Friday, April 11, 2008

Bank That's Never Done a Short Sale

Much of my Emerald Coast market is both resort and military. There are at least three air force bases in the Destin-Fort Walton Beach area, so I do a lot of real estate business with military members. One of my recent Short Sale listings used a local air force credit union for his second mortgage/home equity line. Well, I almost fell off my chair today when I found out I was the "FIRST" request they have ever had for a Short Sale.
I was making my standard call to notify the first and second lienholder that I had placed the seller's property on the market seeking a Short Sale. I caused a stir when I called the second, the military credit union, and asked what their standard Short Sale procedures were. I got a clue when the customer service rep asked me what a Short Sale was. I explained it briefly, then asked to be transferred to their Loss Mitigation department. She didn't know what that was, so I was placed on hold and eventually transferred to the mortgage department. This time I was not placed on hold, but could hear the conversation in the background, "She is NOT authorized on this account! She said she is calling for Loss Mitigation?". I had to admit, I had a big smile on my face. Finally, an authoritative-sounding woman got on the phone and said she was in charge of the real estate department at the bank. I explained what I was doing, and she confessed, "We have never had a Short Sale, maybe we've just been lucky." I would say! She told me she was not sure what to do in this situation, and asked if the first usually loses money, too? I told her always! (Well, almost). Anyway, I offered her my assistance and told her the procedures most of the big banks use, and even emailed her my checklist for sellers and short sale website I also added I would be happy to assist her if her bank runs into any other situations with Short Sales. I've got to say, this is going to be interesting!

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, 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 850-650-7883 ext 204

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