Wells Fargo Short Sale Closed...Finally!!

Another Short Sale successfully closed today. Homeowner owed $67,000 (not including Condo Fees) and the condo sold for $37,000. It was a battle
with Wells Fargo. Our file was "inadvertently" closed twice. They
switched negotiators on us 4 times. Wells Fargo claimed that the
investor (Fannie Mae) had to net $38,000 from the sale. W...hat?!
I had comps fully supporting the offer price and know they would never,
ever get that net because it would mean a selling price of $50,000!!
No way, Jose. Foreclosure would never net them $38,000, that's for
sure. More like $18,000 because of dropping values and legal fees for
foreclosure. I escalated within Wells Fargo and eventually contacted
Fannie Mae directly. That worked because we got a new negotiator that
put our short sale on the fast track to approval. Yay!!!

Views: 30

Replies to This Discussion

Permalink Reply by Wendy Rulnick on November 6, 2010 at 5:10am
Congratuations, Jennie! Your tenacity paid off! Good going, for your seller!
Permalink Reply by John Treadwell on November 6, 2010 at 5:49am
Looks we all might have to start going over Wells Fargo head to get anything closed? Good Job
Permalink Reply by Jennie Blackburn on November 6, 2010 at 6:49am
Thanks, Wendy. I think I'm going to change my logo from a Phoenix to a Dog With A Bone who won't let go.


Wendy Rulnick said:
Congratuations, Jennie! Your tenacity paid off! Good going, for your seller!
Permalink Reply by Jennie Blackburn on November 6, 2010 at 6:52am
Yeah, right? It makes me Suspicious -- everyone works their pay plan, and it feels as though Wells Fargo may make more money (under the table? behind the scenes?) if certain properties go to foreclosure rather than short sale.



John Treadwell said:
Looks we all might have to start going over Wells Fargo head to get anything closed? Good Job
Permalink Reply by Jeff Payne on November 8, 2010 at 2:46am
Great job! Can I steal your idea of the dog with a bone logo? Seriously, I would love to use it for some marketing. I can see a big bulldog with a bone and a tiny little bank exec trying to take it away :)
Permalink Reply by Jennie Blackburn on November 8, 2010 at 4:04am
I'm flattered - go for it!



Jeff Payne said:
Great job! Can I steal your idea of the dog with a bone logo? Seriously, I would love to use it for some marketing. I can see a big bulldog with a bone and a tiny little bank exec trying to take it away :)

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