I have been working on a short sell with Wells Fargo for over two months now. It is siting on the approver’s desk. They asked me and home owner to list the property with realtor, so we did this month back. Now realtor got offer on the home which is 23k more them my short sell offer. Realstor said she will present that to bank unless I want to up my offer…
Anything can be done here to save my offer on the table? Any related help/experiences will be appriciated…
Thanks,
DFW
Had the same thing happen to me a few months ago on my first short sale outing. I posted the exact same question you have. The short of is there is not much you can do about it now. Take this as a lesson and go out and find a friendly realtor who will be on your side. By that I mean that they will treat this listing as a ‘pocket listing’ I am told that means they do not advertise the listing on the MLS. This will allow you to show the lender that the home has been listed but nobody wants it. Call up a few realtors and introduce yourself. Tell them you get deals and need a realtor to sell those deals you do not take.
Keep watching this deal because it may not work out and you could swoop back in to take it.
Has the bank accepted your SS offer? If so, can you just buy it & flip it via a double close? If not, can someone tell me how you would make $ on this deal?
I found this seller when he was doing “sell by owner” and did all of his paper work and listed home with my realtor friend. Who did treat this listing as pocket listing. She didnot advertise or worked on it much. Just listed it and also back dated it.
Bank has not accepted my listing but the package we sent originally has my offer letter and contract. They did BPO and whole 9 yards… now the file is under approval…
This offer was not soliciated…or atleast what I know… it just came in and realtor was under obligation to present to bank becasue sellter was excited since it is close to what he owes and bank will not have to take much loss…
Did you have a contract in place. In that case i must be missing something. Once you have it under contract with HO, no one else can make an offer. Else everybody would be having a lot of problems when they work with realtors.
confused, maybe keith can elucidate
steve
I do have Texas formal contract to purchase and HO and I both singed it back in August and submitted to Wells Fargo for approval.
Looks like this new offer came in and HO singed it as well… does it put him in trouble?
Do you mean that once we have one offer submitted to bank realtor should put the property pending so no one can offer on it? But in this case… Wells Fargo want all offers.
Please help.
DFW
Steve
I’m not sure but since this is a short sale it is subject to bank approval. That means that they, not the home’owner’, make the final desision.
Has Wells Fargo issued a letter approving the SS? If not then I guess they’re in the driver’s seat & can accept the other offer. Of course, the Realtor probably doesn’t care b/c they make more $ with the higher price.
In my opinion you should walk away. No doubt troubling because of the amount of work you’ve put in. But the bank is looking to minimize their loss, the homeowner is looking to minimize his potential tax liability and you are not in the position to force the issue. And yes, WF holds all the cards here.
No. That must have been an FHA loan which has been standard operating procedure for the past 7 yrs or more. Too bad no one let you know that. The lender is obligated to take the highest offer. Wouldn’t you?
EH