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?”
“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”.
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
www.ShortSaleSuperstars.com for agents
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: [email protected]