Short Sale Confusion
I am the intended buyer of a home that is being sold via a Wells Fargo short sale. I am turning to this group because I’m looking for some answers regarding the short sale denial. Below is some background.
- The short sale was out of attorney review in July and submitted to Wells Fargo
- We received notice on September 8th that additional paperwork was required. We signed it, gave it to our realtor and it was submitted the very next day.
- We had our lawyer follow up with the sellers lawyer last week just to see what the status was. The sellers lawyer in turn writes back and tells us the short sale was denied on August 30th and their client is not going to pursue the short sale further.
My questions are, if we were contacted on 9/8 for additional paperwork and it was submitted does that void the previous denial and leave the seller in breach of contract? Don’t we, as the potential buyer deserve to know why it was denied in the first place?
Thank you for reading. Any help would be greatly appreciated.
Replies to This Discussion
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Permalink Reply by Tara J. on
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Thank you for your reply. Then even the fact that we filled out additional paperwork in September doesn't matter?
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Permalink Reply by Jeff Payne on
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No the seller is not in breach of contract (in Florida the short sale addendum protects the seller in the case the bank does not approve the sale, and I suspect most states are the same way)
Does the buyer deserve to know why? Sure, the buyer should be afforded the opportunity to know the reason to an extent. Keep in mind though the bank has no duty to supply the buyer with anything pertaining to the short sale and they do not have to approve the short sale.
Looks to me, on the surface, that neither attorney really cared to push things.........perhaps your attorney needs to talk to the sellers attorney about the differences in dates that you mentioned? My guess is that the short sale was probably denied on the 30th because someone did not get paperwork turned in to Wells in a timely manner as per the "tasks" that get assigned.
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Permalink Reply by Diane Gish on
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You are describing a very frustrating situation. From your post it appears attorneys in your area were negotiating the short sale. Short sale negotiations require loads of timely paperwork and constant follow up. In my state the realtor's negotiate and followup with the banks.
Move forward and look for another home to purchase. Sorry.
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