Wells Fargo Short Sale....Not this One!

By
Real Estate Broker/Owner with Linda Lipscomb RE/MAX Lexington Henderson County TN 262480

Wells Fargo instructs the sellers and their agent to just get an offer.  They WILL work the short sale.

So, the sellers accept a fair offer.  Just a few thousand less than the recent Wells Fargo appraisal.

Contract is sent to Wells Fargo for short sale approval.

I do believe that all short sale negotiators should be paid on commission.  I have not found one that seemed to care about their asset or the work involved by all in getting the home to closing.

The short sale negotiator at Wells Fargo (and believe me I want to mention his stupid name) but won't, changes the terms of the contract...he is OK with the sales price, but the sellers have agreed to pay $3100 in buyer closing costs and he changes it to $2100.  Along with reducing the real estate commission by a percentage point,  There are two medical liens on the property totaling $1500 that he also refuses to pay. Why should Wells Fargo pay their medical bills, he asks....well, duh, because you want to sell the property.

The buyer was unwilling to come up with another thousand dollars and walked.  The sellers were so frustrated, they have informed Wells Fargo they are moving out of the country and to proceed with foreclosure.  We all know that in foreclosure they will get thousands less than the short sale price. 

What's wrong with these investors???  This makes no sense whatsoever.  Maybe someone out there can help us all understand how short sale decisions are made!!!!

RE/MAX Unlimited   10850 Highway 412 West   Lexington, TN.  731-249-5376

Linda Lipscomb   731-695-1118   LindaLipscomb.com

Comments (6)

David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

I agree with you.... Investors can and do make it so hard and sometimes a good deal falls apart for something so small and not worth squabbling over.

Jul 17, 2011 01:43 PM
Mike Carlier
Lakeville, MN
More opinions than you want to hear about.

Probably not investors, but something between a servicer and a messenger.  some things seem to defy logic.

Jul 17, 2011 01:44 PM
Sergio Rebollo Jr.
Real Estate TeamMates - Miami, FL

Hello Linda...I have found no consistancy myself from one short sale to another with Wells Fargo.  It obviously depends on the investor.  If the Sellers are in fact moving I would propose to them that you take care of renting the house for them and the monies generated in the next 3 months can be used for any shortfalls on the next go 'round.  Don't throw in the towel!!

Jul 17, 2011 02:02 PM
Linda Lipscomb
Linda Lipscomb RE/MAX Lexington Henderson County TN - Lexington, TN
731-695-1118, Lexington TN Homes

David,

Thanks for your comment!!  Short sales are a miserable way to make a living. 

Jul 17, 2011 02:03 PM
Linda Lipscomb
Linda Lipscomb RE/MAX Lexington Henderson County TN - Lexington, TN
731-695-1118, Lexington TN Homes

Mike,

Short sale negotiator blamed the decision on the investor.

Thanks for your comment.

Jul 17, 2011 02:06 PM
Anonymous
Deborah Deschamps

Same frustrating experience except in my case, Wells Faro says the second lien holder must be paid off before they'll process (even look at) an offer and process a short sale.    Do they think the seller is going to pay off the first lien holder ($60k+)?  If she had the means to do that, she'd be current on her mortgage!   So I have an offer on this property and nothing to do with it.   Maddening.

Nov 02, 2012 03:39 AM
#7