Asked by Kristi Maris, Colorado • Sun Jan 20, 2013
We put in a full price offer on a short sale in August, seller accepted offer. BPO was done and we(buyer) were told by our agent that wells fargo had sent email to seller agent saying they would approve sale for about $28K over our offer and that we had to let accept within 24 hours or they were going with a backup offer. We asked to see the email from wells as the amount they were asking was significantly over what the seller owed and was only $10K lower than BPO. They said NO. We accepted and closed last week. In reviewing closing docs the wells fargo approval states acceptable sale prices that was only $7K more than original offer. We think the seller agent said it had to be higher to cover the closing costs, etc... so the seller would not have to pay anything out of pocket at closing. Is this legal? The amount we closed at is EXACTLY the $7K approved sales price PLUS all closing costs and taxes. Is this normal in a short sale let alone legal?
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