I am working on a short sale and received the bank's addendum to the contract. This addendum comes via Wells Fargo (click to enlarge):
I thought the highlighted portions were interesting since they will negatively affect many investor's short sale businesses. Of course appraisal fraud and straw buyers are a no-brainer bad idea regardless of the situation, but what is "flipping" in Wells Fargo's mind? They don't clarify. Fannie Mae has been putting 90 day resale restrictions on its bank-owned sales in order to curb "flippers". However, I don't see any wording or indication that this is the case on this addendum. Perhaps we are just supposed to guess at its meaning and its implications?
Monday, August 30, 2010
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