This is an email that I sent to the short sale negotiator with Wells Fargo Home Mortgage. It may not do any good but at least I feel a teensy bit better. Carol is my partner on several short sale listings. Without her, I would go insane!!!
I am sure that Carol informed you but I want to officially notify you that yet another escrow is canceled and the 4th buyer has walked from this property. The first three were due to delays and procrastination from the first lien-holder (you and whoever deleted our file late-January) and the last buyer because the 2nd lien holder would not accept your generous offer of $10,000.
We have put the property back on the market at yet another price reduction as we are still in a declining market. I am really puzzled that neither you nor the second lien-holder seems to know what time is of the essence means in a real estate contract. In this situation, time is money as well as every time that we put the property back on the market; you stand to lose 5-7% of the condo's value. Five months is TOO LONG for a process that should have been done in 4-6 weeks!
In the next HUD-1--if we get another offer before our clients' pending bankruptcy--I will only ask for $3000 for the second lien-holder. I also feel that because we are doing our job for the THIRD time due to yours and the seconds dilatoriness, we are entitled to be paid our commission 3 times and I will ask for this. As I doubt that you would pay Keller Williams 9% and the other agent 3%, we will settle for 3% for Carol, 3% for me and 3% for the buyer's agent.
Believe me, I and every other agent who is working hard to help people in Marina Bay out of their cumbersome loans are getting extremely fed up with the process. Something has to change or you will soon own dozens of homes that you will NEVER sell to owner-occupants as the owner-occupancy rate is less than 60%. Wells Fargo will spend hundreds of thousands of dollars to foreclose and then lose even more as investors will be the only ones with cash to purchase and then no one else will be able to sell EVER and the vicious cycle of foreclosure will perpetuate itself until you and the developer and a few investors own the entire complex. Is this what Wells Fargo wants????
If we cannot close our next offer in less than 30 days, you will own this condo. You really need to help us help you.
Rebecca White, GRI
Keller Williams San Francisco Properties
The 3rd Largest Real Estate Company in North America