Sunday, August 24, 2008

Short Sales with PMI - Strategy Session

This week I've had one of the best Short Sale experiences with a company to date. That is- United Guaranty, a mortgage insurance company. I have a Short Sale in Destin, Florida. The property, a condo, was purchased in 2005 for $580,000. Today, it is worth around $270,000. My seller purchased the unit as an investment. He planned to rent it out as a vacation-rental. The income should have offset the mortgage expenses. Well, the rental market has plummeted along with the sales market, and coupled with his diminished income, he has been unable to keep up with the payments. He hired me to help him before foreclosure ensues. He has a first and second mortgage, Countrywide.

We've had three offers on the unit, but the buyers all withdrew, citing they still believed the condo market was in decline, and were unsure if they were overpaying. Finally, we get a buyer whom we know will stick with it. Well, in the midst of the Short Sale process, Countrywide collects from the MI company, United Guaranty, who take over the liability on the second. I am told to contact them directly, and to see if they'll take Countrywide's offer of $3000.

I called UGI, and they requested: letter of authorization for me to talk to them, letter of authorization for them to talk to Countrywide and vice-versa, contract, listing agreement, comparative market analysis, and HUD reflecting $6340, not $3000 that Countrywide wanted to offer them. I asked them if I should verbally relay that to Countywide first, and they said it was a better "strategy" to present it in writing with, hopefully, an approval letter from them. The rep said that Countrywide would be far better off paying $6340 than having to foreclose. I joked with the rep, "Do you want me to tell them that?" Anyway, I got the information together and emailed it on Tuesday. I received the approval letter on Friday! The rep called me to say my market narrative was excellent, "Exactly what we wanted" and the key to the approval.

I sent the HUD with UGI's approval letter to Countrywide on Friday. They have not rejected the $6340, but told me they will need more details to get through their approval system due to the huge loss. They want a detailed listing history, history of offers with buyers withdrawing, date of birth and address of buyer. OK, I'm on it.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Read my Blog.

Specializing in real estate sales on 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

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Short Sales with PMI - Strategy Session* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Labels: , , , , ,


Post a Comment

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home