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Old 11-18-2010, 11:16 AM
 
62 posts, read 196,766 times
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I am signing a contract for a short sale as the buyer in Valley Stream and the only lien is with Wells Fargo for 455K. The same house went under contract in April for 319K, but didn't get closed because the lender asked for 375K. Funny thing is buyer's mortgage provider appraised the house for only 325K. Since it has been 7 months and the markets have gone further down, I am submitting 321K to the lender hoping it will get approved. Listing agent also advised the same thing. Also there have been no offers for the house since April and the seller fully qualifies for the short sale. Please comment if you know about short and if you had any experience with Wells Fargo.
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Old 11-18-2010, 11:19 AM
 
40 posts, read 39,863 times
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wait so the house appraised for $325k but the seller is asking $375k? Sorry I got a little mixed up with the numbers
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Old 11-18-2010, 12:07 PM
 
62 posts, read 196,766 times
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Quote:
Originally Posted by cr1080 View Post
wait so the house appraised for $325k but the seller is asking $375k? Sorry I got a little mixed up with the numbers
No. Buyer's lender (Bank of America) appraised for 325K but lien holder Wells Fargo appraised for 375K and countered the offer in April.
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Old 11-18-2010, 12:29 PM
 
Location: NEPA
177 posts, read 276,228 times
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It really depends on a lot more factors than just what Well's lien is for and what the home appraises for. To start with, most lenders are not happy to take a loss of over 100K which is why they countered so high....
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Old 11-18-2010, 01:07 PM
 
62 posts, read 196,766 times
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Originally Posted by Three Ducks View Post
It really depends on a lot more factors than just what Well's lien is for and what the home appraises for. To start with, most lenders are not happy to take a loss of over 100K which is why they countered so high....

Market value for that house is around 350K now.
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Old 11-18-2010, 01:34 PM
 
184 posts, read 720,065 times
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short sales can be dragged out for a long time...just a fair warning.
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Old 11-18-2010, 02:09 PM
 
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Is the discount obtained via a short sale worth the waiting, headache and aggrevation? I've looked at a couple of "short sales" but I don't want to endure months of nonsense.
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Old 11-18-2010, 02:19 PM
 
62 posts, read 196,766 times
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Originally Posted by FLtoLONGISLAND View Post
Is the discount obtained via a short sale worth the waiting, headache and aggrevation? I've looked at a couple of "short sales" but I don't want to endure months of nonsense.
House is in great condition and the discount is worth waiting like couple of months before interest rates start to climb again.
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