Thursday, July 31, 2008

Notes From A Short Sale

Notes From A Short Sale
I just had another Destin Florida short sale approved. Following are my notes starting with the most recent going back to the beginning of the Short Sale Approval Process with Countrywide. This might be useful to show buyers' agents and potential buyers to help them understand some of the processes the listing agent goes through to get approval.

7/29/2008 4:22 PM Sara from COUNTRYWIDE Calling she is faxing APPROVAL!
7/29/2008 3:42 PM CALLING COUNTRYWIDE looking for approval letter if hear nothing by Thursday will escalate to team leader...
7/28/2008 2:40 PM CALLING COUNTRYWIDE no update
7/28/2008 11:26 AM CALLING COUNTRYWIDE we said OK on July 24.... no approval letter faxed yet... ? Wendy is following on where it is?? I emailed Sara looking for it, too
7/23/2008 4:52 PM Homeowner said will take promissory note
7/23/2008 4:02 PM Sara from COUNTRYWIDE called usually they try to work with homeowner... with 0% interest rate... $10,000 72 pmts $138.89 beginning OCT 1... 0% interest.... default if payments not received after 10 days... email 167052@countrywide.com ALL APPROVED JUST NEED PROMISSORY NOTE
7/23/2008 12:56 PM CALLING COUNTRYWIDE "Diane" Fannie Mae approval July 11 why taking so long?? On July 2 I was told two weeks ON JULY 21 COUNTRYWIDE received email from TRIAD- FANNIE MAE require a promissory note to be signed... Owed $400,000.... sale price $198,000 NO PAYMENT ARRANGEMENT OR ANYTHING IS NOTED IN THE FILE, rep will email supervisor as ""urgent"
7/22/2008 4:04 PM CALLING COUNTRYWIDE transferring to another department because it's a Fannie Mae loan? Tried to reach... negotiator for me... cannot reach, emailing her again for me... for her to call me
7/21/2008 4:15 PM CALLING COUNTRYWIDE CHRISTINE trying to help me... cannot find any clues...
7/21/2008 2:30 PM CALLING "TAMI" was submitted on July 11 to investors for approval... will try to contact negotiator On July 11, received approval from FANNIE MAE Sara's line is busy will email her....
7/18/2008 12:07 PM CALLING COUNTRYWIDE "Lynette" no dates as to when approval letter will be sent out... she can no longer contact negotiator for me... Got email from selling agent buyer is looking at other houses....
7/17/2008 3:47 PM CALLING COUNTRYWIDE just waiting for approval letter to be sent out...
7/16/2008 5:04 PM CALLING COUNTRYWIDE wrote a memo on July 11, file is under review for "second"
7/15/2008 10:57 AM Calling COUNTRYWIDE "Alicia" for status...no new updates... wants us to refax HUD to 800-658-0395
7/14/2008 1:27 PM Calling COUNTRYWIDE to follow up, faxed them a new HUD this a.m., tried to reach negotiator by phone, will email her for me...
7/14/2008 10:00 AM COUNTRYWIDE says Fannie Mae sent approval Friday with conditions. I am trying to get conditions
7/11/2008 12:10 PM CALLING COUNTRWIDE "Aman" still at the PMI company COUNTRYWIDE checked into it today...
7/8/2008 12:49 PM CALLING COUNTRYWIDE "Sandra" submitted for approval on July 2, went to Fannie Mae/Triad... for approval...
7/3/2008 12:50 PM Calling COUNTRYWIDE to make sure file was sent to PMI company SUBMITTED TO BOTH MORTGAGE COMPANY AND INVESTOR for approval...
7/2/2008 9:55 AM Calling COUNTRYWIDE cuz buyer says he'll walk if no close by July 8I called Countrywide just now. Negotiator cannot guarantee July 8 -need secondary approval from PMI company- which could take 1-2 weeks more. Negotiator said she will get it to PMI company this morning. Negotiator said only needs approval from PMI company! She said 198,000 offer looks good to Countrywide, and they do not need to run this by the end-investor on the loan. I feel it could take three weeks more, but this looks very positive. Negotiator said to advise buyer "everything looks great". Just need authorization from mortgage insurance company.
7/1/2008 2:17 PM CALLING COUNTRYWIDE to check on status again... said previous rep's discussion re: Fannie Mae did not matter?! On June 20, she should have sent file for review to investor, however, no notes on the file as of yesterday.... said negotiator has 3-5 biz days to call me back, Won't know anything until July 7th on the account? Negotiator should be contacting me between Monday and Wednesday of next week....
6/30/2008 2:16 PM Called. said they would email negotiator
6/25/2008 11:12 AM I should call Home Retention division as this is a Fannie Mae type product DIRECT NUMBER1-800-669-6650 FOLLOW up if I don't hear within 2-3 biz days.
6/25/2008 10:57 AM CALLING COUNTRYWIDE showing.. file not reviewed let, passed "confidence test" based on appraisal... looking for assistance on review... REP said he will ESCALATE, sees no reason for delay
6/25/2008 10:06 AM CALLING COUNTRYWIDE got hung up on...
6/20/2008 11:56 AM CALLING COUNTRYWIDE no updates
6/10/2008 12:29 PM CALLING COUNTRYWIDE no updates
6/4/2008 11:33 AM CALLING COUNTRYWIDE negotiator assigned on May 30 Sara Kane negotiator ext 2339 all docs were scanned in May 1, everything there. Need 10-15 biz days to review whole account MAY Get back to me June 13 to June 20
6/4/2008 10:50 AM CALLING HEART TEAM she cannot find receipt of appraisal CONTACT COUNTRYWIDE, this is home retention management....HEART team is only workout, said to call short sale line
5/28/2008 10:23 AM CALLING Countrywide. no negotiator assigned yet. Referred to Heart Team 877-643-2788
5/22/2008 12:24 PM Appraisal came back May 13 may take 15 biz days to assign negotiator
5/8/2008 10:11 AM CALLING Countywide just referred on the 29th no updates until May 29 (still has in 30 day review process)
5/6/2008 11:18 AM Appraisal Company doing appraisal 5/5, Sterling Appraisals LLC...
5/6/2008 11:11 AM CALLING Countrywide, not assigend to a negotiator yet
4/30/2008 10:08 AM Package Recieved.
4/29/2008 2:27 PM Faxed Package to Countrywide
4/28/2008 4:47 PM Called Countrywide to tell them of offer. Sean told me sellers must call to review financials... I am calling back to get new rep, this one was a pain.
4/18/2008 3:20 PM Offer negotiating
4/4/2008 8:34 AM LOA acknowledged
3/25/2008 9:56 AM LOA faxed for #114995265

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in 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

Search Destin Florida real estate.
Short Sale Pre Foreclosure Help.

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *NOTES FROM A SHORT SALE* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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New Tablet PC for Better Blogs


Are you a Tablet PC user? I am sltting here on my living room couch, my Motion Computing slate on my lap, writing this blog directly on the monitor. In fact there is no keyboard right now, that's why it's called a "slate". There is a special "pen" with electronics that is recognized by the pc. I have had this Motion for about four years. a long life for a computer. And I do love it. But now it may be time to put it out to pasture, or give it to my husband! The USB ports are finally kaput. The system no longer recognizes my exterior keyboard, which I prefer for serious blogging. That's been keeping me from writing as much as I wish. You see, the handwriting recognition isn't perfect. So I have to tediously go back and fix what I've written. And on long flogs oops I mean blogs, it dampens the flow! So my search has begun for a replacement tablet...


It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in Real Estate, luxury homes and short sales 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
Search Destin Florida real estate.


Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *New Tablet PC for Better Blogs* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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Tuesday, July 29, 2008

Destin to Atlanta

Sometimes even those of us who live in "paradise" need a vacation. You know, Destin, Florida- sugar white beaches, emerald green waters, the "world's luckiest fishing village". After having worked what seemed like eons with no vacation, I needed a break. My husband and I did just that this weekend. We went of all places, to Atlanta! You know, it's usually Atlantans that come to Destin. But I needed my "city" fix. I mean, more specifically, my shopping fix. We drove six hours to stay at the J.W. Marriott in Buckhead, attached to Lenox Square with about 250 stores, and across the street from Phipps Plaza, 150 more. We're talking electronics, clothes, furniture, make-up, The world's largest Pottery Barn, Apple, Sephora, soap stores, clothing stores, Neiman Marcus, Gucci and more. And my favorite shoe place, Macy's.... (why isn't there a Macy's in Destin?) We did enough walking that the incredible food wasn't a problem. Orange-basil salmon, mounds of sushi, French cheese cake, chocolate torte and sambuca. We must have walked ten miles. What did I splurge on? A lip-stick red humongous tote that I saw in the window of Crate and Barrel. And a Turkish robe and slippers. Not for me, but for my husband! Atlanta- ahhhh.... You've soothed my spirits and energized me with your sophisticated shopping, gourmet delights, brick Georgian homes and metro flair. I'll be back.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in Real Estate, luxury homes and short sales 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

Search Destin Florida real estate and vicinity

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Short Sale Promissory Notes: Getting More Common

Do you have a Short Sale with a second mortgage? Or perhaps PMI involved? Or Fannie Mae? Two of my Destin Florida real estate sellers have recently been asked to pay up. Here's the scenario:

Santa Rosa Beach FL Short Sale:
Owes $325,000 on first - Everhome Mortgage
Owes $90,000 on second - Citi
House value and offer - $225,000
Citi Says: "Pay back $16,000 (of $90,000 loss) at 0% interest over 80 months" Also want $3000 from first.

Destin FL Short Sale:
Owes $200,000 on first - Countrywide
Owes $200,000 on second - Countrywide
House value and offer - $190,000
Countrywide via Fannie Mae PMI, says "Pay back $10,000 (of $200,000 loss) at 0% interest over 72 months. payment $139/ month" and they'll approve sale.

Are these reasonable requests? It seems so, in light of the tremendous losses involved. Expect to see more of these scenarios in the future.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in REAL ESTATE, 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 850-650-7883 ext 204
Search Destin Florida real estate and vicinity
Short Sale Help

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Friday, July 18, 2008

Qualifying The Short Sale Seller

Yesterday I got a referral to a Short Sale seller. The agent who referred her was not familiar with Short Sales and thought I could help. I called the seller. The phone conversation went like this:

Wendy: "Why do you need to sell the house?"

Seller: "It is really too much for me."

Wendy: "In terms of...?"

Seller: "The market value has declined and we pay too high a mortgage. We can rent a house like ours for less, and I want a different house."

Wendy: "Can you afford your mortgages payments?"

Seller: "Yes."


Wendy: "You don't have a hardship. The Short Sale lender will only approve a sale where there is a legitimate hardship and inability to pay."

I proceeded to go over her income and expenses and we found she had about $700 extra per month after paying bills. It is prudent to qualify our sellers before we take a Short Sale listing.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Selling Real Estate on the Emerald Coast of Florida: Destin, Fort Walton Beach, Navarre, Niceville, Santa Rosa Beach and vicinity. Call 1-877-487-9639.
www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com

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Thursday, July 10, 2008

Winning: Tennis & Short Sales

What does it take to be a winning Short Sale listing agent? Among other qualities, the number one attribute is: tenacity. Webster's dictionary says to be tenacious is to be "persistent in maintaining, adhering to, or seeking something valued or desired".

One can liken the attitude to that of Rafael Nadal's, who just won the Wimbledon tournament by enduring five grueling sets against the long-time reigning champion, Roger Federer. It was the longest finals in Wimbledon history at four hours and 48 minutes. No matter how grim the outcome looked, overcoming the challenge of the grass court, overcoming Federer's brilliant play, and overcoming missed chances to win again and again, Nadal prevailed. He never gave up. And he won.

When interviewed he said "I had a very positive attitude, l felt confident with myself.
"It's the final of Wimbledon so I have to continue fighting all the time... I had a winner's attitude.... If you play with a good mental attitude, even if you are not 100 percent, you can win because you win more with your heart, with your will power than with anything else.... If you fight all the time, if you have a good mental attitude, it works."

Each Short Sale we have is like the Wimbledon final. It is us against the big bank, the big corporation, the black hole of voice mail, check boxes, customer service reps, missed faxes, flawed appraisals and bad attitudes. It is fighting every "NO" and coming back with brilliant volleys, critical thinking, quick recoveries and getting back up after every lost point. It is tenacity- never giving up.

Successful Short Sale listing agents have this attitude. That's how they win.

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, Santa Rosa Beach, Niceville, Bluewater Bay, Sandestin, Seagrove Beach, Navarre and vicinity.

Call 1-877-487-9639
www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com

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Appraisal Rebuttal: First American-SunTrust Short Sale

Do you have a First American Bank (subsidiary of Suntrust) Short Sale with a Fannie Mae-backed mortgage? If so, prepare for difficult times proving contract price in a declining market. Unlike many other lenders, First American is proactive working with the homeowner ahead of time in the Short Sale process. And in doing so, they perform appraisals on the subject property even prior to an offer. The problem is - they will only do an appraisal every six months! No matter what. Why? They say that's all that Fannie Mae will pay for. That makes no sense, especially in a quickly declining market.

Here is my appraisal rebuttal to First American, who used an old appraisal, after receiving a good offer for $170,000 on a Short Sale listed for $183,000 but which appraised for $200,000 two months earlier.


With regard to the offer for 12 School St., Navarre, FL for $170,000 plus VA buyer closing costs, I believe the offer deserves serious consideration. I am told you have an April 2008 appraisal for $200,000. I am disputing the validity of that appraisal in this market for this particular home. Here is why:
The subject has been listed since APRIL 2007- over a year- with a price dropped in December 2007 from $249,000 to $214,900- no offer
The price was again dropped to $205,000 for 60 days in March and April 2008- still no offer
From April 2008 until today- 60 more days-- the price has gradually dropped from $189,000 to $183,000
On June 11 an offer for $152,000 was received. This was rejected.
Finally an offer arrived on June 13 for $170,000 (plus some VA closing costs)
If the house was worth $200,000 as stated in the appraisal, it certainly would have been snapped up in the $180's
The property has NO SOD in the backyard, just dirt.
The property needs carpet, which is stained.
The property is on a road with the Navarre High School and a few lots down from the Sheriff's office. This is NOT a desirable neighborhood, as it has backed-up traffic and the trouble that comes with those public-use properties.
The average months inventory for Navarre is 13 months.
This is the only viable offer received. This is a good offer and a lucky offer.


I provided additional comps, market statistics and listing history with this narrative. I will advise with updates on hopefully a positive outcome.


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.ShortSaleForeclosureHelp.com
www.RulnickRealty.com

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Wednesday, July 2, 2008

Countrywide: Just the "FAX" Please!

Remember when you were little, there was a game when you'd whisper something in someone's ear, and they would whisper it to the next person, etc, and by the time it got to the last person, the story had changed? Well, it still happens in the grown-up world, and it's pretty scary when it happens with something as important as a Short Sale approval. Here is an adult story of how the most careful communications can go awry, threaten closings and impact moving vans and people's lives....

Scenario: Countrywide Short Sale, four months after initial offer submission, 40 phone calls made by listing agent following up on status during that time period... ( I counted them).

Monday: I finally have the negotiator tell me she will approve the Short Sale. She says I should receive the approval letter on Wednesday. I report this to the wearily waiting buyer's agent so he can calm his anxious buyer. The buyer wishes to close immediately.

Wednesday: I call Countrywide to see where the approval letter is, as it was promissed today. The rep says the notes in the file read: "Short Sale approval sent" on Monday! I told him I did not receive a fax. I verified the fax number, and he said he would have it re-faxed. I tested my fax machine to make sure it was working. I checked my e-fax queue to make sure I didn't miss anything. Nope. No fax.

Thursday: I still do not have the approval fax. I call Countrywide and provide an alternate fax number.

Friday: I still do not have the fax. I call Countrywide and provide my email. Meanwhile, the buyer is getting upset, and leaves messages on my voicemail. He tells his agent he has been waiting long enough. He has to cancel his moving truck by 3:00 p.m. I call Countrywide back five times. They said they will "escalate" the problem to upper management, as only the negotiator can fax the approval.

Saturday: Still no fax. I call Countrywide. They are closed.

Monday Morning: Negotiator finally calls my office and speaks with my office manager. She says, "File is NOT approved." She will call me tomorrow. Oh no! How could this be such a serious mistake? I have my sellers moving furniture out the next weekend, and the buyer saying he'll walk if the promissed letter is not delivered and his closing is put off one more time.

Monday Afternoon: I call Countrywide and re-question, how could they tell me the file was approved, when the negotiator says it was not? The new rep checks deeply. She says someone mis-read the notes. She says the check-box in their system where it shows "Approval Letter Faxed" has NOT been checked off. She says the file was only being sent on for final approval. She says each rep I spoke with only looked at the notes from the previous rep's conversation with me, stating the approval fax had not arrived, and it needed to be re-faxed. The rep states she is sorry, and they were in error.

Tuesday: I finally personally talk to the negotiator and explain the can of worms started by her company, the seller with the furniture to move, the buyer with the final closing date and moving truck. She says the approval letter will be faxed, hopefully today. Here I sit, waiting... it is almost 6:00 p.m. Still no fax. I am sure I'll get it tomorrow....

UPDATE TO POST:
Wednesday Morning: I call Countrywide asking where the approval letter is. They say they need my FAX NUMBER! I am not kidding.

Wednesday 5:02 p.m.:
Approval received!

Best of luck with yours!

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, Santa Rosa Beach, Sandestin, Niceville, Bluewater Bay, Navarre, Crestview, Inlet Beach, Rosemary Beach, Seacrest Beach, Blue Mountain Beach and vicinity.
Call 1-877-487-9639 or 850-650-7883 ext 204

http://www.shortsales-emeraldcoast.com/
http://www.rulnickrealty.com/

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