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3 Short Sale Approvals - The Key to Each

By
Real Estate Broker/Owner with Rulnick Realty, Inc.

I've received 3 Short Sales approvals on the Emerald Coast of Florida in past seven days. Here is the summary and the "key" to each approval, presented as "Problem" and "Solution".

Case #1

Destin FL condo

First Mortgage: Countrywide

Second Mortgage: DCS (MI company who bought Countrywide's second)

Problem:  Countrywide thinks value is $285,000, offer is $265,000

Solution:  Listing agent provides market narrative and market analysis proving the offer is good and "lucky"

Case #2

Niceville FL house

Mortgage: Aurora Loan Services - with Mortgage Insurance

Problem: MI company BPO agent uses incorrect square footage, overvaluing house

Solution: Listing agent catches error before BPO is complete, discovered by a "courtesy" follow-up call to BPO agent

Case #3

Destin FL house

Mortgage:  Citi Group

Problem:  Citi "accidentally" counters by $17,000 too low, buyer accepts the counter, Citi emails they "goofed"

Solution:  Listing agent proves to buyer Citi's revised counter is valid, based on market comps

Conclusion:  Each Short Sale was approved.

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.

Read my Blog.

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. *3 Short Sale Approvals - The Key to Each* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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

Wendy Rulnick, Broker/Owner Rulnick Realty, Inc.

Call Wendy Rulnick 1-850-259-0422

email itswendy@rulnickrealty.com

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Wendy Rulnick helps real estate buyers and sellers on the Emerald Coast of Florida.

Rulnick Realty

 

Richard Shuman
The Only B.S. I Have is from the University of Massachusetts - Lake Mary, FL
Real Estate Broker - Orlando Area - Love Referrals

YOU ARE LUCKY - I have had a few where the BPO comes back $20k over what any appraiser in the area could come up with. The deal dies - to never come back again!!!

Sep 21, 2008 05:32 AM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Richard - You may be right!

Sep 21, 2008 05:38 AM
Jim & Maria Hart
Brand Name Real Estate - Charleston, SC
Charleston, SC Real Estate

Hey, Wendy. That is a great way to think. I have always said dont come to me with a problem if you dont offer a solution. Thanks, Jim

Sep 21, 2008 06:07 AM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Jim & Maria:  Thank you. I agree. "Problem-solution" thinking has always helped me in the real estate business.  It always keeps a clouded emotional element out of it.

Sep 21, 2008 06:15 AM
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS

Wendy - congratulations on getting contracts on your short sale offers. So often the buyers wait for several months for an answer, despite what information we send along. It may get even longer as we try to figure out who really owns the loan.

Sep 21, 2008 09:38 AM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Sharon -  Thank you!  I do have a seller right now with a mortgage claimed by a certain lender, but no paper trail showing they truly own the loan.

Sep 21, 2008 11:16 AM