Seattle Real Estate: The Ole Wells Fargo Short Sale Approval Switcheroo…Thanks for Nothing!
Although the Seattle Real Estate Market has its share of Short Sales and Foreclosures, it’s not as bad here as in other parts of the Country. So, I suppose when a Short Sale does go together and actually closes, we Seattle Real Estate professionals have cause to rejoice! That said, I just received a disturbing message on the very day doc’s were scheduled to go out on a Short Sale I’ve had listed for nearly a year! It appears after getting approval some 30 days ago from Wells Fargo to the conditions of the Short Sale, including agreeing to contribute $3,000.00 towards buyers closing costs, Wells Fargo decided they were just kidding and will no longer agree to the buyers contribution! Buyers agent is of course livid and says her clients will walk if they don’t get what Wells Fargo previously agreed to. Is Wells Fargo simply going to let this thing ‘blow up’ after all this time and effort! Has this happened to any of you? Can Wells Fargo give approval of a condition and then decide later not to honor their word? Is this a common tactic to pull a stunt like this right before closing? I Guess Wells Fargo can Giveth and Wells Fargo can Taketh away! My (purposeful) lack of experience with Short Sales aside, this doesn’t seem right! I’d love to hear from anyone who has had this happen on one of their deals and the outcome…positive or negative. And, please re-post this to as many people as you can so they don’t get fooled by the Ole Wells Fargo Short Sale Approval Switcheroo Too! Photo Courtesy of See-ming Lee 李思明 SML
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March 11th, 2010 at 5:11 pm
I found this page while searching google. Pretty surprising too, since google tends to show relatively old results but this one is very recent! Anyway, very informative, especially since this is not an issue a lot of people are able to write about. Take care…
March 12th, 2010 at 12:13 am
Did you create your own blog or did a program do it? Could you please respond? 59
March 12th, 2010 at 2:54 am
Do you know what the BPO wells did came back at?
March 12th, 2010 at 8:39 am
Hey Dean-The BPO came in right at the offer price. Funny, because we had a previous offer at a much higher price and the BPO came in fine there too! It’s extremely frustrating to have no control over this situation. Thanks for your comment/question. BTW, has anything like this ever happened to you?
March 12th, 2010 at 8:41 am
Hey Mendy-I did create the majority of my blog but it’s on a MU Theme in WordPress.
March 12th, 2010 at 8:42 am
Almost every one of my posts usually makes it to Google the same day I publish them…this is a very nice feature of this network. If you’re interested in learning more, feel free to contact me.
March 12th, 2010 at 9:14 am
Patrick shoot me an email, I can try to help you figure this out this morning… let me know what the bpo and offer are
March 12th, 2010 at 9:50 am
[...] I wrote an article about the Seattle Real Estate Market and Short Sales. In particular, my woes with a year long Short Sale that was all set to close until we got word [...]
March 12th, 2010 at 11:09 am
Sounds Like you need to “Get Jesse!” Hope you get this worked out. I feel really bad for the Sellers/Buyers – the banks just don’t seem to care that they are screwing with people’s lives. I know you’ll bulldog it though.
March 12th, 2010 at 9:48 pm
Hey Jim-I put a call into Jesse and hopefully he will see what he can do! What a mess!
March 13th, 2010 at 8:43 am
thanks,
March 14th, 2010 at 12:43 pm
No…thank you!
March 25th, 2010 at 2:11 am
Hey very nice blog!! Man .. Beautiful .. Amazing .. I will bookmark your blog and take the feeds also…
March 25th, 2010 at 1:49 pm
Thanks Virginia for your great words of encouragement! I appreciate that and I look forward to hearing more of your comments on my future posts!
April 11th, 2010 at 11:40 am
Hi – I want to say thank you for an interesting site about a subject I have had an interest in for a while now. I have been lurking and reading the comments avidly so just wanted to express my gratitude for providing me with some very good reading material. I look forward to more, and taking a more proactive part in the discussions here, whilst learning too!!