I am working on getting a short sale approval for a house in Destin FL. The mortgage is about $200,000 and the offer is for $130,000 (modified for the sake of confidentiality), which is slightly under maximum market value of $145,000. The lender is Vanderbilt Mortgage. To be blunt, they are not nice. Most lenders have been in this game long enough to know how the system works, and have probably had thousands of short sale requests. Vanderbilt just doesn't want to play. Here is what is going on:
Faxed Vanderbilt 41-page short sale package with typical items, contract, settlement statement, hardship letter, etc.
After several days and numerous phone calls to Vanderbilt, they state the party handling the file is on "vacation" and to fax all to a different number.
After several more days and numerous phone calls to Vanderbilt I am told they cannot find the fax. OK, I am used to this sort of thing, so ask where they want me to fax it the third time. The girl says, "You don't need to fax it again, just tell me the net." I was a bit dumbfounded, and pressed that I didn't want to waste the effort I had made in preparing the package. She insisted and I told her. She said she would give the "credit manager" the net figure and told me to call back on Wednesday. I called back on Wednesday as instructed, and was told the offer was "rejected". Oh, that's nice. "What's the counter?" I asked. I was already getting a sick feeling about this bank, call it "short sale intuition". The gentleman told me there was no counteroffer, but if I called back Thursday he would tell whoever was in charge to give me a counter.
I called back on Thursday. That's today. I was told the person I spoke with yesterday "did not know what he is talking about. We do not counter offer." I asked "Is this a guessing game?" She wasn't very pleasant, and said mortgage balance was $200,000. I told her that wasn't market value. (By the way, most lenders understand that.) She actually said, "Well, it may or may not be market value." And she proceeded to arrogantly spew forth about how they normally don't entertain short sales and they don't do things like other companies do.
Fascinated by this statement, I decided to do a Google search on Vanderbilt Mortgage. Wow. On their site they claim to be the largest lender for manufactured homes. But several of the Google results are findings like "ripoff report", "scam fraud alert" "complaints", etc. Apparently a lot of people don't like Vanderbilt. Me either.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin real estate and vicinity.
Short Sale Pre Foreclosure Help.
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
Email me at itswendy@rulnickrealty.com
Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Short Sales: Attitude and Guessing Games* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
Wendy Rulnick is proud to announce that David Borden has joined her team at Rulnick Realty, in Destin Florida.
David Borden has an extensive real estate sales background in the Destin-Fort Walton Beach area on the Emerald Coast of Florida. He has been selling condominiums, homes, land, new construction and commercial properties for 28 years. Licensed in 1980, (David says since he was a baby) he sold real estate as a sales agent, worked in property management, and taught real estate sales contracts to new agents. In 2000 he became a licensed Real Estate Broker. He has won numerous sales awards year after year. Borden has a reputation with his clients and peers as being a professional, honest and knowledgeable Broker.
Rulnick Realty Broker/Owner, Wendy Rulnick says, "David Borden exemplifies professionalism in our field. His experience and vast knowledge assure his clients of a masterfully handled real estate transaction."
Office: 850-650-7883 X 206
Cell: 850-974-8588
Toll Free: 877-487-9639
E-mail: dborden@rulnickrealty.com
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate
Short Sale Pre Foreclosure Help.
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
I am truly sickened and disheartened by an offer received today on one of my Emerald Coast short sales. I will alter some basic information for the sake of confidentiality, but will tell you the key points of the story. My sellers, like many homeowners in the Destin Florida area, have lost more than half their income in the past couple of years. They are in sales, (and we know how that is going). They have a beautiful home they built in 2005. They also have three children. In the past year, one of the children was diagnosed with a serious medical condition. As a result, they have been unable to pay their mortgage. Their only mistake was to call me too late. In a higher price range, with only four weeks in a declining market, even after continually dropping the price, we have three days until the foreclosure sale. In the past week, one of my agents was contacted by an individual from Texas regarding buying the house. He had obtained the sellers' telephone number independently and had been conversing with them about his "terms". One was that they not accept any back-up offers if they agreed to his. He even got them to sign such an addendum before faxing his offer. Well, I just received it. The house is listed for $300,000. The offer is for $150,000. The offer states, among other things:
You know what this is? Preying on people in a desperate situation. In my opinion, it is unconscionable.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate
Short Sale Pre Foreclosure Help.
Specializing in real estate sales, both short sales and traditional 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. *Foreclosure Vultures* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
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.
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 WAMU
Delays: 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.
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 reader
What are the hardships behind so many Short Sales? We've heard a few reasons on the news lately about why so many people can no longer afford their mortgage payments. We've heard mainly "Not qualified to buy the home in the first place" " Rate re-set to higher payment" "Scammed into getting mortgage". Well, in my area on the Emerald Coast of Florida, that's not what I am finding from my Short Sale sellers. I did a quick study of 61 active or recently sold Short Sales from Destin and Santa Rosa Beach to Navarre, Crestview and Fort Walton Beach FL. Here are the summarized hardships:
Loss of Income: 51
Job Transfer: 4
Medical: 3
Divorce: 2
Fraud: 1
Most of my sellers lost their jobs. Or they lost significant income due to the economy. I have sellers who were in construction, building residential homes, laying tile. They have little work. I have salespeople, from real estate to cars, who can no longer make it. Some of the sellers had a combination of income loss and medical bills. Several of them have been forced to move out of the area to find work. A few are military, with no choice but to relocate when the Air Force orders them. Should some of these sellers not have been able to quality for a mortgage? Were they over-leveraged? Perhaps, especially with so many investment properties in my area. But, overall, loss of income is the crux of the problem.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate
Short Sale Pre Foreclosure Help.
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. *Short Sales: What's The Hardship?* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
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 reader
 |
|
|
Destin short sales, real estate, homes for sale, condos on the Emerald Coast of Florida- Destin, Sandestin, Fort Walton Beach, Santa Rosa Beach, Seagrove Beach Navarre, Niceville.
