Tuesday, February 5, 2013

Fort Walton Beach Regions Bank - Short Sale Approved


Regions Mortgage short salesThis Regions Mortgage Fort Walton Beach Florida short sale was just approved! It was one of the longest short sales transactions I've had in a few years.  How long? Five and a half months.

There were a few twists to this Fort Walton Beach short sale story. The property was a triplex and there were three loans on it. All were with Regions Mortgage. All were Fannie Mae backed loans.  One problem was that the Okaloosa County Property Appraiser said the Triplex was one property, not three.  Regardless of what the property appraiser said, Fannie Mae, wanted three contracts to review. So we had to break the original contract into three.  Regions Mortgage stated they were waiting for Fannie Mae to respond for "months" to our file.  Regions did not always return emails and phone calls promptly, but they did, however, provide me with the direct email addresses of their negotiators.  This is always helpful. Some lenders, such as Suntrust, do not provide negotiator contact information at all.  Another interesting note - Regions accepted electronic signatures. Bank of America would not accept electronic signatures on a Fannie Mae short sale I recently completed with their company, stating that Fannie Mae's electronic signature guidelines were too onerous.

Finally, in January, after a small counter offer, and the buyer countering back, we had an approval from Fannie Mae via Regions Mortgage.   Or three, that is!  This property is scheduled to close within the next few weeks.  The seller received a full waiver of deficiency.

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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