Just recently I had a short sale where I was the buyers agent and there was a short sale approval and they even got an extension but the property sold in foreclosure.

In my opininion, Wells Fargo's RIGHT HAND(short sale dept) didn't know what the LEFT HAND(foreclosure dept) was doing.  The short sale was approved by the short sale department and the foreclosure department still sold it.

Furthermore, I looked at court records and found that one of the Wells Fargo Attys tried to stop the sale but checked the wrong box.   They checked the box that said they were in loss mitigation not the box where there is a contract on the property in short sale process.

Wells Fargo received much less money than they could have received on the short sale.  This is a huge mistake and the banks are doing this all the time.

 

I have a couple of questions.  If this was a small bank would this happen?  I highly doubt it.  I wonder if the stock holders of Wells Fargo knew this was happening and would approve ?  They know they are too big to fail and just get more money from the government.  They can afford to waste it.  However,  I worked hard on this transaction and won't get a dime. 

 

Any feedback would be greatly appreciated.  I wish I could sue Wells Fargo.....  Why do the big banks get away with anything they want?  I am ticked and this is my therapy to be able to post this.  I hope someone out there can give me some advice besides just letting it go...

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Mike,

Thanks for your reply.  The property was sold at auction for 102,000.  I talked to the investor who bought it.  He turned around and put it on the market for 149,000 and it is already pending.  The short sale would have given Wells Fargo 126,000.  They lost around 20,000 dollars. 

I want to tell you about another transaction I had before the foreclosures started going crazy.  I had a property sold for 176,000 dollars.  Wells Fargo had a prepayment penalty and the seller couldn't come ot the table with 4,000 dollars, so I couldn't do the sale.  I saw that property go into foreclosure for 40,000 a year and half later. 

 

I received a message in equator to upload a 90 P&L. I had to send a message for them to send the task which they did and I uploaded the P&L statement. I just received a message in equator an hour ago saying the short sale is declined due to my failure to upload the 90 P&L statement.  Over all Wells is difficult.

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