Need a little help here. Got a WF deal working and the first finally got everything they wanted and said "OH, BTW, we need the owner to re-up the hazard insurance before we go any further. Of course my guy has nothing nor a window to throw it out of.
I explained this to the negoiator and she was very adamant. I then called customer service and a upper level exec who did not return my call and the next day the file was closed.
The foreclosure date is next Mondya the 26th, I have been working this file since mid Febuary and in constant contact with WF.
Any thoughts?
Tags:
Bill.
I don't know what state you're in, nor the value of the property, but, generally, if the homeowner is living in the property, minimum coverage and fire insurance covering the loan value should not cost that much. Replacement cost value, on the other hand may be up there. If the property is vacant, your coverage is going to cost. Do you have a buyer ready to step in? You have options in getting this paid. You just need to know if closing the sale is more important than making the amount of monies you originally expected as commission. If you do choose to close the sale, the insurance may revert to a short pay scenario and you may recover the portion of premium for the time period unused. You have time, work your numbers. More to it, but, you need to know if your numbers work for you in order to make the right decision.
Wells will work with a negotiator up until the day of sheriff's sale and still cancel the sale. However, like you, they need to see progress on a condition they ask the agent to meet. There aren't a lot of options here.
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