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 months ago I wrote “Countrywide Approves Short Sale – But Won’t Finance Approved Amount”. The buyer’s mortgage lender was also Countrywide, now Bank of America. They UNDERAPPRAISED his purchase of the Destin condo by $10,000, so he could not close for the approved amount. But Bank of America, the short … (27 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 the total balance due..." There are two contradictory elements in the demand letter:
1. The letter states that Bank of America has "agreed to accept a short payoff". Now, how can they "accept" a short payoff, then state they "might" collect the rest? They either are or are not.
2. It states "there may be tax consequences for … (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, of course the buyer's agent pressed for having Countrywide, now Bank of America, pay all the closing costs. I have been through this numerous times before. The agent tells me they "had one case" where all the costs were paid. Or they say they "heard" the short sale lenders would cover … (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 an investment property but were no longer able to cover the mortgage, as rental rates have decreased on the Emerald Coast. The home needs work- carpet, paint, etc, and has about six tenants living in it. After four months of gently lowering the price, and still no offer, we were … (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 to finalize his own mortgage to close. Countrywide ordered the buyer's appraisal. The condo only appraised for $87,000. Countrywide will not give the buyer a loan for $100,000.
I called the Countrywide short sale department to let them know that their Countrywide mortgage department would not issue a loan for the approved … (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:
Property: condo built 2004, 920 square feet
Mortgage: Countrywide - about $150,000
Hardship: Seller lost one job, had hours cut on second job, see "Destin Short Sale Seller: I Just Want Out"
Original List price: $98,000 November 19
Priced Reduced: to $86,000 December 22
Contract: received fair market offer on Jan 12
… (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 finished, it needs countertops, appliances, driveway, painting, finish hardwood floors, etc. Approximately $100,000 is necessary to complete house. A home 2 doors down just sold for $540,000. This new house is the nicest house in the development but definitely not worth $800,000. In our opinion even though it is the … (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 month. The last and only recent sale was for $115,000 back in June. My seller, whom I'll call "Ms. Samuel", paid about $170,000 for the property in December 2005. We put it on the market for $98,900. You can see the challenges in selling it.
Anyway, while I was at … (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 (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com
Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is … (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 is $285,000, offer is $265,000
Solution: Listing agent provides market narrative and market analysis proving the offer is good and "lucky"
Case #2
Niceville FL house
Mortgage: Aurora Loan Services - with Mortgage Insurance
Problem: MI company BPO agent uses incorrect square footage, overvaluing house
Solution: Listing agent catches error … (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 this new information? Apparently, in Short Sales where their loss is greater than $250,000, Countrywide told me they do a "background check" on the buyer to seemingly ensure he is not related to the seller. In one of these situations above, the buyer is refusing to provide his social security number. He … (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 purchased the unit as an investment. He planned to rent it out as a vacation-rental. The income should have offset the mortgage expenses. Well, the rental market has plummeted along with the sales market, and coupled with his diminished income, he has been unable to keep up with the payments. … (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 least it's a behemoth of a "system", and the consistency of the agent is the key to success with them.
My most recent approval is a condo in Destin, Florida. The drill was the same as most other short sales, with the key to the magic "approval" near the end. … (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 approval.
7/29/2008 4:22 PM Sara from COUNTRYWIDE Calling she is faxing APPROVAL!
7/29/2008 3:42 PM CALLING COUNTRYWIDE looking for approval letter if hear nothing by Thursday will escalate to team leader...
7/28/2008 2:40 PM CALLING COUNTRYWIDE no update
7/28/2008 11:26 AM CALLING COUNTRYWIDE we said OK on July … (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 - Citi House value and offer - $225,000 Citi Says: "Pay back $16,000 (of $90,000 loss) at 0% interest over 80 months" Also want $3000 from first. Destin FL Short Sale:
Owes $200,000 on first - Countrywide Owes $200,000 on second - Countrywide House value and offer - $190,000 Countrywide via Fannie Mae PMI, says … (41 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 when it happens with something as important as a Short Sale approval. Here is an adult story of how the most careful communications can go awry, threaten closings and impact moving vans and people's lives....
Scenario: Countrywide Short Sale, four months after initial offer submission, 40 phone calls made by … (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 the Emerald Coast of Florida: Destin, Fort Walton Beach, Niceville, Navarre, Santa Rosa Beach, Sandestin, Rosemary Beach, Sandestin, Blue Mountain Beach, Crestview, Mary Esther, Bluewater Bay, Shalimar and vicinity.
Call 850-650-7883 or 1-877-487-9639.
Short Sale Help
Search Emerald Coast Listings
… (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 five weeks ago. No counter and no contact with the negotiator. Approved in little over a month.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in Short Sales and Foreclosures on the Emerald Coast of Florida: Destin, Fort Walton Beach, Niceville, Santa Rosa Beach, Navarre … (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, must be next week."
Countrywide email: "The short payoff was approved since 2-25-2008 ... if you cannot close the file will be declined."
Wendy Rulnick to Countrywide: "What about your demand letter that states there will be a per diem penalty if contract is extended?"
Countrywide email: "This investor does not allow extensions."
Wendy Rulnick to … (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: $137,000
Countrywide Response 2 days before Foreclosure Sale: "Offer will be denied. It is too low. Will only extend foreclosure sale if seller pays mortgage payment plus penalty."
Wendy Rulnick: "Seller cannot comply. I challenge your appraisal. Countrywide just approved a different sale for a better house for $139,000. I will send … (53 comments)
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