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Wells Fargo, I need Help

Posted by Kim Boekholder on September 21, 2010 at 4:22am in Short Sale Discussions

wellsfargo denied offer said sellers had to be 90 days late and sign promissory note.... now what? I need help and suggestions please .  They are already 30 days late and this was the highest and best offer we have received.   Sellers have moved out, they can't afford the home.   I have never had a bank say the sellers had to be 90 days late.  Two problems here, 1. potential offer is now bye bye  2. 90 days... hello foreclosure anyone.

 

Any and all suggestions would be greatly appreciated.

 

Thank you

 

Kim

 

 

kboeks@gmail.com

 

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Replies

  • Bill Mesch September 30, 2010 at 9:54am
    Escalate! The investor will suggest a promissory note, but that as everything else is Negotiable. I was offerred a note in a current sale and WF settled for 20% of the note, cash at closing by seller. All is negotiable. The buyers should still be locked in the contract if you negotiate the note in time. A purchase contract addendum is supplied by WF at acceptance to extend the contract if need be. Closing dates be made within 45 days to fall within the PC addendum. Watch closely for closing date conformance. Good luck!
  • Bryant Tutas September 21, 2010 at 10:46am
    Kim. This sounds like the investor laying down a foolish guideline. All you can really do is try to get an exception. If they won't budge you may just have to find another buyer if the current buyer won't wait. Our jobs are getting more difficult each day.
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