The other day I received a happy approval on a short sale lot in Santa Rosa Beach Florida. The short sale lender PNC, had taken over the servicing on the loan from RBC Centura. The original mortgage amount was about $550,000 in 2004. Today, the value of the Santa Rosa Beach lot is about $70,000.
The seller was concerned we would not get an approval with such a huge monetary loss to PNC. I said, “Let’s give it a try!”. (I’ve gotten many short sales approved with high dollar losses.) The lot went under contract in about a week. I already had a contact at PNC, so started the short sale process quickly by email. The only documents that would be required were the HUD-1 settlement statement, the contract, buyer pre-approval and my listing agreement. The short sale was approved in two weeks!
The problem? The PNC negotiator could not get a waiver of deficiency. What is that? That means the seller would be liable for the almost $450,000 remaining debt on the loan. He is in his 70’s and unable to pay this due to job loss and a very serious illness. I asked the negotiator to go back to management one more time, and I highlighted the key points of my seller’s hardship letter. It explained in detail how the his disease would unfortunately cause his health worsen. I also emailed the negotiator a link to the National Institute of Health website with a description of the illness.
Two hours later. Short sale approved – no deficiency!
The Santa Rosa Beach couple was delighted. In fact, they came to meet me to thank me. They brought a gift… a little crystal angel. That meant more to me than I could express, and I told them.
My advice if you think you won’t be able to short sale? Never give up! Hire an experienced Santa Rosa Beach short sale agent who can guide you through to success, and on with your life.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]