Short-sale process and Wells Fargo

Asked by Packersfans, Towanda, PA Wed Jul 22, 2009

Four months after our offer was submitted to WF, they rejected it. They came back with a figure with what they would accept. We signed the paperwork for that on June 18. On July 13, WF did a second appraisal on the property. We will have not heard anything. Our mortgage is going to be with WF also, so they are losing a mortgage, but gaining another one.
Does anyone have any ideas on why they would ask for a 2nd appraisal and any ideas on how we can progress this process? Our lives have been on hold for almost 5 months and all we have done is jump through hoops.
Is there any reason why we can't contact the negotiator or should we leave that to the lawyers?
Help! We are getting very discouraged and are totally disappointed with WF.

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Real Estate…, Agent, STATEN ISLAND, NY
Wed Jul 22, 2009
Based on the experience I have with Wells Fargo in processing the short sales they usually will close the file once they reject an offer even based on the price. When you have agreed to their counter offer or the price they are willing to accept, most likely that opened a new file. But not to worry it sounds like you are almost there. Hang in there for just a little longer. Short sales do take a long time.
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Packersfans, Home Buyer, Towanda, PA
Wed Jul 22, 2009
We were just told that there is a new processor for our file. Supposedly the processor is fairly quick. This has to get easier.
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Mark Wingert, Agent, Albuquerque, NM
Wed Jul 22, 2009
You must be extremely discouraged. As of May 1rst 2009 appraisals have changed. Now, it is not uncommon for a second appraisal. They are going back only 90 days for comps. Many times there is not any sales in an area in the past 90 days. The appraisal may be sent to a committee who request a second appraisal.
I think you are almost there and you are climbing your last mountain. Well Fargo is not the fastest lender on the block. The are behind due to refys.

Good Luck
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