Seller 11 months behind, foreclosure process begun

Hi All,

I have a seller who is 11 months behind in payments and Wells Fargo told him on the phone the foreclosure process has started, but no letters etc have been sent to him yet. He wants me to take his listing, but apparently the bamk also told him it must start as a traditional listing for three months before going to a short sale. He owes at least 30k more than market value, so those three wasted months seem dangerous 11 months in. A co,petitive price would kean a short sale from the start.

Not sure if I should take this one. He gave me the loan info to contact the bank and get the scoop.

Any advice on course of action? Take the listing, steer clear, etc? It's NJ. Thanks.

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Permalink Reply by Bryant Tutas on August 14, 2011 at 9:01am
Melanie. I would just take the listing as short sale and price it accordingly. It really makes no difference what Wells Fargo is saying at this point. Find a buyer and submit a short sale package. Just ignore what Wells Fargo has said. It has no bearing on anything.
Permalink Reply by Melanie Scarpati on August 14, 2011 at 9:22am
Was hoping for that Bryant, thanks for your reply.
Permalink Reply by Becky Martin on August 15, 2011 at 1:45am
Of course Lenders are looking for top dollar but it is not necessary to list traditional for 3 months, just list at fair market value and take an offer that the lender BPO/appraisal is going to support.  If the only lender is Wells Fargo, yes jump on this and get it sold:)  I have people living in homes for 3+ years that have not been foreclosed on, sale dates go by and the lender doesn't go through with the foreclosure and you should be able to get an escalation if WF does set a sale date....most lenders postpone foreclosure proceedings when you have a short sale pending....
Permalink Reply by Melanie Scarpati on August 15, 2011 at 6:32am

Thanks Becky, good info to know!



Becky Martin said:

Of course Lenders are looking for top dollar but it is not necessary to list traditional for 3 months, just list at fair market value and take an offer that the lender BPO/appraisal is going to support.  If the only lender is Wells Fargo, yes jump on this and get it sold:)  I have people living in homes for 3+ years that have not been foreclosed on, sale dates go by and the lender doesn't go through with the foreclosure and you should be able to get an escalation if WF does set a sale date....most lenders postpone foreclosure proceedings when you have a short sale pending....
Permalink Reply by Enrique Vasquez-Plaza on August 15, 2011 at 4:15pm

Melanie, listen to Bryant .  I think there is no better answer:

 

"I would just take the listing as short sale and price it accordingly. It really makes no difference what Wells Fargo is saying at this point. Find a buyer and submit a short sale package. Just ignore what Wells Fargo has said. It has no bearing on anything"  '

 

Start now and good luck!

 

Ohhh, I forgot: even if he is 30 months behind!  Lender rather have you manage their losses and do all the work if offer is good.  

 

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