)

Be advised that this property is located in and is regulated by Los Angeles Rent Control Laws and tenants of this building are on Section 8 Housing Assistance, please do your research and understand your rights as a landlord in these areas.

Realty Professionals
Pismo Beach
805-474-7040