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Wells Fargo Negotiator pushing for an over priced counter offer...What to do?!

Posted by Scott Cary on November 7, 2012 at 8:40am in Short Sale Discussions

I have a destressed property that previously was accepted at a lower price. We resubmitted a second CASH offer at the same (previous) price...although now the negotiater wants a much higher price for the asset in its recent counter offer!

The previous offer fell-out due to structual problems and cost of NOTED repairs and yet the negotiator is still asking us to pay 20% over the last BPO....We have forwarded current report findings and comparable sales and still no comprimise.

Any direction would be greatly appreciated!

This home home has been pospened several times and due to go to sale on 11/15...

Scott - Modesto, Ca.

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Replies

  • Gregory Holmes November 11, 2012 at 3:28am
    Agree with Brent, sounds like what FNMA has been doing to everyone. Nope they won't budge - we have all been trying to figure out why they want loans to go to foreclosure. Two most popular arguments, they want to resell them under their program that doesn't require an appraisal 2) trying to prop up the market - which can go hand in hand. Either way I think if you search this site you will find you are in good company - I have several of these - seems they mark up market value by 20% and kick it back with no regards to case, circumstance etc. Don't bother escalating to FNMA or investor - they won't even listen.

    Best Bet - Congressman, Senators, Media
  • Brent Innocenzi November 8, 2012 at 10:28am

    Who is the Investor? I could be wrong, but this sounds like a Fannie Mae file as I had the same thing just happen. We submitted the new offer less than 1 week from the previous approval's expiration. The new value came in (with no new higher comps) and the new buyers had to pay 20% more for the property.  No escalation to the Servicer will change Fannie Mae or most Investors minds for that matter.

  • Jonathan Katz November 7, 2012 at 9:51am

    Scott,

             Have you opened a case for review with the presidential office? Was a new value completed on the property? We would reach out to the negotiators supervisor and send numerous emails to escalation contacts to review the situation for a possibly resolution. In cases as this it's all about reaching the right people who are more willing to assist.

    Brett@ishortsalenow.com

    www.ishortsalenow.com

    310-564-6389

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