Home Buying in 34135>Question Details

Mtobler2006, Home Buyer in 34135

can a short sale be denied, even though it is above what is owed on the property?

Asked by Mtobler2006, 34135 Thu May 20, 2010

wells fargo is dragging their feet o my offer, first they wanted 135,200, now its 135,200 net, so that makes the price 148,000 i guess, thats what they said now they want to forclose on the owners on may 27th, and today is may 20th. the last offer i made was for 148,000 cash, that was tuesday, the 18th. is wells trying to foreclose on them? even the owners know of my offer and wells fargo just ignores everyody, my agent has had to send a loss mittigation report 4 times through the entire process of this, thats 80 pages through fax. What i wells fargo doing?

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wells says this is a short sale, but is not acting like it, short sale has supposedly gone back to te beginning, ater only yesterday they wanted to close next week and i said a 148000 cash deal close tomorow, but no, the want to start over, am i getting jerked around?
0 votes Thank Flag Link Thu May 20, 2010
Mtobler2006,

If this is not a short sale what is your realtor doing contacting the loss mitigation dept? Get it together with escrow/title/lawyer whatever you use in your state, get them to ask for the demand get your money in, pay them off and close. If Wells is ignoring you it probably is because they know you are barking up the wrong tree.

Good Luck!
0 votes Thank Flag Link Thu May 20, 2010
to clear this up, wells fargo said they will not acceplt anything less than 135,154.96, net , this is an odd number for me...but that is almost exactly what is left owed on the property, this is not a short sale if this is wha they are doing....do i have any legal standpoint?
0 votes Thank Flag Link Thu May 20, 2010
Are you sure your offer went to Wellls Fargo and there is not an "insider investor" attempting to get you to pay the most amount of money on a flip where they have it approved at a lower price and make a same-day profit?

Unfortunately there is a fair amount of fraud going on with short sales. Does your agent have the authority to discuss the seller's account with Wells Fargo or are you merely relying that the listing agent is being truthful?

Just be cautious.... fraudulent short sale scammers prey on ALL CASH buyers.
0 votes Thank Flag Link Thu May 20, 2010
I am confused by your question. You state "even though it is above what is owed on the property?" If you are paying more than is owed it is NOT a short sale.

If you mean more than the asking price this is a common scenario. Since the HAFA law I have submitted 4 offers on short sales for buyers. Each time Wells Fargo did as they were supposed to do in answering quicker but each time they came back about 8 to 10 k above market value. It is a mystery to me.

If Wells Fargo said they need to net 135,200 and the 148,000 does the trick including paying all closing costs and other leins then you should be able to close on the home. Ask you agent to make sure the negotiator got the new offer. If they can't get an answer keep escalating the file up the supervisor chain until you get someone to address this for you. They should have this home as a priority with the sale date being so close. I do know sometimes they sell no matter what efforts are made.

I find the most important thing in a short sale is the communication with the bank. They are overloaded and each rep is over burdened. Now is not the time to tire out but to push for the finish line. Keep calling! keep emailing! I do not mean you but the agent who has a contact at the bank. Also you may have some luck getting the title company to make calls. The point is do everything try everything until they answer. Good luck!

Ps this is where short sales have such a bad reputation because it IS stressful and you never know exactly where you stand. Be patience and persistent.
0 votes Thank Flag Link Thu May 20, 2010
Yes Wells Fargo is known for these kind of things, at least in my experience. so having a good relationship with the negotiator is helpfull. If you are worried that they will foreclose on th e27th , ask the homeowner to file an order to show cause, this will help and delay the sale, that is if it is possible to do in your state. In NYS I have done it and it works.
0 votes Thank Flag Link Thu May 20, 2010
Absolutely . . . they can reject your offer. In addition to paying off the loan, Wells Fargo will have to pay realtor fees and seller closing costs. It is totally up to their discretion as to what they will accept. My experience with Wells Fargo most recently took four months to get an approval to close. If you really want the home you will need a lot of patience.
Best of Luck,

Nelene Gibbs, Realtor, e-Pro
Real Estate Investment Advisors

mailto: nelene@nelenegibbs.com
Web Reference: http://www.nelenegibbs.com
0 votes Thank Flag Link Thu May 20, 2010
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