The seller had an offer which was submitted to Wells Fargo in April. The property appraised at $70,000 in May. Wells Fargo sent the seller an Approval to Participate form dated May 26 which stated that he must list the property for $70,000 (HUD guidelines state he should list at 88% of that). The offer he had in hand was for $54,000, and Wells already had that offer, too, but the next step was waiting for 1 1/2 months until finally receiving Wells Fargo's response to the offer…