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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.
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....
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....
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.
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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