This Destin Florida home on 90 Legion Park Loop was just approved for short sale by PHH, who services Coldwell Banker Mortgage.
Mortgage Balance: $400,000 appr
Sale Price: $185,000 appr
Faxed short sale package: September 29 (final contract) AND April 24 (initial contract)
Received Approval: November 19
Time for Approval: Almost SEVEN months **
**Notes: Original short sale contract (buyer walked) was submitted on April 24. PHH/Coldwell Banker Mortgage never finalized approval on that submission. Thus, the second contract faxed on September 29 was just a continuation of the initial process. For several months, PHH would rarely return my phone calls, emails or have any information as to status of this file. This Destin short sale was finally approved, in all probability, because it was escalated due to imminent foreclosure sale.
In conclusion, based on this experience and a similar one in process, PHH is still vying for top spot in "10 Worst Short Sale Lenders" of 2009.
If you need to sell your home as a short sale in Destin, Miramar Beach, Sandestin, Watercolor or Rosemary Beach, Florida, it is best to hire an experienced short sale agent.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Short Sales & Pre Foreclosure Help.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com
Call Wendy Rulnick, to list and sell your home or condo on the Emerald Coast of Florida in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast. Wendy has been interviewed by Kiplinger Personal Finance Magazine and Business Week magazine, as well as appeared in Florida Realtor Magazine.
Wendy...its a sad state of affairs, I still have a deal under-contract from May, I have out-right accused the Mortgage servicing company of keeping the deal in limbo to continue to milk the fees...they deny that but yet we haven't closed it yet either. No one can move on...when you are in limbo!
Seven months is a long one! Good to hear it finally got to the closing table.
Steve - Yes, it is like going into a black hole of helplessness.... head-banging energy spent on these bumbling corporations. Errrrrrggggg.
Bill - I have only had two longer! The other was with the same company. And of course, Bank of America was the second one.
Wendy,
The important thing is you got the job done!
The difference with Short sales and the rest of the real estate market is that with short sales every one is a major headache!
Well done despite every thing!
Bill
Sometimes you have to wonder...when you are helping them too...why they don't "step up"....we know the rewards for everyone of hanging in there....good job....as always.
Great job Wendy. It's the long ones that make you worth it. Holding these together for long periods is an accomplishment to be proud of.
A little different than the eight day deal with Wells Fargo huh?
Bill - Headache, yes. Thank you for the "well done"!
Sally & David - I work for them, exactly :(
Gabe - That is a nice way to look at it, I never thought of that.
Laura - YEP!