| |
short sale process: You Just Accepted a Short Sale Offer on Your Destin Home - What Happens Next? - 11/01/11 11:46 AM
Your Destin Florida home is for sale as a "short sale". You're about $300,000 "upside down". You just received an offer you feel is too low. I agree - it is a waste of time to send a contract significantly lower than market value to your short sale lender. So you counter the buyer's offer, they accept, and you now have a contract. What happens next? 1. We send the contract with a preliminary settlement statement and all your financials to your mortgage lender.
2. Your lender orders a Broker Price Opinion or Appraisal on your property.
If the appraisal comes back much higher than the … (2 comments)
|
short sale process: Short Sales: Attitude and Guessing Games - 10/09/08 04:26 PM
I am working on getting a short sale approval for a house in Destin FL. The mortgage is about $200,000 and the offer is for $130,000 (modified for the sake of confidentiality), which is slightly under maximum market value of $145,000. The lender is Vanderbilt Mortgage. To be blunt, they are not nice. Most lenders have been in this game long enough to know how the system works, and have probably had thousands of short sale requests. Vanderbilt just doesn't want to play. Here is what is going on:
Faxed Vanderbilt 41-page short sale package with typical items, contract, settlement statement, hardship … (12 comments)
|
short sale process: Washington Mutual Approves Short Sale - 09/30/08 04:34 PM
My most recent approval was received this morning, approximately seven weeks from submission, from Washington Mutual. It was a very smooth transaction. Here is the summary:
Property: House in Fort Walton Beach Florida
Value and Offer: About $110,000
First Mortgage: CITI owed about $70,000
Second Mortgage: Washington Mutual owed about $90,000
Hardship: Medical
Package Submitted: August 13
Appraisal Ordered: September 3
Approval Email: September 30
Factors: First mortgage, Citi, was in collections, but not in a short sale position, since net was enough to cover full balance- so only needed approval from WAMU
Delays: Washington Mutual "lost" Letter of Authorization and "lost" … (21 comments)
|
short sale process: How To Keep Short Sale Buyer Agents Happy - 06/24/08 06:36 PM
Are you a Short Sale listing agent? If so, you know the importance of having those buyers hang in there for three, perhaps four months after submitting an offer to the Short Sale lender. It is critical to keep their selling agents in the loop with frequent updates, and a "team" approach to getting the sale approved. That way, there will be a higher chance that they inform their buyers and help them remain dedicated to the purchase.
One tool I that use is to ask the buyer's agent to contact me at least once a week with an update request and also … (14 comments)
|
short sale process: Buying Short Sales in Destin Florida - 02/17/08 11:59 AM
Buying a Destin Short Sale? What is the Process?
When you write your offer for a Short Sale, your agent should insert language into the contract that states the contract is "Contingent on seller's mortgage holders' approval". Often, lenders require Short Sale properties to be sold in "as is" condition, thus not threaten a potential closing with repair items. Language should be inserted into the offer in that regard, either with appropriate addendum, or under additional terms. The Seller may counter your offer. Remember, the contract is between you and the Seller, not you and the Seller's lender. The Seller does … (14 comments)
|
|
|
|
|
|
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
The market. Smart sellers. The Emerald Coast of Florida.
 Listings
Links
Archives
|
;)
;)
;)
