I Need a Broker Price Opinion- This is a Comparative Market Analysis!
 I recently got a Mary Esther Florida short sale approved by HSBC, who always provide interesting twists to their short sales. Here is the story: Property: Owner occupied home in Mary Esther Florida
Market Value: $130,000
Senior Lien: Wells Fargo - VA loan - $190,000
Junior Lien: HSBC - $40,000
Getting the VA compromise sale approved by Wells Fargo was the easy part of this short sale. Getting approval from HSBC, the junior lien, was a different story. HSBC had farmed out its collection efforts to a company called Professional Recovery Services. After months of waiting for a response on short sale approval, PRS finally claimed that HSBC would not allow a short sale because the borrower had filed for bankruptcy a few years ago. I was asked to provide documentation that the HSBC lien was not included in the bankruptcy. I did, but PRS said HSBC still refused to look at the short sale, claiming "a bankruptcy is a bankruptcy". Undeterred, I contacted HSBC directly, emailing several representatives until I was directed to a negotiator in the bankruptcy department. Apparently, I had contacted the right person, as he said he would help with the short sale approval. First, though, he needed me to provide a Broker Price Opinion of the property's value. I used my Multiple Listing Service to do a detailed market analysis and faxed in the form. The HSBC negotiator, although polite enough in scripted English, had a problem with my document. "This is not a Broker Price Opinion" he said, "It says Comparative Market Analysis". "It's the same thing. A comparative market analysis is the same thing as a BPO", I told him incredulously, "What do you want me to do, re-label it?" PAUSE "It looks like a CMA. I need a Broker Price Opinion done by a Broker” He choked out. "I am a Broker. Fine, I will re-label the form with 'BPO' and fax it back to you." "Thank you, it has been my pleasure speaking with you", he read from his script. I re-entered my data onto another form, labeled it 'Broker Price Opinion',and faxed it back to HSBC. The next day I called in. "You are approved. It has been my pleasure working with you",
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo 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.
Labels: bankruptcy, hsbc short sales, mary esther short sales, offers in compromise, va compromise sales, wells fargo short sales
Wells Fargo Approves Short Sale Near Rosemary Beach Florida- In Eight Days!
 This corner lot in Riviera Beach, Panama City Beach, Florida was just approved for short sale. This property is near Rosemary Beach Florida.. Lender: Wells Fargo Mortgage Balance: $275,000 appr Sale Price: $50,000 appr Faxed short sale package: November 16 Received Approval: November 24 Approval Time: 8 days Promissory Note: None Cash Contribution: None Sales Factors: Complete short sale package, realistic offer price, legitimate hardship, serious buyer. If you need to sell your home as a short sale in Seaside, Seagrove Beach, Watercolor or Rosemary Beach, Florida, it is best to hire an experienced short sale agent. It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Seagrove Beach Real Estate Seagrove Beach, Seaside, Watercolor Short Sales & Pre Foreclosure Help. Read Short Sale Blog Call 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, to list and sell your home or condo 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. 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. Labels: rosemary beach short sales, wells fargo short sales
Give Us Your Commission - Or Else - Extortion by Short Sale Loan Servicer
The public needs to know what is going on.... The "gentleman" from GC Services, started out saintly and well-mannered. But by the time we were through, he had ordered me to "Acknowledge" him when he spoke and "give him my money". Here is my story.....I received approval from Wells Fargo, the senior lien, for a Destin area short sale. The junior lien, Chase, is being handled by GC Services, a collection agency. On this particular loan type, Chase is required by the investor to outsource the short sale and collections. The junior balance is $40,000. GC Services wants $13,000 to release its lien. I got them a whopping $10,000. $3,000 from Wells Fargo, $1,000 from the seller, and $6,000 from the buyer. The "gentleman" from GC Services said that $10,000 was not enough. To make up the other $3000, he said I was to "take x% of the full commission Wells Fargo was paying", and give that to him. Not believing my ears, I told him I wasn't "quite sure I understood" what he was saying. He then said I obviously did not understand HUD's, and that page two was to state a y% to me, and page one, x% to them. I said simply, "NO". The "gentleman" then stated that "if I refused, and the buyer made up the additional $3000, they would still not issue an approval" unless my commission was cut to x%. This is similar to putting your hand in someone's wallet and pulling out the money, while holding a gun to their head. I called my seller. I told her I was sorry, but "the commission cut was not allowed by our listing addendum" and explained the strong arm tactic. She understood and agreed. The sale is off. I refuse to be threatened and forced to "give" someone part of my paycheck. Would you? (**** This decision was made with the consent and permission of the seller. The seller is a friend of mine and is perfectly happy with this negotiating tactic. We have no intention of letting this property go into foreclosure. We do however intend to stop the extortion.) It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Destin FL Real Estatehttp://www.shortsalesuperstars.com/ for agents Labels: chase short sales, destin short sales, GC SERVICES, wells fargo short sales
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.comwww.RulnickRealty.comLabels: asc short sales, countrywide short sales, emerald coast short sales., short sale time frame, wells fargo short sales
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