Wells Fargo Short Sale- Countered High, Opinions Needed Please

We are trying to buy a short sale since middle of October. Two loans, both WF. They came back to us a week ago, countered 24k higher than our offer. They did a BPO and the only home in neighborhood sold back in July for 190,000. So the banks said 184,000. At that price they will pay 3% closing costs no problem. Our original offer was 160,000. So we ended up walking away. A week later, we decided to trying offering 174,000. Upping our price 14k and hoping the banks come down 10k. WF was pretty stern with not coming down from the BPO. Since then, the economy has dropped the house prices in the area, but nothing has sold, the asking prices are all too high. We are hoping for another short sale to go through any day now for 174k to back up our offer. It sounds promising as the bank is BofA and it is being finalized by the final negotiator at their bank. In your experience, how is WF on trying to compromise to make a deal work? We came up 14k and are asking them to come down just 10k. Is this a long shot or in your opinion workable?

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Smitty December 1, 2010 at 2:41am

Typically they want a certain % of the BPO amount. You could try to schedule an independent BPO or Appraisal to support your offer price. They have certain "investor guidelines" they are following. Don't try to figure out what the guidelines are...because it's an elusive guideline that never seems to be published publically. Anways, if the house needs work in any way, you could try to submit a repair estimate from a contractor too. If there is no pending foreclosure you could wait it out too. The longer it sits, the likely they will accept a lower offer. They will probably do another BPO if the current on gets older than 60 or 90 days.
good luck

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