Negotiating a short sale after an engineer report

I am trying to purchase a property which has a Wells Fargo VA loan.  The 1941 house is now a short sale and the bank agreed to my offer which included a condition I would conduct an engineer study. The study revealed that a slope/cliff wall needs reinforcement (as it was never done properly in the first place back in the 70s) but equipment can't get to the slope since the house sits within 7 feet of the slope (and they need 15 feet).  
I revised my offer on the house (reduced to account for basically having to tear down house, rebuild slope, and then rebuild house). 
Wells Fargo is not responding to my offer nor acknowledging the engineer and construction contractor input.  Is there anything I can do?  Does Wells Fargo or VA have any interest in what happens to this property?   The sellers realtor has tried working with Wells Fargo but no response.  I have tried calling Wells Fargo (using number above) and was referred to the house preservation office, however I can't get through the automated line as I don't yet have a loan.  

I am still very interested in the property.  If I withdraw completely, I imagine sale goes to foreclosure where folks may or may not know the extent of work that needs to be completed on this property.    Time is critical as closing is set for 12 May.  

Any suggestions?  

Greatly appreciate your insights.

Best Regards,

Mary 

Views: 195

Replies to This Discussion

Permalink Reply by Kathleen Lordbock on May 6, 2015 at 3:31pm

Mary,

For you this is personal for the lender it is just business. Do they care about the property? No, they never wanted the property they wanted the money. if you do not buy it someone else will and they may sell it to someone else for far less money than you are now offering. You need to decide how much you want it and what it is worth to you. There is another party involved which would be the sellers trying to sell short rather than be foreclosed on.

Your offer is to the seller not to WF so you really have no authority to be speaking with the lender. The seller and the seller's representative do. if WF owned the property then that would be different but they do not at this point.

Permalink Reply by Mary Carstensen on May 6, 2015 at 4:13pm

Thank you Kathleen - agree this is business and didn't mean to imply otherwise.  Are you saying if the sellers accept my offer this prompts a formal response from Wells Fargo?  I am interested in the property and have altered my offer based on engineer report.  Sellers and their realtor feel this is no longer in their hands since it already is a short sale.  I can't get anyone to move - even if it is not accepting my adjusted offer.   Again - thank you for your comments.  

Permalink Reply by Mary Carstensen on May 7, 2015 at 2:27am

yes -  that makes sense - - unsure how VA inspector approved the purchase in the first place.  Do I understand this correctly?  If I don't purchase the short sale (and I won't at the current price) - the house won't go to a foreclosure auction and will be returned to the VA?  The VA will then list it again with their REO Sales program. Is that correct?  Thank you again.  

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