Wells Fargo just approved this short sale at The Oaks condo complex in Niceville Florida. The approval time was less than 60 days, despite Wells Fargo’s taxing use of the Equator short sale processing system. Here are the details:
Mortgage Holder: Wells Fargo
Balance: appr $190,000
Sales price: appr $82,000
Waiver of Deficiency: yes
Seller contribution: yes
This Oaks condo in Niceville was an investment property. Often, a short sale seller will be asked to “contribute” to participate in the loss when that is the case. The seller agreed to contribute about $1200, which was negotiated down from Wells Fargo’s initial request. The seller received a full waiver of deficiency, meaning, Wells Fargo and the investor on the loan would cancel the rest of the debt, and not seek to collect the balance.
If you need to short sale to avoid foreclosure, contact an experienced Niceville short sale agent.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]