Short Sale CASE STUDY: 008

Minor Updates – Still Waiting on the Bank

After a few messages to the bank had not been answered I decided to have the seller fax me the form letters he received from Wells Fargo to see if there was a contact number I could find to speak to the processor directly.

I didn’t find what I was looking for but did see that they gave him the option of faxing his financials to them outside of the Equator system.  Since I am still unable to upload any information into Equator I decided that I needed to fax these in inorder to remove any possibility that the lender would
shut the file down because they didn’t receive the documents that they had asked for.

I will continue to be a “squeaky wheel” until I get them to touch this file.  I know from other files I am currently working with Wells Fargo that they are overwhelmed currently and taking over 2 weeks to have a negotiator assigned to complete files.  Adding the FHA layer into this one may push that timeline back further.

Equator Status = FHA Eligibility Check

Foreclosure Status = Active, No Sale Date

A call to the bank today confirmed that they ordered the appraisal on the 6th and don’t expect it back until the 22nd.  They also confirmed that they are not waiting on any documents from me.

It is very important to keep everyone in the loop so I messaged the Agents and Seller on the file.  This way they know that I am continuing to be their advocate.  It also keeps the buyer informed so that he is less likely to browse for another home.

At this point I am confident that the seller and home will qualify for a short sale, I just need to make sure the buyer sticks around. Even if the bank thinks his offer is too low and he ultimately declines to move forward, my work will not be in vein.   We will be able to market the property at a “pre-approved” price and close the transaction much faster for any new buyer that makes an offer.


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