Replies to This Discussion

Permalink Reply by Pacita C Dimacali on March 8, 2010 at 7:37am

This has happened, and will continue to happen, not only with Wells Fargo, but with other lenders as well,

For example, I received approval from my first lender for a purchase price of $525K. The approval specified they want to net $481K after sales comnissions and pay off. Per the HUD statement, that left a short fall of $6K due from the Seller. My seller doesn't have the money, so I am discussing with the buyer's agent and asking if the buyer will contribute towards paying that amount. The buyer is mulling it over...after waiting for nearly 6 months for approval, we're close to getting this closed. The buyer is still gettting a good deal even with the contribution.

You may want to try that if your seller truly does not have any funds to cover the difference.

Permalink Reply by Kent Dills on March 8, 2010 at 7:43am

Travis, haven't had W.F. ask for seller contribution yet. However I can see at least 3 options:
1. Say no, the seller HAS NO $. Refer to financial statement you submitted showing no assets and low income.
2. Say yes, if they have the money.
3. Say they don't have the cash, but they can sign a $5K promissory note (e.g., for 10 years at 0% APR = $46/month).
This is just a start. There are various manipulations of the 3 options I give!
Good luck!

Permalink Reply by Ben Benita on March 8, 2010 at 10:15am

try telling them "no"...ain't happening....Wells Fargo is VERY flexible and easy to work with....remember your "negotiator" is called "negotiator" for a reason.....point out your Seller's hardship and get your negotiator's supervisor involved on the e-mail correspondence.....you will win.....