Wells Fargo Closing Experience - Reader Mailbag

Here is an interesting email from a reader about a Wells Fargo Closing Experience. "WFCE" writes:

Hi Mish,

I spoke with you a little over a month ago. Here is a note about what it took to sell our house with the closing at Wells Fargo.

We got to the morning of our original closing date, we had moved out of our house, the buyers had changed over the utilities to their name, and there was no closing! Wells Fargo, who had already approved the buyers' mortgage and guaranteed the closing date, suddenly was not handing over the money.

After much turmoil and many phone calls, they requested of the buyers an additional $10,000 down, which the buyers agreed to. Still no money! After many more phone calls they asked for an additional $17,000 downpayment. Our buyers, who are financially secure and own another home outright got the original amount within a week.

Our house finally closed yesterday, one month after the original closing date.

We are still working on buying another property by short sale, the bank has agreed to our offer. The holdup is that the owner had a $10,000 credit card lien against the property and now has to negotiate with the credit card company and get the lien removed.

WFCE

Anyone else experience anything like that, with a bank coming in twice and asking for additional down payment money after the loan was already approved?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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