Notes From A Short Sale

Real Estate Broker/Owner with Rulnick Realty, Inc.

      I just had another Destin Florida short sale approved.  Following are my notes starting with the most recent going back to the beginning of the Short Sale Approval Process with Countrywide. This might be useful to show buyers' agents and potential buyers to help them understand some of the processes the listing agent goes through to get approval.     

        7/29/2008   4:22 PM          Sara from COUNTRYWIDE Calling she is faxing APPROVAL!

        7/29/2008    3:42 PM          CALLING COUNTRYWIDE looking for approval letter if hear nothing by Thursday will escalate to team leader...

        7/28/2008    2:40 PM          CALLING COUNTRYWIDE no update

        7/28/2008    11:26 AM        CALLING COUNTRYWIDE  we said OK on July 24....  no approval letter faxed yet...  ?  Wendy is following on where it is??  I emailed Sara looking for it, too

        7/23/2008    4:52 PM          Homeowner said will take promissory note

       7/23/2008    4:02 PM          Sara from COUNTRYWIDE called usually they try to work with homeowner...   with 0%  interest rate...  $10,000  72 pmts $138.89 beginning OCT 1... 0% interest....  default if payments not received after 10 days...  email  ALL APPROVED JUST NEED PROMISSORY NOTE

        7/23/2008   12:56 PM        CALLING COUNTRYWIDE "Diane"  Fannie Mae approval July 11 why taking so long??  On July 2 I was told two weeks  ON JULY 21 COUNTRYWIDE received email from TRIAD- FANNIE MAE require a promissory note to be signed...  Owed $400,000....  sale price $198,000    NO PAYMENT ARRANGEMENT OR ANYTHING IS NOTED IN THE FILE, rep will email supervisor as ""urgent"

        7/22/2008     4:04 PM          CALLING COUNTRYWIDE  transferring to another department because it's a Fannie Mae loan?  Tried to reach... negotiator for me...  cannot reach, emailing her again for me... for her to call me

        7/21/2008    4:15 PM          CALLING  COUNTRYWIDE CHRISTINE trying to help me... cannot find any clues...

        7/21/2008   2:30 PM          CALLING "TAMI"  was submitted on July 11 to investors for approval...  will try to contact negotiator  On July 11, received approval from FANNIE MAE  Sara's line is busy will email  her....

        7/18/2008  12:07 PM        CALLING COUNTRYWIDE "Lynette"  no dates as to when approval letter will be sent out...  she can no longer contact negotiator for me...  Got email from selling agent buyer is looking at other houses....

        7/17/2008   3:47 PM          CALLING COUNTRYWIDE  just waiting for approval letter to be sent out...

        7/16/2008    5:04 PM          CALLING COUNTRYWIDE wrote a memo on July 11, file is under review for "second"

        7/15/2008     10:57 AM        Calling COUNTRYWIDE "Alicia" for new updates...   wants us to refax HUD to 800-658-0395

        7/14/2008      1:27 PM          Calling COUNTRYWIDE to follow up, faxed them a new HUD this a.m., tried to reach negotiator by phone, will email her for me...

        7/14/2008    10:00 AM        COUNTRYWIDE says Fannie Mae sent approval Friday with conditions.  I am trying to get conditions

        7/11/2008     12:10 PM        CALLING COUNTRWIDE  "Aman" still at the PMI company COUNTRYWIDE checked into it today...

        7/8/2008   12:49 PM        CALLING COUNTRYWIDE "Sandra" submitted for approval on July 2, went to Fannie Mae/Triad... for approval...

        7/3/2008    12:50 PM        Calling COUNTRYWIDE to make sure file was sent to PMI company SUBMITTED TO BOTH MORTGAGE COMPANY AND INVESTOR for approval...

        7/2/2008    9:55 AM          Calling COUNTRYWIDE cuz buyer says he'll walk if no close by July 8I called Countrywide just now. Negotiator cannot guarantee July 8 -need secondary approval from PMI company- which could take 1-2 weeks more.  Negotiator said she will get it to PMI company this morning.  Negotiator said only needs approval from PMI company!  She said 198,000 offer looks good to       Countrywide, and they do not need to run this by the end-investor on the loan.  I feel it could take three weeks more, but this looks very positive. Negotiator said to advise buyer "everything looks great".  Just need authorization from mortgage insurance company.

        7/1/2008   2:17 PM          CALLING COUNTRYWIDE to check on status again...  said previous rep's discussion re: Fannie Mae did not matter?!  On June 20, she should have sent file for review to investor,  however, no notes on the file as of yesterday....    said negotiator has 3-5 biz days to call me back,  Won't know anything until July 7th on the account?  Negotiator should be contacting me between Monday  and Wednesday of next week....

        6/30/2008  2:16 PM          Called. said they would email negotiator

        6/25/2008  11:12 AM        I should call Home Retention division as this is a Fannie Mae type product DIRECT NUMBER1-800-669-6650 FOLLOW up if I don't hear within 2-3 biz days.

        6/25/2008  10:57 AM        CALLING COUNTRYWIDE showing..  file not reviewed let, passed "confidence test" based on appraisal...  looking for assistance on review... REP said he will ESCALATE, sees no reason for delay

        6/25/2008    10:06 AM        CALLING COUNTRYWIDE got hung up on...

        6/20/2008    11:56 AM        CALLING COUNTRYWIDE no updates

        6/10/2008     12:29 PM        CALLING COUNTRYWIDE  no updates

        6/4/2008       11:33 AM        CALLING COUNTRYWIDE negotiator assigned on May 30 Sara Kane negotiator ext 2339  all docs were scanned in May 1, everything there.  Need 10-15 biz days to review whole account  MAY Get back to me June 13 to June 20

        6/4/2008      10:50 AM        CALLING HEART TEAM she cannot find receipt of appraisal  CONTACT COUNTRYWIDE, this is home retention management....HEART team is only workout, said to call short sale line

        5/28/2008     10:23 AM        CALLING Countrywide. no negotiator assigned yet.  Referred to Heart Team 877-643-2788

        5/22/2008     12:24 PM        Appraisal came back May 13 may take 15 biz days to assign negotiator

        5/8/2008       10:11 AM        CALLING Countywide just referred on the 29th no updates until May 29 (still has in 30 day review process)

        5/6/2008      11:18 AM        Appraisal Company doing appraisal 5/5, Sterling Appraisals LLC...

        5/6/2008      11:11 AM        CALLING Countrywide, not assigend to a negotiator yet

        4/30/2008    10:08 AM        Package Recieved.

        4/29/2008    2:27 PM          Faxed Package to Countrywide

        4/28/2008     4:47 PM          Called Countrywide to tell them of offer. Sean told me sellers must call to review financials...  I am calling back to get new rep, this one was a pain.

        4/18/2008    3:20 PM          Offer negotiating

        4/4/2008     8:34 AM          LOA acknowledged

        3/25/2008    9:56 AM          LOA faxed for #114995265

It's Wendy!

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

Specializing in 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

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Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *NOTES FROM A SHORT SALE* 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 1-850-650-7883 ext 204

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Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.

Rulnick Realty



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Show All Comments
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Realtor - Senior Real Estate Specialist

Congrats on your latest approval Wendy. This is great you notate everything down.

Jul 31, 2008 07:46 AM #1
Keji Ogunleye
Fairfax Realty, Inc - Greenbelt, MD
GRI, SFR, KejiYour Realtor

This is a great note Wendy. I also take notes when I call and what the discussion is ,but not to the details you have up here. Great job

Jul 31, 2008 07:50 AM #2
Laura Forty-Garcia
Your Central Florida Connection to Real Estate

I see that this took long......

Jul 31, 2008 07:56 AM #3
Travis Newton
Salem and Bend Oregon FHA, VA & USDA 503.931.4490 - Salem, OR

Wow, I just had one that took over 6 months!!!!




At least you got it done...but how many migrains did it give you?


Jul 31, 2008 08:24 AM #4
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Mike- Thank you!  I find it comes in handy when I don't get the same story from the bank reps.

Keji- Thank you.

Laura - It FELT long,altough it was "relatively" short.

Travis - Many an antacid through it, especially when you get "buyer looking will walk"!

Jul 31, 2008 08:56 AM #5
Heather Robins
Utah Select Realty, Inc. - Herriman, UT

Yeah, now time to get it closed.

Jul 31, 2008 09:18 AM #6
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Thank you, Heather. Closing Monday, although Countrywide sent paperwork with wrong address.

Jul 31, 2008 12:09 PM #7
Josh Holt
RE/MAX Coast To Coast~ Dedicated to You! - Berwick, ME
Southern Maine and NH Real Estate - Your Source of Info on the Berwicks

Congrats! Who says hard work doesn't pay off?

Aug 01, 2008 07:38 AM #8
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Thanks, Josh! That makes it all worth it...

Aug 01, 2008 07:48 AM #9
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &

Wendy- great follow up and an eye opener for many. Great notes.

Aug 01, 2008 06:52 PM #10
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Mark - Thank you much!

Aug 02, 2008 02:23 AM #11
Jared Hokanson
Hokanson Realty & Jared Realty Group - Medford, OR
Your Home Sold, GUARANTEED!*


What a realistic picture of what a short sale process looks like for following up with the sellers lender.  I'm curious, after having gone through that, as you look back, is there anything you see that would have helped get it approved any quicker with Countrywide?

Aug 02, 2008 06:49 PM #12
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Jared- No, I actually think closed in 90 days is pretty good for Countrywide.  I've had five weeks up to five months.  They have been claiming they are going to expedite the process with the new Bank of American ownership, and hiring of three groups called "Intake Department".

Aug 03, 2008 02:22 AM #13
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