how to negotiate a wells fargo short sale

How To Negotiate A Wells Fargo Short Sale

Fairfax VA – Wells Fargo is the second biggest short sale lender with whom we work.  As one of the largest lenders in the country, Wells Fargo has a Loss Mitigation Department that is much better than a lender’s loss mitigation department.

This national bank has two loss mitigation departments.  One is located in Fort Mill, South and the other is in Milwaukee, Wisconsin.

Here is what we do to negotiate a short sale with Wells Fargo.

First, we call 1-877-216-8448 and ask the representative what the short sale fax number is. Once we have that, we fax the entire short sale package.

The current fax number to send paperwork to is 1-866-969-0103 but this number changes often and usually without any notice.  That’s why I always call to make sure.

I also must get your authorization to speak on your behalf to your lender. This requires that you fill out and sign a form giving me this authorization.  I will then send this form to Wells Fargo’s Authorization Fax, which is currently at 1-866-917-1877.

As soon as the short sale is approved by the owner of the loan, Wells Fargo will send us their Specific Addendums that all parties must agree to before a short sale is finalized.

They are the following:

Arms Length Addendum. This basically means there are no conflicts of interest with the short sale.  For example, you aren’t selling the home to your best friend for a low price.

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 must be signed by the seller and the listing agent. It gives Wells Fargo a little more protection on the short sale.

Contract Addendum. This must be signed by the seller and the listing agent. Basically it spells out how a Wells Fargo Short Sale works.  Your signature is your agreement to the terms.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny.

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 Roche’s personal views and do not reflect the views of RE/MAX Premier. This information is provided as a courtesy to our viewers to help them make informed decisions.

Leave a Reply

Your email address will not be published.