Every once in a while, we want to vent our frustrations to maintain our sanity in the complex short sale business. It also helps us keep fueling the passion to battle the banks because some days are more complicated than others.

We do not loathe Wells Fargo. Nevertheless, they are failing us today. The loan that we are having troubles with is an FHA loan. So, that could be part of the problem holding things up. We will have to escalate with this file. Here is the story.

We received an offer on a house, a town home in Maple Grove. The listing price was dropped to $129,900 and we got a very decent proposal on the property. We actually counteroffered and received an even higher offer. So, now we are sitting on an appraisal disagreement because the bank is not happy with the value that they got.

Wells Fargo showed us the appraisal information and they were using comparables from six months ago and failed to take into account any houses that were short sales or REOs. Furthermore, the whole town house development is short sales and REOs. They will only consider active listings that were of regular sales.

Obviously, this is a short sale. Nevertheless, we are not permitted to use the exact same town houses that were sold via foreclosure or short sale. We have a closing that is thought to be in August. This procedure with Wells Fargo is preposterous. Why don’t we go back four years ago and glance at those sales?

We will get this sale closed. This has happened before, but we sought to give people a little insight as to why loan modifications don’t work and why other agents do not close short sales and why short sales take so long. We have submitted seven comps that were lower than the bid on this town house. We will happily pay for a airplane ticket for Wells Fargo to get here and see the comps and tour the home. We know the market and we will close this transaction.

Minnesota Short Sale Shift can answer your questions. We are Minnesota’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota