Countrywide/Bank of America "Forgets" to Ask for Promissory Note

We all make mistakes, but this was a big one, by a big corporation... I was in negotiations for a short sale on a Crestview, Florida listing. My sellers owed Countrywide/Bank of America about $175,000 as the senior lien and around $25,000 to Citi Financial as the junior lien. The sale price was a spot-on $150,000.

Bank of America asked for a promissory note of $5000. Although my sellers had recently divorced and had to move to separate homes, they both had stable jobs. Bank of America told me that was a factor in asking them for the note. The couple agreed, and I emailed the negotiator. A few weeks later, BOFA approved the short sale. YEA! And they did not even ask for a note!

My next problem was to tackle Citi, who had initially farmed out the listing to a collection agency, as I wrote about in "Rude and Crude- Nordon Collection Services". After I complained about Nordon's uncouth behavior, and hanging up on me, Citi took the file back. They requested $6000 as a pay-off to release their lien. BOFA would only pay them $3000, so my sellers agreed to pay the other $3000 at closing, each having to borrow money to do so.

Finally, the home closed! After months of wrangling, the sellers were thrilled to complete that phase of their lives.

Until yesterday, that is. Bank of America called asking where the note was. This is a month after closing. They sent me back a copy of my own email to them stating the sellers would agree to a note (pretty shrewd, huh?) The negotiator then called me, demanding the note be paid.
I responded, incredulously."The note?" I said, "You did not require a note in your approval letter. The sellers based their decision to borrow money to pay Citi on the fact that you did not require a note. They have nothing more to give.... Is someone in trouble at your company?"
"Yes" he responded.

It's Wendy!

Countrywide/Bank of America Short Sale Closing Costs

As a short sale listing agent in the Destin Florida area, I tend to get the same type of offer again and again. The buyer asks for all closing costs to be paid by the short sale lender. So, on the most recent offer on one of my short sale listings, of course the buyer's agent pressed for having Countrywide, now Bank of America, pay all the closing costs. I have been through this numerous times before. The agent tells me they "had one case" where all the costs were paid. Or they say they "heard" the short sale lenders would cover all the costs if the offer price was raised. I have to always leave the final decision to my seller, but I recommend against going down this path.

To placate this agent, I emailed my favorite Bank of America negotiator, specifically asking what closing costs would be paid. This is her response:
"We pay all outstanding property taxes, commission (amount depends on loss and investor), $3,000 to any outside 2nd lien, settlement or escrow fee, title insurance, doc stamps. We typically do not pay any miscellaneous type fees (wire, courier, admin, doc prep, notary, home warranty, etc.). All fees are negotiable depending on the loss and investor and is up to each individual negotiator as to what fees will be paid. It is also at management's discretion when a decision is made."

At the insistance of the buyer's agent, who asked if the buyer could increase his offer price to "cover" more closing costs, the Bank of America negotiator said: "No, they usually still will not pay those items."

99% of the time, if you submit a short sale offer asking for all the closing costs to be paid, you will get rejected or countered. Why waste sixty to ninety days for nothing? Submit a good offer, one that you know can get approved, and increase your chances of short sale success.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.


Destin Florida Real Estate

Destin Short Sales & Pre Foreclosure Help.

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Santa Rosa Beach FL - Countrywide Short Sale Success Story

Here is a quick story about a Countrywide short sale in Santa Rosa Beach, Florida. And it has a happy ending.

I have a house listed for sale in the Mack Bayou area for $187,100. The sellers had purchased the home as an investment property but were no longer able to cover the mortgage, as rental rates have decreased on the Emerald Coast. The home needs work- carpet, paint, etc, and has about six tenants living in it. After four months of gently lowering the price, and still no offer, we were sitting below what typical market value might be.

Lucky for us, we got an offer for $185,000! The first time home buyers were SO excited and loved the home. Per my recommendation, and since it was Countrywide, their agent structured the contract for a 120 day short sale approval timeline, the buyers put down earnest money, and we eliminated closing costs we know Countrywide won't usually pay. The package was submitted.

A few weeks later, I found out during my bi-weekly phone call to Countrywide, that the file was "closed" due to "insufficient offer". I was dumbfounded. Yes, the offer was a bit below some of the competition, at about $195,000- $200,000, but not low enough that the file should be "closed" and not even countered. I did two things. I contacted a negotiator who had helped me in the past, and I called the short sale department again. The representative was very helpful, and listened carefully as I explained my bewilderment at the file being closed. She gave me her email address and I sent in my comps indicating the price was not that far off. I sent the same to the negotiator. A few days later, I got a call from Countrywide. They told me the file would be re-opened, and suggested the buyers increase their offer by $5000. We did it.

A couple weeks later, the Countrywide Phase II negotiator told me the offer was still too low, "Could the buyers come up by another $10,000, to match the appraisal?" The buyers said "no". The negotiator said the investor also might require a promissory note, or it would be declined anyway. I told him the couple had no money, were self-employed and barely getting by. I also had their primary residence for sale as a short sale. He said he would submit the package as is and see what the investors would do.

One week later - APPROVED!

In summary, do not give up if you have a strong case. I could have said "OK" when Countrywide told me they closed the file. I could have put the home back on the market, and waited for six months for another offer. The buyers would have lost their home. The sellers may have gone into foreclosure. Countrywide would have gotten even less in the future. So don't let the negotiator close the file or close the door on your sale! Submit a strong offer, one that YOU can justify. Tell them to let the investor decide. You may be pleasantly surprised.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Destin Real Estate
Destin Short Sales & Pre Foreclosure Help.
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Countrywide Approves Destin Short Sale- But Denies Buyer Loan Due to Underappraisal

This is a true story. You may have thought you heard all the crazy stories you could about Countrywide and short sales, but you haven't.

Countrywide approved a short sale for a Destin Florida condo for $100,000. Wonderful. The buyer, who had applied for a loan with Countrywide, proceeded to finalize his own mortgage to close. Countrywide ordered the buyer's appraisal. The condo only appraised for $87,000. Countrywide will not give the buyer a loan for $100,000.

I called the Countrywide short sale department to let them know that their Countrywide mortgage department would not issue a loan for the approved amount of $100,000, and faxed them a copy of their own appraisal for $87,000. They said their was nothing they could do and closed the file.

We now must re-submit a new short sale. This is so insane, that I am almost speechless.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
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Destin Condo Short Sale Approved in 7 Weeks

This Indian Lake condo in Destin Florida has been approved for a short sale by Countrywide. It was listed by three agents before me for over two years. The stunner is - I got a good offer for my seller in less than 60 days, and got her short sale approved in only seven weeks!

Summary:
Property: condo built 2004, 920 square feet
Mortgage: Countrywide - about $150,000
Hardship: Seller lost one job, had hours cut on second job, see "Destin Short Sale Seller: I Just Want Out"
Original List price: $98,000 November 19
Priced Reduced: to $86,000 December 22
Contract: received fair market offer on Jan 12

Approved: March 3
Time from Package Fax to Approval: 7 weeks

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
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Call Wendy Rulnick, Broker, toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home, condo or beach property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County - 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. Wendy is a short sale, pre-foreclosure and marketing specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.
All Rights Reserved. *Destin Condo Short Sale Approved in 7 Weeks!* Contact Wendy Rulnick regarding Destin Florida real estate and Emerald Coast homes for sale. Copyright © 2009 by Wendy Rulnick.

Destin Real Estate Buyer Question: Short Sales

Dear Wendy,

I have read quite a bit of your articles regarding Destin real estate and area short sales. I have made an offer to buy a short sale in October and we are still waiting. The house is brand new, it's listed for $799,000. The builder owes over $700,000. The house is not finished, it needs countertops, appliances, driveway, painting, finish hardwood floors, etc. Approximately $100,000 is necessary to complete house. A home 2 doors down just sold for $540,000. This new house is the nicest house in the development but definitely not worth $800,000. In our opinion even though it is the nicest house it probably is still not worth more than $600,000 to $650,000 that's if it was completed.
I originally offered $500,000 but now want to reduce my offer to $450,000 since it needs $100,000 to fix up and Destin real estate market is still falling. The negotiator is assigned and they will do an appraisal or BPO within 30 days. I feel $450,000 is fair given the changing market. Do you know typically how much Countrywide will go below market value, especially on an unfinished house?
Thanks,
Joe

Hi Joe,
Countrywide will not "really" go much below market value. They will rely heavily on the Broker Price Opinion (BPO) or appraisal, as I wrote in 'Short Sale Pricing: The "X Factor"' and will want close to that figure. Their calculations will depend on who the end-investor is on the loan, and those specific requirements. For example, if the loan has mortgage insurance (MI), they might want the "Net Proceeds" to be 91% of appraised value sometimes! One thing you cannot control is the BPO or appraisal, but you can inform the party doing the appraisal of cost estimates to finish the house. That may help keep the end figure realistic.
If you reduce your offer now, Countrywide might close the file. That will depend on the negotiator. Sometimes Countrywide relies on a valuation they have in their system already, and if the offer is below it, they will just cancel the file. Then you will have to start all over, and again risk the file being cancelled because you are too low.
Your concerns make sense and are valid. If you think you are overpaying for a property, I'd use caution. Best of luck.
Wendy Rulnick

Short Sale Seller: "I Just Want OUT!"

I recently listed a Short Sale condo for sale in Destin Florida. The property had been converted from apartments a few years ago. It is a one bedroom, 920 square foot ground floor unit. There are 32 units for sale in the complex. The condo fees are a whopping $225 per month. The last and only recent sale was for $115,000 back in June. My seller, whom I'll call "Ms. Samuel", paid about $170,000 for the property in December 2005. We put it on the market for $98,900. You can see the challenges in selling it.

Anyway, while I was at the seller's home taking photos, we chatted about her financial circumstance. Her lender is Countrywide. She said when she bought the unit, she was making $13,000 per year in income. How is that possible? How can anyone making $13,000 qualify for a purchase of a $170,000 unit, even with a substantial downpayment? Ms. Samuel told me she never got a truth-in-lending statement until the closing, and did not even know how much money she would need to bring until she was at the closing table. This Destin seller also said her mortgage broker never explained what type of loan she was getting. She didn't care about that anymore. She just wants out. She lost one of the two jobs she had, and her current position, in the resort rental industry, has cut her hours by 25%. She hasn't made a mortgage payment in three months.

As I always recommend to my sellers, I asked Ms. Samuel if she tried speaking with Countrywide to find a solution to her high mortgage payment. "Yes," she said, "I track everything. I've called them 17 times. 17 times! I could not get anywhere. I even tried calling Bank of America, since they purchased Countrywide. I am done with it!" She said she knew her options were short sale, deed-in-lieu of foreclosure or foreclosure. I told her that a short sale would be better on her credit in terms of repurchasing another home more quickly than the other options. Ms. Samuel said, "CREDIT? I don't care about my credit. I'm not buying anything again anytime soon. I just want OUT."

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin FL real estate
Short 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.com

Wendy Rulnick specializes in real estate sales, short sales, traditional 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. 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. *Short Sale Seller: "I Just Want OUT!*" 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

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Latest Countrywide Short Sale Volume

While working on a Crestview FL short sale today, I asked the Countrywide rep, "How many short sales do you have in process?"

Countrywide Rep Answer: "Almost 70,000"

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin Florida real estate
Short 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.com

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. Wendy 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. She lists and sells homes, condos and townhomes.

All Rights Reserved. *Latest Countrywide Short Sale Volume* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.

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Countrywide Wants Short Sale Buyers' Social Security Numbers

I have two interesting short sales in process with Countrywide. One is in Destin, Florida, the other, Navarre, Florida. In both of these cases, Countrywide is asking for the buyer's date of birth and home address. In one of the cases, they want the buyer's social security number.
Why does Countrywide want this new information? Apparently, in Short Sales where their loss is greater than $250,000, Countrywide does a background check on the buyer to ensure he is not related to the seller.

In one of these situations above, the buyer is refusing to provide his social security number. He feels that his privacy, identity and more would be at risk by divulging it. And it would be. I don't blame him. I have been trying to resolve this issue for three weeks. Finally, today, the negotiator called me and said the deal would be "off" if he didn't provide the information. I told her I needed more substantial explanation for the buyer, as I didn't want to waste the four months of time we already invested in the transaction. She put her team leader on the phone. He said "We do not need the social security number, just the date of birth." He also said that Countrywide wanted to ensure there was "No benefit to the seller through the buyer's purchase." When the negotiator got back on the phone, she seemed flustered. I told her I provided that information to her three weeks ago, and repeated it again. She said she "would call me right back". That was two hours ago.

In any event, if Countrywide is performing background checks, they ought to disclose that to the buyer. Anything less is a bit underhanded.

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. *Countrywide Wants Short Sale Buyers' Social Security Numbers* Contact Wendy Rulnick regarding Navarre Florida real estate and vicinity.

Another Countrywide Short Sale Approved

I know everyone likes to complain about Countrywide Short Sales, but you know what, I like them. They are consistently inconsistent. I've had approvals from them in five weeks, without even a phone call from the negotiator, to five months, after them losing information, switching negotiators four times, and forgetting to order BPO's. At least it's a behemoth of a "system", and the consistency of the agent is the key to success with them.
My most recent approval is a condo in Destin, Florida. The drill was the same as most other short sales, with the key to the magic "approval" near the end. Here's the typical scenario from the listing agent's perspective:

Qualify seller

Obtain and prepare seller package

Price property at fair market value

Market property Field calls from agents asking "How far along in the process is the short sale?"

Field calls from agents asking "Do you have any offers on the property?"

Explain process to agent who is going to write offer

Once under contract with seller, send package to Countrywide

Follow up diligently with Countrywide

Buyer threatens to walk

Follow up diligently with Countrywide

Buyer threatens to walk

Obtain counter from Countrywide

Buyer says no, he'll walk

THE KEY, since this is a good offer, PROVE offer is good to Countrywide

Wait for approval

Buyer threatens to walk

APPROVED

Skill sets of the listing agent come into play in all aspects. Prepare well, get the details right, follow up, see the big picture, and get your approval.

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. *Another Countrywide Short Sale Approved* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Notes From A Short Sale

Notes From A Short Sale
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 167052@countrywide.com 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 status...no 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

Search Destin Florida real estate.
Short Sale Pre Foreclosure Help.

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *NOTES FROM A SHORT SALE* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Short Sale Promissory Notes: Getting More Common

Do you have a Short Sale with a second mortgage? Or perhaps PMI involved? Or Fannie Mae? Two of my Destin Florida real estate sellers have recently been asked to pay up. Here's the scenario:

Santa Rosa Beach FL Short Sale:
Owes $325,000 on first - Everhome Mortgage
Owes $90,000 on second - Citi
House value and offer - $225,000
Citi Says: "Pay back $16,000 (of $90,000 loss) at 0% interest over 80 months" Also want $3000 from first.

Destin FL Short Sale:
Owes $200,000 on first - Countrywide
Owes $200,000 on second - Countrywide
House value and offer - $190,000
Countrywide via Fannie Mae PMI, says "Pay back $10,000 (of $200,000 loss) at 0% interest over 72 months. payment $139/ month" and they'll approve sale.

Are these reasonable requests? It seems so, in light of the tremendous losses involved. Expect to see more of these scenarios in the future.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in REAL ESTATE, SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, 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 850-650-7883 ext 204
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Short Sale Help

Countrywide: Just the "FAX" Please!

Remember when you were little, there was a game when you'd whisper something in someone's ear, and they would whisper it to the next person, etc, and by the time it got to the last person, the story had changed? Well, it still happens in the grown-up world, and it's pretty scary when it happens with something as important as a Short Sale approval. Here is an adult story of how the most careful communications can go awry, threaten closings and impact moving vans and people's lives....

Scenario: Countrywide Short Sale, four months after initial offer submission, 40 phone calls made by listing agent following up on status during that time period... ( I counted them).

Monday: I finally have the negotiator tell me she will approve the Short Sale. She says I should receive the approval letter on Wednesday. I report this to the wearily waiting buyer's agent so he can calm his anxious buyer. The buyer wishes to close immediately.

Wednesday: I call Countrywide to see where the approval letter is, as it was promissed today. The rep says the notes in the file read: "Short Sale approval sent" on Monday! I told him I did not receive a fax. I verified the fax number, and he said he would have it re-faxed. I tested my fax machine to make sure it was working. I checked my e-fax queue to make sure I didn't miss anything. Nope. No fax.

Thursday: I still do not have the approval fax. I call Countrywide and provide an alternate fax number.

Friday: I still do not have the fax. I call Countrywide and provide my email. Meanwhile, the buyer is getting upset, and leaves messages on my voicemail. He tells his agent he has been waiting long enough. He has to cancel his moving truck by 3:00 p.m. I call Countrywide back five times. They said they will "escalate" the problem to upper management, as only the negotiator can fax the approval.

Saturday: Still no fax. I call Countrywide. They are closed.

Monday Morning: Negotiator finally calls my office and speaks with my office manager. She says, "File is NOT approved." She will call me tomorrow. Oh no! How could this be such a serious mistake? I have my sellers moving furniture out the next weekend, and the buyer saying he'll walk if the promissed letter is not delivered and his closing is put off one more time.

Monday Afternoon: I call Countrywide and re-question, how could they tell me the file was approved, when the negotiator says it was not? The new rep checks deeply. She says someone mis-read the notes. She says the check-box in their system where it shows "Approval Letter Faxed" has NOT been checked off. She says the file was only being sent on for final approval. She says each rep I spoke with only looked at the notes from the previous rep's conversation with me, stating the approval fax had not arrived, and it needed to be re-faxed. The rep states she is sorry, and they were in error.

Tuesday: I finally personally talk to the negotiator and explain the can of worms started by her company, the seller with the furniture to move, the buyer with the final closing date and moving truck. She says the approval letter will be faxed, hopefully today. Here I sit, waiting... it is almost 6:00 p.m. Still no fax. I am sure I'll get it tomorrow....

UPDATE TO POST:
Wednesday Morning: I call Countrywide asking where the approval letter is. They say they need my FAX NUMBER! I am not kidding.

Wednesday 5:02 p.m.: Approval received!

Best of luck with yours!

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Fort Walton Beach, Santa Rosa Beach, Sandestin, Niceville, Bluewater Bay, Navarre, Crestview, Inlet Beach, Rosemary Beach, Seacrest Beach, Blue Mountain Beach and vicinity.
Call 1-877-487-9639 or 850-650-7883 ext 204

http://www.shortsales-emeraldcoast.com/
http://www.rulnickrealty.com/

How Many Countrywide Short Sales in Review?

If you are working on a Countrywide Short Sale you may want to know that as of today:

Countrywide has 27,000 Short Sale files in review.

Best of luck with your approval!

It's Wendy!
Wendy Runick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Fort Walton Beach, Niceville, Navarre, Santa Rosa Beach, Sandestin, Rosemary Beach, Sandestin, Blue Mountain Beach, Crestview, Mary Esther, Bluewater Bay, Shalimar and vicinity.
Call 850-650-7883 or 1-877-487-9639.

Short Sale Help
Search Emerald Coast Listings

Two Short Sale Approvals!

I received two Short Sale approvals- one today and one yesterday- from Countrywide and ASC/Wells Fargo. It's going to be a good weekend!

1. ASC/Wells Fargo: Package was submitted on February 22. It took ten weeks, about 2.5 months for approval. The offer was countered early on.
2. Countrywide: Submitted on March 2, only five weeks ago. No counter and no contact with the negotiator. Approved in little over a month.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in Short Sales and Foreclosures on the Emerald Coast of Florida: Destin, Fort Walton Beach, Niceville, Santa Rosa Beach, Navarre and vicinity. Call 850-650-7883 ext 204 or 1-877-487-9639.
www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com

My Buyer is Getting "Restless"

Yesterday I received an email from a selling agent for one of my pending Short Sales. The offer has been at Countrywide for about 75 days.

Buyer's Agent: Wendy, My buyer is getting very restless. We need some kind of update for him to keep him on the hook.

Wendy's Response:
Joe, These are the dates and actions:
Feb 21: Faxed package to Countrywide
Feb 22: Re-faxed package to Countrywide to make sure they got it
Feb 25: Called Countrywide to confirm package was received, they said it was
Mar 5: Called Countrywide, no action yet, said package in "review" would be assigned to a negotiator within 30 days
Mar 10: Called Joe to keep him up-to-date
Mar 17: Called Countrywide, file not yet assigned
Mar 21: Called Countrywide, rep said would send my status inquiry to Team Leader, file still not assigned
Mar 27: Called Countrywide, file assigned to a negotiator, may take 30 days for negotiator response
Mar 28: Called Countrywide, verifying file was assigned, they reiterated could take 30 more days for response
Apr 1: Negotiator from Countrywide called me to say she was assigned to the file, would call me when she had a chance to review
Apr 2: Appraiser went to the property
Apr 15: Called Countrywide, they said appraisal had been forwarded
Apr 21: Called Countrywide, they said due to volume, short sale department was being restructured, could take two weeks to restructure, also informed that a different negotiator had been assigned to the file now
Apr 29: Called Countrywide, requested the negotiator call me with the status, the rep sent an email for the negotiator to call me, I also emailed the negotiator
May 1: Called Countrywide, told them rep hadn't called me, I was told they have 24-48 hours to respond, but they would send another email for her to call me

Joe, I have been working diligently, and will work diligently on the follow up and successful closing of this sale. Please reassure your buyer that I am doing everything I can do to speed them along. It is quite exhausting, but I have successfully sold numerous short sales. They are truly running 90-120 days due to so many people being in this situation. Tell your buyer "Thank You" for his patience, too!

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Niceville, Fort Walton Beach, Navarre, Mary Esther, Rosemary Beach, Dune Allen, Bluewater Bay, Shalimar, Mary Esther, Miramar Beach, Sandestin, Seaside and vicinity.
Call 1-877-487-9639 or 850-650-7883 ext 204

www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com