Dear Wells Fargo... Congratulations! You Bought a House for $8,000 less than offered!

By
Real Estate Agent with Henderson, Thornton, Broomfield and Westminster 100026886
http://actvra.in/r27

 

Dear Wells Fargo,

illustration of house in chains


Congratulations!  You've bought a house!  I know you are going to be very happy there.  The schools in the area have a great reputation.  What's more, there is a community pool, tennis courts, and an extensive trail system throughout the area's lakes and open space.  

Even though you have never seen the house or been inside - in fact, you aren't even in Colorado - I know that you will appreciate the 5 bedrooms and 4 baths.  The basement is set up perfectly for out of town guests, with its full bedroom and bath and large rec room.  I'm sure you will have a lot of visitors who will want to take advantage of your hospitality, so you'd better make sure you have plenty of towels!

And what a wise choice you have made, declining the short sale offer that was $8,000 more than what you have declared to be the opening bid at the foreclosure auction.  So shrewd.  I'm certain that the legal fees and holding costs and loss you are taking on the original loan are much, much less than that.  What an excellent business decision!

Plus, this house has so much room!  Not to mention a 3 car garage and large yard with a brick patio.  Oh, Wells - may I call you Wells? - imagine the warm summer days you will spend on the patio barbeque-ing with your friends.  Will you invite Bank of America?  And Citigroup?  And Chase?  

Enjoy your new home!  I can only imagine that when you saw this beauty come up in your loss mitigation files, you could hardly wait to move in.  Why else would you force this foreclosure auction when there is a valid offer in the works?  You knew the sellers were in dire straits when you got their hardship letter.  Loss of income?  Pish!  Terminal Cancer?  Tosh!  You wanted this house, and - by golly! - you got it.

Nice job.  Have fun at the auction!  Oh- and don't forget that you need to bring certified funds for the full amount of your winning bid.

Sincerely,

Jennifer

winking smiley face

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Comments 165 New Comment

Rainmaker
205,471
Erby Crofutt
The Central Kentucky Home Inspector, Lexington KY
B4 U Close Home Inspections&Radon Testing (www.b4uclose.com)

Jennifer, just in case you hadn't noticed:  Your sarcasm is dripping.

Some sad humor there.

I'm sure there are hidden economic incentives for the banks somewhere!

January 14, 2012 06:22 AM
Rainer
9,942
Glenn Ashby
Your Full Time, Full Service Real Estate Solution
Century 21 Partners
Rock Realty, How about "We had to blow that MIP and Tarp Money somewhere".
January 14, 2012 02:46 PM
Rainer
29,185
Joseph Holbrook
CDPE(Dulles Area 703-651-9169)
Keller Williams Realty

Not surprising and will continue to happen likely unless the incentive for working with people cost them less than not working with people.

  Why should the big banks sell to someone when you can probably get some welfare payments from the government or insurance/guarantee to cover some costs and play a gamble.

Or for that matter that expert appraiser that was the lowest bidder and had to call you for dam directions tells the bank its worth this amount and then you find out this appraiser came from 120 miles away.LOL:)

Also, I think the BPO process is flawed but what do I know.  Pay someone like $50.00 who is actually local and they give the banks the more appropriate realistic price. Then they give the listing to some other company that is a buddy of a sister in law who lives 70 miles away.  

  Just like the "Shadow Inventory" I believe there has to be "Shadow Insurance" for the banks.  It's there hidden in some mysterious form but no one wants to talk about or admit it I believe and assume.  

January 14, 2012 03:41 PM
Rainmaker
124,583
Matt Robinson
Pensacola Real Estate (850) 292-4000
ERA Emerald Coast Realty

Wow, only $8,000 less?  I've seen them foreclose on my short sales and end up taking tens of thousands less...and end up holding it for months longer. 

August 10, 2012 10:58 AM
Rainmaker
391,137
Mike Young
FHA 203k Consultant 707-812-7668
203kOnLine.com, covering California & most other states

I love it. WE had one turned down on a counter offer only to see the bank listed it for less than our offer just a week later, the same buyer made another offer a few thousand less and they accepted the offer. Not Wells Fargo however.

Lets see, we make an offer, discover some really bad stuff is going on, disclosed it with a lower offer to cover it, they turn it down, and then list it for less than our offer a week later, and were willing to let us negotiate a bit lower after refusing to negotiate and sell faster a week earlier. There is just no rhyme or reason. I think it must be personalities. 

I had a seller's agent visit me at my inspection telling me the negotiations have already been done on another property, then I found misrepresentation in his listing. When we counter offered lower, he didn't even ask the seller, he just dropped the price and sold the home. I guess he did have the power to negotiate when it was his error. lol

September 03, 2012 12:08 PM
Rainmaker
331,993

Jennifer Prestwich

Your Castle RE Colorado
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