I've received 3 Short Sales approvals on the Emerald Coast of Florida in past seven days. Here is the summary and the "key" to each approval, presented as "Problem" and "Solution".
Case #1
Destin FL condo
First Mortgage: Countrywide
Second Mortgage: DCS (MI company who bought Countrywide's second)
Problem: Countrywide thinks value is $285,000, offer is $265,000
Solution: Listing agent provides market narrative and market analysis proving the offer is good and "lucky"
Case #2
Niceville FL house
Mortgage: Aurora Loan Services - with Mortgage Insurance
Problem: MI company BPO agent uses incorrect square footage, overvaluing house
Solution: Listing agent catches error before BPO is complete, discovered by a "courtesy" follow-up call to BPO agent
Case #3
Destin FL house
Mortgage: Citi Group
Problem: Citi "accidentally" counters by $17,000 too low, buyer accepts the counter, Citi emails they "goofed"
Solution: Listing agent proves to buyer Citi's revised counter is valid, based on market comps
Conclusion: Each Short Sale was approved.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *3 Short Sale Approvals - The Key to Each* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
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YOU ARE LUCKY - I have had a few where the BPO comes back $20k over what any appraiser in the area could come up with. The deal dies - to never come back again!!!
Richard - You may be right!
Hey, Wendy. That is a great way to think. I have always said dont come to me with a problem if you dont offer a solution. Thanks, Jim
Jim & Maria: Thank you. I agree. "Problem-solution" thinking has always helped me in the real estate business. It always keeps a clouded emotional element out of it.
Wendy - congratulations on getting contracts on your short sale offers. So often the buyers wait for several months for an answer, despite what information we send along. It may get even longer as we try to figure out who really owns the loan.
Sharon - Thank you! I do have a seller right now with a mortgage claimed by a certain lender, but no paper trail showing they truly own the loan.