This week Preforeclosure Tip of the Week #7- ASC/Wells Fargo’s has recently changed their policy when it comes to short sales. They now need you to submit your HUD1 settlement statement a certain way and or a Good Faith Estimate. Listen in to see what the latest change to one of the biggest Servicers and Lenders that lead the nation in loss mitigation and short sale properties. This change is one of many from the ever changing world of short sale investing. Visit www.PreforeclosureDailyGrind.com for weekly videos on the preforeclosure business and if you want to ask questions go to www.AskBobLachance.com.

4 Responses to “Preforeclosure Tip of the Week #7- ASC and Wells Fargo Have Recently Changed Their Short Sale Policy”

1. Shereen Noon says:

   July 23, 2009 at 2:22 pm

   Thanks Bob!

   This is great to know! It’s totally cool, because it’s not going to change our bottom line, just justifies it for them, as long as we have more in fees than the Seller Concessions we’re asking for.

   I don’t get the good faith estimate part though. Please explain further.

   Shereen

   Reply
2. Youngseller06 says:

   August 17, 2009 at 2:55 pm

   I have a short sale with wells fargo and they asked me my article of incorporation for my LLC and and a number of addendums. I was wondering if you guys see this alot from wells fargo.

   Reply
3. Bob Lachance says:

   August 18, 2009 at 9:02 am

   Yes, I have. It’s part of their process for qualifying the buyer to make sure they’re selling the property to a legit LLC

   Reply
4. Diana Kelley says:

   November 3, 2009 at 10:42 am

   this is good information, and since my husband has purchased homes in the past, I should be able to fashion the Good Faith Estimate according to the GFE that is in each file. Thanks for the Info

   Reply