Email from Potential Short Sale Seller
To Short Sale Sellers: Wendy Rulnick makes some great points in this article. Make sure that the listing agent offering to work a short sale for you has indepth knowledge of deficiency judgements and works to protect you from them - or have an attorney look over your paperwork for the short sale from your lender. You don't want to get caught in a court battle later! Happy Reading! Steve
To: Wendy Rulnick
Subject: RE: Listing Navarre House Short SaleI heard good things about you, while we lived in Florida. I did a Google search to find agents with Short Sale experience, and your name popped up. I looked at your site and decided to contact you. My husband and I talked last night and he is unsure if he wants to list the house right now. He's worried that HSBC will come after us for the outstanding loan balance, after the sale of the house. They seem to be unwilling to negotiate right now, so he wants to wait to discuss that with them. In your experience, do most lien holders usually go after the homeowner for the remaining balance?
I thought my husband and I were on the same page, but he needs a little more info before we proceed. I don't want to waste your time so I will contact you after we speak to HSBC about what they will do with the loan balance.
Thank you for contacting us so fast. We will be in touch soon.
Sincerely,
"Sally"
From: Wendy Rulnick [mailto:itswendy@rulnickrealty.com]
Sent: Friday, September 19, 2008 9:30 AM
To: "Sally"
Subject: RE: Listing Navarre House Short SaleNormally with a Short Sale there is no deficiency judgment. That's the point of a Short Sale. In some cases, the lender asks for a small promissory note at 0% interest to be paid over 5-7 years. If the lender agrees to the Short Sale, you will get their approval in writing, so there's no question. A typical approval letter will read, for example, the lender "will not pursue a deficiency". If the property goes into foreclosure, however, they can pursue the full unpaid balance.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Email from Potential Short Sale Seller* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
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