Wells Fargo Negotiator pushing for an over priced counter offer...What to do?!
I have a destressed property that previously was accepted at a lower price. We resubmitted a second CASH offer at the same (previous) price...although now the negotiater wants a much higher price for the asset in its recent counter offer!
The previous offer fell-out due to structual problems and cost of NOTED repairs and yet the negotiator is still asking us to pay 20% over the last BPO....We have forwarded current report findings and comparable sales and still no comprimise.
Any direction would be greatly appreciated!
This home home has been pospened several times and due to go to sale on 11/15...
Scott - Modesto, Ca.
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Scott,
Have you opened a case for review with the presidential office? Was a new value completed on the property? We would reach out to the negotiators supervisor and send numerous emails to escalation contacts to review the situation for a possibly resolution. In cases as this it's all about reaching the right people who are more willing to assist.
310-564-6389
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Permalink Reply by Brent Innocenzi on
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Who is the Investor? I could be wrong, but this sounds like a Fannie Mae file as I had the same thing just happen. We submitted the new offer less than 1 week from the previous approval's expiration. The new value came in (with no new higher comps) and the new buyers had to pay 20% more for the property. No escalation to the Servicer will change Fannie Mae or most Investors minds for that matter.
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Permalink Reply by Gregory Holmes on
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Agree with Brent, sounds like what FNMA has been doing to everyone. Nope they won't budge - we have all been trying to figure out why they want loans to go to foreclosure. Two most popular arguments, they want to resell them under their program that doesn't require an appraisal 2) trying to prop up the market - which can go hand in hand. Either way I think if you search this site you will find you are in good company - I have several of these - seems they mark up market value by 20% and kick it back with no regards to case, circumstance etc. Don't bother escalating to FNMA or investor - they won't even listen.
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