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Wendy Rulnick "Its Wendy!" Destin Florida

Countrywide Short Sale: Here's The Drill

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. *Countrywide Short Sale: Here's The Drill* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

State of Florida: Making Extra Money Off Short Sales

Incredible! My state, Florida, has decided to reap additional taxes on those who have the unenviable position of having to do a Short Sale to save themselves from foreclosure or other financial ruin. Florida, like some other states, has a standard tax to the seller whenever there is a sale of real property. It is based on the sales price. Some states call this a "conveyance" tax. Florida calls it "Documentary Stamps on the Deed". It's a tax. The calculation is the sales price multiplied by .007, roughly. Thus, a sale of $300,000 would trigger taxes due at closing to the State of Florida for $2,100. What title agents, also called closing agents, have done up until now is to collect this tax based on the sales price in the contract. But now, in a letter dated August 7, 2008, the Florida Department of Revenue has made it clear to title agents that they must charge this tax on the sales price plus any forgiven debt. So, in the case where a home is sold for $300,000 and mortgage debt of $100,000 is cancelled, Florida wants an additional $700. Apparently, they want their money now. Thus, we have title agents scrambling to collect extra taxes on past closings. How are they going to get that money? I doubt the lenders will cough it up so quickly. And, who is really paying here? This extra tax might seem like a gold mine to Florida. It probably totals in the millions. Again, who is really paying this fee? I see it as opportunistic.

For example, what if a seller BROUGHT $50,000 to closing to cover his upside-down mortgage that was more than the sales price? They would tax that, too? Insanity. If that's what Florida wants to do, they should change the tax to be called "Documentary Stamps on the Seller's Mortgage", not the "Deed". Oh, wait. Then if the mortgage was less than the sales price they would lose money. They would never go for that.

P.S. If you want a copy of the letter, I'll gladly email it to you.

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. *State of Florida: Making Extra Money Off Short Sales* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Oh No - Hurricane Season - Here It Comes!

Fay

Oh no- here it comes! Tropical Storm Fay is predicted to become a hurricane today. It could reach the U.S. by Thursday. Dr. Jeff Master's Wunder Blog says the storm may become a Category 1-2 by tonight. Living on the Emerald Coast, in Destin Florida, past pre-hurricane flutters are rushing back. "We should get ready now!" I tell my husband. "Do we have extra gas? Cat litter? Wine? Tranquilizer for Micah?" (Michah is one of my three cats. He meows every ten seconds during our evacuation trips to Atlanta or Huntsville.) I am anticipating watching the Weather Channel every hour for an update, and checking the National Hurricane Center for the projected path. Wish us all luck!

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. *Oh No - Hurricane Season - Here It Comes!* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.