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Ronna Davis, Other/Just Looking in Seacrest, FL

Does anyone know how I can contact the lender, Wells Fargo Home Mortgage, regarding a property which we would like to buy. It was on the market and

Asked by Ronna Davis, Seacrest, FL Sat Jan 9, 2010

we were going to make an offer and right before Christmas but the listing agent told us that even if the sellers accepted our offer the property would remain on the market until the lender approved the short sale amount. So we didn't feel a rush to make an offer and decided to wait till after Christmas. Well someone else came in and made an offer New Years weekend and the sellers accepted it and took the house off the market. We contacted the listing agent 3 days later and sent an offer for $100,000 more than the list price. The agent said the house was off the market and he couldn't accept our offer. He said they had submitted the first offer to Wells Fargo that same day we made an offer. I want to contact Wells Fargo directly and tell them we will pay more and we are approved already for a mortgage to finance it. Any suggestions?

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Scott Godzyk’s answer
Ronna if it is a short sale, then wells fargo would not talk to you as they dont own it. As far as the short sale there are several things worng... First the listing agent should know that they have to submit all offers to the bank for review, no matter when they come in, right up until teh time the bank accepts and signs one, then it is approved. The seller is in teh hook for teh difference between what it sells for and what they owe, so most sellers will want to get the highest price in there. Any offers submitted must contain a short sale contingincy that states the offer is contongent upon the banks approval. it should also contain a short sale addendum which outlines everything in detail. As teh listing agent, if a higher priced offer comes in, they should submit t to th e bank, but also go back to any other offers and simply state another offer has come in higher than your offer, we are looking for your heighest and best offer and then they should resubmit any new offers. And do this over and over anytime and offer comes in. Now most dont, it is a lot of work by all means. Now the biggest problem is price, the bank doesnt set the price, the agent does, and just because they set a price so low to attract buyers at asteal, chances are the bank will not accept it, the rule of thimb is teh banks acept no less than 80% of what the seller owes, there are some times they do go lower depending on area, condition and such. but if they are 100k under yours.... the listing agent is not doing any favors to the seller or the bank by ignoring your offer. this is where your buyer agent needs to stand up and challenge teh listing agent that they are doing something wrong. just because teh seller signs it, as long as there is that contingincy of a short sale, it is not pending and has not been accepted. It is easier to educate the selelr and each and every potential buyer before this happens. goo dluck working things out.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jan 10, 2010
In my expirience as a Buyers Agent and Listing Agent on Short Sales with Wells Fargo it takes about 45 days to approved, reject or denied and offer. If rejected or denied, it needs to submmit the offer again and anohter 45 days.

Same question, on and on, What is your Realtor Advice?

My advice will be to write a backup offer. Some buyers are still not prepared to wait, months and month for a Short Sale approval.

100k above listing price? Was the home listed with a joke listing price? What is the "real" estimate value of the home?

Remember that you being ready to buy, does not mean that the seller is ready to sell.
You can not contact Wells Fargo at all. An offer need to be signed by Selller and submited by Sellers agent.
0 votes Thank Flag Link Sat Jan 9, 2010
Wells Fargo could not accept your offer for they have a listing agent who represent them, if home all ready has an executed contract offer would only considered as a back up at best.

Keep in mind listing agent could ONLY gain from your sales offer of additional commissions on $100K however agent has to abide by contract and listing agreement terms and conditions.

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0 votes Thank Flag Link Sat Jan 9, 2010
What did your agent advise you at the time. And what does he/she advise you now?

I would guess that the advice will be that Wells Fargo has no interest in listening to you. Contact them if you wish. All they want is to sell the property at a price acceptable to them. Wells Fargo received an offer. You say they accepted the offer and took the house off the market. That's pretty much the end of the story unless that deal falls through for some reason. And it might. Have your agent keep a watch on that property so that if it's relisted, you can make an offer on it.

Although it sounds as if the listing agent told you the complete truth, your agent should have explained what his information meant. It DID stay on the market until the amount was approved, apparently. You should have been told: If you want the house, make an offer now. If another offer is made, it might be accepted quickly.

So: Only suggestion is to keep an eye on the house in case the initial contract falls through.
0 votes Thank Flag Link Sat Jan 9, 2010
Don Tepper, Real Estate Pro in Burke, VA
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