This is not the first time it has happened. Unfortunately, it won't be the last. And it wouldn't be nearly so much fun if every time I called the Wells Fargo office in Des Moines I wasn't disconnected after holding. If you don't know your party's extension, press 2. And you're zapped into voice mail hell or hung up on -- one or the other.
But I stop to consider the fact those employees at Wells Fargo in Des Moines had to get out of bed in Des Moines. I try to have empathy for them. It's 28 degrees in Des Moines this morning. Probably has snow on the ground. I'm a short sale agent in Sacramento, typing at my keyboard in my robe. Our high today will be in the 60s. I can be compassionate.
The problem started a few weeks back when we received short sale approval from the first lender at Wells Fargo. We have been waiting for the approval from the second lender and kept getting the run around. Wells Fargo said it had a title issue it was working on. I kept asking for clarity and an explanation. Finally, a negotiator disclosed there was a third deed of trust showing up in their search. He told us Wells Fargo had ordered the reconveyance and had sent the reconveyance last December to a lawyer in California to record.
Why did he think this even though it wasn't true? Because Wells Fargo owns a small title company that couldn't find its plant with two flashlights and a map. Of course, in California, we pull a preliminary title report on every file. Our prelim did not reflect a third deed of trust. We ordered the recon from Placer Title and sent it to Wells Fargo. The problem was Wells Fargo did not understand that our recons in California do not contain the name of the beneficiary.
There are 3 parties to a deed of trust. You've got your trustor (the borrower), the beneficiary (the lender) and the trustee (with power of sale). The reconveyance references the Book and Page number of the original deed of trust that it reconveys. Since the recon did not name the third lender in big fat bold letters, Wells Fargo ignored the recon.
Now, right here, you've got to wonder what kind of lawyer Wells Fargo employs in California. What kind of lawyer would receive a document for recordation in December and, come February, still not record it? I'd say it's the kind of lawyer who is lying on the beach somewhere in Hawaii or maybe scooting around in a golf cart in Arizona.
I obtained a copy of the original deed of trust, packaged it with the preliminary title report and the recorded reconveyance and sent it to Wells Fargo. Followed up a week later, and still received the same message. Yup, the recon was sent to California for recordation. Makes you wanna grab the guy by his tie and pull his face up close to yours so you can stare into those beady little vacant eyes and beat him on the head with your shoe.
Which is what I did yesterday. This morning when I called the supervisor at 6 AM, she told me the issue had finally been resolved and the file is now moving forward for approval. Ya gotta love a Wells Fargo short sale.
![]()
---
Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
