WF says they want $15k more or they deactivate the file ?
We are the buyers in this ss. Sellers have a 1st w/WF for $168K, and a 2nd with Chase for $30k, Fannie Mae is the investor. Apparently Chase has agreed to take $3k...Then it went back to phase 2 negotiations with Wells Fargo and yesterday we were told that we need to pay $15k more and get it to them in writing in 24/48 hours, or they deactivate the file and we would have to start all over again. The listing agent did a CMA which WF asked for that shows that FMV is right around where our offer is at $165,500. We are willing to offer $5k more to get this done but we were told that there are no negotiations at this point, is this true? What can we do? Unless there is something that I am missing, if their loan is for $168k, at $180K WF would pretty much be breaking even!?! I would appreciate any help as we do not want lose this house but we are not going to pay more than it is worth. It is frustrating being the buyer and being at everyone else's mercy.
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Krista. MY suggestion would be for the listing broker to make a counter offer offering the 5k you are willing to contribute. Negotiations are NEVER over until the plug is pulled. Now of course this assumes that the FMV that WF is using is too high. You MUST be able to justify the value.
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Permalink Reply by Krista Zasada on
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Thanks Bryant. That was my thought too, I just didn't know if it would be considered...that was our agent's first question to the listing agent and the listing agent specifically said this is it, we cannot counter, but we don't want to just give up.
Bryant Tutas said:Krista. MY suggestion would be for the listing broker to make a counter offer offering the 5k you are willing to contribute. Negotiations are NEVER over until the plug is pulled. Now of course this assumes that the FMV that WF is using is too high. You MUST be able to justify the value. -
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The listing agent told Wells that we would come $170k and Wells told her that we either need to come up to $180k or find a new house. She also said that this cannot be escalated anymore.
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Permalink Reply by Cathy Baumbusch on
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Depends on whether WF is paying HOA fees, other fees. I understand that if the payoff is 92% or more of the payoff amt, the WF don't have to send it to FM for approval.
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Im going through something similar with ACS which is DBA for Wells Fargo.The market value is at is between 190k and 200k. my buyer made an initial offer was for 180k, they came back and countered at 210k with the same 48 hour reply. So we then countered at 195k and set over other comps to justify our comps but it didn't matter and so they shut down the file completely. Their negotiators don't really negotiate they just go by BPO and their investor guidelines. My buyer 2 days later after denial decided that he would be willing to pay the 210k they were requesting but by then the file had been sent back. They made us re-submit full SS file and said we needed to start the process from the beginning. After numerous calls every day and arguments with incompetent reps I finally got one to escalate the file and upload the file manually into the system to be assigned to a negotiator. About for days later the same negotiator was assigned to the file. We gave them the price they requested but now they came back to reduce the commissions from 6% to 4% and seller concessions to the buyer of max 1%. I'm trying to negotiate but it doesn't seem like a battle we can win. We pretty much have to work with the numbers or move on. Warning to other fellow agents... they don't seem to negotiate if you don't comply with what want they will shut down the file. I was warned by the negotiator that if the HUD1 wasn't adjusted the file would be closed. I have about 3 more files pending with them... good luck to everyone
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