Wells Fargo Short Sale Battle

Every once in a while, we need to declare our frustrations to keep our sanity in the difficult short sale business. It also helps us keep fueling the flames to fight the banks because certain days are more complicated than others.

We don’t loathe Wells Fargo. However, they are failing us at the moment. The loan that we are having difficulties with is an FHA loan. So, that may possibly be part of the difficulty holding things up. We will have to escalate with this file. Here is the story.

We received an offer on a property, a town house in Maple Grove. The listing price was lowered to $129,900 and we got a very fine proposal on the home. We actually counteroffered and received an even higher offer. So, now we are sitting on an appraisal dispute because the bank 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 contemplate any houses that were short sales or REOs. Also, the whole town home development is short sales and REOs. They will only consider active listings that were of normal sales.

Noticeably, this is a short sale. However, we are not permitted to use the exact same town homes that were sold through foreclosure or short sale. We have a closing that is thought to be in August. This process with Wells Fargo is unreasonable. Why don’t we go back four years ago and look at those sales?

We will get this sale completed. This has happened before, but we sought to provide people a little insight as to why loan modifications don’t work and why other agents don’t close short sales and why short sales take so long. We have submitted seven comps that were lesser than the offer on this town house. We will with pleasure pay for a airplane ticket for Wells Fargo to come and see the comps and visit the property. We know the market and we will complete this transaction.

Minnesota Short Sale Shift can answer your questions. We are Minnesota’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota