I thought you should be aware of this when negotiating Wachovia Short Sales.
If you have any questions you’d like me to answer, post them below and I will try and get to them as quick as I can.
D.C.
Wells Fargo Completes Acquisition of Wachovia
San Francisco-based Wells Fargo & Company closed out 2008 by finalizing its acquisition of the Charlotte-based Wachovia Corporation in a move analysts say effective doubles the size of the banking giant.
Fitch Ratings affirmed its Issuer Default Rating of Wells Fargo at “AA” and said the merger “transforms [Wells Fargo] from a prominent western U.S. banking company to a dominant, national banking company with strong deposit market share and meaningful household penetration throughout its 39-state footprint.”
Fitch also boosted all of its ratings for Wachovia to align them with Wells Fargo.
According to Wells Fargo, the bank now has the second largest market share in banking deposits in the U.S., home mortgage originations and servicing, retail brokerage, and debit cards in the country, and is the market leader in community banking presence, of small business lending, middle market commercial banking, agriculture lending, commercial real estate lending, commercial real estate brokerage, and bank-owned insurance brokerage in the country.
The combined company now has 11,000 stores in 39 states. The two companies overlap in six states, and customers from both consumer banks have access to the combined company’s 12,260 ATMs. Fitch Ratings expects the two bank charters to be merged at the end of 2009 at the earliest, and Wachovia branches to be re-branded to Wells Fargo. Fitch estimates the consolidation will save the company $5 billion annually in operating costs. The banks will be fully merged over the course of three years.
At the close of Wednesday’s trading, Wells Fargo acquired all outstanding shares of common stock of Wachovia in a stock-for-stock transaction. Wachovia stock holders received 0.1991 shares of Wells Fargo common stock for each share of Wachovia common stock they owned. Wachovia preferred stock holders received similar shares of Wells Fargo preferred stock and Wachovia’s stock symbol was retired.
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20 users responded in this post
I am interested in a Wachovia Bank Foreclosure (residential) and would like to find out what the lowest % of their asking price they usually accept.Any info you can supply would be helpful.
Thank you
What do you think are the impacts? Do you believe this adds strength to Wachovia’s negotiation stance?
DC, I dont know where to start. Im a beginning investor with little cash however Im eager to learn and willing to put the time in to make this happen. Any suggestions please?
Are you willing to partner with us and do some deals together?
I am an agent for a buyer. Property is a estate sale , seller trying to sell for 350k for more then one year.
It will not sell due to over leverage for the current market (1st 09/02/2005 240k homebank, 2nd 11/23/2005 100k branch banking)and power lines next to the house, other then that house is in pretty good condition.
Property was in a foreclosure by 1st for 240k, my client put an offer for 238k, Selling agent contacted EMC (probably servicing agent)to do a short sale. EMC told him that BPO came in for 299,999 and the max the investor (chase)can go is 10% below it net (300k-30=270+commission).
despite many request they will not do the 2nd BPO.
My question is the deal dead? or is there any other option beside buying at the auction? Can you help and how it works?
Thanks in advance for your help.
Regards
?
What do you do when an appraisel for an FHA Loan comes back with too many repairs and/or a lower value and the shortsale is denied?
How would you recommend approaching short sales with Wachoia listed as the lender right now?
It’s not clear from the Blog what I am supposed to be aware of about negotiating short sales with Wachovia. Neither one is particularly easy to deal with (as noted by several people on Active Rain), and I was never enamored with Wells Fargo anyhow from my past dealings with them.
So what’s different here?
The artical was good to know that Wells Fargo is now in 39 states, and that Wachovia’s short sale’s should be available through Wells Fargo.
With many banks not lending the end buyer will have to buy with creative financing, and seller financing. I feel our end buyers are still out there.
What impact does this have on short sale negotiations with Wachovia? Are they now more likely to take lower bids?
Thank you for the info on wachovia– will that make them more or less conducive to lowering buy outs on foreclosure property?
Can you help me with a short sale from Countrywide on a luxury home in Ft Myers in a airpark?
Thanks
Hi
How much money you can give the foreclosure seller when you are doing a short sales.It used to be moving expenses, that is not workin g anymore they want some money. Any advise.?
I would appreciate your input because some of the pre-forclosure are investor who bought in 2006.
I am from Miami Dade, florida
Sincerely
Pilar Albela
If I have a client that has loan with Wachovia and wants to sell on a short sale, is there someone that I can refer this to other than a realtor to make a referral fee from? She is ready to list right away and is upside down on her home…. Thanks, James jmccann@assuredcapital.com………
D.C.
So what does this mean to us as investors when dealing with short sales? Will this help us or hurt us when dealing with Wells Fargo?
So, have you seen any effect downline relative to the acquisition? as it pertains to short sales? I’ve found Wachovia to be very inflexible with short sales and Wells Fargo…well…it changes with the tides.
I have a Wachovia HELOC I’m getting ready to tackle
Hi DC,
I’ve been reading your blogs for awhile now & it seems you never answer anyones questions. Do you answer them privately via email? You state that you will get to them “as quickly as you can”. It would be most helpful if you answered in the blog so all could benefit from the answer.
I have gotten a few emails that you have given answers in, but it is difficult to sort thru all the emails we get & find those that you have given answers in.
Those of us who are your loyal subscribers & actually read your blog & even contribute, should get our answers on your website. It’s just a suggestion, but I know I would appreciate the change.
Thank, Katy
CD Iam a 63 year old female and I have over extended my self by trying different real state program from other people. my guestion to you is how an I get investing with my money problem. How much money is need just to get in to one house so I may turn my situation around.
buying a short sale went into contract now submitted to sellers bank which is wells fargo how long does it take to get an answer if they approve it and to close
Hi, good post. I have been wondering about this issue,so thanks for posting.
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