Wells Fargo And Short Sales
Anyone here have any experience dealing with Wells Fargo and short sales? I hear that they are very difficult and wont accept less than 80%.
Thanks,
Phyllis
Anyone here have any experience dealing with Wells Fargo and short sales? I hear that they are very difficult and wont accept less than 80%.
Thanks,
Phyllis
Wells Fargo is a major loan servicer... and services many different loan types for many different investors who own mortgages... each with their own criteria reharding short sales.
So, for someone to say that Fargo is tough... is a generalization that may or may not apply to your specific loan.
80% of the confirmed, as-is, fair market value is a good discount.
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Thanks, I guess you are right about every situation is different, cause 80% discount is not really a good deal when 8 of the houses on a 10 house block is boarded up!
Phyllis
Your reply suggests that you are missing the essence of market value..... and understanding is the key to successful/profitable preforeclosure short sale acquisitions.
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I too am in the process of a short sale with Wells Fargo. In the short sale package they sent the homeowner they wanted the homeowner to contact and list the house with a broker. Is this standard stuff since as an investor I am already going to be the buyer if the short sale is approved?
Some folks fight them on that issue, and sometimes the mortgagee will agree to waive the necessity of a listing agreement, and real estate broker's contract for sale.
I most always have the property listed at it's as-is, fair market value... and provide the real estate broker's own BPO. The commission is already reduced to within the mortgagee criteria... essentially I try to address as many of their concerns as I can BEFORE they can be raised.....
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