I have a short sale with Wells as first and they closed the file on Equator without warning. That same day I get an email from the negotiator stating the short sale was denied b/c seller refinanced after he had moved to another home. That was erroneous, and I had the seller clear it up with a letter.
Then I get another email from the negotiator saying okay that's fine but now it is still declined b/c the seller is doing a "strategic default" b/c he moved out (last month), purchased a new home and then stopped payments on the home we have listed as a short sale.
I have closed many short sales where the seller purchases a home first and then shorts the other which is vacant. Actually this seller's wife was relocated out of state for her job and she couldn't continue commuting 2 hours a day each way.
Interestingly, this seller is an employee of Wells Fargo (mortgage side).
I have escalated and expect to speak with her supervisor within 48 hours.
Please share any advice you can. Thanks in advance!
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Hi Wendy. You may just need to let this deal season for awhile. If this house swap just happened it may be too soon to try a short sale. Once the loan becomes more delinquent things may change.