All Forum Posts by: Alex Locklear
Alex Locklear has started 70 posts and replied 187 times.
Post: Wells Fargo Short Sale Addendum
- Investor
- Cary, NC
- Posts 218
- Votes 29
I just called wells and think cleared everything up.
The person I spoke with said the "flipping" verbage was to insure the seller (person short selling) wasn't going to turn around and make a profit some how on the property they were having to short sale...
Post: Wells Fargo Short Sale Addendum
- Investor
- Cary, NC
- Posts 218
- Votes 29
I have not received approval yet, but I believe I would get approval once this is submitted.
It is called "Short Sale Contract Addendum".
Post: Wells Fargo Short Sale Addendum
- Investor
- Cary, NC
- Posts 218
- Votes 29
Right, and I have not even begun marketing for the C buyer yet. I was waiting for verbal approval to start marketing.
Post: Wells Fargo Short Sale Addendum
- Investor
- Cary, NC
- Posts 218
- Votes 29
Originally posted by Michael Quarles:
I have completed doubles with First American Title with that addendum... Maybe its because of the agreement I use... Or maybe its because the language is so vague... I am not certain it matters that they explain their position or not...
Try inserting the following into your agreement
XV. RESELL: Seller authorizes the Buyer to enter into a sales agreement to resell the property during this escrow period. Seller is aware that Buyer intends on reselling the property for a HUGE PROFIT. All profits made by Buyer during this transaction relating to the reselling of the property are the sole interest of and solely owned by the Buyer.
XLV. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon any of the Parties hereto unless incorporated in this Contract. No modification or change in this Contract shall be valid or binding upon the Parties unless in writing, executed by the Parties to be bound thereby.
XLVII. MARKETING: Seller authorizes Buyer to market property during escrow for Buyers benefit. Marketing is defined as, but not limited to, placing the property for sale in the Real Estate Multiple Listing Service (MLS), advertising in the Newspaper or other periodical, and placing a for sale sign on the property.
Michael--
I have this in my contract:
"SELLER hereby grants the Buyer and or their representatives all of the necessary rights to immediately list
for sale, market, negotiate and enter into a contract to lease or sell immediately to a third party for a profit.
All documentation in connection with the foregoing will be made available at the request of all Lenders,
Sellers, and Buyers involved in the transaction."
Post: Wells Fargo Short Sale Addendum
- Investor
- Cary, NC
- Posts 218
- Votes 29
I'm thinking of just adding a written addition to their addendum that states I have the right to resell once I'm on title. If they give me approval, I guess that means they accept it.
I have asked the negotiator to define flipping and he has not returned my email. The deadline to keep the file open is today (he only gave me 1 day) so if I don't hear from him in the next hour or so, I'm just going to have to send it in with an addition attached...
I just don't understand lenders.
Post: Wells Fargo Short Sale Addendum
- Investor
- Cary, NC
- Posts 218
- Votes 29
No it doesn't at all.
Post: Wells Fargo Short Sale Addendum
- Investor
- Cary, NC
- Posts 218
- Votes 29
The negotiator just emailed me with the following response:
"if you are doing one of the items that is restricted then the shortsale cannot be completed but if not then the shortsale addendum has to be signed accordingly. thanks"
Post: Wells Fargo Short Sale Addendum
- Investor
- Cary, NC
- Posts 218
- Votes 29
Originally posted by Audley Humes:
In the past week, WF has rejected two of our Option Contracts. We've since created a Standard P&S Agreement with appropriate addedums/disclosures.
Good luck!
It does state in the contract that I have the right to immediately resell for a profit.
I used a standard P/S agreement with appropriate addendums. I don't think most banks like options anymore.
I just sent the negotiator an email that stated:
"Sounds great; I will get everything to you.
Can you please define "flipping" in the contract addendum? I am an investor and I do intend to buy and resell for a profit.
My title company will not issue a title policy because the language in the addendum is too ambiguous. I will need to have the right to resell the property once my name is on the title.
Thanks for your help and clarification on this."
I hope this was the right way to go about it..
Post: Wells Fargo Short Sale Addendum
- Investor
- Cary, NC
- Posts 218
- Votes 29
Originally posted by smitnlit:
I just had this same thing happen with WF. Have your negotiator go back and "define" what they mean by flipping and just explain you do intend to resell the property for profit.
The LM for WF came back and told me they just didn't want me actively selling the property when they hadn't approved the short sale. So, we waited and once we got approval, started marketing it.
Good luck.
AWESOME! This is good news. Thanks a lot guys (and gals!)
Post: Wells Fargo Short Sale Addendum
- Investor
- Cary, NC
- Posts 218
- Votes 29
Thanks Scott for the great reply!!
Which option would you try first? Option 1 or option 2?
I'm going to try option 1 and 2 and if neither of those work out, I guess I'm just going to go straight from A-C...