Tuesday, January 29, 2013

Amalfi Coast, Miramar Beach FL Fannie Mae Approved Short Sale


Building and Grounds
It was an interesting run to "APPROVED" and "SOLD" for this Amalfi Coast Unit B114 short sale condo in Miramar Beach, Florida.  The condo had one Bank of America mortgage and the investor on the mortgage was Fannie Mae.
Initially, the property was enrolled by Bank of America into their cooperative short sale program with a set list price. After I received a good offer that become a "contract" just 60 days later, I found out that it had mistakenly been entered into the "Coop" program.  Bank of America had delegated the servicing of this loan to a third party company, REDC, with whom I did the negotiating.  I got a terse "rejection" on the file even after some counter offering of price and a request for seller contribution.  I could not get a good explanation as to "why" the file was rejected so that I could solve the problem.
Give upThe seller said to me, "Well, thank you, we tried.". "Tried?", I replied, "I am not done yet."  When something is wrong, it's wrong. I knew this Fannie Mae short sale should have been approved.  I wasn't going to be "done" until it was approved.  I emailed Fannie Mae executives directly.  I received no reply or even acknowledgment (hey, aren't they a government agency?).  My next step was to escalate this file to the Bank of America Twitter Team (technically called their "Social Media" team).  I explained that the seller should have had an approval based on the new FHFA Fannie Mae guidelines that had been announced in November 2012. His hardship was one of the automatic approvals listed. The Twitter rep understood!

The file was pulled from REDC, the third party vendor, and I was assigned an ace Bank of America negotiator who "got it".  We worked the file, and he re-submitted to Fannie Mae. Result? Approved.
The seller was thrilled. The buyer, who was working with another agent, even dropped me off a bottle of champagne (first time that's ever happened in my career). The Bank of America negotiator told me that his reward was helping people. That meant a lot.  I feel the same way.

Do you have a Fannie Mae Bank of America short sale property in Miramar Beach or Destin Florida? Give me a call. I don't give up until it's done!

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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