Short sale offer of $185k made by buyer.

This counteroffer just received from Wells Fargo through Equator Workstation.

What will the bank accept from the buyer?
If there is mold remediation needed to be done in the home(or there problems with leaks and damage), will they reduce there expectation if we go back to them with that?
From Wells Fargo:

I have reviewed the current offer and determined it is below the fair market value. I will be countering the offer to $240,000. We are asking you to discuss this counter offer with your clients to secure the highest and best offer; as this increases the chance for an approval. We will require an updated preliminary HUD1 and an Amendment to the purchase contract with the increased offer amount listed. Please undertstand this counter offer is in no way an acceptance of the Short Sale request; as all of the documents we collect will be reviewed by a negotiator in the next stage of our process. If the counter offer does not meet the requirements set by the investor, then a negotiator, may ask to adjust some of the closing costs. Also, a complete list of all the required documents needed for a short sale have been listed below, please see any additional messages that have been sent in Equator; if applicable, ***Please read carefully*** Please understand the current value is a result of an Interior Appraisal which was conducted by a Certified VA Appraiser and then validated internally by our Wells Fargo Specialty Appraisal team. This value has been deemed accurate and is not a result of a Broker Price Opinion (BPO). To prevent delays, please make sure all contracts and documents submitted are legible and accurately completed correctly. It should be stated that we will consider offers that net Wells Fargo no less than 88.13% of the value, or $211,512, after all closing costs. Wells Fargo, as the servicer of the loan, would be doing the VA a disservice if we did not attempt to counter-offer at the Fair Market Value. Please understand that the Purchase Price does not necessarily have to be $240k to be considered for a Short Sale.

Sent by Equator Workstation.

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Replies to This Discussion

Hunter,

       There isn't much that can be done since an appraisal was completed. You may be able to get them to accept a NET slightly less than the 88.13% mark. It seems you are in the position of a value dispute if you don't see meeting that NET as a reasonable possibility. Put together a value dispute package and have it submitted it for review.

If you have any questions please feel free to reach out to me as my door is always open.

Warm regards,

Brett@ishortsalenow.com

310-564-6389

www.ishortsalenow.com

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