PHONE:  (850) 650-7883 DIRECT:  850-259-0422
12889 Emerald Coast Pkwy #107-A, Destin, FL 32550

Miramar Beach Short Sale Success Stories

 Contact Wendy Rulnick, Miramar Beach Florida short sale agent for help at 850-650-7883 ext 204 or email  itswendy@rulnickrealty.com 

 

 

Majestic Sun condos sold

 

Even though this was a speedy Majestic Sun condo Destin Florida, Wells Fargo short sale approval – it didn’t fee like it! It took just six weeks, but the reams of paperwork made it feel like months! Here are the facts:

Senior Lien: Wells Fargo

Junior Lien (HELOC): Wells Fargo

Original Purchase Price: $520,000

Current Market Value: About $240,000

GOOD TO KNOW:

1. Wells Fargo normally processes short sales through Equator, which is an online portal to upload documents, send emails and respond to “tasks”.

NOTE: This Majestic Sun, Destin Florida short sale was removed and processed outside of Equator about a week after we initiated it. Why? Because Wells Fargo placed the short sale in the HAFA (Home Affordable Foreclosure Alternative) program.  That is a special short sale promoted by the Treasury Department offering full waiver of deficiency and sometimes a cash closing incentive to the seller or the tenant.

2. Wells Fargo does not process multiple short sale liens together. What does this mean? If you have a short sale with two Wells Fargo mortgages, you must initiate it in Equator twice, once for each loan, or fax the packages separately if it’s processed outside of Equator. A lot of the forms will be duplicate, and it is unfortunate that Wells Fargo is not as efficient as Bank of America, which processes multiple short sale liens with one set of documents and one transaction.

Wells Fargo senior lien agreed to pay the Wells Fargo HELOC $7558.

This Destin, Miramar Beach Florida Majestic Sun condo is expected to close at the end of September.

If you need help with a Destin short sale, or have questions about the HAFA program or other special short sales, give me a call.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204

Building and Grounds

It was an interesting run to "APPROVED" and "SOLD" for this Amalfi Coast Unit B114 short sale condo in Miramar Beach, Florida.  The condo had one Bank of America mortgage and the investor on the mortgage was Fannie Mae.

Initially, the property was enrolled by Bank of America into their cooperative short sale program with a set list price. After I received a good offer that become a "contract" just 60 days later, I found out that it had mistakenly been entered into the "Coop" program.  Bank of America had delegated the servicing of this loan to a third party company, REDC, with whom I did the negotiating.  I got a terse "rejection" on the file even after some counter offering of price and a request for seller contribution.  I could not get a good explanation as to "why" the file was rejected so that I could solve the problem.

Give upThe seller said to me, "Well, thank you, we tried.". "Tried?", I replied, "I am not done yet."  When something is wrong, it's wrong. I knew this Fannie Mae short sale should have been approved.  I wasn't going to be "done" until it was approved.  I emailed Fannie Mae executives directly.  I received no reply or even acknowledgment (hey, aren't they a government agency?).  My next step was to escalate this file to the Bank of America Twitter Team (technically called their "Social Media" team).  I explained that the seller should have had an approval based on the new FHFA Fannie Mae guidelines that had been announced in November 2012. His hardship was one of the automatic approvals listed. The Twitter rep understood!

The file was pulled from REDC, the third party vendor, and I was assigned an ace Bank of America negotiator who "got it".  We worked the file, and he re-submitted to Fannie Mae. Result? Approved.

The seller was thrilled. The buyer, who was working with another agent, even dropped me off a bottle of champagne (first time that's ever happened in my career). The Bank of America negotiator told me that his reward was helping people. That meant a lot.  I feel the same way.

Do you have a Fannie Mae Bank of America short sale property in Miramar Beach or Destin Florida? Give me a call. I don't give up until it's done!

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

 

 

 
 This home at 303 N Holiday Rd., Miramar Beach Florida was just approved for short sale. This was the second buyer for this home in Holiday Shores, as the first buyer defaulted (failed to close). There was only one mortgage holder. According to Bank of America, the property did not qualify for the HAFA program, so we did a traidtional short sale. Here are the details:

Lienholder: Bank of America

Mortgage Balance: $244,000 appr

Reason for Short Sale: Income reduction

Appr Sale Price: $175,000

Seller Cash Cont: -0-

Seller Promissory Note: -0-

Waiver of Deficiency: Yes

Time for Approval: 60 days

Notes: Bank of America initially asked the seller for a cash contribution. To obtain a waiver, we had the seller write an additional letter explaining why a cash contribution could not be made. This was uploaded into the Equator system and the Holiday Shores short sale was then approved.

If you need to short sale your Miramar Beach Florida home, consult with an attorney and an experienced Miramar Beach short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

 

 

Wendy Rulnick
Rulnick Realty, Inc
Ph: (850) 650-7883 Fax:1-866-888-7792
12889 Emerald Coast Pkwy #107-A
Destin, FL 32550 US
www.shortsales-emeraldcoast.com
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