I am the listing agent and Wells Fargo has approved our short sale and sent it to investor, Freddie Mac, for sign off. I was expecting final approval today and got this email from the negotiator at WF instead,
"Buyer is under a Corporation. Investor does not allow short sale under corporation. Buyer need to be either just in a Trust or as an individual. Please advise."
Has anyone dealt with this before? Have you found ways around this? Our buyer is listed as, "XYZ Inc Pension Fund, xxxx trustee"
Here is another kicker.... Buyer and Seller signed a WF addendum stating, "The parties agree under no circumstances will the sale contract be assignable."
Now What?
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Tiffany,
on the Freddie Mac group on this site, we've just added a link to Freddie Mac's Seller / Servicer Guidelines. Those guidelines list all of the Investor's requirements. You may want to check there. Also the contact information for going past WF and directly to Freddie Mac is there as well. I would recommend you write down the EXACT time you fax your letter of authorization, because they tend to act like they couldn't possibly find your LOA unless you can tell them that.
Good Luck!
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