Wednesday, September 8, 2010

GMAC Homecomings Financial Approves Crestview Florida Short Sale



GMAC Homecomings Financial has just approved the short sale for this Southway Estates home in Crestview Florida. The approvel time was an amazing 9 days! How so fast?

1. GMAC had a Broker Price Opinon, or property valuation, done prior to listing. They suggested a list price, although I was free to reduce the price based on market conditions.

2. There was a negotiator assigned at the start of the process.

3. We got a strong offer for fair market value, minimal closing costs and a buyer who put down earnest money.

4. We uploaded the seller's financial and hardship information into GMAC's online short sale platform, Equator.

Although we got a very speedy approval from GMAC, their system needs improvement. They provide a seller financial questionnaire at time of short sale. The responses on the form do not correspond to data entry fields in the Equator online system. For example, "What is the date the seller hardship started?", etc. There were several questions where we had to call the seller for clarification.

Further, GMAC's system has internal deadlines that could not be extended, requiring short turn-around for entry. When we told the GMAC negotiator some of the financial information did not correspond to their forms, we were told to "do the best" we could with the system.

And we did. Approved in nine days!

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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