Wells Fargo Home Mortgage / short sale fiasco!
Good luck to anyone trying to work with Wells Fargo on a short sale...I have considered it my part-time job for 5 months. When my deadbeat tenant finally moved out, I began looking at a short sale for what had become a distressed property. I had a buyer, but every time I contacted Wells Fargo they wanted something else before they could review the offer. When I said, 'Is there any checklist or form that shows what is needed?' they said, 'No, but I will list the things for you.' EVERY SINGLE list was different...it was maddening. After listing the house with a realtor, at their insistence, and spending literally hundreds of hours on the phone with the WF staff and realtors, they said the offer received wasn't high enough...it needed to be $10, 000 higher. I thought that was the unfortunate end, but wait...it gets worse! The buyers raised their already very respectable offer by $10, 000 and resubmitted it late last fall. Today is Feb. 3, and my realtor just called and said Wells Fargo now says that offer is not enough, though it is practically the payoff amount for the loan! I asked what my realtor thought would happen next, and she said, 'It doesn't make sense, but they are going to end up paying someone to bulldoze the house, and sell the lot for a quarter of what they could've made for the house on the lot.' Well, that will happen over my cold and dead body. I have worked too hard on this to let it go...I will be on the phone 8 hours tomorrow, and will not rest until I have found a way to revive this deal.
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