I hope that someone here has a contact for Wells Fargo or some advise on how to proceed! An offer was submitted on a Wells Fargo FHA short sale in November. The home was damaged by a major hail storm after the home was appraised and listed as an approved short sale. The current seller has homeowners insurance. Part of the offer was the condition that the roof be replaced per insurance company allowance with the buyer paying for the seller's deductible.
The offer was accepted by the seller, Wells Fargo and approved by HUD. The insurance company inspected the roof and agreed it needed to be replaced and issued a check payable to Wells and the seller.
We are ready to close…except Wells Fargo will NOT endorse the insurance claims check so the roof can be replaced. I am depending on the listing agent who has told me he has been attempting to get Wells to endorse this check since early December!!
We will have no choice but to give up and purchase another home if this is not resolved within the next week. The home would then go to foreclosure since the sellers are way past the date for the FHA pre foreclosure deadline. It seems absolutely ridiculous that even Wells Fargo accepted the offer and everything is a go but because of their constantly passing the buck and not knowing "who" would be the right person to approve or endorse the check that this home may be foreclosed on.
I appreciate all comments and help!!