Holiday Isle, Destin Short Sale - Approved by Chase/Washington Mutual
 This townhouse on Durango Road, Holiday Isle in Destin Florida has been approved as a short sale. It is on a canal on Destin Harbor with a dock. It needed significant work due to an active water leak. Lender: Washington Mutual, now Chase Mortgage Balance: $359,000 appr Sale Price: $195,000 appr Approval Time: 5.5 Months If you need to sell your home as a short sale in Destin or Sandestin, Florida, it is best to hire an experienced short sale agent. It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Destin Real Estate Destin Short Sales & Pre Foreclosure Help. Read Destin Short Sale Blog Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204 Email Wendy: itswendy@rulnickrealty.com Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast. Wendy has been interviewed by Kiplinger Personal Finance Magazine and Business Week magazine, and has had her short sale articles appear in Florida Realtor Magazine.Call Wendy Rulnick, to list and sell your property on the Emerald Coast of Florida in 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. Labels: chase short sales, destin short sales, holiday isle short sales, Washington Mutual Short Sales
Washington Mutual Won't Waiver
I recently had a Fort Walton Beach FL Short Sale approved by Washington Mutual (WAMU). In this case, WAMU was the junior lien, the first was Citi Mortgage. There was enough from the sale proceeds to satisfy Citi's mortgage balance, so the only approval necessary was from WAMU. As with all Short Sales, we know to provide a preliminary settlement statement (HUD) with the package to the seller's lender. This is a guide upon which the lender bases its approval. As a rule and for the sake being conservative, I instruct the title agent preparing the HUD to overestimate the prorations. Why? In Florida, property taxes are paid one year in arrears, so there is typically a credit from seller to buyer at closing. (In some other states, property taxes are paid in advance.) So in order to prepare for a long-delayed lender approval, I may use a closing date four to five months out. The settlement statement will show the seller crediting a higher amount of taxes to the buyer. That way there won't be a last-minute problem with proceeds to the Short Sale lender being too low to meet the amount on the approval letter. They will usually get more than their stated approval amount using this method. The same technique applies to condo or association fees, or other prorations. If there is a problem meeting the exact approval amount because prorations are off, normally Short Sale lenders understand, and will issue a revised approval letter with adjusted figures. I don't like taking the risk, so I choose to overestimate. Now, back to Washington Mutual. In the Fort Walton Beach Short Sale, WAMU asked for the payoff amount from Citi (the first) to be used exactly in the preliminary HUD. Unfortunately, the Law Office of David Stern, who was handling the foreclosure on this Citi mortgage, would only provide a payoff for a month. WAMU issued its approval letter about two weeks after receiving the payoff. The buyer took four more weeks to close. The payoff to Citi increased- of course. The HUD was redone prior to closing, showing a now-lesser amount to WAMU. WAMU did not care. They were immovable. They refused to adjust their approval amount even with proof of the new figure required to satisfy the first mortgage. Guess who paid the difference? I lost some respect for WAMU that day. It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Search Destin FL real estateShort Sale Pre Foreclosure Help.Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204 Email itswendy@rulnickrealty.comWendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin 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. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes. All Rights Reserved. * Washington Mutual Won't Waiver* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick. This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information. Subscribe in a readerSubscribe to It's Wendy's Blog by EmailLabels: fort walton beach realtors, fort walton beach short sales, wamu short sales, Washington Mutual Short Sales
Washington Mutual Approves Short Sale
My most recent approval was received this morning, approximately seven weeks from submission, from Washington Mutual. It was a very smooth transaction. Here is the summary: Property: House in Fort Walton Beach Florida Value and Offer: About $110,000 First Mortgage: CITI owed about $70,000 Second Mortgage: Washington Mutual owed about $90,000 Hardship: Medical Package Submitted: August 13 Appraisal Ordered: September 3 Approval Email: September 30 Factors: First mortgage, Citi, was in collections, but not in a short sale position, since net was enough to cover full balance- so only needed approval from WAMUDelays: Washington Mutual "lost" Letter of Authorization and "lost" part of the ahort sale package Overall, this was a quick and mostly problem-free Fort Walton Beach short sale. It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Search Fort Walton Beach real estate and vicinity.Destin and Fort Walton Beach short sale and pre foreclosure help.Read my Blog.Specializing in real estate sales, traditional and short 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. *Washington Mutual Approves Short Sale* Contact Wendy Rulnick regarding Fort Walton Beach real estate and vicinity. Subscribe in a readerSubscribe to It's Wendy's Blog by EmailLabels: citi short sales, fort walton beach real estate, fort walton beach realtors, fort walton beach short sales, Washington Mutual Short Sales
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