September 13, 2017

Wells Fargo short sales have been quite a challenge for the last few years. It takes a lot of patience and persistence to  get these done, and this Wells Fargo FHA short sale proved no exception.....

After struggling with her West Haven home for several years through a series of unsuccessful loan modifications, our seller was ready to throw in the towel and move out of state and a short sale was the only solution. 

Because of the state of Wells Fargo, we expected a rough road ahead...

Finding a buyer for the home proved quite easy and within a few weeks we were under contract.  Miraculously, it only took 4 months for us to get Wells Fargo to produce an approval and we were on our way!

Unfortunately, our buyer flaked out soon after. Back on market we quickly secured another buyer, however it was then that our problems with Wells Fargo began. Our next appraisal by Wells Fargo came in outrageously high, and the buyer walked.

This same sequence of over-valuations coupled with buyers walking repeated itself for another solid year as the short sale was repeatedly declined and we were forced to start over. 

Thankfully we are very persistent! It was with our 4th and final buyer that we finally turned the corner. After months of pushing, Wells Fargo got the file moving again and a valuation finally came in to reflect true market value!

18 months after this West Haven homeowners Wells Fargo short sale journey began, the sale finally closed, with our seller finally relieved of her over-leveraged home and completely forgiven of the mortgage debt!

Last Updated on September 13, 2017 by Minna Reid

About the author 

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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