Tuesday, March 4, 2008

Countrywide Short Sale: Case Study

Following is a case study of a Countrywide short sale negotiating process.

Property: Single family home in Navarre, Florida- an investment property with tenants

Seller Hardship: Rent does not cover mortgage payment, medical, job loss

List Price: $142,000

Seller Mortgage: $188,000

Offer: $135,000

Countrywide Appraisal: $152,000 (higher than list price)

Buyer Counter: $137,000

Countrywide Response 2 days before Foreclosure Sale: "Offer will be denied. It is too low. Will only extend foreclosure sale if seller pays mortgage payment plus penalty."

Wendy Rulnick: "Seller cannot comply. I challenge your appraisal. Countrywide just approved a different sale for a better house for $139,000. I will send you comps and proof."

"Quick Facts" Document sent to Countrywide: Comps, market statistics showing months inventory, Countrywide's demand letter approving a recent sale for similar price, and history of the property's price reductions proving it could NOT sell for $152,000.

One Day Before Foreclosure Sale: Approved.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Fort Walton Beach, Niceville, Navarre, Crestview, Freeport, Santa Rosa Beach, Blue Mountain Beach, Sandestin, Watercolor, Seaside, Rosemary Beach, Inlet Beach, Mary Esther, Shalimar. Call 1-877-487-9639 email itswendy@rulnickrealty.com
www.RulnickRealty.com
www.ShortSaleForeclosureHelp.com

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