Yet another approved short sale with Wells Fargo Home Equity! As per the norm, a little twist just before the closing, but nothing we were not able to resolve with a hammer and crowbar! :-)
So here's the deal. These clients called me after having their home listed for 3 YEARS! After chasing the market down for a considerable amount of time trying to sell for more than their home was worth, they started searching for a CT short sale Realtor. After a short consultation, they were ready to attempt a short sale with me.
My clients had perfect credit, never missed a payment on anything. After some aggressive reductions, we were able to attain a buyer in a little over 2 months. 25 days later, we had short sale approval in hand from Wells Fargo Home Equity.
Here is the breakdown -
Total Owed - $265,000
Sale Price - $178,000
Wells Fargo 1st Mortgage - $145,000 - PAID IN FULL.
Closing costs allowed - $14,000
Which left
Wells Fargo HELOC - OWED - $120,000
SETTLED IN FULL - $29,000
DEBT FORGIVEN - $91,000
Wells Fargo Home Equity offered a lien release only for the $19,000 in proceeds from the sale, which would have left a $101,000 deficiency. Since they had perfect credit, Wells Fargo was not going to let them off that easy. They requested approximately 25% of the full balance for a full release. This became a no brainer for my clients. Instead of having a cloud hang over their heads and having to worry about Wells Fargo trying to pursue them for the deficiency, they were able to put together a $10,000 contribution and Wells Fargo waived the remaining $91,000 in debt. So it cost my clients a little less than 10 cents on the dollar for their peace of mind.
Oh...and the twist..... The Wells Fargo 1st mortgage found the property vacant 4 days before closing - duh!! And took it upon them selves to remove my lockbox and rekey the house. Not being able to close without a buyer walk through, and actual keys to the house, what's a listing agent to do? I re re keyed the house of course! $10 lockset from Home depot, hammer, prybar and a screwdriver. Problem solved!
Patrick
Need to sell your home? Why settle for less than 5 stars? 2011 and 2012 Connecticut Magazine 5 star real estate agent.
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