We brought you the story of the HAFA short sale that was still headed to foreclosure even though the owner was approved for the new government short sale program. Well, the foreclosure was stopped just a day before foreclosure and now Wells Fargo has sent in the short sale approval letter and we’re scheduled to close on August 16th. So, the homeowner has time to make the transition and the closing will happen within 3 months total for the new buyers. Now, the item that is starting to becomea trend with Wells Fargo is their demand for cash at closing from the seller. If it had been a direct loan backed by Wells Fargo, that would not be requested by Wells. But this loan was backed by an investor, so Wells Fargo has asked for $5,000 cash from the seller at closing. Of course, we’re still working on negotiating this down and we’ll keep you posted. The biggest news for the seller is – they’re waiving deficiency and they’re not asking for a promissory note for the amount not paid off. Here is a copy of the approval letter:
For additional info on this case, here is the first article written on this short sale:
Bank of America Co-Op Short Sale Program Works to Pay Sellers CASH at Closing!
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About Jennifer Young
Jennifer Young is the CEO and Team Leader of Jennifer Young Homes with Keller Williams Realty. Jennifer is a highly experienced real estate agent and industry leader specializing in the Virginia, Maryland and Washington DC market. Jennifer sells Regular Sales, Short Sales, Foreclosures, Rural Residential & Land. Her team has helped hundreds of troubled homeowners for FREE! Call Jennifer today for a free consultation at (703) 651-5655 or email her.
Hear from our clients…
Jennifer Young was a great agent, especially because of the amazing team working behind the scenes. Her and her staff knew so much about short sales.
Jennifer Young sold our home for us in Fairfax, VA and did an incredible job. It was priced right and went under contract in less than 10 days.
We worked with Jennifer Young and her team when short selling our property. They were on-the-ball and completely on top of my case at all times. .