Profile picture for Giuseppee

I need to contact the asset manager at Wells Fargo for a specific property i would like to buy.

The story starts with us putting an offer in for a Short Sale and it was accepted by the sellers.  However, we found out later that the sellers were already in foreclosure and Wells Fargo could not accept our offer because the property was scheduled to go to auction in 5 days.  The sellers were hoping our offer would stop Wells from auctioning the house off,  Understandable and YES we were extremely upset.  However, our concern was purchasing the house we really wanted so we went to the auction hoping we could buy it at the sale.  So before going to the auction, I looked on the Trustees website that are responsible for the property.  I looked up UPCOMING SALES and printed the listing that showed the property we wanted to buy and the deposit required to bring to the auction, which was $20K.  I even called the Trustee/Attorney and the representative that answered the phone confirmed that a $20K deposit was required.  So we went to the auction and when they started to announce the property Terms, the auctioneer said that a $30K deposit was required.  I asked if i could go and secure another $10K and they said it was too late and our bid was disallowed. The house was sold back to Wells Fargo and there were no other bidders.  I now have my attorney trying to get this resolved but working with the Trustee is not looking good.  They are absolutely unreasonale.  We were hoping that they would entertain a subsitute of purchaser but they said their client, Wells Fargo, doesnt typically do that. I have tried contacting Wells directly but they said the property was turned over to Fannie Mae.  Fannie Mae wont list this property on Homepath for months or maybe longer.  Does anyone have ANY IDEAS or CONTACTS that i can call at Wells Fargo that I can talk to about this whole mess? I have tried everything... Even calling the listing agents that Fannie Mae uses in the area.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 05 2013 - Baltimore
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

Profile picture for Giuseppee
Thanks Michael.... I guess that's why I have attorneys working for me.  They are extremely confident that the Trustee will come back with some type of resolution considering they are the ones who set the Terms of sale and they posted the wrong deposit amount on their website.  Not the county...  In addition, the representative at the law firm verbally confirmed the wrong deposit amount.  I think any judge looking at this would agree that the law firm dropped the ball.  If they don't know what the terms are than they shouldn't post them on their website and mislead people.  The best part about this whole thing is my original offer for the short sale purchase was $435K.  Wells Fargo turned it down because it was too late in the process. The auction starting bid was $406K. There were no other bidders and they bought it back for much less than my original offer.  Now i'm not a math wiz by no means but I think if I ran my business this way I would be on the street.  You would think anyone with a brain at that bank would look at this issue and realize something needs to be fixed... 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 05 2013
What a bank purchases an asset for at foreclosure and what price the home is eventually sold for are two completely unrelated figures. If there was any equity left in the home the sellers could've sold it for more than the underlying mortgage. But clearly the mortgage value exceeded the current market value of the home.

While you will most likely have the opportunity to purchase the home at or below your original offer, you will have to get in line with everyone else interested in the home. And since Fannie Mae guaranteed the loan, (and the underlying difference between market value and mortgage value), I would be dubious that Wells would attempt to rescind the sale just so you can have a shot at the home.

As to negligence, you would have to prove damages. Is it possible that the trustee was given the wrong information from the county that auctioned off the property? Often it's the county that makes the rules and not the debt holder or trustee.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 05 2013
Profile picture for Giuseppee
Given the fact that the Trustee/Attorney posted the incorrect deposit on their website and in addition verbally confirmed the incorrect deposit amount, there is a good chance we have an action for negligence on their part.  The Trustee is definitely scrambling around trying to fix this one for sure.  I'm pretty sure they realize they better fix something.  They said they would contact Wells Fargo and see if they will entertain a Substitute of Purchaser.  If not, they will work something out.  We'll have to see... The ratification process takes 30 days so I have some time.  HOWEVER, It is good to know that I might get a better deal through an REO purchase.  I know the auction price was for a full debt purchase but I thought that the banks sell their REO's at a much higher price than they would at the auction.  My fear is that once it hits the market it will be listed for much more.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 05 2013
Scott has a great answer. I am a foreclosure Auctioneer and work around the State with Attorneys. You have to understand that the property has to go through the ratification process through the courts. Fannie Mae does have a process in selling their assets and Scott is correct, you will never be able to find the person behind the curtain (Wizard of Oz) to help you. The Trustees are still handling this property through the initial ratification. I would ask a local REALTOR who has knowledge in the Bank Owned (REO) business side of real estate and have them keep an eye on the property to see when it becomes available to the public. Also, you will more than likely get a better deal as an REO than if you were to bid on it at public auction. It may have been a full debt purchase.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 05 2013
Profile picture for Giuseppee
Scott... Thank you very much.  My family and I would be living in the house so this wouldn't be an investment property for me.  Unfortunately, I'm starting to learn how the banks work with their properties.  What a shame because they have a willing and able buyer ready to make a deal and get this one off their books.  Once again, thanks for the feedback.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 05 2013
Hi Giuseppee, unfortunately your story is not uncommon. Buyers find homes when they're listed and they sometimes get auctioned before a contract goes through. My advice to you would be save your money and wait for the house to be listed through HUD. If you will occupy it then you may be able to bid when it's listed. If you are looking at it for an investment you would likely have a waiting period before you could make an offer.

You can ask a local Realtor to set up an automatic search to notify you as soon as the home gets listed again but trying to get it from Wells or Fannie Mae will only prove to be a waste of time and money. I have seen buyers go bonkers in the attempt but there is never any success that way.  They have processes in place to sell the homes and they don't deviate from them. Your best bet is to try to be one of the fist and strongest bidders once it gets put back on the market. It shouldn't be more than a few months, they are getting pretty good at moving their inventory. Best of luck with it.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 05 2013
 
Related Questions
Do you need good credit to buy a house
Profile picture for Kosmo  Kosmides
Latest answer by Kosmo Kosmides
March 06 | 6 answers
pre forclosure properties
Profile picture for Michael Carnahan
Latest answer by Michael Carnahan
March 03 | 1 answers
I need to contact the asset manager at Wells Fargo for a specific property i would like to buy.
Profile picture for Giuseppee
Latest answer by Giuseppee
November 05 2013 | 6 answers
What can I do to get more (or better) quotes for my loan request ZR-TKMQMQX?
Profile picture for James Ryan
Latest answer by James Ryan
June 21 2013 | 1 answers
Is $170,000 for property on Eastern Ave facing Patterson park a good deal?
Profile picture for Aaron  Gartrell III
Latest answer by Aaron Gartrell III
October 05 2012 | 4 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 219 W Lafayette Ave, Baltimore, MD Home For Sale
    219 W Lafayette Ave, Baltimore, MD 21217

     For Sale: $572,000

    • Beds: 6
    • Sqft: 3240
    • Baths: 3.5
    • Lot: 1800
  2. (undisclosed Address), Baltimore, MD Home For Sale
    (undisclosed Address), Baltimore, MD 21231

     For Sale: $174,900

    • Beds: 1
    • Sqft: --
    • Baths: 1.0
    • Lot: --
  3. 830 Matthews Ave, Baltimore, MD Home For Sale
    830 Matthews Ave, Baltimore, MD 21225

     For Sale: $190,000

    • Beds: 3
    • Sqft: 612
    • Baths: 2.0
    • Lot: 5450