This home in the Windward subdivision of Bluewater Bay, Niceville, Florida was just approved for short sale. Find the details below.
Senior Lien: Wells Fargo
Balance: $275,000
Junior Lien: Compass Bank
Balance: $115,000
Original Purchase Price: $485,000
Market Value: $290,000
Status: Short Sale Approved by both lienholders
Notes: Wells Fargo uses the Equator Platform for short sale processing. It is an online program where the short sale listing Realtor uploads seller financial documents, preliminary settlement figures and more for analysis by Wells Fargo. Other lenders share this platform, such as Bank of America and GMAC, but Wells Fargo's requirements are more tedious.
This was my first short sale with BVVA Compass Bank, the junior lienholder. It was interesting. The institution's personnel are pleasant. Their short sale policy, however, requires that the file be in their internal "charge off" department before they will negotiate any terms. They will not speed up their internal timelines to process a short sale, without exception. It is not the case that they have a plethora of files, it is just their timeline, which can take months, and they stick to it. This caused a long delay in the process, as we had Wells Fargo approval in about 45 days. Compass does its short sale processing through email, fax and phone, and it is fairly easy to get ahold of a human being. They appear to favor promissory notes and cash contribution combinations, but will negotiate.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more. She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.
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