When I began this short sale I submitted the package to Wells Fargo and US Bank at the same time. Wells Fargo came back and said the short sale was denied because they would be paid in full from the proceeds of the sale. It took 6 months to get the US Bank Short Sale Approval. During that time the seller was not making payments and I was calling WF to keep them posted on the status of the US Bank short sale. They foreclosed because of not getting payments and we finally got US Bank approval on Nov 5th they gave us until January 4th to close. I notified Wells Fargo and they set a sale date of January 16th. When title sent the demand to Wells Fargo they had included $3564.00 in Foreclosure Attorney fees. We are short that much and the escrow is closing next Friday. Any ideas?
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If it appraised out and you have room raise the purchase price and get it closed. That little amount will cost nothing in payment. Unless you want the fight dragged out longer and loose the deal. Just sayin'..Do the math and close it.
The buyer has already signed the loan docs and she doesn't have any extra money.
Joan,
I'd look into if any parties are willing to contribute to cover the shortage and if there are any fee's that can be cut to reduce the shortage. Also, possibly the buyer could raise their offer. Other options I see are trying to get the 2nd to accept a lower release or doing a short pay with the 1st lien holder as well.
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389
I have an email into Wells Fargo asking them to accept less since they will be getting the entire loan paid off and I am waiting to hear back from them.