Can you help me with my short sale issue with Wachovia Mortgage?

Real Estate Agent with Intero Real Estate Services

Can you help me with my short sale issue with Wachovia Mortgage?

This Sunnyvale home was listed with another company for $ 1,300,000 on 4/23/2008. The owner hired me on 8/13/2008 to sell it for $ 1,200,000. The owner has about $ 1,050,000 loan on this home and she owes months of back payment, penalty and etc. On September 15, 2008 I sold it for $ 1,010,000 and three days after that Wachovia mortgage accepted to take a short sale and accept $ 1,010,000 in place of the original loan, back payments, fees, realtor commission and etc that amounts to almost $ 1,150,000. A couple of weeks after that date the buyer got scared of the financial meltdown and cancelled the contract. Late in October I advertised this home as a pre-foreclosure, got a number of offers on it. On Oct 27, 2008 I got 3 offers of $ 900,000 on this home and 15 other offers of less than $ 900,000. I sent the three offers of $ 900,000 to Wachovia Mortgage.

Now Wachovia Mortgage does not want to accept this new price. In the time between September 15 and October 27 there have not been any closed sales in the neighborhood of this Sunnyvale home. The owner is in process of filing bankruptcy.  Once the owner is in bankruptcy Wachovia mortgage would have to spend a lot of money and it will take them another 3 to 6 months to foreclose. In addition the owner has moved out and disconnected all utilities. The pool cleaner does not work so the pool is getting dirty real fast. Also the landscaping is dying due to not being watered. Wachovia mortgage has not set a foreclosure sale date for the house. The owner is not paying the mortgage and Wachovia mortgage is losing about $ 7000 in mortgage payment.

Are there any magic words that I can tell Wachovia mortgage to convince them to take the new sale price? Any help would be highly appreciated.



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