Has anyone negotiated a commercial short sale with WF and if you have was it favorable to all involved?
Reason for question is that I am working on one and the negotiator is being very arrogant and is saying per appraisal they need to get back everything they have been paying such as taxes, insurance and so forth. They don't care that the number that is needed for their net is above what the property is worth. They rather foreclose on it.
thanks!
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Better check with the seller - Is there an SBA loan attached to it - or is this loan an SBA loan? Did the borrower guarantee the loan with their signature or personal assets, etc.? If it is SBA, Wells will recover all of the debt and their costs vfrom SBA guarantee and SBA will collect via Treasury, IRS, Social Security, etc.
Best of luck,
Thom
Hi Tom,
They purchased it thru Wachovia as an LLC and they are the managing members and signed the docs. Thank you for answering me.
We can get it done - it ALWAYS makes more sense for the Investor to agree to a short sale vs. foreclosure, just need to get to the decision makers and not the lower level mukes......
You can email me off here at [email protected] and we can get it done
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