Following is a case study of a Countrywide short sale negotiating process.
Property: Single family home in Navarre Florida- an investment property with tenants
Seller Hardship: Rent does not cover mortgage payment, medical, job loss
List Price: $142,000
Seller Mortgage: $188,000
Countrywide Appraisal: $152,000 (higher than list price)
Buyer Counter: $137,000
Countrywide Response 2 days before Foreclosure Sale: “Offer will be denied. It is too low. Will only extend foreclosure sale if seller pays mortgage payment plus penalty.”
Wendy Rulnick: “Seller cannot comply. I challenge your appraisal. Countrywide just approved a different sale for a better house for $139,000. I will send you comps and proof.”
“Quick Facts” Document sent to Countrywide: Comps, market statistics showing months inventory, Countrywide’s demand letter approving a recent sale for similar price, and history of the property’s price reductions proving it could NOT sell for $152,000.
One Day Before Foreclosure Sale: Approved.