The lot at Palmeira Villas, off 30-A in Santa Rosa Beach was originally purchased for $650,000. Today, the lot is worth about $100,000 – over $500,000 less than the original purchase price. Getting a Bank of America approval for a Seagrove Beach FL investor versus an owner-occupant wasn’t the hard part. It was the delay in response.
We had submitted a complete short sale package to Bank of America. The appraisal was back and the counter for seller contribution in Equator was complete. But after a few months of waiting for the “investor” to respond to the short sale request, my patience (and the seller’s) ran out. We took the following steps to expedite the approval:
1. Seller communication: I asked the seller to call the negotiator regularly. This put a more personal spin on the case.
2. Qualified Written Request: We asked Bank of America who the investor was on the loan so we could call them directly, since our negotiator said they were not responding.
3. Escalation to Executive: I contacted a Bank of America Vice President asking for assistance.
We received approval three weeks later. The fun part of the story? Guess who the investor was? Bank of America.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: [email protected]