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« Are Foreclosures Listing Agents Leaving Thousands on the Table? | Main | Twitter and LinkedIn are Growing Fast »

August 07, 2008

Comments

Jason Sandquist

That's funny, I was just talking with a loan officer that I hadn't talked to in awhile that works for Wells Fargo. Long story short, she said that Wells Fargo is primed to come out ahead when and is in good position right now.

apella

Well Fargo has been a "Pro FHA" Bank for many many years. Even when others where taking on the risk of new loan products, Wells seem to stay to standard and proven loan programs. I think that this is really what we are seeing right now.

Mike D

Wells Fargo is in more trouble in the future then people realize. I sell real estate in a high end market and am currnetly dealing with some short sales where Wells Fargo is the investor. Wells Fargo has 1.9 million in vested in one home that is currently worth 1.15 million. The value is declining rapidly in this resort market and Wells Fargo has turned down past offers and is waiting for the home to foreclose. Wells Fargo turned down 1.4 million in March wanting 1.5 million to mitigate their loss. They now have turned down an offer of 1.15 million and countered at 1.4 million. The problem here is Wells Fargo will own this house in approximately 4 months and once the furniture is gone and all the leases as well it will be worth slightly less then 1 million. So why has Wells Fargo turned down these offers? They are going off an appraisal done by an appraiser over 90 miles away that tells them the house is worth 1.4 million. The appraiser is also the same appraiser that told Wells Fargo the house was worth 2.2 million a year and a half ago. Anyway, sorry to ramble, but to make a long story short Wells Fargo will lose approximately 1 million dollars on this home after it forecloses in 4 months and they have many more investment homes in my market in a similar situation. The dominoes will start falling soon for Wells Fargo unless they take the buyers when they have them. Any questions email me at mikeinvb80@yahoo.com

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