Monday, October 28, 2013

Majestic Sun, Miramar Beach, Florida - Wells Fargo Short Sale Approved

Majestic Sun condos sold
Even though this was a speedy Majestic Sun condo Destin Florida, Wells Fargo short sale approval - it didn't fee like it! It took just six weeks, but the reams of paperwork made it feel like months! Here are the facts:
Senior Lien: Wells Fargo
Junior Lien (HELOC): Wells Fargo
Original Purchase Price: $520,000
Current Market Value: About $240,000
1. Wells Fargo normally processes short sales through Equator, which is an online portal to upload documents, send emails and respond to "tasks".
NOTE: This Majestic Sun, Destin Florida short sale was removed and processed outside of Equator about a week after we initiated it. Why? Because Wells Fargo placed the short sale in the HAFA (Home Affordable Foreclosure Alternative) program.  That is a special short sale promoted by the Treasury Department offering full waiver of deficiency and sometimes a cash closing incentive to the seller or the tenant.
2. Wells Fargo does not process multiple short sale liens together. What does this mean? If you have a short sale with two Wells Fargo mortgages, you must initiate it in Equator twice, once for each loan, or fax the packages separately if it's processed outside of Equator. A lot of the forms will be duplicate, and it is unfortunate that Wells Fargo is not as efficient as Bank of America, which processes multiple short sale liens with one set of documents and one transaction.
Wells Fargo senior lien agreed to pay the Wells Fargo HELOC $7558.
This Destin, Miramar Beach Florida Majestic Sun condo is expected to close at the end of September.
If you need help with a Destin short sale, or have questions about the HAFA program or other special short sales, give me a call.
It's Wendy!
                                                                  Rulnick Realty 

Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.
Co-Founder  national network
call Wendy 1-850-650-7883

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