- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (11)
- hileng777
- Contributions:7
Christine, I hate to say this, the lenders and the real estate agents are in cahoots with one another. I have been preapproved by Wells Fargo just received it two days ago. When I went to my agent she told me that homes we wanted to buy are pending, in escrow or has contingent on it. She wanted me to buy homes that doesnt have contingent on it but ugly homes, depressed area etc. I have checked more than 500 homes and they are all in contingent on it meaning there's already an offer waiting for the lenders approval. But the real story behind waiting for the lender's approval is they are waiting for a new buyer to make a back up offer to beat the price of the first buyer. I saw a house advertised the same day I called an agent and told him I want to make an offer, he told me there was already an offer and the buyer made an offer higher than the listing price. He told me to make a back up offer to beat the first offer and I was disgusted and hunged up. Then I've searched the internet about lenders being in cahoots with the real estate agents. I 've read a story of an realtor broker who said his buyer was the first in line and he received a phone call from the lender saying that the amount was approved but they didnt tell him who the buyer was. Well he found out later that the 2nd buyer who made a higher offer got the house. When he questioned it he was told the bank never received their papers, probably got lost. That's why he said he will never do a Short Sale again. We will never do the Short Sale too. The banks and real estate agent who are in cahoots with each other, they can kiss their homes for Short Sale goodbye. I am going to buy a brand new home, and dont have to deal with real estate agents or wait for nothing. Dont buy used homes christine, get a brand new home it's cheaper than the used homes and no hassle.
This is my opinion, thank you.
This is my opinion, thank you.
- kef harvey, "mrharveycrl"
- Contributions:9
Well first the 611 score may be the problem at Wells Fargo. You seem to be juggling quite a bit, there are a few debt reduction maneuvers that you may try or look to get a go at a lender that goes below a 611 score and there are several.
- Michael MacDonald
- Contributions:25
Your lender may be having difficulty due to your 611 credit score. Conventional loans with less than 25% down require a 660 mid-score. FHA loans generally require a min. 620+ score. If he's run your tri-merged credit report, I would call him or his processor and ask them point blank what your middle score is and if they can work with it.
- hileng777
- Contributions:7
Christine we are in the same boat I have applied for a VA loan with wells fargo on Dec 19 2011 but due to security freeze I put on our credit it was cancelled. So I have reapplied again to Wells Fargo here in San Diego and gave them all the pay stubs, proof that we have short sold our house in 2008 and our retirement income of $4,570 a month it's been two weeks my mortgage loan officer here in San Diego told me today that the underwriter has not yet made their decision, due to short sale my credit score went down from 800 to 698, my husbands went down from 800 to 693, we always pay our bills on time. I've read an article that if BA or Wells Fargo or big banks denied our loan, we have to reapply again to a local or credit union bank. Our rent is $1265 a month and it will go up to $1295 if we stay for a year or $1380 if month to month. We still can afford to pay it but we dont want to pay that rent rent is expensive. We have received our Certificate of Eligibility from VA guaranteed approved amount of $36000 but it just too long for Wells Fargo to approve. And patience is my virtue but time is the essence. Good luck both to you and us.
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
How long does it take to get the pre-approval --- usually less than one day
Is the underwriter located at the office I dropped the paper work off at? ----Most likely, no. But you shouldn't necessarily need an u/w approval for a pre-approval.
Also does the underwriter truly look at the whole pic? ----Debatable. They're limited by certain things, but in theory yes.
If the debt ratios are ok, it sounds like you should be fine. And yes, it is much more of a process than it was 15 years ago.
Is the underwriter located at the office I dropped the paper work off at? ----Most likely, no. But you shouldn't necessarily need an u/w approval for a pre-approval.
Also does the underwriter truly look at the whole pic? ----Debatable. They're limited by certain things, but in theory yes.
If the debt ratios are ok, it sounds like you should be fine. And yes, it is much more of a process than it was 15 years ago.
- Theresa (Teri) Harling, "TeriHarling"
- Contributions:2
I just went through the process for my own purchase with Wells Fargo. It can take a few days for them to come back with a pre-approval. Obtaining a mortgage or even just a pre-approval is much more frustrating and involved than it was before the"bubble" burst. They will ask you for tons of paper work and for explanations for everything. Be patient and organized, and oh did I mention patient and you will be fine. Best of luck.
Theresa
Theresa
- Joe Cafiero, "Joe Cafiero"
- Contributions:3221
Christine..With a 611 credit score this is not a "rubber stamp". Your loan officer is probably doing his due diligence to make sure he has all bases covered. Give it a day or two. Whether the underwriter is at the office or not is a question for your loan officer. Based on everything you have said, why the 611 score?
- ChristineClark9
- Contributions:3
I will keep your number handy. My realtor is contacting the mortgage guy to find out what is going on. If they are unable to come to a conclution than i have your info handy. thank you
- Dan Ross, "DJR109"
- Contributions:287
I have been through the process hundreds of time and would be glad to answer any questions you may have, my direct number is 440-897-9609, I'm glad to help.
- ChristineClark9
- Contributions:3
When I talked to the "lender" at wells he said he was 75% sure it would go threw. I would like to put the house on the market thursday or friday, but I dont want to do it with out the pre qual letter. I don't want to bug the man I gave the papper work too but never being home and the drive in good weather is 1 hr bad weather it's more like 2 hrs. There are so many unknowns. This is NOT a fun process. We pay our bills on time and compaired to other people we dont have that much debt. This is just a very frustrating situation!
- Dan Ross, "DJR109"
- Contributions:287
A good lender can have a pre-approval letter the same day, sometimes your info has to be evaluated by numerous people. If you don't have it by the end of the week maximum, something is wrong. If I can assist you with pre-approval through a lender or help you with your home search. I am local here in Mentor with RE/MAX Traditions.
How long does pre-approval with wells Fargo take?
I dropped off my paper work to Wells Fargo yesterday (W-2, taxes, paystubs, letter to the underwriter, pay off letters, documentation backing up my letter to the underwriter) My delema is that I work 1 hr from where I live. I got a promotion and it means more money (dont have the paystubs to prove it yet, in aug it will show) and longer hours, 16 hr days. I need to move to where I work. Now I have a 611 credit score, pay $1245 mort, $345 car and owe $408 on a CC with a limit of $1300. Will pay $200 more on CC Aug 3rd. Last year I grossed $47,000 but this year I am at $41,000 already with out my income increase. How long does it take to get the pre-approval, is the underwriter located at the office I dropped the paper work off at? Also does the underwriter truly look at the whole pic? My mortgage hasnt been last in the past 13 months of reporting thats showed up, my car payment never late, CC alsways full or more amount due (normaly more). I havent gotten a mortgage in 15 years and I dont remember it being this stressful!
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.