Hello,
I'm trying to navigate a short sale with Wells Fargo.
Details:
Since I do have a full-price offer, I think things look fairly good in terms of the short sale moving along.
The trouble is that the 2nd (Wells Fargo Home Equity) is asking that I sign the attached Short Sale Final Approval which seems to lock-in my worst-case outcome - where I still owe 90% (roughly $32k) of the 2nd after the deal is done. There is also wording about waiving both non-bankruptcy and anti-deficiency rights. But my primary concern is the deficiency - my goal is to walk away from the transaction owing as little as possible.
The 1st wants to see a signed approval/agreement letter between me and the 2nd before they'll write and send their approval letter.
Do I have any negotiating leverage? Has anyone else recently closed a short-sale with Wells Home Equity and how did you handle this step of the process?
Huge thanks in advance for any guidance, advice or shared experiences.
Tags:
What does the 1st approval letter say?
it's no different than the seller attempting to POC monies for other liens.
Get an experienced negotiator on this matter and you will get it done.
Line of Credits are hard to get done most of the time.
What does the hud1 look like? .
Look at the top conditional approval. You must follow this letter or they will cancel your ss.
Never pay off the HUD 1 to the second.
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