the dawn difference

Let's Track a Wells Fargo Short Sale Together Property A22

Bank: Wells Fargo

Listing Agent: Dawn Maloney

Let's call this Property A22. I'll update you from time to time as we make any progress.

Where we are in the process: House has been listed and marketed, we have a contract, all has been submitted to bank's attorney.

What I received today: A letter requesting all we have submitted be RESUBMITTED only on variations of THEIR FORMS.

"For an offer review, please provide the following highlighted documents within 3 days:

 1. Current Listing Agreement

 2. Property Status Report (attached) (They will not accept MLS printouts, I will have to fill out a separate report!!)

 3. Purchase agreement signed by the seller

 4. Preliminary HUD or net seller’s sheet

 5. Buyer pre-qualification letter specifically stating the loan amount (It would be great to have this information beforehand!)

 6. Documentation required from the seller/seller’s:

 a. Written authorization to release account information (attached)

 b. Hardship Letter (attached in SS packet)

 c. First two pages of the last 2 year’s federal tax returns

 d Last 30 days of paystubs. If the seller is self employed, we need the most recent profit and loss statement.

 e. Last year’s W2’s

 f. Financial Statement (attached)"

I've done a number of Wells Fargo short sales, and they are never easy. Let's see if this one is any better.

Tips welcome, questions welcome, opinions welcome.

Let's Track a Wells Fargo Short Sale Together Property A22

We see this problem over and over again...please do everything you can to make sure your HOA dues are paid OR that the buyer realizes they will have to pay your HOA past due fees. And keep your agent informed of any correspondence from your HOA, and how many months you are behind.

Your short sale success hangs in the balance.

Thanks to Katerina Gasset for this timely post!

Fastest short sale ever!

Pre-approved from the start and seller incentive of $10,000. That's right. Done in three weeks and seller gets a check.

The bank? CHASE. No insanity, no Equator, no 100 page files to fax.

I guess I don't need the FBI on this one.

It Was A Day For Kissing Frogs...Yuck!

To find a prince of a house, you need to kiss a lot of frogs!

We headed out with high hopes, that one of the four houses we saw might turn into "the house" - the one that has the right shape

but maybe not the right interior, or kitchen...

or perhaps needed wallpaper removed...

or landscaping refreshed...

or even a bathroom gutted.

However, today's tours were like hitting the swamp - lots of frogs and no princes, no matter how many kisses!

We saw creative built in clocks:

And antique bathrooms:

Every house was like a time capsule...

Or it was painted salmon...

Or the basement wall looked like a giant sat on it.

But the encouraging thought is buyers looking for fixer uppers under $200,000 in our market

will probably save about $20,000 to $50,000 if they choose carefully

and do a lot of the work themselves.

Not a bad part-time moneymaker, if you ask me.

So today was not "the day" to find "the house"...

It was a day for kissing frogs...yuck!

Yes Virginia, you can insult the seller.

Tonight we shall hear the tale of Ms. Virginia Buyer, a lassie who found a wonderful home that had been for sale for a long time. Virginia ASSUMED that the home's owner, Mr. D. Seller, only used his initial D because his first name was DESPERATE.

Although Virginia liked the house and knew it was a great value, she decided to see if she could get the house for a steal since she was positive she knew Mr. Seller's real first name. What else could his name be after all this time? He would be grateful for her offer and accept it immediately, with humility.

 After all, she reasoned, this is just business. It isn't personal, she told herself...I know the offer is 20% under asking price, but great buyers like me are hard to come by.

All the while, she really was falling in love with the house, but refused to accept that her low offer (that asked for the potted plants and all the antique furniture that had taken years to collect) might be completely rejected...

She wrapped her offer in a shiny gold box with a silver bow and boldly presented it to Mr. D Seller.

When Mr. D Seller opened the box, he was shocked but, since he thought Virginia might be a little naive, he suggested something a little more doable. It was a generous gesture.

However, Virginia mistook Mr. D Seller's generosity for a last desperate act...and didn't even come close with her counter. It is a buyers' market, she told herself.

Imagine her surprise when she learned that Mr. D Seller's first name was by no means Desperate. Actually, she will never know his first name because the negotiations ended, and Mr. D Seller asked her to leave and never come back. Mr. D Seller knows what his house is worth, and in fact got another offer the next week for a fair price, and Virginia didn't get the house she loved - at any price.

Now it belongs to someone else.

Yes Virginia, you can insult the seller!