Wells fargo Approval
Hi Superstars I need your advice!
We did a soft decline recently and was able to keep our same negotiator and was able to put in another buyer the next day after our primary buyer walked. It took about 3 weeks to go through the cycle again.
During the process I had been emailing our negotiator who gave me the exact numbers needed by the investor to make this deal work. So we sent in the revised HUD 1 with all other documents and the negotiator had a full file and we were looking forward to getting the approval letter. Yesterday we receive an email from our negotiator to say that we need to up the offer $3600.00 as the investor guidelines changed! Ok so now I have to go to the buyer after we already negotiated the price and tell them we need $3600.00 more. Our negotiator is saying we can do a BPO dispute which will take around 21 days or we can have a buyers appraisal which will be a 10 day turn around none of them guarentee us getting the price that was negotiated and agreed upon before.Have any of you had this before and what did you do as I asked our negotiator to escalate this to upper level mgmt but she said that will do nothing.
This is bad business practise to say we agree to this number we communicate the number to the parties involved and then they change their mind as they want more money without doing another BPO. The negotiator is saying the investor has upped all the required nets...
Please let me know if any of you have any suggestions...
Thanks so much!
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Julian. It sucks for sure. This is one reason why we should always let buyers and sellers know that any agreements up to receiving the final written approval are subject to investor approval and can change. Use that line going forward and communicate all offers in writing with the disclosure at the bottom.
For the current issue you can........ First run it by the buyer. They may have no issue at all coming up. Second see if any of the costs on the HUD can be moved or manipulated to raise the NET. Third..dispute the new value.
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Permalink Reply by Jeff Payne on
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That does suck but you may be surprised, depending on the property, the buyer may be fine with another $3600.
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Permalink Reply by The Negotiator on
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Never ever tell a buyer anything about numbers, even if you hear it from a negotiator, until you have the proof in your hands. Negotiators lie like eye witnesses and things change on a dime, as you just found out. Underestimate and over-deliver!
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Permalink Reply by Cody Lampariello on
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I agree with those who said don't tell anything to anyone with any certainty until you have the letter in hand. It is always according to the bank this should happen but you never know it is a shortsale.
That being said don't take your negotiator at their word. Push to get the file escalated make sure you ask who he is escalating the file to so you can follow up to verify that it was escalated. Make sure you ask for the full name of the person you are talking to. So many times the bank has said things like that to us and we push to make sure it is escalated to find out the negotiator or processor is dead wrong. I have had multiple experience where we just push to get the negotiator to escalate and get a manager on the line that the negotiator says hold on then comes back and says I spoke to my manager and you are correct...yeah right he just realized we weren't going to be backed down by his deflections and changed his tune.
I'm not saying it will work but it's worth the effort because MANY ties they say a supervisor won't help just to get you to stop pushing.
best of luck
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Permalink Reply by Kathleen Lordbock on
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Had a new buyer with a start over as we were 1 day past the limit. The next investor needed amount was $2,600 greater than it was on the first buyer. Funny how the price of the home went up like that in a few weeks. Buyer came up and we are now closed!
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