Friday, September 11, 2009

Top "Short Sale Lender Goofs" for The Week!


As a Destin Florida short sale listing specialist, I've seen almost every crazy thing that can happen waiting for an approval. This week was no exception. Here are the top short sale lender goofs of the week:

1. Bank of America: File Erroneously Declined in India. Destin short sale appraisal in March was $950,000. "Drive By BPO" done in August was 1.5 million, $100,000 higher! File was then declined as "insufficient" offer. After I pointed out the minor discrepancy (our market is still declining, not going up 10%), the negotiator is re-opening. She said the decision to close the file was probably done in "India" without looking at all the facts, to "keep down underpriced offers".

2. Suntrust: Counters Wrong Offer. I received a counter offer $180,000 from Suntrust on a Destin condo. The buyer stayed firm at his original $170,000. The negotiator said the buyer's offer of $140,000 was too low. HUHH??? Suntrust imaging department had sent her the wrong file in my seller’s name. If she had known, she said she would not have countered. Buyer almost walked.

3. Regency Credit: Lets File Lapse and Go Back to Chase. Seems like I was dealing with Cousin Vinnie at this collection agency for a Santa Rosa Beach short sale. They're offered $5000 as a junior lien, reject it, and ask for more documents from seller. All this while they knew they were losing the file back to Chase the next day, and they have nothing to show for it.

4. ASC Rejects HUD After Closing- Threatens to Rescind Approval. ASC's approval letter states a required minimum net and closing cost limit, but nothing more specific. On this Navarre Florida short sale, the day after closing, ASC said that although they exceeded their net, they would refuse the closing because the appraisal credit was over $400, and that is all they would allow, among other HUD issues. Attorney for seller told them they would lose in court, but changed around the HUD to appease them.
Those were my Top "Short Sale Lender Goofs" this week, what were yours?


It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

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