Wells Fargo gave short sale approval and extension but still sold property through auction
I am the buyer's agent on this transaction. The title company scheduled a closing on June 4th. The short sale approval date was good until June 6th from Wells Fargo. The title company delayed the closing because of HOA fees. They worked that out with attorneys and Wells Fargo gave them an extension to June28th. The property was sold on Auction June 19th. Do we have any recourse?
Any feedback would be appreciated very much!!! Thanks in advance.
Replies to This Discussion
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Permalink Reply by Smitty on
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You can TRY to see if they will rescind the sale, but I've never been able to get that done, although other agents HAVE. This happens frequently. Unfortunately the foreclosure dept, doesnt communicate with the short sale department. If the list agent knew there was a foreclosure they should have been on the phone with everyone at Wells confirming it was getting postponed.
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Permalink Reply by Ray Brokke on
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Thanks for your comment. I appreciate it.
It seems to me that if it was a small bank, this would not happen. Do you agree? Most likely the two departments would communicate if a small bank. This is our tax payer money Wells Fargo is wasting. They are taking less money selling it in foreclosure than they could have received in a short sale. The two departments not communicating caused Wells Fargo to lose about 50,000 on this one transaction. Not only did Wells Fargo lose money the realtors lose the commission and the seller loses the most by getting a foreclosure! The banks make numerous mistakes like this. I would love to sue them for my commission and my buyers expenses. I am sick of the banks being allowed to do whatever they want with taxpayer money.
How do you feel about this ?
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