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Wachovia Short Sale

Licensed Real Estate Broker

Asheville, NC

February 12, 2010

What advice can anyone give me on dealing with Wachovia? A responsive contact in the short sale dept, maybe? As a broker, I have a signed contract to purchase an investment lot I own in an LLC. Am looking for any and all experiences dealing with this bank. Thanks

Riverside, CA

February 12, 2010

Wachovia, is agressively approving short sales in California. You may want to check with the Calfornia regional director for advise about their new program.

Licensed Real Estate Agent

Hopedale, MA

February 12, 2010

I have one deal going through Wachovia. I've found them to be very reasonable and responsive. I call, talk with my negotiator, Tim Miller, who recognizes me and remembers where we are in the process. Wachovia has their stuff together.

RaytheRealtor

Licensed Real Estate Agent

Pleasanton, CA

February 12, 2010

If the property is in California it will be the BEST and easiest experience you will ever have. They have their act together and have given the power to get things done to their Short Sale Manager and REO mangers to make their own minds up as to the "DEAL" thus it all gets done at lightening speed and without hardly any issues. I wish the other large banks would "MODEL" Wachovia it would clear this mess up much faster and we would have happier client's on their way to recovery quicker. I look for WACHOVIA transactions everyday since I know I can close them.

Licensed Real Estate Broker

Asheville, NC

February 14, 2010

I have learned Wachovia has 2 short sale departments. One is for homes and the other for land. If you have a lot, you must submit a verbal application first, then get a reference number to apply to every piece of information and correspondence. # for homes is 877-455-6091. If you are short selling a lot, call 866-744-4432.

Riverside, CA

February 15, 2010

Janet,

Thanks, for the info. regarding Wachovia short sales dept. regarding land. I was not aware of that dept. I hope everything work out for you an your transation.

Licensed Real Estate Agent

Sarasota, FL

March 15, 2010

Beware WACHOVIA!

I hope the good experiences shared here are not just NON judicial states. In Florida (JUDICIAL foreclosure), Wachovia has been "tricky".

On subbordinate debt, Wachovia has TWO departments all right, though different from the two departments Janet shares:

1. Short Sale

2. Settlement

If you're new to short sales or new to Wachova, you would think you should call Wachovia and (naturally) ask for their short sale department.

Correct?

Short sale is Wachovia's DEFAULT department.

If you don't know what you're doing, you might get all excited about a LIEN RELEASE approval masked as full payoff and satisfaction.

If you want Full Payoff & Satisfaction (and why wouldn't you), you have to KNOW to ask for the settlement department.

TWO different departments.

When you get to the "settlement" department, understand you will be dealing with NCO Financial, a debt collector fined by the FTC for illegal debt collection practices (Fair Debt Collection Practices Act).

Whatever approval you receive (from *any* debt owner), you might want your customer's attorney who's familiar with shorts and deficiencies to review the wording.

I hear from agents throughout the country who think they're getting full payoff approvals...when in fact they are NOT.

For me, Wachovia is the WORST (worse than BOA) bank.

Mike Payne
REALTOR
Capitalist Realty
941-928-8145 (cell)
I help homeowners avoid foreclosure.

Licensed Real Estate Agent

Pleasanton, CA

March 16, 2010

Not in California they are the easiest and the fatest to work with here and they are EASY to work with

Licensed Real Estate Agent

Las Vegas, NV

November 30, 2010

I have had pretty good success with them for short sales. I picked up a few listings from reoprep that had been denied from a previous loan mod.

Licensed Real Estate Agent

Hopedale, MA

November 30, 2010

I really like dealing with Wachovia. My contact remembers me and is very reasonable and responsive.

RaytheRealtor

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