Wells Fargo Short Sale with contingency
I have a buyer who wants to purchase a property that is a short sale with Wells Fargo, but needs to sell their property first. Would this be possible to submit a purchase contract with a contingency to sell?
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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It would NOT be possible if I were the listing agent, I would never advise a short sale seller to take their property off the market, waste valuable time, for a buyer who has a home to see first. What would your buyers plan be if the short sale approval comes and they have not sold their home.
Unless the buyers home were under contract, my team would NOT be working with the buyer to purchase, big waste of time in my opinion.
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Permalink Reply by Daniel Cecil on
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I agree with you, but the seller is okay with this and the buyer really wants the property. I was wondering if the bank would flat out reject this offer?
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The contract is not with the bank, the contract is between buyer and seller. The bank is not going to care about any contingency. You are heading down a very disappointing path. How many showings are you getting on the buyers home? What is the chance the home is going to sell?
Sure the seller is OK, the seller probably does not care. I would be concerned about the sellers agent if they are good with this situation, shows alot of inexperience in my opinion.
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Permalink Reply by Smitty on
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I couldn't agree with Jeff more. Lenders will issue a firm closing deadline and you can't always get an extension. Are you planning on going through all that work to have this not close?
It's way to risky IMO.
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I get it!!! Ok.
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