We have a Wells Fargo Short Sale that is Stalled. Negotiator has Countered Several Times approximately $50,000 higher than the Sold Comps! Balance owed to Wells is Far Less than where
the Counter is from the Negotiator. Buyer's Lender Appraisal is In at Contract Value, however the
Negotiator Still insists on Countering Above the Appraised Value! Spoke with the FM escalation
helpline, and their question was Why would we counter higher than What is Owed to Us? Can
someone Advise How we can get this one Moved beyond this Stalemate? If you have management
connection, please inbox me privately at email@example.com. Homeowner tried to do this
SS while current, Married one yr ago in MI., Property in AZ, now has relocated to be with her husband
after one yr of trying to do the Short Sale current, and was denied. We are now facing a FC date!
Please Advise on this one! Really Stumped in AZ!!
WF is working for the investor - OK, in theory. You need to know who is setting the rules and their funky peculiarities. FNMA is well known at this point for boosting the price 20% above market value, for instance. FNMA and Freddie use BPO's which are often notoriously inaccurate and they use some database of "market value" which is often insane (you can probably get to it via your MLS and see for yourself - I looked up several FHA's because their appraisers are licensed and usually very good - huge differences between them and the database usually). You need to know where the negotiator's issues are coming from. You probably also need to attack the investor directly - you have a real appraisal - use it. Ram it down their throats. WF loses money on short sales, don't expect them to be gung-ho helpful.
If you get no traction, you will need to bring in heavy guns - get a state senator involved, complain to the state AG - someone who can make the bank/investor see that you are serious and not going to roll over (like most of the American public does and has).
Thanks for the Advice. Yes we have a REAL APPRAISAL!