Friday, November 5, 2010

Wells Fargo Approves Fort Walton Beach Short Sale - Swift and Strange

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

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.

It's Wendy!

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]

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