I just received approval for a Wells Fargo short sale in the Bayou Subdvision, Fort Walton Beach Florida. The approval was a swift 30 days, but the journey getting there was strange. Here is a summary
9/29 – Short Sale package faxed to Wells Fargo
10/5 – Broker Price Opinon completed
10/22– Negotiator asks for $1000 cash contribution from seller. Seller asks if buyer can pay this fee, negotiator says “YES”. Buyer agrees to reduction in buyer credit.
10/23– Revised Settlement Statement (HUD) sent to Wells Fargo increasing their net by $1000 by reducing buyer credit
10/24– Negotiator says “unacceptable”, seller must pay this fee (even though she said buyer could pay this fee earlier).
Seller says he’ll pay the $1000, but asks if he will get still deficiency judgment on the remainder of the loss? Negotiator says “YES”. Seller was then going to cancel the contract. I advised seller Wells Fargo’s standard approval letter does not seek a deficiency, so let’s proceed and see what we get.
10/30– Short sale approved – no deficiency
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: [email protected]
We got the result we wanted. but it sure was a strange journey!
If you are considering short sale to avoid foreclosure, consider hiring an experienced Fort Walton Beach short sale agent.