2 comments

1. 

   Kathleen
   

   January 5, 2011

   Hello,

   We have a question about a Wells Fargo FHA Short Sale. We would be very grateful for your expert advice/information. My husband and I are pursuing a home in Rhode Island. It is an historic home with one Wells Fargo FHA loan. Here is our situation:

   -The home is listed at $265,000 and we made an initial offer of $250,000 but asked the seller to hold the offer until after an inspection was completed. The inspection revealed that the home had $75,000 worth of structural damage due to termites and powder post beetles.

   -We reduced our offer to $190,000. They countered with $250,000. We said we would not go above $215,000 ( we have performed significant research on comparable homes and MUST acknowledge the strucural damage and how that impact the FMV – right?)

   -They recountered with $235,000 stating that they can’t accept anything less than 88% Net.

   -We feel the list price in not appropriate due to the structural damage. There are no other bids on this home at the moment. In addition to the $75K the home will need further repairs.

   -We want this house but do not want to over pay or take additional risk due to the damage.

   Is there hope that we can work this out or should we walk? We have been negotiating for 2 weeks with the seller’s agent. Also, we made a mistake and we are working with an agent with no short sale experience. It has made the process very difficult.

   If you can call us that would be great. Please email and I will provide my cell number.

   Thank you in advance!
2. 

   josh
   

   January 6, 2011

   I will email you on your Gmail account!