Wednesday, March 9, 2011

Dear Wells Fargo,

Over the past many months, I have been in regular contact with Wells Fargo reps. Each one has been friendly, well informed, and helpful to the extent they were authorized. During that time, two offers were made by Wells Fargo. Neither one fully disclosed any obligation on the part of the bank. In my opinion, and that of those advising me, it would have been foolish to sign something so vague as to what Wells Fargo was to be responsible to do. I turned the offers down. When asked if they would sign such an offer your representatives even said they would not.

From time to time, I included ideas-graduated payment options, etc., giving me time to rebuild my business. None were even acknowledged. Having exhausted available options for keeping my home (and office) of 17 years, I have been pursuing a short sale. Over the past several days I have had conversations with some of your reps. On March 4, I was told to get certain docs to Wells Fargo for review and to submit the offer I represented was forthcoming, as soon as possible. There was no mention of any deadline. I sent in the requested docs. When the listing agent called to follow up and send the offer, he was told it was too late since it was within 10 days of the scheduled auction date and it would not be accepted.

Upon following up personally, I was told the same information. At no time during this process, including when the same agent had conversations with your Short Sale Department several months back was the 10 day ‘guideline’ mentioned. Wells Fargo postponed scheduled sale dates many times during the past many months. At times, I had made the request and at other times the bank reset it to give them more time as well.

Since this is claimed to be a ‘guideline’ I am asking you to delay the sale-scheduled for tomorrow, March 10, 2011, at 10:30 AM so the offer can be reviewed. There are many articles in which various banks claim not to want REOs and some others citing reasons they (you) might want them. So, my questions is-does Wells Fargo, under certain circumstances want some properties? Avalon, California is a resort area and many properties are on the market and some have sold for one half, or less, of their value 3-5 years ago, including the unit directly across the street from me.

If Wells Fargo chooses to proceed with the sale, it is my hope this ‘guideline’ is made clear to all concerned going forward.

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