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We recently recorded a video (got to learn how to use a mic) about a Wells Fargo Short Sale. Here we go into why we like Wells Fargo Short Sales.
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Short Sale Listing Information
It’s important to understand the bank’s viewpoint.
BPO (Bank’s Appraisal is High)
They think the home is worth more so their REO comparisons have a “happy ending.” Meaning, they think they can resell the home for more then your offer.
You Want More Closing Costs so You Increase The Price (the Net to Seller Remains the Same).
They believe that any increase in PRICE is a good one and that ALL INCREASES should increase their net. The idea of increasing the sales price to include closing costs is a bit foreign to them, in that they believe that you do that to get in the home.
It’s a Short Sale, I should get a good Deal
Finally, they feel that the home should be sold at RETAIL as short sale.
Although these things may not be logical or rational, this is their “belief system.” There are other things that I could add, but I’m hoping I’ve given you enough to help you understand their viewpoint.
Optional otherviews:
All Short Sellers are “bad.”
Agents are vultures
Investors are of the devil
% are good
Confusion helps subsidies
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