We're pleased to announce another successful Wells Fargo Short Sale has closed, this one located in Plainfield, NJ.

This 3-Bedroom, 2-Bathroom Cape was a great buy.  This Wells Fargo Short Sale featured a deep back yard, extra long driveway for plenty of parking, hardwood floors, a formal dining room and a finished basement with full bathroom.

After completing the borrower eligibility phase, Wells Fargo Short Sale Dept. ordered a Broker Price Opinion (BPO) to determine what price we should market the home for.  We received and presented an offer which was close to list price, but Wells Fargo Short Sale Dept had a curious response to the offer.  While the offer was in line with their BPO, Wells Fargo Short Sale Dept. offered two responses.  Either the Buyer could improve his offer by $60,000 or the Seller would have to sign a promissory note for the same amount.  

Since the Buyer was paying fair market value, he was understandably reluctant to improve his offer.  Meanwhile, my Wells Fargo Short Sale clients, the sellers, were in no position to sign a promissory note.  It would seem obvious that given their financial situation the sellers had no ability to re-pay a promissory note, which Wells Fargo Short Sale dept. was aware.  

If there is one thing I have learned in the hundreds of Short Sales I've completed, it's that what is obvious to a Short Sale Agent is not always abundantly clear to a Loss Mitigator.  So, we carefully explained the borrowers' situation, reviewed their financials again with Wells Fargo Short Sale Dept., and reduced all of our concerns to writing.  Eventually, Wells Fargo Short Sale Dept. relented.  They not only dropped the promissory note requirement, but they ultimately even reduced their required sale price when they saw the home inspection report.

I'd like to say things moved quickly from there, but the Buyer experienced several delays with his financing.  Wells Fargo Short Sale Dept. was gracious enough to grant us no less than four extensions of our Short Sale Approval.  We finally closed, with a full release of the lien from Wells Fargo Short Sale Dept., with no deficiency, no seller contribution, and no promissory note from the seller.  The seller even received a borrower incentive of $3,000 at the closing.

Another Wells Fargo Short Sale in the books, and we hope to close more over the rest of the year.

If you have a Wells Fargo mortgage, and would like to discuss foreclosure alternatives, please
 contact me at (917) 518-7861 for a confidential consultation at no charge.