Has anyone had an issue with WF denying a short sale because it doesn't meet investor quality standards. I asked the negotiator from the bank to explain what that meant and her response was that she cannot give further details. My buyer accepted the full counter offer from WF, so that clearly wasn't the issue. I have called executive office at WF and waiting on a response and called the investor on the loan who informed me that they don't deny SS because of the reason I have been given and that WF has to elaborate as to the denial. I was wondering if anyone has come across this issue and what was done to get it approved?
I am currently having the same issue on a short sale in NJ that was purchased as an investment property and the line holder has denied 4 offers from other investors based on the reason of, "The buyer does need meet the investor quality standards", which they will not state what the standards are. Please let me know if you were able to resolve this issue or how you were able to get more information from the bank to come up with a solution. I have tried multiple times to call on behalf of the brokerage and the seller, as well as had the seller call and the same reason was provided with no additional info.