We are about to submit short sale packet on our house to Wells Fargo. We are making it clear that if they don't approve short sale, the only option we have is to walk away (relocating plus loss of income). The loan is all purchase money, it's a primary residence, less than 2.5 acres etc, so it is non-recourse in AZ.
How likely do you think Wells Fargo may include these clauses in the approval letter?
- Asking us to take on the deficiency or sign a promissory note for the balance?
- That they can come after us later if they find any part of financial statement to be incorrect.
- Bring some cash to closing.
Thanks for your insights!