Wells Fargo Loss Mitigation Department
Short Sale With New Cash Buyer Lost When Foreclosure Sale Went Ahead

For the last 1 1/2 years myself and my coworker had been handling a short sale. We have jumped through hundreds of hoops to get this deal on. Our client was upside down to the tune of $349,000 on their 4 plex. Unable to make payments we listed it with comparable units for $134,000. We had an offer of $120,000 which was accepted by the bank after 6 months of waiting for paperwork to be processed. The buyer had a heart attack on the day of closing and was never heard from again. We immediately contracted another buyer with $120,000.00 all cash offer on 8-3. The property sold for $103,000 on 9-14. Here is the reply email we finally received from Wells Fargo after submitting all the requested paperwork for the new buyer and the sellers up to date financials;

Unfortunately, a short sale option is no longer able to be continued at his time due to the expirations of the foreclosure timeline. The sales date for the file is set for 9/14 and without investor approval on the offer we are not able to request for a postponement. Therefore, we do not have the time to try and complete a short sale prior to the foreclosure sale date. Even though the processor did everything they to get the file moved as quickly as possible to, we simply have run out of time. Please notify all parties the property will go to foreclosure sale on 9/14. Please let me know if you have any questions. Thanks!

Laura Nelson
Loan Adjustor
Loss Mitigation
Wells Fargo Home Mortgage | 3476 Stateview Blvd | Fort Mill, SC 29715
MAC X7801-01K
Tel 866-903-1053 | Fax 877-677-5789
Laura. A. Nelson@wellsfargo.com
Office Hours 8:00am - 5:00pm EST

Company: Wells Fargo Loss Mitigation Department
Country: USA
State: South Carolina
City: Fort Mill
Address: 3476 Stateview Blvd
Phone: 8669031053
Site: wellsfargo.com

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