Yesterday, I received a final written approval for a Short Sale offer submitted to Wells Fargo. I have the buyer who is FHA and we had asked for Buyers Closing Costs of $10,000 and stacked it on the approval price. Wells first came back with $2000 to the buyer for closing costs and the second which is a Home Equity line, is requiring that the seller, a Dentist, who has continued to make payments on the equity line, have asked him to pay $10,000 to release the second plus the $3000.
This is not the first time I have come across the second asking for way more than the usual $3000, normally given. There have been two other instances that the Banks, all different, held the sellers ransom for more money that normally given to a in house second trust deed. And all three times the seller had a DC, MD or DDS after their name.
Anyone else have this experience doing Short Sales???
My buyer is not happy with this and has chosen to walk. The seller is livid, since it looks as if the Bank is set on sending him in to bankruptcy and destroying his credit. This is a nice man with a family dental practice in a low income neighborhood. And guess who's not going in for regular check ups and teeth cleanings?? His business is suffering and now the banks are bent on making his life worse because he has a few letters after his name???
Blooming for home buyers this summer.
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