Home > Blogs > Wendy Rulnick > It's Wendy Real Estate Blog

GMAC Approves Niceville Florida Short Sale

By Wendy Rulnick

Real Estate Broker/Owner with Rulnick Realty, Inc.

August 07, 2009 09:38 AM

Niceville Florida Short sale

This waterfront townhome was approved for a short sale in Niceville Florida.

Hardship: Death of breadwinner

Senior Lien: GMAC balance $220,000

Junior Lien: USAA balance $148,000

Sale Price: $219,000

Cash Contribution: $2,500 to GMAC and $13,000 to USAA negotiated down from $44,000

Total Cancelled Debt: $135,000

To avoid foreclosure and sell your Niceville real estate as a short sale, contact an experienced real estate agent who specializes in short sales.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Niceville FL Real Estate

Niceville Short Sales & Pre Foreclosure Help.

Read Wendy's Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your Niceville real estate: itswendy@rulnickrealty.com

Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". She and co-founder Bryant Tutas have developed short sale agent training.

Subscribe in a reader

Subscribe to It's Wendy's Blog by Email

Re-Blog

Comments(14)

Comment

Show All Comments

Sort:

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Very cool Wendy!! Great job with another successful short sale. Can you teach me how to do this?

Aug 07, 2009 10:35 AM

Satar Naghshineh

Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Great job! So GMAC was fine with USAA getting more than 3k? Their new approval letters state that they want "full disclosure". I have the same setup and had to jump through hoops to get around the full disclosure.

Aug 07, 2009 10:57 AM

Erik Hitzelberger

RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY

Louisville - Middletown Real Estate

LOL - Could BB be more shameless in his attempt to promote you Short Sale Training Class or website?

Aug 07, 2009 03:11 PM

Kent Anderson

Coldwell Banker Resort Realty, Sandpoint, Idaho - Sandpoint, ID

from Schweitzer to the Lake

Wendy - I can't wait to tell you about a "non-short sale" I'm embroiled in now. As soon as this thing comes to a conclusion, I'll let you know. I will say this, banks up here are not cooperating with the short sale concept. Somehow, they think they can get ALL of their money back even AFTER there has been a bankruptcy. As long as the banks refuse to cooperate in a short sale, they believe they still hold all the cards. In the meantime, the value of the property is dropping at a rate of 1.5% per month. I don't get it.

Aug 07, 2009 03:52 PM

Sally K. & David L. Hanson

EXP Realty 414-525-0563 - Brookfield, WI

WI Real Estate Agents - Luxury - Divorce

Sooo may sad short sale stories....glad this has as happy an ending as it can have...and I am sure you are glad that you had the opportuniity to be part of it...great job.

Aug 07, 2009 11:30 PM

Wendy Rulnick

Rulnick Realty, Inc. - Destin, FL

"It's Wendy... It's Sold!"

Bryant - If you are lucky!

Satar - GMAC paid USAA 3000, seller paid GMAC 13,000

Erik - Thank you for YOUR shameless promotion!

Kent - Looking forward to your story.

Sally & David - Thank you, seller is VERY happy!

Aug 08, 2009 03:13 AM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Wendy congrats on another successful closed short sale. Looks like it has been a busy summer for you!

Aug 08, 2009 04:28 AM

I take it was a double wire and that GMAC didn't know about the seller contribution to the 2nd. ;) Also, did your client have $15,500 saved up or did the buyer contribute on the seller's behalf?

I'm going to write a blog on this particular short sale of mine with GMAC on the first and BofA on the 2nd and how I was able to satisfy both lenders and make extra commission off the deal. I will include forms and contracts used. When people scream "Fraud", please come to my rescue!

Aug 08, 2009 04:55 AM

Bill- Thank you, and you sure are!

Satar - GMAC knew about the seller contribution to USAA. It was on the HUD. The HUD had total cash from seller 15,500.

Aug 08, 2009 05:03 AM

Wow! Good job pulling that off.

Aug 08, 2009 05:50 AM

Eric Reid

Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA

Another Great list I love the way you spell it all out .. it like fill in the blanks and you own it

Aug 10, 2009 02:40 PM

Roy & Gail Barnhart & McKay

Barnhart & McKay Realty Advisors - Hudson, FL

Barnhart & McKay Home Selling Team

Hi Wendy,

Could you send me your contact phone number for GMAC SS department. I am working one with them and the number I have says that they are currently in a meeting. It has been that way for over a week now. Here is the number I have for them (267) 317-2500

Thanks in advance

Roy Barnhart

Aug 24, 2009 06:43 AM

800-850-4622 GMAC.... good luck Roy.

Aug 24, 2009 06:46 AM

Thanks

I just found out GMAC will not take 1,000 for their 2nd game, I now need to see if the 1st mortgagor will offer more. Fun, Fun, Fun, I tell ya!

Aug 27, 2009 02:59 AM

GMAC Approves Niceville Florida Short Sale

Comments(14)

Wendy Rulnick

Service Areas

Real Estate Resources

Recent Posts

Popular Posts

Additional Information