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short sale negotiations: When You Are Wrong - Do You Admit It? - 11/21/11 02:33 PM
I just admitted I goofed. It was something minor - a data field for a Destin FL Bank of America short sale. I accidentally entered the wrong property tax amount. Or, shall I say, I was doing too many things at once and should have checked my work. No harm was done, but the negotiator had to re-create the task so I could do it right. He didn’t say “You goofed, idiot!”. He just asked me to re-do it. I had two choices. I could have just done the task, or could have also admitted I had made a … (38 comments)
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short sale negotiations: Do You Have Time To Waste? Then Send In That Low Short Sale Offer! - 09/10/10 06:46 PM
Do you think you’re sneaky? Sending in a purposefully low offer to the short sale lender? You just want to find out "what” price they want so you can get a "real” offer later, right?
Most short sale lenders don’t authorize a list price in advance. This presents a quandary to the short sale listing agent. Instead of watching the market and keeping an eye toward what the lender might approve, they send in a low-ball offer. One that will likely NOT be approved. This method may even be encouraged by the seller to find … (16 comments)
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short sale negotiations: Short Sales got you down? - 02/18/10 06:03 PM
I couldn't say it any better...
Via Bryant Tutas-Tutas Towne Realty, Inc:
No problem. We’re here to give you everything you need to become a Short Sale Superstar.
Foreclosures are rampant across the U.S. More and more banks and homeowners are turning to short sales as a mutually beneficial solution. The problem? Short sales seem to be what everyone needs – but you never had to do many short sales before. That’s where we come in. We’ve been working in short sales for years, even before the economy tanked, and we know the strategies that work best to make the banks, the … (5 comments)
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short sale negotiations: Why Isn't Picture of Cash "Proof of Funds"? - 08/25/09 06:20 PM
As I get closer to approval on my Wells Fargo short sale, the lender is asking for updated “Proof of Funds” from the buyer. The buyer’s agent says the buyer has cultural beliefs that make him dislike banks. He refuses to open an account just to show he has $30,000 to buy the short sale. The buyer has the money in his safe deposit account and in his wallet.
These are the real pictures the buyer’s agent emailed me, “proving” he has the money. One was a closeup of the cash and the local newspaper, so it had a "date"…. … (34 comments)
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short sale negotiations: The Bank Short Sale Negotiator Interview......Saturday the 29th at 11am Eastern - 08/22/09 01:28 PM
Hi Short Sale Specialists - Get your questions ready and notepads out! Participate in our secret interview with bank negotiator - $27- attend live or get the mp3! See details below. Wendy
Via Bryant Tutas-Tutas Towne Realty, Inc:
THE NEGOTIATOR INTERVIEW
Saturday August 29th.... Wendy and I will be interviewing a Short Sale Negotiator from one of the major lenders. He's been doing this for 18 years and is a wealth of information. He has agreed to spend 90 minutes answering our questions.Wendy and I have been negotiating with him for a couple of weeks now and have finally came to terms on his fee and … (7 comments)
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short sale negotiations: Coming Soon....Top Secret Interview With A Short Sale Negotiator! - 08/18/09 05:11 PM
Hello Everyone! Want the true behind-the-scenes intel on short sales? Bryant Tutas and I have arranged a 90-minutes tell-all interview with a Short Sale Negotiator from a "Top 5 Servicer". This won't be your standard, "gloss over the package" type interview either.
The interview is set for Saturday, August 29 at 11:00 Eastern, 10:00 Central. It will be an online webinar where you can post your questions....
Sign up here and order your spot to listen or to get the MP3...
Via Bryant Tutas-Tutas Towne Realty, Inc:
Hi folks. Have you ever wanted to sit down with a Short Sale Negotiator and pick his brains? … (5 comments)
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short sale negotiations: Shocked to Find My Short Sale Blog in Florida Realtor Magazine! - 05/28/09 07:04 PM
I was shocked and suprised to find one of my short sale posts cited in the June 2009 edition of Florida Realtor magazine! The article references my blog on "22 Questions to Ask the Short Sale Lender". I was casually reading the legal Q&A about Florida short sales and contracts, was about to turn the page, and there I was. I did a double take. Whaaat? To be honest, it was a little unsettling to be quoted without getting my permission, and I worried the post was older and I haven't fine-tuned it recently. But I am grateful to Florida Realtor for the reference. I … (30 comments)
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short sale negotiations: How to Talk to a Short Sale Negotiator - 03/18/09 09:19 AM
Do you know that your voice conveys who you are on the telephone? Do you know that you can create a wall by your attitude even before someone picks up the phone? Do you realize that short sale negotiators are people, too?
The other day I was calling Countrywide to check on a short sale and mentioned that I had a negotiator who was helping me on several contracts. I said I didn't "know why she was so nice". The phone rep said, "Well I can understand WHY". So I asked,"Why?" "That's because YOU are so nice!", she replied. I almost … (23 comments)
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short sale negotiations: Why I Negotiate My Own Short Sales - 11/07/08 09:45 AM
In the last couple of days I've been approached by two Destin FL sellers who wish to do Short Sales. After explaining the Short Sale process, I explained what items I would need. When I got to "financial worksheet" etc. I was stopped in my tracks. These sellers told me that their attorney said not to turn over any information, that he would be handling the short sale negotiations. I immediately told the sellers that I will only take the listing if I handle the entire transaction including bank negotiations. Why?
To take on a listing in this market, and any … (65 comments)
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short sale negotiations: Winning: Tennis & Short Sales - 07/08/08 05:39 PM
What does it take to be a winning Short Sale listing agent? Among other qualities, the number one attribute is: tenacity. Webster's dictionary says to be tenacious is to be "persistent in maintaining, adhering to, or seeking something valued or desired".
One can liken the attitude to that of Rafael Nadal's, who just won the Wimbledon tournament by enduring five grueling sets against the long-time reigning champion, Roger Federer. It was the longest finals in Wimbledon history at four hours and 48 minutes. No matter how grim the outcome looked, overcoming the challenge of the grass court, overcoming Federer's brilliant play, and overcoming missed … (6 comments)
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short sale negotiations: AmTrust Short Sale Appraisals - 04/11/08 03:18 PM
I have a Short Sale in process with AmTrust as the first mortgage holder. Their appraiser recently went out, and boy, we have a problem. AmTrust Short Sale appraisal guidelines require the comparables to be within 1 mile of the subject in suburban areas. And, they cannot use foreclosures as comps. The situation is as follows:
Subject: 1400 SF basic house, built 2004, no garage, in neighborhood with many trailers and dirt roads
Offer: $172,000
Real Buyer Comps: Many homes four miles away in new subdivisions, more substantial, 1600-1800 SF, garages, selling in the $180's very recently
Problem: Appraiser cannot use those comps. Only sales in … (13 comments)
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short sale negotiations: Rush Rush Rush- Wait: ASC Negotiators - 04/04/08 05:45 PM
A few days ago I wrote how an ASC negotiator told me I had to have a HUD-1 in her office by the next business day or she would close the short sale file on me. She said she didn't have time to waste if I couldn't send it in immediately, as she had too much work to do. (See Negotiators: Business Demeanor). I hurriedly set things in motion, had an attorney prepare the settlement statement, and emailed it to her per her instructions on Monday morning. I called her and left a message that I had sent her the HUD. Three … (4 comments)
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short sale negotiations: Chase: Second Lien Holder - 04/01/08 06:01 PM
Today I received a call from a negotiator from Chase, the second mortgage holder on one of my listings with a short sale offer. The gentleman was refreshingly nice, I must say. Chase is owed $101,000 on the note. The first, AMTrust is owed about $200,000. The offer is for $175,000. This is a very fair market offer. The Chase negotiator said with such a loss he must get an approval from G-d. He was pretty funny. He asked me to email him a price history of the listing, a preliminary HUD and a market write-up. He wanted me to have my sellers call him … (14 comments)
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short sale negotiations: Negotiators: Business Demeanor - 03/29/08 12:08 PM
What a pleasant way to end a Friday! I had spent much of the day making check-in calls to short sale lenders, those for both active and pending listings. In addition, it was one of those days where the phones were ringing non-stop anyway, hard to get any work done. I received a phone call from an "Ann Smith" (name changed to protect identity) stating she was from ASC Wells Fargo. In a very clipped tone, she asked me to identify the file she was calling about. Hmmm. Was I psychic? How did I know which file she was calling about? … (4 comments)
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short sale negotiations: 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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short sale negotiations: And Then I Became That Buyer's Agent - 03/17/08 05:36 PM
I recently wrote about Short Sales: For Buyer's Agents. Well, I just became that agent! Having practiced real estate for almost nineteen years, I have spent the last many specializing in listings. I work with buyers infrequently, and almost always on a referral basis. That is because I enjoy the listing aspect more. Yes, after I end up working with a buyer, I usually find it rewarding. But it is not my normal modus operandi. Today I had an interesting scenario arise where I became the Short Sale Buyer Agent. A little background....
About three weeks ago I received a phone call from a gentleman … (6 comments)
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short sale negotiations: 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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Wendy Rulnick "Its Wendy!" Destin FL Short Sales
Destin,
FL
More about me…
Rulnick Realty, Inc.
Address: 12889 Emerald Coast Pkwy West, Ste. 107-A, Destin, FL, 32550
Office Phone: (877) 487-9639 x 204
Email Me
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