Started a short sale with Wells in Feb. long story short we processed through equator and was given approval from the first and the second also Wells ( HELOC)
The approval letter approved the purchase price but wanted 10k seller contribution. The buyer backed out and we again started the short sale with a new buyer. We decided to increase the listing price 10k to give the bank the same net as in the approval(less than 30 days prior), hoping to avoid and out of pocket for the seller. The second time around they denied the short sale stating that the seller had enough cash to cover the debt.
The investor is Freddie.
My question is, does anyone think it is worth the time and energy to try to process this again. Any advise on what to do this time around to help change the outcome.
Thanks in advance.
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It is. I just received an approval yesterday for a short sale that has been submitted 5 times. It was denied 4 times over price and affordability. My borrowers are current with payments.
Yep. You never know until you know and then you still may not know...