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Anyone knows how I can get connected with the lender(s) as a buyer in a short sale. The lender is Wachovia (Wells Fargo). The seller's 1st loan has been approved but 2nd is not yet. Can I contact the lender directly? If yes, how? I know they refuse to discuss about the short sale unless you are pre-approved person to communicate.
They will not talk with you as a buyer, especially in a short sale because they do not own the house. The home owners still own the house, and they will only speak with them. As a buyer, you mean nothing to them because the home owners are the ones who have to execute a contract and submit it to them for approval.
Anyone knows how I can get connected with the lender(s) as a buyer in a short sale. The lender is Wachovia (Wells Fargo). The seller's 1st loan has been approved but 2nd is not yet. Can I contact the lender directly? If yes, how? I know they refuse to discuss about the short sale unless you are pre-approved person to communicate.
I tried to buy a short sale earlier this year. The sellers had a difficult enough time just trying to contact their lender. In fact, the person they had to contact made it clear that the more you contact them the slower they go. As a buyer I don't think you stand any chance of getting through to the bank unless it's an REO. The bank might magically wake up if you try to pull your offer out. That was my experience....no action for months and then poof! a counter right as I pulled out. The place I wanted to buy went to foreclosure though. The short sale never worked out.
And even then.....what's in it for an employee of the lender to have a discussion with a wanna be buyer?
If I recall, the OP wants to move in early and pay cheap rent.
I don't think any seller would allow a potential buyer on the authorized list but that is the only way for them to talk to the bank. It just isn't going to happen.
I don't think any seller would allow a potential buyer on the authorized list but that is the only way for them to talk to the bank. It just isn't going to happen.
That would allow the prospective buyer to talk.....not the same thing as the lender being willing to talk to a prospective buyer. I am looking at this from the lender's perspective.
As a buyer I don't think you stand any chance of getting through to the bank unless it's an REO.
Banks are increasingly outsourcing the management and sale of REO properties to asset managers who hire a listing agent who may or may not talk to a buyer.
Banks are increasingly outsourcing the management and sale of REO properties to asset managers who hire a listing agent who may or may not talk to a buyer.
I agree. Lender's don't want to talk to buyer agents. They hire listing agents to do all the talking for them.
That would allow the prospective buyer to talk.....not the same thing as the lender being willing to talk to a prospective buyer. I am looking at this from the lender's perspective.
True, I think it is most likely that the loss mitigator would tell them to not call, or just not return their phone call.
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