Saturday, October 18, 2008

Destin Short Sale Approved - Everything Was Fine, But Then...

Little things can make a big difference in getting to a closing. We all know that. It's one of the most important factors in real estate success. The "big picture" in the agent skill-set for selling listings is one-third marketing, one-third negotiating, and one-third follow up to closing. Mess up on any of those, and you probably won't have a successful transaction. Yesterday I had a last minute scare at the final day of an already extended approval for a Destin FL Short Sale. I've seen almost everything in my 20-year career, but this was a new one. The listing had actually been referred to me by a licensed Destin Realtor, who did not want to handle his own Short Sale. The buyer, too, was a Realtor representing himself. The Seller's bank, Citi Mortgage, had counter-offered the buyer's price of $300,000 with $325,000. After some negotiations, the buyer-Realtor agreed to increase his price. Wonderful! I had an addendum to the contract signed reflecting the new price of $325,000.

The day of closing arrived yesterday. The buyer's lender was delayed in getting the closing package to the title agent. It was the last day Citi's approval was good through, and it had already been extended once. At 3:30 I got a panicky call from the buyer. The title agent had finally received the closing package, and his new loan amount was wrong! It was based on $300,000, the amount in the original offer! And that's what the buyer's lender had appraised the property for. The buyer-Realtor said we never had an addendum reflecting the new price, and his bank had been unaware. It would take a miracle to save the closing. Voila! I looked in my file, found the signed addendum, and faxed it to the buyer. He got it to his bank. The appraiser corrected his price, stating he had been overly conservative. Deal closed. Happy ending. Whew.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

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Wendy Rulnick has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. Wendy specializes in real estate sales, short sales, traditional 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.

All Rights Reserved. *Destin Short Sale Approved - Everything Was Fine, But Then...* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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