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Short Sale seller dies while in negotiation for SS

Posted by Gael Adair Grove, CDPE/SFR/ePro on August 21, 2011 at 9:51am in Short Sale Discussions

hi,

 

Well, in 33 years as a Realtor this has not ever occurred. I'm in middle of a Wells Fargo short sale, 1st and 2nd. The seller passed away last week, has a trust and the successor trustee is more than willing to move forward with the short sale. I have copies of the trust which I sent to my negotiator HOWEVER the negotiator just denied the short sale due to the fact she feels it needs to go through probate!! My response: "it's in a trust, no probate necessary!" She still insists it's denied. I've asked for supervisoral assistance but since all occurred on Fri I won't get any where til Monday.

 

Anyone else go through this and if so how did it get handled?

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Replies

  • Rick Trono August 29, 2011 at 7:41pm

     

    Gael...

    CORRECT its a Trust. Keep in mind that the negotiator does not practice real estate. Send her documents or articles that support the Trust circumventing probate. She will be forced to show them to a supervisor -  It works!

     

    Best of Luck

     

    Rick

     

    btw - Thanks for stopping by my Broker's Open

  • Gael Adair Grove, CDPE/SFR/ePro August 22, 2011 at 12:21pm

    hi,

     

    yes, the sellers heir has contacted an attny and he has written an email directly to the negotiator this morning. We have yet to hear back. The home was in the trust prior to this loan so the trust was in force. I will keep all posted

     

    thanks!!! if you have any other contacts for me it would be super!

     

  • Christina Conrad August 22, 2011 at 10:19am
    Jamie is right..you need to contact a probate attorney and have them contact the bank....probate is very tricky and you don't want to do anything to violate those laws.....
  • Thom Colby CA Brkr 888-391-5245 August 21, 2011 at 5:34pm

    Gael,

    Was the actual NOTE taken in the name of the Trust or was the Title transferred into the Trust afterwards?

     

    Best of luck,

     

    Thom Colby

    Broker

    Newport Beach CA

  • Jaime Kosofsky August 21, 2011 at 11:08am
    Wells Fargo has an "estates department" that deals with issues surrounding a dead borrower. Each statenhas different laws and you need to get an estate and or real estate attorney involved to help explain to the bank what needs to be done to clear title.

    For instance: in many states the law dictates how the property will be handled. I got in touch with this department about two years ago by calling the ss department and asking for the department which deals with personal representatives of the estate.
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