Parkway Estate Properties
Roman Shersher

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  • Wells Fargo only owns 18% of their loans. 69% of the loans they service are Fannie Mae, Freddie Mac or Ginne Mae. 13% are private investors.

  • Wells Fargo pays up to 6% commission for Dual Agents, and 4% for a Single Agent. The Buyer is notpermitted to pay any additional commission. If two Agents are in the same office, they can still get 6%.

  • If you change the Buyer on your short sale, you will have to start over, even if you are just changing the same Buyer to an LLC . So decide how your Buyer wants to take title before you submit the contract!

  • Wells Fargo will be more flexible with HOA fees if the offer is for full market value.

  • Buyer concessions must be approved by the Investor but, typically Wells Fargo will allow 3%.

  • If contract is received 30 days before a foreclosure sale date, Wells Fargo will postpone the foreclosure sale. If the contract is received within 30 days of a foreclosure sale date, the foreclosure will not be postponed!

  • Wells Fargo will not allow a short sale to close if the closing takes place within 10 days of the sale date!

  • Have your Seller attempt to postpone the sale date as the judge is more likely to postpone the sale for the Seller than the Bank!!!!!

  • Once again, if the Buyer gets a loan through Wells Fargo they will be more likely to grant short sale extensions and work with Buyer contingencies
 

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