My most recent Fort Walton Beach short sale approval was like going through ten rounds in a boxing match. The senior lien, Carrington Mortgage, initially wanted the seller to pay a $150,000 promissory note, or about $450 per month, to cover the loss. The seller, having no income, said no. Carrington then dropped the request and asked for a cash contribution of $10,000. Again, the seller said no. After weeks of wrangling, Carrington settled for the contract proceeds without any promissory note or cash contribution, and approved the short sale. Flagstar Bank, the junior lien, received a small contribution from the buyer. Here is the summary:
Short Sale property: Single Family home in Fort Walton Beach Florida
Senior Lien: Carrington Mortgage – balance $570,000
Junior Lien: Flagstar Bank – balance $100,000
Short Sale Offer: $375,000
Flagstar Cash Contribution: $5500 (from senior lien and buyer)
Time for Approval: Four months (it felt like six)
If you are considering selling your Fort Walton Beach Florida home as a short sale, it is best to hire an experienced real estate agent.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Fort Walton Beach FL Real Estate
Fort Walton Beach Short Sales & Pre Foreclosure Help.
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Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- 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,
"like going through ten rounds in a boxing match."
You saved your client's over $300,000.00 in four months! And, you excepted it to be easy?
If it were easy every one would be doing it instead of costing their clients opportunity! If you put in 40 hours on this one project each week you'd be making $18,750 per week or in excess of $468.75 an hour! What else could you do standing or sitting to be worth that much to any one?
On the other hand you probably only pocked $11.250 or $703.13 /per week or less than $17.58 per hour. I know allot of people willing to sweat for 40 hours a week for $17.58!
Truth be told you probably averaged less than 4 hours a week on this sale or about $175.58 an hour. You know I love redundancy, same question: What else could you do standing or sitting to be worth that much to any one?
Well done don't you wish you could bitich like this every week?
Bill
Bill - You are delightful! I got beat up, too, by the way :)
Hi, Wendy. Of the short sales that I have done with Carrington in the first position, I have had a tough time. They always seem to provide a verbal counter, and then we accept. Then, they change the sales price. I've been working on getting them back to the correct sales price for over a month now on one short sale. They have probably exerted more money in man power than if they would have agreed to my price in the first place!
Wendy, It's good to hear your hard work paid off for your client, and yourself. Hell if this stuff was easy anyone could do it...and we know this is not true.
In the end you got it to work Wendy. Sometimes these things take a lot of effort as you know:)
All that hard work paid off! It just goes to show whether it's the bank or a buyer, it pays to keep at it! Great job Wendy!
Great job Wendy. Congrats. I keep hearing how much easier it's going to get, but it's still not happening.
I am doing a Flagstar short sale now it it is making me want to eat my own head.
Hi Wendy, Another great job! It takes hard work and perseverance to get these short sales to closing. You go girl!