Comment

Comment by Thom Colby CA Brkr 888-391-5245 on January 17, 2012 at 8:25am

Interesting - Usually they have some language that states "blah, blah, blah, according to the laws of the state..."  Why don't you ask for language that refers to the laws of your state to be included in the approval letter - that might work for Wells and for your client. 

BTW, what state is this ?

Good luck,

Thom

Comment by Karyl Moore on January 17, 2012 at 8:19am

wf.pdf

Thom - I only received the very short 1/2 page letter you can see attached.  Doesn't say anything about laws of the state.  Thanks for writing.

Comment by Thom Colby CA Brkr 888-391-5245 on January 17, 2012 at 8:06am

Karyl - Doesn't the letter refer to the "....laws of the State"  ?  That would cover it.

Comment by Karyl Moore on January 17, 2012 at 8:04am

Jeff, I'm concerned that if they sign/accept this, it negates the non-deficiency status.  That's what my broker told me.  thanks for responding.

Comment by Jeff Payne on January 17, 2012 at 7:57am

Karyl, if you are a non defieciency state then why are you worried about the verbage?

Heather, you buyer may want to move on, the listing agent screwed up and the seller is still under contract with the first buyer.  Substituting a buyer is not easy, it can be done but many times it is faster to restart the short sale

Comment by Thom Colby CA Brkr 888-391-5245 on January 17, 2012 at 7:53am

If the Listing Agent never notified the lender the original buyer was gone and the lender never cancelled the short sale for the original buyer then how was anyone to know whether that deal was alive or dead.  The lender can only go by what it has in front of them and that was the original offer....  I don't understand why everyone is upset - there's an original / signed / accepted offer in front of teh lender for consideration - period.  If that offer dies, then your offer should be submitted for consideration.  Teh big mistake here seems to be a lack of communication by the Listing Agent as well as the Seller may have signed TWO Offers !  He can't sell the house to two buyers !!

Comment by Heather Robins on January 17, 2012 at 7:46am

This just reminds me of what is wrong with the banks and the system, them taking 18K less ...

Comment by Karyl Moore on January 17, 2012 at 7:45am

Just got an approval from Wells but it only says they'll release the lien not the deficiency.  I told the negotiator the Sellers' attorney advises them not to accept that unless they change the wording to release the deficiency but she still says she can't change it. The other Wells shorts I've had have released the deficiency. We're a no deficiency state. Is this a new thing with them or is it the negotiator?  Any suggestions?  Thanks!

Comment by Heather Robins on January 17, 2012 at 7:45am

It was accepted after, the other agent assumed that Wells closed out the previous offer in Dec and was working on ours, but they didn't they just came back with a counter of 311K to the first offer.  Is there a way to escalate changing out the buyer on an acceptance with Wells that will be faster than doing a whole new offer (60-90 days)??  My offer is 18K higher, but of course are willing to do the 311K if it is an option and can be done quickly ?

 

Comment by Thom Colby CA Brkr 888-391-5245 on January 17, 2012 at 7:42am

Heather -  Was your offer accepted / signed by the Seller before the other one or after?  There can only be one signed / accepted offer at a time.  I suspect the other offer was signed first and the bank is dealing with that one on counter offers now.  Sometimes CASH offers are not necessarily the best offers.  In many cases a Cash Buyer will not wait for the short sale process to complete since they can buy whatever they want.

 

Good luck,

Thom Colby

Broker

Palm Desert & Newport Beach CA

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