Sunday, September 21, 2008

3 Short Sale Approvals - The Key to Each

I've received 3 Short Sales approvals in the past seven days. Here is the summary and the "key" to each approval, presented as "Problem" and "Solution".

Case #1

Destin FL condo

First Mortgage: Countrywide

Second Mortgage:
DCS (MI company who bought Countrywide's second)

Problem:
Countrywide thinks value is $285,000, offer is $265,000

Solution: Listing agent provides market narrative and market analysis proving the offer is good and "lucky"

Case #2

Niceville FL house

Mortgage: Aurora Loan Services - with Mortgage Insurance

Problem:
MI company BPO agent uses incorrect square footage, overvaluing house

Solution:
Listing agent catches error before BPO is complete, discovered by a "courtesy" follow-up call to BPO agent

Case #3

Destin FL house

Mortgage:
Citi Group

Problem:
Citi "accidentally" counters by $17,000 too low, buyer accepts the counter, Citi emails they "goofed"

Solution:
Listing agent proves to buyer Citi's revised counter is valid, based on market comps

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. *3 Short Sale Approvals - The Key to Each* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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2 Comments:

Anonymous Susan said...

How do you think the "bailout" for Wallstreet with effect Short Sales?

September 22, 2008 at 11:05:00 AM CDT  
Blogger Wendy Rulnick said...

Susan, I am not sure what effect. I'd be guessing, but it might either make it "easier" to get approvals OR add another layer of red tape to GET an approval.

September 22, 2008 at 12:22:00 PM CDT  

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