We have a condo, which is a Wells portfolio first, no second, assorted and numerous subordinate liens that should not present any issues once Wells approves. We have plenty of experience with Wells, enough to know that with a clean package, and agreeable terms, and the ability to speak with them, we have been getting them approved in a month or so for the past few years.
The issue we have is that, as happens from time to time, the attorney for Wells (opposing counsel or OC) put a litigation hold on the file, thus preventing us from speaking directly to the bank. Not generally a big deal, in fact, we have never had that be an issue that cost us a closing...it just takes a more convoluted communication pathway and some extra time to get them done. Of course, that presupposes that the attorney for the bank responds to either us or the Seller's FC defense atty.
Our package was clean, no additional documents needed, and that was confirmed via letter dated 5 days after BRP was submitted. So far so good, (except that letter took 11 days to get back to us..the aforementioned communication issue...had to wait for Seller atty to send us the letter, as OC didn;t advise or provide) . Not a big deal, the bank sent out their own appraiser, (for the 3rd time) and we were looking for a response within the next 30days.
The issue is that Wells keeps valuing at $1.1Mil or more and it has been on the market for 400+ days. For reasons we won;t get into here, beyond the market stating unequivocally as evidenced by good showing activity and only one offer at $940K that the unit is not worth that much.
We now have a buyer that ordered their own appraisal and it came back at $965K. That buyer is under contract at more than that but less than $1M. They are willing to stay at the contract price, but we didn't even get a response to the offer and clean package for 90 days, and which was at the $1.1M figure. again. I know, that is their default first response, but time is not on our side at this point. After 400+ days, and now have requested a value dispute via OC and provided the appraisal.
Again, we have done countless value disputes, most successful, others not, and others somewhere int he middle, but thats short sales.....
OC is a well known (around here) foreclosure mill, I seem to remember using the executive office one time in the past, but since some of the posts are a bit dated here, i wondered if anyone knows the current contact information for the executive offices?
Regards and thanks in advance,