First lien holder is Wells Fargo, offer was $175,000, Wells countered at $205,000. We disputed their BPO and eventually Wells caved and accepted the $175,000 offer. Now the buyers appraisal just came in and it is significantly below the contract price of $175,000...which of course is a problem.
Has anyone ever seen this occur and if so, had any luck getting the approval adjusted to appraised value? It is hard to imagine in all my deals I have not ever incountered this but I guess there is a first for everything.
I guess I am going to submit to the Wells negotiator and see what happens but if anyone has encountered this and can share some insight it would be much appreciated.
Tags:
I just went through this with a GMAC property where our approval was for an offer $10K higher than the buyers lenders appraisal. Submitted a copy of the buyers lenders appraisal to GMAC and they accepted and lowered the value --issued us a new approval letter.
Thanks for the feedback Holly, much appreciated. I know Wells Fargo and GMAC are different animals, but do you remember about how long the process took for them to reveiw the appraisal and adjust?
I submitted the buyers appraisal, HUD showing the net with the lower price and an addendum to contract lowering price..all this was submitted Feb 2 and I had the new approval letter on Feb 22
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.