Asheville Short Sale with 2 Wells Fargo Liens

This short sale involved a beautiful townhome near the Asheville Farmer’s Market.  I am still amazed that homes in this neighborhood are selling around $200,000.  But that’s the reality of the real estate downturn.21 Jeff Drive

This short sale scenario was one that I see quite often – a first mortgage and a home equity line.  While both of these mortgages were with Wells Fargo, it’s important to note that Wells Fargo Home Mortgage and Wells Fargo Home Equity are two completely different entities as far as short sales are concerned.  Wells Fargo Home Equity is not all that difficult to deal with in my experience, and you will probably get to speak with a live person more often than not.  But Wells Fargo Home Mortgage uses the cumbersome Equator online system, which means that the majority of the communication with them is through this electronic system.

But all of this is still navigable territory for Realtors and attorneys with ample experience with short sales.  The hardest part of this short sale was actually with the buyer’s lender.  Because the homeowners’ association was not yet formed, there were certain lender requirements that could not be met.  Long story short…the lender was a local credit union, and that meant they had the flexibility to approve a different loan for the buyer.

This entry was posted in Closed Short Sales, Short Sale Info for Sellers, Wells Fargo. Bookmark the permalink. Both comments and trackbacks are currently closed.