Wells Fargo / Wachovia

[Memphis]

Anyone have any insight about how they plan on handling their Default Services after the acquisition? I'm in at Wachovia, I hope that puts me directly in to Wells Fargo after it's all said and done. If Wells drops us I'm going to throw a serious temper tantrum!

[20something RE Guy]

PAS handles for wells fargo, and as of recent days they've been removing people from their approved vendor list.

[Memphis]

Thank you for the reply. I sent them an email, but they appear to be locked up. Hopefully when the merger goes through they will bring us in and not alienate us.

[REOBroker]

Memphis,

I am a Wachovia REO Broker (Southern Oregon area) also, and have had major concerns regarding the Wachovia buyout by Wells Fargo. I too tried to get in the door @ PAS with a generic email sent back to me saying, they are not currently accepting Agent/Brokers!

My REO Dept. rep with Wachovia is not sure what's going to happen? She's not even sure of job position and she's been with World Savings/Wachovia for 22 years (REO manager).
In my market area I'd say that 85-90% of the deals are REOs!

I sure would like to get in the back door of PAS just to say, we're doing a great job currently and would like to continue servicing their REOs.

[Memphis]

I agree with you 100% and hope they keep us on. The Wells Fargo LA's in this area are inundated with business as it is. I have a very good track record with Wachovia, I just hope that means something at the end of the day. REO Broker, just an observation. Welcome to our forum, it is a great place to visit and interact. You may want to put your name in your signature, even if it is just your first name. Again, welcome aboard !

[REOBroker]

Thanks for your response!

Inundated: Yes, in my area one agent in particular closed close to 200 REOs in 2008 and is holding over 50 active REOs currently, ...he's grossed over 1mil. 2008.

I'm glad for him but, sorry for hundreds of other agents in my area (many of them, good agents/Brokers)that are beyond in debt to their real state offices for there office bills.

"I'd like to see everyone survive the storm"


I'll let you know if I find out anything with our Wachovia - Wells Fargo situation. I'll have more info fairly soon; end of January to March.
I closed my most recent listing with Wachovia on Dec. 30th 2008 and had one last active property that they pulled from me a couple of days ago, only because of the damage on the property. They've filed a insurance claim and are awaiting the claims department's work/time schedule. So, currently I don't have a listing with them.......making me nervous....(If we have a listing while this is going on it helps us know that Wells Fargo has to look at our name as a Broker because our listing contract).

There are 3 homes that I was supposed to get but, all 3 filed bankruptcy. This put a void of time in my working and I'm hoping that I'll get them before Wells Fargo jumps in.

[Agent 007]

What did you guys have to do in order to get in at Wachovia? I would love to apply with them directly as an REO listing agent or even a short sale listing agent if possible. Have any tips? Thanks!

[Memphis]

I feel your pain for sure. If I hear anything else I will let you know as well. What I have heard so far is that they are outsourcing most of their listings now and they with others are slowing down on the foreclosures. Good luck!

[Memphis]

What did you guys have to do in order to get in at Wachovia? I would love to apply with them directly as an REO listing agent or even a short sale listing agent if possible. Have any tips? Thanks!

Actually, I was fortunate in that I inherited it from another broker. They had been doing business with them for 20 years and then moved on to another agency. Wachovia called the owner and asked if we would still be interested in handling properties and that was that. Right place at the right time. Try this email address, good luck!

reo@homeq.com

[REOBroker]

What did you guys have to do in order to get in at Wachovia? I would love to apply with them directly as an REO listing agent or even a short sale listing agent if possible. Have any tips? Thanks!

Yeah,

I connected through a Worlds Savings client I had years ago. They don't have a way to sign up and if they don't continue us they will be on board with everyone else's process..........3rd party companies!