sell this house? A Melodrama in 4 Acts. Act IV, Scene 1, January 2011

sell this house?  A Melodrama in 4 Acts.  Act IV, Scene 1, January 2011

ME (January 3, 2011, 7:21am):  Hope you had a good weekend.  We did.  Home party for New Year’s Eve and walked down to the promenade to watch the fireworks over the Statue of Liberty!  Saturday walked across the Brooklyn Bridge to Chinatown for a great meal.  Yesterday went to brunch with my oldest daughter and then to see THE KING’S SPEECH.  Great!  Colin Furth should get an Oscar!  Last night home dinner for my granddaughter’s 14th birthday!  Sky clear and blue today.  Has warmed up a lot so the snow is melting.  Everyone is at work/school today.  I am going to meet HC in Manhattan for lunch and to print out my boarding passes.  Will be home by 3pm tomorrow.

Any news on the house?  See you soon…

BB (1/3/2011, 10:04am PST):  It sounds like you’re having a great vacation! 

It’s cold here now — 29 degrees right now.  It has barely gotten above freezing the last few days and there was sleet on New Year’s Eve, right at midnight!  It’s supposed to warm up on Wednesday, but I’m afraid you’re coming back to some cold weather.

KS’ clients went to see your house on New Years Day and she emailed that they are very excited about it and that she is preparing for inspections.  No word yet from the banks, but it was a holiday week last week so I imagine they didn’t do a lot of work.  I will check in with them to see how it’s going.

Enjoy your last day on the East Coast!  See you soon!

Thanks…

BB (1/4/2011, 11:19am):   Welcome back!  It’s warmed up slightly — funny how 35 degrees can feel warm after sitting in the 20s for a few days.

KS is ordering inspections for next week to keep the ball rolling.  I called both banks yesterday, but didn’t get any results.  Wells Fargo said they didn’t have authorization for me, even though I had the letter you sent them in my file.  So I resent that to them.  I left messages for both, but haven’t heard back yet.  I’ll let you know when I do.

As a reminder, this offer is the one where they were open to you renting back through May, if you want to, for $1000 a month.  That would be outside of escrow and we would need to figure that out with KS.  But give it some thought.  If all goes well with the banks then we’re scheduled to close on February 14th.  So you have the option of staying longer if you choose to, so give that some thought.

Hope you had a fabulous trip — it sure sounded like it!  Thanks…

BB (January 5, 2011, 12:08pm):   Slept like a log last night and am slowly getting up to speed.

Will I need to let the inspector in, or will KS take care of that?  I can be here if it is necessary.

Am seriously looking at Forest Hills complex by Valley River Center as a rental place.  I can get a 2B/2B with garage there.  I have looked at one model and I liked them.  There is one coming available the end of Feb, so I may take the offer of renting the house back.  I don’t want to stay here too long, because then I have to continue doing yard work.

I appreciate you keeping me so well-informed.

Happy New Year!

BB (1/5/2011, 1:03pm):   Glad you got some well deserved sleep!

No word yet about the inspections and when they are scheduled for.  Generally it is fine if the seller lets the inspector in and then leaves — it saves the buyer’s agent another trip.  So the inspector does the inspections and then the buyers and the buyer’s agent typically come at the end of the inspection to go over everything with the inspector.  I’ll let you know when it is as soon as I hear from KS.

I’m sure you can work out some type of rent-back situation with these buyers, so no worries there.  They originally offered it to you until June 1st, so they don’t plan on occupying it immediately.  I’m sure they will be able to work with you however you need to.  They may even be able to arrange landscape services so that you don’t have to do any yard work!  That would be great!

Still no word from the banks, but I think it takes them a while since they are large corporations.  I will let you know as soon as I hear anything.

Nice that it’s warmed up a little!  I was getting weary of those below freezing days!

Talk soon…

ME ( January 6, 2011, 10:40am):   A real estate gal called me yesterday afternoon.  Sorry, I didn’t get her name.  She is bringing a client this afternoon at 1:30.  Guess what?  I am going to sweep leaves!

cheers…

BB (1/6/2011, 11:12am):   At least it’s a sunny day for leaf sweeping!

ME (January 6, 2011, 12:01pm):   Thanks, it felt good to be outside with clean air to breathe!  Today I did a B job…not my usual A+.

I had a letter from Wells Fargo in my mail that came yesterday asking for all the papers I already sent to them.  Will call and see what’s up.  I can take it to Wells Fargo in Springfield and have them fax it again if needed.

cheers…

BB (1/6/2011, 12:55pm):   It’s gorgeous out!  What a treat!

Yes, I got the same type of response from Wells Fargo with the authorization letter.  It seems like they are going to be a little more challenging, because they are and large corporation with communication issues.  Let me know what Wells Fargo in Springfield has to say about it.

Thanks!  Enjoy the sunshine!

ME (January 6, 2011, 1pm):   Yes, I agree…I just don’t want them to try to wiggle out of this…or have the buyers lose patience.  I’m off to buy some groceries for my empty larder…

By the way, I am enjoying the House book.  Very interesting…  And published by the publishing company my daughter works for.  I hope to get my own copy from her.

BB (1/6/2011, 1:07pm):   I agree too.  I’m also concerned that it will just take forever and be a lot of repeat paperwork, because they can’t keep it together.  But we will persevere!

I’m glad you like the AT HOME book — I really love his writing style and have enjoyed many of his books.  This one I found particularly entertaining with my involvement with houses these days.  It’s fascinating to learn about how things came to be the way they are.

xo…

ME (January 7, 2011 8:36am):   Good morning.  I am not going to Clackamas today.  Need to get papers to Wells Fargo.

I just got off the phone with S…. in the Short Sale office.  In my mail I had a letter, dated Dec 27 that asks for the following information.  (S…. says that this was sent to you in an email?)

I need updated info faxed to them by Sun the 9th.  S…. says they work every day!  She did not have a happy voice.

  1. 1. Updated Financial Worksheet
  2. 2. Tax Returns for 2008 and 2009
  3. 3. Proof of income
  4. 4. Listing agreement
  5. 5. Signed Purchase Contract/Est. Closing Statement
  6. 6. Hardship Explanation
  7. 7. Buyer’s Pre-Qualification Letter

I am going to work on #1,2,3, and 6 today.  Sounds like we need to send all 7 items in as a package…again.

Call me when you have time.  Can you fax all this to Wells Fargo when I get it together?

Thanks…

BB (1/7/2011, 9:49am):   I have a dr’s appt I’m on my way to — I’ll call you when I return.  I didn’t get an email or phone call or any contact from Wells Fargo.  When I called on Monday they said I wasn’t authorized and I resent the authorization letter.  They said they would be contacting me after they received it, but I still haven’t heard from them.  Yes, I can fax it all.  I will call you when I’m available.

Thanks!

ME (January 7, 2011, 9:26am):   Happy New Year KB (Wells Fargo mortgage consultant). 

I am in the short sale process right now.  Wells Fargo wants me to update all my paperwork.  I would like a clean, new copy of the Financial worksheet to update and send to them.  I need it today.  (I just returned from NYC/holiday time with family).  Just talked to Wells Fargo Short Sale.  Have to have everything in before end of work day tomorrow.

When is a good time to come by and pick up that paper?

thanks…

KB (1/7/2011, 9:51am):   You could swing by today in the morning, if you would like.

ME (January 7, 2011, 10:18am):   Thanks BB.  I am on my way to buy new ink cartridges and pick up a new financial statement from Wells Fargo.  Talk to you later.

BB (1/7/2011, 11:25am):   Hi…If you can just drop all of that stuff at the front desk of my office I will fax everything.  Let me know if you have any questions.

Thanks!

ME (January 7, 2011, 11:34am):   Got the message.  Will do when I get all this paper together…

BB (1/7/2011, 11:40am):   Perfect!  My office will call me when it’s all there and then I will add the stuff that I have and fax it all.  The fax number that I have for them is…………  Let me know if you were given a different fax number than that, otherwise I will fax it to that number.  Also, what phone number did you call to reach Sandy?  It would be great if we could consistently work with the same person, though that might be unlikely given the size of their organization.  Thanks!

ME (January 7, 2011, 11:53am):   Fax………. or ……….  S…. said either one would work.

Number I called was ………. and then they transferred me to the short sale dept.  Doubt if you could get the same person, but it might be worth a try.  Hours Mon-Fri 8am-11pm, Sat 9am-3pm…Central Time.  Address is

Wells Fargo Home Mortgage, 1000 Blue Gentian Rd, Suite 300, Eagan, MN 55121

I now have ink, so I will print out my 2009 tax forms and then revamp my pity letter and print that and then the last 60 days of my bank accounts and the updated financial statement.

I’ll leave at the front desk this afternoon.  Please make sure I get the originals back and copies of what you send so I have it all.  Ok?

Hope your Doc appt wasn’t for anything bad?

BB (1/7/2011, 12:40pm):   Thanks!  I will return your originals and also give a copy of everything.

No, the dr appt was just a follow-up for the sinus issues that continue to plague me.  I’m on the mend, but was scheduled for a check-up.  Thanks for asking!

ME (January 7, 2011, 2:33pm):   From ME… Loan # ………., Client … and BB, Real Estate agent

To Wells Fargo Mortgage/Short Sale

Re Letter of Dec 27, 2010 and phone call with Sandy in Short Sale on Jan 7, 2011

Requested documents enclosed:

  1. 1. Financial Worksheet
  2. 2. Tax Returns for 2008 and 2009
  3. 3. Proof of income from .., ……, and … ….. …….
  4. 4. Listing agreement
  5. 5. Signed Purchase Contract/Est. Closing Statement
  6. 6. Hardship Explanation
  7. 7. Buyer’s Pre Qualification Letter

Dated January 7, 2011

This is the cover page with the list of documents plus other contact info.  I have printed it out and it will be included with the rest of the faxed documents.

Leaving my house for your office in about 10 minutes.  Whew!

BB (1/7/2011, 2:43pm):   Excellent!  I will gather the other materials and fax them all together.

When I spoke with the short sale dept last time, they wanted your name, address, phone number and email address on the authorization as well as my name, company, phone number and email address.  You might want to include that here, since they seem to ask us to duplicate everything.

I sent them #4,5,6,7 on 12/27/10.  I’ll send them again, of course, but it seems that they want everything twice. 

Thanks!

BB (1/7/2011, 2:57pm):   ps I’ll add that stuff if you’ve already gone.  I’ll just make sure that all of our contact info is on it.

So I’m guessing that when they received the fax on 12/27/2010 they issued you a form letter asking you to send all of what was already sent along with #1.2.3.  But I rechecked all of my emails and even my spam folder and did not receive any email about this.  And I didn’t get a letter.  Whatever.  Now they will have everything again and hopefully it will be smooth sailing from here.  At least we still have over a month until the closing date.  And the buyers don’t need to take possession of it immediately anyway in case there are other delays.  So I’m still thinking this will work out.

xo

ME (January 7, 2011, 3:21pm):   Thanks for the positive thinking!  I’ve been up since 6:30am, working on this.  I need some positive strokes…

BB (1/7/2011, 3:44pm):   It will all be fine, it will all be fine, deep breaths, take a nap, it will all be fine.

BB (1/7/2011, 5:24pm):   Hi… I faxed all of the documents to Wells Fargo.  I faxed them twice, actually, once to each fax number, so they should be getting them!  I also sent you two packages in the mail — one is your originals and one is a hard copy of all of the paperwork.  … So you have copies of everything, they have been faxed twice (thrice if you count the first time I sent the other stuff), and we will see where it goes.

Let me know if you have any questions.

Thanks!

SMM – Wells Fargo Loan adjuster Specialist West Chester, OH(January 12, 2011, 7:36am):   I am trying to reach out to you for a few minor corrections so that this file can go to the negotiator today.

Thanks…

ME (January 12, 2011, 10:57am):   Hi BB…The only date I can find is Sept 15, 4:30pm, and it was  a woman named HY from M Realty.  You spoke with her.  Does that sound like the right name?

BB (1/12/2011, 11:25am):   Hi…I called SMM back and asked him for the date on the BPO.  He said the date was 11/10/10.  That doesn’t seem right — I could have sworn that the realtor doing the BPO, came way before then.  But maybe she came and looked at it earlier and then spent a really long time completing it?  I don’t know, but I’ll do what I can to find the comps that show what the value has been doing in the neighborhood.  So don’t spend too much time looking for the date — I’ll just use the comps that I can come up with.

I have saved every email that we have sent back and forth since we started, so I just went through them all looking for any mention of L…. or the BPO — could not find any.  I think we talked on the phone about it and didn’t email about it.  Maybe I should send every single email to Wells Fargo so they can see how hard we’ve been working on this for the past year!

xo

ME (January 12, 2011, 12:20pm):   Had a call from Citifinancial while I was gone.  Just called them back.  I told them that we were sending additional paper work to Wells Fargo and that they expected the Short Sale to go to the negotiator this week.  They asked if you would call M….. or M…. by Friday and bring them up to date.

Thanks again…

BB (1/12/2011, 12:42pm):   Thanks for the info!  I’ll call M…. and update her.  And yes, that was L…. with photos.  Could have sworn it was months before 11/9.  Well the comps that I have won’t be too terribly different from then, but there are a couple that I will send and do what I can.  I’ll keep you posted if I hear anything.

Thanks!

ME (January 12, 2011, 1:42pm):   Thanks BB.  I had the same feeling.  The months have just melded together!

BB (1/12/2011, 2:22 pm):   I’ve left M…. two messages today, but haven’t heard back from her yet.  I gathered all of the paperwork that Wells Fargo wanted and faxed it to them, along with some market information.  I will email you a copy of all of this.  Cross those fingers!

Thanks…

SMM, Loan Adjustor Specialist, Wells Fargo Home Mortgage, West Chester, OH (January 13, 2011, 6:34am):   BB…I need to get 2 P… statements from the prev 60 days.  The ones that you sent in are too old for me to use.  The other docs that you sent to me are ok.  Once I get the P… statements the file will be ready to go to the investor and back-end negotiator.

If you can get these to me today I will send it today.  I am out tomorrow and we are closed on Monday so the next possible day to get it to the investor will be Tuesday.

Thanks…

BB (1/13/2011, 11:25am):   Hi SMM… The P… statements only come out quarterly.  The ones I sent are the only ones the seller has.  The next statement to come is in February.  Please advise what I should do about that.

Thanks…

BB (1/13/2011, 3:50pm):   Here’s the form letter that Wells Fargo needs.  I’d suggest you ask for another form and add this information:

LC and contact info

KS and contact info

Thanks!

BB (1/14/2011, 5:52pm):   Hi…Here’s the recent stuff that I faxed.  I put everything you dropped off in the mail.  You might not get it until Tuesday since Monday is a holiday and I doubt that there is mail delivery.

I have left 5 messages for Citifinancial and have not heard back from them.  Hmmmm.  I bet they are waiting to see what Wells Fargo will say first.

It looks like L… will potentially be handling a lot if Wells Fargo and Citifinancial get back to her while I am away.  You’re in good hands with L…, but she can also reach me if she needs to.

Have a good night!  Thanks…

ME (January 19, 2011, 10:48am):   Aloha BB and hello to L…

T… from Citifinancial called me this morning.  She told me, when I asked, that she is M…. boss.  I told her about the Short Sale status and also mentioned someone had called me on Monday.  Anyway, she would like to have an update by Tues Jan 26 on the Short Sale process.  Her number is ……….  I don’t mind calling her.  Just wanted to let you know.

Had an agent and client look at the house on Monday and another coming on Thursday.

Enjoy the Hawaiian sun, BB.  Not much here.

thanks…

EJN, Wells Fargo Loan Adjustor Specialist, Loss Mitigation, Ft. Mill, SC(January 26, 2011, 4:58pm):   THIS IS A COUNTER OFFER, I MUST RECEIVE A RESPONSE TO IT WITHIN 48 HOURS OR THE FILE COULD BE REMOVED.

Hello BB…   I have reviewed your offer of $325,000.  At this time I must give you a counter of $370,000.  Please present this counter offer to your clients and let me know how they would like to proceed.  Should you accept the counter offer I will need a new purchase contract addendum and a new HUD showing the new sales price.  Please keep in mind, this counter is to get the offer to a point where we can submit to the investor.  The investor, as the owner of the loan, is free to reject it, counter it, approve it, or even make changes to it.  I have no say in their final response.  If I have not heard back from you within 48 hours I will assume they declined the counter offer and I will remove the file.

Thanks and have a good day.

EJN, Loan Adjustor Specialist, Loss Mitigation, FT Mill, SC (January 26, 2011, 4:57pm):   ***********PLEASE READ THIS EMAIL.  IT CONTAINS INSTRUCTIONS THAT WILL HELP WITH THE PROCESS**********

Hello BB,

I will be the Wells Fargo negotiator on the above mentioned loan.  I will be your contact as we go through the process of preparing the loan for submission to the investor.  It is important to note that despite the work you and I do, the investor has the final say.

First question I have:  Is the offer that you submitted still active?  If I do not hear back from you, I will assume that the contract was rescinded.

Someone from the processing department has put the docs together for me that I will need for submission.  If I need anything else, I will let you know.  If you do need to send something to me, emailing them to me is best, but if you have to fax, please use the number below.  It is my private fax line.

I also need to know if there are any junior liens on the property.  I know the processor probably asked you this, but it is worth mentioning again.  It is YOUR responsibility to let me know if there are any other liens and waiting until later will only delay the process.  If we get the file approved and you do not tell me about a junior lien we have to start from the beginning.  I will need to know who the lien holder is (even if it is Wells Fargo) and what the balance is.  I can ONLY approve the first lien (even if it is Wells Fargo).  You need to contact the second lien and request a short sale like you did with us.  I will assume there are no other liens unless you tell me otherwise. 

If there is a junior , please be advised:  The investor allows a maximum payoff of $3000 or 10% of the principal balance, whichever is lower.  This is an investor requirement and cannot be negotiated.  If the junior lien holder refuses to agree to investor terms to release its lien, we will not be able to continue with the short sale. 

The fees/closing costs presented on the preliminary HUD-1 are the figures that will be submitted to the investor.  If any fee is deemed excessive or not allowed per investor guidelines, it will be adjusted accordingly and be reflected on the approval letter.

Please understand that the BEST way to reach me will be through email, it is much faster.  Please email any important information and make sure that the LOAN NUMBER and seller’s LAST NAME is in the subject line so I can address your message as soon as possible.  If you do not respond to an email from me, I will push it out 24 hours.  If I do not hear anything in 48 hours, I will have to remove the file.  If you are scanning items to me, please deal down your scanner settings so the file is not that big.  If the documents are 3 to 5 megs each, it will slow my computer down terribly.  If you need to fax documents, please use the fax number below.

And lastly, I will always be as honest as I can with you and I only ask that you do the same.  If you run into a roadblock, please share it with me.  If the buyers walk, their agent is not responding, whatever…let me know!  Working together will make this process much smoother.  I want to get this deal closed just as bad as you do!

Thanks and I look forward to working with you.

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About alonegwen

Retired educator interested in living life fully. Will write about aging wisely, good reads, food, travel, dance reviews, and other items as they interest me.
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