Wells Fargo Short Sale Fight
Every once in a while, we need to declare our frustrations to keep our sanity in the complex short sale business. It also helps us keep fueling the fire to battle the banks because some days are more difficult than others.
We do not loathe Wells Fargo. However, they are failing us today. The loan that we are having troubles with is an FHA loan. So, that might be part of the problem holding things up. We will have to escalate with this folder. Here is the story.
We received an offer on a house, a town home in Maple Grove. The listing price was lowered to $129,900 and we received a very respectable offer on the property. We actually counteroffered and received an even higher offer. So, now we are sitting on an appraisal clash because the lender is not pleased with the value that they received.
Wells Fargo showed us the appraisal details and they were using comparables from six months ago and failed to consider any properties that were short sales or REOs. In addition, the entire town home development is short sales and REOs. They will only consider active listings that were of conventional sales.
Noticeably, this is a short sale. However, we are not permitted to utilize the exact same town houses that were sold via foreclosure or short sale. We have a closing that is assumed to be in August. This process with Wells Fargo is unreasonable. Why don’t we go back four years ago and glance at those sales?
We will get this sale completed. This has occurred before, but we sought to provide people a little insight as to why loan modifications don’t work and why other realtors don’t complete short sales and why short sales take so long. We have submitted seven comps that were lower than the offer on this town home. We will with pleasure pay for a plane ticket for Wells Fargo to appear and see the comps and visit the property. We know the marketplace and we will complete this contract.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
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