countrywide short sales: Bank of America - 2 Strikes and Buyer Walks! - 08/02/09 11:05 AM
I got the second approval letter from Bank of America today… That’s right, we are on approval #2- same buyer! This Destin Florida short sale was cleared to close back in February. But why did that approval fail? And why is the game "over"?
Strike 1
A few … (28 comments)
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countrywide short sales: Countrywide/Bank of America Approvals- Deficiency Threat Sends Shock Waves - 05/15/09 08:14 AM
Have you seen the new Bank of America/Countrywide short sale approval letter? It is sending shockwaves to unsuspecting short sale sellers. Here is a portion of the new approval letter:
The key statement of concern is Bank of America "may pursue a deficiency judgment for the difference in the payment received and … (18 comments)
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countrywide short sales: Countrywide/Bank of America - What Closing Costs WILL They Really Pay? - 05/05/09 05:04 PM
As a short sale listing agent in the Destin Florida area, I tend to get the same type of offer again and again. The buyer asks for all closing costs to be paid by the short sale lender. So, on the most recent offer on one of my short sale listings, … (15 comments)
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countrywide short sales: Don't Let Countrywide Close Your File! - 04/18/09 11:50 AM
Did you ever hear the expression "Never say die!"? Here is a quick story about a Countrywide short sale in Santa Rosa Beach, Florida. And it has a happy ending.
I have a house listed for sale in the Mack Bayou area for $187,100. The sellers had purchased the home as … (37 comments)
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countrywide short sales: Countrywide Approves Short Sale- BUT WON'T FINANCE APPROVED AMOUNT! - 04/11/09 11:50 AM
This is a true story. You may have thought you heard all the crazy stories you could about Countrywide and short sales, but you haven't.
Countrywide approved a short sale for a Destin Florida condo for $100,000. Wonderful. The buyer, who had applied for a loan with Countrywide, proceeded … (23 comments)
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countrywide short sales: Destin Short Sale Approved in 7 Weeks - and it was Countrywide! - 03/08/09 12:40 PM
This Indian Lake condo in Destin Florida has been approved for a short sale by Countrywide. It was listed by three agents before me for over two years. The stunner is - I got a good offer for my seller in less than 60 days, and got her short sale approved in only seven weeks!
Summary:
… (9 comments)
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countrywide short sales: Q&A From Destin Short Sale Buyer - 01/23/09 05:21 PM
Wendy,
I have read quite a bit of your articles regarding Destin real estate and area short sales. I have made an offer to buy a short sale in October and we are still waiting. The house is brand new, it's listed for $799,000. The builder owes over $700,000. The house is not … (14 comments)
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countrywide short sales: Short Sale Seller: "I Just Want OUT!" - 11/16/08 11:31 AM
I recently listed a Short Sale condo for sale in Destin Florida. The property had been converted from apartments a few years ago. It is a one bedroom, 920 square foot ground floor unit. There are 32 units for sale in the complex. The condo fees are a whopping $225 per … (31 comments)
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countrywide short sales: Latest Countrywide Short Sale Volume - 10/21/08 06:36 PM
While working on a Crestview FL short sale today, I asked the Countrywide rep, "How many short sales do you have in process?"
Countrywide Rep Answer: "Almost 70,000"
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate
Short Sale Pre Foreclosure Help.
Call toll-free 1-877-ITS-WNDY … (24 comments)
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countrywide short sales: 3 Short Sale Approvals - The Key to Each - 09/21/08 12:12 PM
I've received 3 Short Sales approvals on the Emerald Coast of Florida in past seven days. Here is the summary and the "key" to each approval, presented as "Problem" and "Solution".
Case #1
Destin FL condo
First Mortgage: Countrywide
Second Mortgage: DCS (MI company who bought Countrywide's second)
Problem: Countrywide thinks value … (6 comments)
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countrywide short sales: Countrywide Wants Short Sale Buyers' Social Security Numbers - 09/10/08 04:26 PM
I have two interesting short sales in process with Countrywide. One is in Destin, Florida, the other, Navarre, Florida. In both of these cases, Countrywide is asking for the buyer's date of birth and home address. In one of the cases, they want the buyer's social security number.
Why does Countrywide want … (18 comments)
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countrywide short sales: Countrywide PMI Short Sale Strategy - 08/24/08 11:40 AM
This week I've had one of the best Short Sale experiences with a company to date. That is- United Guaranty, a mortgage insurance company. I have a Short Sale in Destin, Florida. The property, a condo, was purchased in 2005 for $580,000. Today, it is worth around $270,000. My seller … (4 comments)
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countrywide short sales: Countrywide Short Sale: Here's The Drill - 08/21/08 08:55 AM
I know everyone likes to complain about Countrywide Short Sales, but you know what, I like them. They are consistently inconsistent. I've had approvals from them in five weeks, without even a phone call from the negotiator, to five months, after them losing information, switching negotiators four times, and forgetting to order BPO's. At … (2 comments)
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countrywide short sales: Notes From A Short Sale - 07/31/08 02:38 PM
I just had another Destin Florida short sale approved. Following are my notes starting with the most recent going back to the beginning of the Short Sale Approval Process with Countrywide. This might be useful to show buyers' agents and potential buyers to help them understand some of the processes the listing agent goes through to get … (13 comments)
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countrywide short sales: Short Sale Promissory Notes: Getting More Common - 07/24/08 08:16 AM
Do you have a Short Sale with a second mortgage? Or perhaps PMI involved? Or Fannie Mae? Two of my Destin Florida real estate sellers have recently been asked to pay up. Here's the scenario:
Santa Rosa Beach FL Short Sale:
Owes $325,000 on first - Everhome Mortgage
Owes $90,000 on second - … (40 comments)
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countrywide short sales: Countrywide: Just the "FAX" Please! - 07/01/08 05:57 PM
Remember when you were little, there was a game when you'd whisper something in someone's ear, and they would whisper it to the next person, etc, and by the time it got to the last person, the story had changed? Well, it still happens in the grown-up world, and it's pretty scary … (15 comments)
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countrywide short sales: How Many Countrywide Short Sales in Review? - 06/25/08 11:55 AM
If you are working on a Countrywide Short Sale you may want to know that as of today:
Countrywide has 27,000 Short Sale files in review.
Best of luck with your approval!
It's Wendy!
Wendy Runick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on … (14 comments)
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countrywide short sales: Two Approvals! - 05/09/08 05:02 PM
I received two Short Sale approvals- one today and one yesterday- from Countrywide and ASC/Wells Fargo. It's going to be a good weekend!
1. ASC/Wells Fargo: Package was submitted on February 22. It took ten weeks, about 2.5 months for approval. The offer was countered early on.
2. Countrywide: Submitted on March 2, only … (11 comments)
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countrywide short sales: Countrywide Short Sale Closings: Never Give Up! - 03/27/08 05:24 PM
Background: Countrywide Short Sale Approved to close by March 28.
March 27- Day before closing: Buyer is approved by his own lender for closing, but lender package will not be ready until April 2, past Countrywide deadline.
Wendy Rulnick to Countrywide: "Buyer's lender said they are backed up. Cannot close by your date, … (4 comments)
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countrywide short sales: Countrywide Short Sale: Case Study - 03/01/08 12:30 PM
Following is a case study of a Countrywide short sale negotiating process.
Property: Single family home in Navarre, Florida- an investment property with tenants
Seller Hardship: Rent does not cover mortgage payment, medical, job loss
List Price: $142,000
Seller Mortgage: $188,000
Offer: $135,000
Countrywide Appraisal: $152,000 (higher than list price)
Buyer Counter: … (53 comments)
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