Wells Fargo Short Sale and FHA Short Sale Battle - Ramsey Short Sale Realtors

[kevinsellstheupstate]

oh btw the property has also been listed for 9 months.

[kevinsellstheupstate]

yep. working on one right now where the appraiser did not use the house to the left and to the right of the subject (even though more recently closed) but used some comps almost a year old. Waiting to see if NSC will provide a variance.

[ShortSaleShift]

@kevinsellstheupstate yeah, its crazy out there!

[SellingMemphis]

Boy do I feel your frustration. 60+ days on a PFS Property. All documents sent, value in line.. and yet we are still waiting for approval letter. Have called FHA and have open ticket - no movement. Have contacted WF management - no assistance. Have contacted upper management - no assistance. We have a ready and willing buyer willing to meet all FHA terms and still cannot get an approval while property values are declining!

[ShortSaleShift]

@SellingMemphis hahahaha, we have the same thing going on? Are you sure you are meeting the correct net? When we have a FHA file that meets the required net it usually goes pretty fast especially in the Wells Fargo Short Sale Department. The rapid increase in declining prices because of the gov't incentive gone will be tough to get BPO's inline with the decreases.

[SellingMemphis]

@ShortSaleShift We are right in line with the net...even a few dollars above. We have jumped through every hoop thrown at us. Even arguing with the loss mitigator about TN Contract law. She wanted me to do something that violates contract law. Amaaaazzzzing what has gone on with this file.

[ShortSaleShift]

@SellingMemphis What are they stating they still need for the file?

[SellingMemphis]

@ShortSaleShift Nothing...absolutely nothing from me. It still has some "in house" things to be done and then to the auditors is what I have been told. Of course been told that for weeks now. I send a complete package upfront so they have had everthing they needed for quite a while now.

[ShortSaleShift]

@SellingMemphis You have to keep pushing them everyday to get status updates and timelines for when you should expect the approval. Threaten to call HUD, or call HUD and explain your case. The squeaky wheel gets fixed everytime.

[SellingMemphis]

@ShortSaleShift I call/email minimum twice a week. Have called HUD and have an open ticket with them (for 2 months now), called him 3 times just last week. That's the ultimate frustration. I know the guidelines for a PFS property, have the form 90045, yet lender and even HUD are not complying. UGGGGHHH! But I just keep pushing.

Loved your video...I'll look for more. I also follow Group 46:10. They are awesome!

[ShortSaleShift]

@SellingMemphis Sounds good, the more you push the more you get results thats for sure! Yeah, we love Kevin and Fred and follow them as well!!