Friday, May 30, 2008

Short Sale Advice: Realtors and Sellers

Yesterday I had one of my Short Sale sellers email me, "Wendy, I think Sue told you that we were served with foreclosure papers a week or so ago, and we need to file a response by early next week. Is there a file number or reference number and dates that we can include in our response to prove that we are in a negotiation for a short sale? Also, is there anything that we would need to include in our response? ".
I asked an attorney how I should respond to inquiries like these from Short Sale sellers who don't want to hire a lawyer. He said:
"If they are served then they really have to get to an attorney. If you advise them otherwise or help them prepare responses then you could be liable for damages they sustain and practicing law without a license. There is also a recent law that may apply that could entitle the person losing their house to $15,000 damages judgment and attorney fees if they can categorize you as acting outside the scope as a Realtor and promoting foreclosure relief... especially dangerous for Realtors if they are not arms length with the buyer or can be shown to coerce a sale, etc."
Good advice.

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 local 850-650-7883 ext 204

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Friday, May 9, 2008

Two Short Sale Approvals!

I received two Short Sale approvals- one today and one yesterday- from Countrywide and ASC/Wells Fargo. It's going to be a good weekend!

1. ASC/Wells Fargo: Package was submitted on February 22. It took ten weeks, about 2.5 months for approval. The offer was countered early on.
2. Countrywide: Submitted on March 2, only five weeks ago. No counter and no contact with the negotiator. Approved in little over a month.

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, Santa Rosa Beach, Navarre and vicinity. Call 850-650-7883 ext 204 or 1-877-487-9639.

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Tuesday, May 6, 2008

"Thank You"

Re: 164 Shoreline Dr. Mary Esther, FL 32569
Dear Wendy,
I am writing this to thank you for all of your hard work in getting the above mentioned short sale property to closing. When I referred the listing to you, I had exhausted all of my efforts in trying to sell the property while it was in a delinquent status. I was actually at the house when foreclosure papers were being served. I was afraid the sellers were going to end up losing everything before we could get it sold. It was very stressful! You were amazing with all your efforts! The fact that you worked as hard as was needed to negotiate with the lenders was exceptional. You had such patience with everyone to include the lenders, the sellers, and the buyer's agent. In the meantime you still took the time to make sure I was kept posted on the transaction every step of the way. It definitely took your skill and expertise with "short sales" to get the property sold and most importantly gets it to closing! If the situation ever arises again, I will certainly refer the business to you!
Warm regards,
Marno Wilson, Realtor

Call Wendy Rulnick, Rulnick Realty, for all your SHORT SALE needs on the Emerald Coast of Florida: Destin, Fort Walton Beach, Santa Rosa Beach, Seagrove Beach, Navarre, Niceville and vicinity. Call 1-877-487-9639 or 850-650-7883

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Friday, May 2, 2008

My Buyer is Getting "Restless"

Yesterday I received an email from a selling agent for one of my pending Short Sales. The offer has been at Countrywide for about 75 days.

Buyer's Agent: Wendy, My buyer is getting very restless. We need some kind of update for him to keep him on the hook.

Wendy's Response:
Joe, These are the dates and actions:
Feb 21: Faxed package to Countrywide
Feb 22: Re-faxed package to Countrywide to make sure they got it
Feb 25: Called Countrywide to confirm package was received, they said it was
Mar 5: Called Countrywide, no action yet, said package in "review" would be assigned to a negotiator within 30 days
Mar 10: Called Joe to keep him up-to-date
Mar 17: Called Countrywide, file not yet assigned
Mar 21: Called Countrywide, rep said would send my status inquiry to Team Leader, file still not assigned
Mar 27: Called Countrywide, file assigned to a negotiator, may take 30 days for negotiator response
Mar 28: Called Countrywide, verifying file was assigned, they reiterated could take 30 more days for response
Apr 1: Negotiator from Countrywide called me to say she was assigned to the file, would call me when she had a chance to review
Apr 2: Appraiser went to the property
Apr 15: Called Countrywide, they said appraisal had been forwarded
Apr 21: Called Countrywide, they said due to volume, short sale department was being restructured, could take two weeks to restructure, also informed that a different negotiator had been assigned to the file now
Apr 29: Called Countrywide, requested the negotiator call me with the status, the rep sent an email for the negotiator to call me, I also emailed the negotiator
May 1: Called Countrywide, told them rep hadn't called me, I was told they have 24-48 hours to respond, but they would send another email for her to call me

Joe, I have been working diligently, and will work diligently on the follow up and successful closing of this sale. Please reassure your buyer that I am doing everything I can do to speed them along. It is quite exhausting, but I have successfully sold numerous short sales. They are truly running 90-120 days due to so many people being in this situation. Tell your buyer "Thank You" for his patience, too!

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, Niceville, Fort Walton Beach, Navarre, Mary Esther, Rosemary Beach, Dune Allen, Bluewater Bay, Shalimar, Mary Esther, Miramar Beach, Sandestin, Seaside and vicinity.
Call 1-877-487-9639 or 850-650-7883 ext 204

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