Consumer complaint received 2017-02-14
Company: WELLS FARGO & COMPANY
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
ON XX/XX/XXXX AN OFFER WAS SUBMITTED FOR A SHORT SALE IN THE AMOUNT OF {$600000.00}. this WAS THE RESPONSE ASKING FOR A HIGHER OFFER BASED ON A DRIVE BY APPRAISAL NOT GIVING ANY CONSIDERATION TO THE ACTUAL CONDITION. ( I am the negotiator for the first lien on the above referenced property, and I have reviewed the offer received from XXXX in the amount of {$600000.00}. Please be advised a written counter offer letter was sent to the Seller XXXX XXXX ) with the following information. 
At this time, the offer received does not provide sufficient net proceeds to be able to accept the short sale offer. Please reach out to the buyer 's agent and counter to the XXXX amount of {$860000.00}. We will need to obtain an executed addendum and XXXX reflecting the counter offer no later than XX/XX/XXXX to continue the review. If you are unable to obtain the amount above please submit the highest and best offer from the buyer XXXX XXXX ) so that we can make our final decision. Please be aware that an offer below the amount above may result in a decline of the short sale. Please be advised that a full appraisal was completed in XX/XX/XXXX and the full value came back at $ XXXX. A recent desktop appraisal was completed on XX/XX/XXXX and the value came back at $ XXXX so the offer of $ XXXX is pretty far off from the current value we would like to see an offer closer to the $ XXXX based off of the full appraisal value. ) ON XXXX A NEW INCREASED PURCHASE OFFER OF {$670000.00} WAS SUBMITTED INCLUDING THE MOST RECENT COMPARABLE SALES ( SHORT SALES/ FIXERS ). AT WHICH TIME THEY SENT AN INDIVIDUAL WHO HOLDS NO INSPECTION CERTIFICATION OR APPRAISAL OR CONTRACTORS LICENSE TO DETERMINE IF THE DAMAGE WAS SUFFICIENT TO REQUEST A NEW INTERIOR FULL APPRAISAL AND NOT A DRIVE BY OR SUBJECT TO VALUE AS THOSE VALUES ARE BASED ON MARKET CONDITION HOME SALES. THE INDIVIDUAL WAS GIVEN A COMPLETE PACKET INCLUDING AN INDEPENDENT APPRAISAL, HOME INSPECTION, XXXX REPORT AND CONTRACTORS ESTIMATE OF REPAIRS INCLUDING PHOTOS AND SHE DENIED THE NEW APPRAISAL AS SHE FELT THE PROPERTY WAS IN GOOD CONDITION?? I AM TODAY RESUBMITTING THE PURCHASE OFFER FOR A SECOND TIME AND AM EAGER TO SEE WHO THEY SEND OUT THIS TIME ( A LOAN XXXX? ) THERE IS A SALE DATE SCHEDULED FOR THE XXXX OF THIS MONTH SO I WILL WAIT AND SEE WHAT EXCUSE THEY GIVE OR COUNTER WITH. I HAVE BEEN NEGOTIATING FOR SEVERAL YEARS AND HAVE NEVER HEARD OF A LENDER SENDING AN UNQUALIFIED PERSON TO GIVE AN OPINION AS TO WHETHER THE HOME MEETS THEIR STANDARDS FOR A SHORT SALE OR A NEW UPDATED APPRAISAL. I FEEL THAT THIS WAS A COMPLETE WASTE OF TIME TO HAVE BEEN DETERMINED BY A HIGH PRICED SECRETARY WHO ALSO STATED THAT SHE HAS BEEN PERFORMING THIS SERVICE FOR MANY YEARS. I WONDER HOW MANY HOMES SHE HAS CAUSED TO GO INTO FORECLOSURE SALE WITH HER NON ACCREDITED OPINIONS. WELLS FARGO HAS HAD MANY ISSUES BOTH PAST AND PRESENT REGARDING FAIR PRACTICE AND I FEEL THAT THIS SHOULD BE LOOKED INTO.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation