Wells Fargo - Need help

[Maryann L.]

I'm at a loss this morning...just when you think you've seen everything.

I have closed AND flipped a WF property before. Actally in April. It was with a different LLC. We revamped our company, marketing, contracts, new LLC, negotiator and have another Wells Fargo file. We've been waiting for the BPO to get scheduled and got this email :
"I am sorry we are not able to move forward with the short sale at this time. We are declining the offer due to the verbiage in the contract that allows the property to be "flipped". In the contract it states the buyer and seller understand and agree that the buyer may sell the property for a profit. This is against our servicing guidelines with the investor. We will also not accept a new contract with this buyer if the verbiage is removed because the buyer has disclosed there intentions. I apologize but the file will have to be removed until you find a new buyer. Once you have a new buyer you can request the file be reopened by faxing the documents along with a request to have the file reopened to set up
team at 866-XXXXX."

Soooooo...anyone ever run into this? I know a LOT of people including myself who have closed WF flips. I am looking for a good response here.

[Bonnie Cochran]

We have to put any Wells Fargo Short Sales in an individual's name on a regular contract because of that.
US Bank is now requiring that the buyer hold the property for 90 days. We challenged it with their legal team and they said they have every right.
So we decided not to work with the big banks any longer. We are getting enough deals with the medium and small banks.