Today we received the seller's lender approval from Wells Fargo on a short sale contract we have had pending since the end of December 2012. After waiting VERY patiently, we get an ABSOLUTELY UNBELIEVEABLE response. An agreed purchase price of $59,000 gets a counter offer from Wells Fargo of $118,400. WHAT??? The negotiators at Wells Fargo seriously bumped their heads. How in the world could they come back with such a crazy mad numbers....
Yes, I know the market is improving, but 100% improvement in 90 days??? I think not. Needless to say the buyer is disappointed. I was on the floor in tears of laughter. I got up to take just enough time to write this post. After all of the work this short sale required (the continuous request to sign every document with a 'wet' signature, etc.)...what to do, what to do...
I came to the conclusion that short sales are a heck of a lot of work. Yes, I knew that before, but this one was another eye opening, reality check. And for free.... Does this sound familiar? Working for free?
Maybe the negotiators should give out consolation prizes when they know they are destroying a deal? A gift card for a free dinner and/or gas for the car with a note of thanks for all of the hard work? Maybe we can make that a law? Just kidding.
I have reminded my buyer that short sales have to be a last resort.
