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Wells Fargo Claims Agents Owe It Fiduciary Duty

If you, as an agent, are working on Wells Fargo short sales or working with an investor flipping Wells Fargo mortgages, then pay attention to this blog from my network attorney, Ron Ballard:

Monday, July 19th, 2010 at 4:04pm
Wells Fargo Claims Agents Owe It Fiduciary Duty
Posted by Ron Ballard

Obviously, I receive bank documents for review from clients involved in short sales. Wells Fargo Bank Home Mortgage (WFB) has revised important documents.

Since at least the fourth quarter of 2009 WFB has provided a “Short Sale Listing Addendum” and a “Purchase Contract Addendum” to be executed in the traditional short sale process. (I don’t know if this applies to HAFA short sales as the one my client just forwarded is not a HAFA short sale.)

Today I received a new version – at least to my eyes.

What really shocked me is the second line of the Listing Addendum which states: “It is the listing agent’s fiduciary responsibility to present the highest and best offer to the servicer.” Click here for the rest of the post

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