U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Unread 05-28-2010, 11:49 AM
 
Location: Sterling
104 posts, read 275,234 times
Reputation: 26
Default 3rd party authorization form bank needs for a short sale?

Hello,
We just got an update from the listing agent on a short sale we have bid on and wondering what this could mean?

[SIZE=2]"We have been wrangling with a 3rd party authorization form that Wells Fargo needs."

Thank you! [/SIZE]
Reply With Quote Quick reply to this message

 
Unread 05-28-2010, 12:07 PM
 
Location: Palm Beach County
1,263 posts, read 1,837,785 times
Reputation: 257
?? is that in reference to the form that the seller needs to sign to authorize the listing agent/negotiator to speak with the bank? That's a simple form that the seller can request from Wells, in some cases a realtor can use a generic form with the loan # on it. Or are you talking about Wells Fargo is the third party in the transaction? Kind of confused as to what you are asking.
Reply With Quote Quick reply to this message
 
Unread 05-28-2010, 12:52 PM
 
Location: Tempe, Arizona
4,511 posts, read 6,304,251 times
Reputation: 2084
You should ask your agent (if you have one), or the listing agent to clarify. As skylinet said, it could mean that the seller has to authorize the listing agent (3rd party) to negotiate with Wells Fargo. Or there may be another party involved.
Reply With Quote Quick reply to this message
 
Unread 05-28-2010, 02:52 PM
 
Location: Sterling
104 posts, read 275,234 times
Reputation: 26
Thanks everyone! Yes, asked our agent and he didn't know what it means, the listing agent isn't fond of giving details. Yes, Wells is the bank that the short sale is going through.
Reply With Quote Quick reply to this message
 
Unread 05-28-2010, 06:30 PM
 
Location: Columbia, SC
6,774 posts, read 9,557,110 times
Reputation: 3327
Third party authorization is simply a signed letter from the seller sent to the bank authorizing the Realtor to speak to the bank on the sellers behalf. It's really just faxing the letter in to the general 1-800. If the listing agent is struggling with that very simple first step, I'd be very concerned about their overall knowledge of a ss. The chances of an agent that isn't familiar with a ss closing it aren't great. I usually do that as soon as I put the property on the market, before I even get an offer.

I'd have your agent grill their agent about his ss knowledge and if he is lacking I'd say run away.
Reply With Quote Quick reply to this message
 
Unread 05-28-2010, 07:43 PM
 
Location: Sterling
104 posts, read 275,234 times
Reputation: 26
Thanks for the response! Here was the entire email


[SIZE=2]"We are doing everything possible to get this through. I have a short sale negotiator working on this. We have been wrangling with a 3rd party authorization form that Wells Fargo needs. My clients are doing everything need to do in order to get this sold."


Our realtor told us she has closed short sales before, and she has hired an outside negotiation team. Should we still be concerned? Our agent did grill her in the beginning, when the sellers acceptd our offer to find out how she handle short sales, and he was pleased...

Thanks!
[/SIZE]
Reply With Quote Quick reply to this message
 
Unread 05-28-2010, 08:15 PM
 
Location: Columbia, SC
6,774 posts, read 9,557,110 times
Reputation: 3327
Go back and ask for a list of docs the seller has given the list agent and what list agent has submitted. They may not be willing to discuss those details with your agent but they should already have collected and submitted with offer at least: ERS, Listing info, 3rd party auth, contract, disclosures, wells fargo arms length and short sale disclosures, seller hardship letter, 2 most recent pay stubs/tax returns/bank statements, financial disclosure, copy of earnest money, copy of buyer pre-app letter, pre-lim HUD, list of necessary repairs.

That's why I say if they are stuck on the 3rd party authorization, the agent isn't even able to discuss the ss with the bank yet. That should have been submitted prior to offer. It makes me wonder if the agent(s) really know what they are doing. I'd be concerned.
Reply With Quote Quick reply to this message
 
Unread 05-28-2010, 08:35 PM
 
Location: Sterling
104 posts, read 275,234 times
Reputation: 26
Thanks for the info. Could you tell me how an inexperienced short sale Realtor could cause a short sale to be denied? Or would the process simply just take longer? We really love this house and nothing else has come on the market as of yet, that we do like...
Reply With Quote Quick reply to this message
 
Unread 05-28-2010, 08:41 PM
 
Location: Salem, OR
10,461 posts, read 15,691,944 times
Reputation: 6223
Wells Fargo might not be the holder of the note. I just had this happen where I had to redo the authorization form because it needed to be made out for a different party. In my case the mortgage holder subcontracted with another service when a house was close to auction for foreclosure services. While I had an authorization form for the original bank, I didn't for the mortgage company subcontracting out the foreclosure process...and I needed to talk with them too. While, it was irritating, I wouldn't call it wrangling.

They might be in a similar situation where they need to have multiple authorization forms.
Reply With Quote Quick reply to this message
 
Unread 05-28-2010, 08:55 PM
 
Location: Sterling
104 posts, read 275,234 times
Reputation: 26
Quote:
Originally Posted by Silverfall View Post
Wells Fargo might not be the holder of the note. I just had this happen where I had to redo the authorization form because it needed to be made out for a different party. In my case the mortgage holder subcontracted with another service when a house was close to auction for foreclosure services. While I had an authorization form for the original bank, I didn't for the mortgage company subcontracting out the foreclosure process...and I needed to talk with them too. While, it was irritating, I wouldn't call it wrangling.

They might be in a similar situation where they need to have multiple authorization forms.
Thank you for the information!!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $74,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top