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Wells Fargo Shortsale

Posted by Jeffrey Harrington on May 6, 2013 at 10:56am in Short Sale Discussions

Has been done a recent Shortsale with Wells Fargo.I have one u/c for $700k.Seller is a recent former WF employee.His agent was told not to use Equator due to the fact he was/is an employee of WF.Seller 

has a deed-lieu.Email from lender says get more in line with distressed value of $920,000.00 before they will look at offer.Property has been on market for more than 90 days.We did not receive counter,only notice that we need to raise the offer.I advised my client to to $825,000.00.This would net WF over 84% of distressed value which is what BoA will accept.Does anyone have an idea if guidelines for WF are same as BoA.Please advise.

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Replies

  • Wayne Brooks May 7, 2013 at 2:11am

    A % of value they will accept is hard to guess.  WF only owns 18% of the loans they service, so each individual investor has their own internal guidelines.

  • Wendy Rulnick May 7, 2013 at 1:48am

    Jeffrey - There is no industry standard rule of percentage of appraised value for acceptable short sale.

  • Jonathan Katz May 6, 2013 at 5:03pm

    Jeffrey,

               You need to find out who the investor on the loan is or if WF is delegated to make decisions on this loan. There are lender guidelines and investor guidelines.

    Brett@ishortsalenow.com

    www.ishortsalenow.com

    310-564-6389

This reply was deleted.
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