Sheng and his manager, Roy Rico and the whole Wells Fargo team are not professional AT ALL. This has been the WORST customer service in my entire life! DO NOT work with Wells Fargo, especially this team!
In the San Francisco Bay Area it is common for loans to close as
quickly as in three weeks, and, in a very competitive market, quick
closings matter to sellers. After consulting with Sheng Hua, who
assured us that 30 days gave a sage margin to deal with any problems,
we submitted an offer with 30 days to closing and no loan contingency.
The closing date was July 21.
The process went well over time. On July 26, six days after the
closing date per our purchase agreement, and with no advise from our
loan officers about when the closing could actually take place, the
sellers notified us that we were in breach of contract. At that point,
we stood to lose more than $25k in earnest money.
Our loan officer blamed the delay on a review of a lease on the home’s
solar panel. Since the process was very opaque from our end, we have
no way to verify this claim, but we note that on July 25th we were
asked for a copy of a document we had sent on July 3rd, because of
poor legibility of the July 3rd scan. This gives an idea of the sense
of urgency with which our documents were being reviewed. Furthermore,
in our only interaction with the solar panel leasing company, we found
them extremely responsive, and they approved us to assume the lease in one business day, fast-tracking a process that can take up to a week.
It took until July 28th for the loan to be finalized, and we closed on
the next business day, July 31st.
In the week between July 21st and 28th, while we stood to lose the
earnest money, we had no clarity on when the loan would close, and
communication with our loan officer and his manager Roy Rico left a
lot to be desired. Indeed we received a total of two emails from Mr.
Rico, one of which was to ask us to stop calling him.
We contacted the Customer care and recover team and the lady was very rude and trying to find excuses for the team. They turned town our request saying everything has been handled properly......
The whole process working with Wells Fargo has been a disaster! I'm very glad it's ended.