Investor: Freddie Mac
Servicer: Wells Fargo
We have received an offer for $78,000 which the seller accepted. The negotiator for Wells Fargo countered the price at $85,000. I managed to get the buyer up to the $85,000 which is the absolute highest price this property would ever sell for. I notified the negotiator that the buyer agreed to the counter. Then the negotiator stated the seller would now be required to contribute $14,070. The seller does not have this money or the ability to pay for this in a note as they just had twin girls 7 weeks ago and his wife is no longer working to raise the girls. This will force this transaction into foreclosure...I thought the investor wants to mitigate loss not increase it.
Does anyone have a good escalation contact they can share?
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Have you tried just saying NO to the negotiator!
The last three Wells 2-fannie, (got eliminate, 1 of which is another story) -freddie asked this,(and yes totally stupid request base on borrowers financials) Just looks like Wells is seeking to be a hero with Investor.
Wells has been crazy lately!
Hi Beverly,
Yes we did just say no. I did manage to track down the Work Director for Freddie Mac at Wells Fargo and he is helping us out.