Wells Fargo Short Sale Clash
Every once in a while, we want to voice our frustrations to maintain our sanity in the tricky short sale business. It also helps us keep fueling the passion to contest the banks because certain days are more complicated than others.
We do not detest Wells Fargo. However, they are failing us at the moment. The loan that we are having difficulties with is an FHA loan. So, that could be part of the problem holding things up. We will have to escalate with this folder. Here is the account.
We got an offer on a home, a town house in Maple Grove. The listing price was dropped to $129,900 and we got a very fine offer on the house. We actually counteroffered and got an even higher offer. So, now we are sitting on an appraisal clash because the lender is not content 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 take into account any houses that were short sales or REOs. Also, the entire town home development is short sales and REOs. They will only consider active listings that were of conventional sales.
Clearly, this is a short sale. However, we are not permitted to utilize the exact same town homes that were sold through foreclosure or short sale. We have a closing that is supposed to be in August. This method with Wells Fargo is nonsensical. Why don’t we go back four years ago and look at those sales?
We will get this sale closed. This has happened before, but we sought to give people some 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 proposal on this town home. We will with pleasure pay for a airplane ticket for Wells Fargo to appear and see the comps and tour the house. We know the market and we will complete this deal.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota