Wednesday, June 25, 2008

How Many Countrywide Short Sales in Review?

If you are working on a Countrywide Short Sale you may want to know that as of today:

Countrywide has 27,000 Short Sale files in review.

Best of luck with your approval!

It's Wendy!
Wendy Runick, 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, Santa Rosa Beach, Sandestin, Rosemary Beach, Sandestin, Blue Mountain Beach, Crestview, Mary Esther, Bluewater Bay, Shalimar and vicinity.
Call 850-650-7883 or 1-877-487-9639.

Short Sale Help
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Tuesday, June 24, 2008

Keep Short Sale Buyer Agents Happy!

Are you a Short Sale listing agent? If so, you know the importance of having those buyers hang in there for three, perhaps four months after submitting an offer to the Short Sale lender. It is critical to keep their selling agents in the loop with frequent updates, and a "team" approach to getting the sale approved. That way, there will be a higher chance that they inform their buyers and help them remain dedicated to the purchase.

One tool I that use is to ask the buyer's agent to contact me at least once a week with an update request and also to "tickle" me to call the Short Sale lender. Although I schedule lender calls with my own software, sometimes I get busy, and I welcome an extra reminder from an interested agent. This approach makes us teammates in the grueling Short Sale approval process, and I've had nothing but positive results.

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

www.ShortSales-EmeraldCoast.com

www.RulnickRealty.com

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Saturday, June 14, 2008

CHASE: Won't Forgive and Forget

Do you have a CHASE Short Sale? If so, expect to read this on your approval letter:

"The customer is still responsible for all deficiency balances per the terms of the original loan documents."

Yes, they might approve the Short Sale with this sentence "Chase agrees to release its security interests in the 'subject property' collateral". However, expect to be solicited by their recovery department for the balance of your mortgage after closing.

What to do? After consulting with an attorney, my seller decided to go forward with the Short Sale. Her attorney advised Chase was in a weakened position with no collateral. i.e. house to attach.

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
Emerald Coast Short Sale Help
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Tuesday, June 10, 2008

Citi Short Sales- Less Forgiveness on Second Mortgage Debt?

Is CitiMortgage/CitiFinancial cracking down on Short Sale second mortgage approvals?

Citi Short Sale #1:

First Mortgage: Countrywide- $199,000
Second Mortgage:
Citi- $20,000
Offer: $160,000 (fair market valve)
Seller: Divorce situation, no savings, job loss, new job out-of-state, separate households
Citi Says: Will not accept typical nuisance fee from Countrywide. "Don't waste your time unless seller pays $10,000 cash and another $10,000 in a promissory note. Hire someone to do a BPO". Their system shows a value of $215,000" (That is, I am to hire to third party).

Citi Short Sale #2:

First Mortgage: Saxon - $260,000. Saxon offers Citi $1000 and needs to know if Citi will accept before proceeding on approval.
Second Mortgage: Citi - $100,000
Offer: $230,000 (fair market value)
Seller: Was subject to out-of-state scam, his credit was used to buy property in his name by "investor" who was to pay mortgage for him - and failed to. Seller has no money, semi-retired.
Citi Says: They've turned file over to law firm, Zacheim and Associates. Zacheim says: "If net to Citi is less than 25% of what is owed, then they will require 100% payback of loan of $100,000 over 72 months. Will not accept $1000 buyout from Saxon. Want three years bank statements, three years tax returns. (This does not make any sense).

Both of the above scenarios happened on the same day. I have contacted Citi and asked if this is a blanket policy change- non-forgiveness of second mortgage debt. I was told " Absolutely not", but these scenarios raise serious concerns over the viability of Short Sale approvals with Citi as the second.

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
http://www.shortsaleforeclosurehelp.com/
http://www.rulnickrealty.com/

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Tuesday, June 3, 2008

Short Sales: "One" Strong Contract = Success

I get calls daily on my Short Sale listings from agents who think I send multiple signed or unsigned offers to the Short Sale lender with equal position. That is- like an auction. Well, I don't. Per my MLS board approval, I leave listings active with the comment: "Contingency contract, bring your back-up offer". That means, an offer with a clause stating it will go into effect only if the primary offer is withdrawn or otherwise cancelled. Most agents in my area don't operate that way. I get resistance to my method with frequent comments, "That's not how it's done." "We don't do it that way!". But it works. and I'll tell you why.
First, I carefully screen buyers under consideration from my Short Sale seller who have presented an offer. I ask their agent:

"Is the buyer willing to wait 120 days to close?"

"Does the buyer have the means and interest to make any necessary pre-closing repairs?"

"Does the buyer realize the bank may make a counteroffer depending on the appraisal, and if so, is the buyer interested enough to possibly increase his offer or better his terms at that point?"

The answer must be "Yes" to each question for me to recommend that my seller proceed.

Second, if the offer price is not within a realistic range of market value, I encourage my seller to counteroffer. Why? We don't want to waste time dedicated to an unrealistic contract that ties up the property.

Thus, if the buyer meets those qualifications of intent, means, desire, and realistic pricing, there is a strong chance the offer will be approved. I have already pre-qualified my seller as to hardship and financial circumstance. I have found a high success rate with this method. Give it a try.

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

http://www.shortsaleforeclosurehelp,com/ or http://www.shortsales-emeraldcoast.com/
http://www.rulnickrealty.com/

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