WELLS FARGO SHORT SALE

Comments(7)

• 
  TheShortSalePro27th March, 2005

  Depends upon the kind of loan, who actually owns the loan, if there is PMI, and how compelling your Proposal.
  
  Experiences with one Company can be different as night and day.

• 
  MemphisREI27th March, 2005

  The lady purchase the house a year and 1/2 ago from a bank as an REO, the repairs it needed then were the same repairs it needs now and it appraised for 150K then. I think that was a little high since the ARV comps come in at 158K. I also think I was a little low on my estimate of 10K in repairs, I need to put in a little buffer so I should estimate 10 - 13K in repairs just for little unknowns.
  
  Thanks for your response.
  
  MemphisREI

• 
  TheShortSalePro28th March, 2005

  OK, in order to determine if a preforeclosure short sale acquisition is feasible.. you have to know the as-is, fair market value.
  
  What it appraised for 18 months ago may be an indication... but hardly sufficient to form an opinion as to short sale feasibility.

• 
  MemphisREI28th March, 2005

  Ah, the FMV would be what she owes, 140K.
  
  Now what do you think?
  
  Thanks,
  MemphisREI

• 
  MemphisREI28th March, 2005

  TheShortSalePro,
  
  I would like to apologize, I re-read all of the posts between us and just realized you have been asking for FMV all along, I am so sorry I caught on so slow. Thank you for your patience with me.
  
  I do have another question as to FMV versus ARV. The last short sale I attempted was a house that had been purchased in less than 2 years. It was with Countrywide Home Loans, they would not consider my "FMV" value because the appraisal they had in their system was less than 2 years old. Have you run into that issue very often. I am afraid with this one since it appraised high two years ago at 150K needing the 10 - 13K in repairs, they may not accept the 145K FMV appraisal I have come up with.
  
  Not to side track you from my original question, but what is your experience on appraisals under 2 years?
  
  Thanks,
  MemphisREI

• 
  mattfish1124th March, 2005

  How can the mortgage company not let her sell her own property?
  [addsig]

• 
  MemphisREI29th March, 2005

  WeAllWin,
  
  I know how frustrating that can be. Your deal sounds just like one I had with Countrywide Home Loans, homeowner owed 121K, FMV 121K, ARV 125K, needed about 3K in repairs. Countrywide would only take 121K and wanted me to pay 6% realtor fee on top of the 121K to close the deal. I asked the same question, why are you calling this a short sale, do you understand a short sale. This one went to auction and Countrywide bought it back at auction for the 121K. Six month later, it was still sitting on the market for sale as an REO for 125K.
  
  Best of luck on this one!
  
  MemphisREI