Monday, June 29, 2009

Fort Walton Beach Short Sale Appoved in 2 Days!

This week I had my all-time record fastest short sale approval. It took two days.

Here is what happened:

Property: Investment condo - Fort Walton Beach FL
Seller Hardship: Loss of Income
Lender: BB&T
Original Purchase Price: $640,000
Mortgage Balance: $550,000
Contract Price: $380,000
Submitted: 6/22
Approved: 6/24
Conditions: $30,000 promissory note negotiated directly between seller and BB&T

The key to this quick approval was both the lender and the package. Unlike many other lenders, BB&T will start a dialogue directly with the homeowner prior to the short sale listing. They assign a negotiator in advance. They do not suggest a list price. BB&T did not order an appraisal, either, so they must rely on internal valuation models. The package I sent had no missing items, and the buyer, price and terms were strong. After I received the approval, I called the buyer’s agent, a wonderful lady with whom I have worked before. She could not believe it, since we allowed over 90 days for lender approval in the contract. She was stunned. She said:

"Wendy…. Wendy…. Wendy… Oh my!... I don’t usually drink, but I think I’ll have a Margarita".

I told her "Have two!"

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

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar - Four Sessions Left, all available on MP3

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your home or buy a home: [email protected]
Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

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