Hey Wells Fargo - one of us is wrong - And It's NOT Me!Â Part 1
I am currently working on a Wells Fargo short sale.Â
I have done lot's of Stanislaus County Short Sales over the last few
years.Â I have been selling real estate here in Stanislaus County for
nine years now.Â
I have lived in Stanislaus County all of my life and that's over half a
century.Â (Putting it that way really makes me feel old)Â I mention all
of this because of what is going on with this particular Stanislaus County Short Sale with Wells Fargo.
particular home is listed at $100,000.Â We have a cash offer of
$105,000. Â It needs some work including a new roof.Â It's definitely
not in brand new condition.Â I priced this home at what it is currently
worth in it's PRESENT condition.Â There have even been
two recent sales on the same street of the same exact model home and
they both sold at $98,000.Â One was a short sale and one was a bank
this home was in pristine condition with the new roof and new carpets,
fresh paint inside and out, new appliances and cleaned up front and back
landscaping it would probably be worth somewhere around $130,000.Â Â
Unfortunately Wells Fargo thinks it's worth more.Â And not just a little
bit more but a LOT more.Â Â Wells Fargo's counter offer is at $157,000!!
course I have brought this to the attention of Wells Fargo.Â Â I sent
the negotiator multiple emails, including photos of the home and it's
shortcomings.Â Â I told him about the recently sold comps.Â I asked if I
could see Wells Fargo's Brokers Price Opinion (BPO).Â I know they had
one done because I was contacted by the person doing the BPO because
they needed access to the property.Â
The negotiator's response was:
do not have a BPO. The counter is based off the investors valuation.
You have an example of another short sale and REO? That is the problem.
The investor is trying to stabilize the market by not accepting offesr
below what they believe to be fair market value, and they have been
sticking to their valuations. If the counter is too far off, we will
have to decline it.
off Mr. Negotiator you are wrong when you say there is not a BPO.Â See
my comment above.Â Secondly while I think it is laudable that "the
investors" want to stabilize the market by not accepting low offers just
how in the world are they going to "stabilize the market" by insisting
on unrealistic values?Â Â
No one is going to pay over $20,000 more than a home is worth no matter
how badly you would like to "stabilize the market."Â
further more Mr.Negotiator if you were to check with someone that
actually knows this local market (Hey, like me!) you would know that well over half of all homes sold last year were either Short Sales or Bank Owned sales.Â Â So unfortunately those are your comparable properties.Â So again I say - Hey Wells Fargo, One of Us is Wrong, and it's NOT me!Â
If you are facing foreclosure and are not sure what to do, or are thinking about buying a Stanislaus County Short Sale give me, JIM PATTON, a call at 209-633-2839.Â Â I look forward to hearing from you.
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Jim Patton - Realtor, Short Sale Specialist, CDPE
Century 21 M&M and Associates
The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.Â Jim is a Central California Short Sale Specialist who
lists and successfully sells short sales throughout Stanislaus, Merced
and San Joaquin counties. Call Jim Patton at 209-633-2839.
The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates
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