Archive for the ‘Appraisal Report’ Category

Wells Fargo Short Sale Clash

Monday, August 23rd, 2010

Every once in a while, we want to voice our frustrations to maintain our sanity in the difficult short sale business. It also helps us keep fueling the fire to fight the banks because certain days are more difficult than others.

We don’t loathe Wells Fargo. Nonetheless, they are failing us today. The loan that we are having troubles with is an FHA loan. So, that might be part of the problem holding things up. We will have to escalate with this folder. Here is the account.

We got an offer on a property, a town house in Maple Grove. The listing price was dropped to $129,900 and we got a very fine bid on the property. We actually counteroffered and received an even higher offer. So, now we are sitting on an appraisal disagreement because the bank is not happy with the value that they got.

Wells Fargo showed us the appraisal report and they were using comparables from six months ago and failed to take into account any properties that were short sales or REOs. Also, the whole town home development is short sales and REOs. They will only take into account active listings that were of conventional sales.

Obviously, this is a short sale. However, we are not permitted to utilize the exact same town homes that were sold through foreclosure or short sale. We have a closing that is supposed to be in August. This procedure with Wells Fargo is bizarre. Why don’t we go back four years ago and look at those sales?

We will get this sale completed. This has occurred before, but we wanted to provide people a little insight as to why loan modifications do not work and why other agents do not complete short sales and why short sales take so long. We have submitted seven comps that were lower than the proposal on this town house. We will gladly pay for a airplane ticket for Wells Fargo to get here and see the comps and visit the house. We know the market and we will complete this contract.

Get more help from short sale Realtors, Josh and Sarah, at

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