It was an interesting run to “APPROVED” and “SOLD” for this Amalfi Coast Unit B114 short sale condo in Miramar Beach, Florida.  The condo had one Bank of America mortgage and the investor on the mortgage was Fannie Mae.

Initially, the property was enrolled by Bank of America into their cooperative short sale program with a set list price. After I received a good offer that become a “contract” just 60 days later, I found out that it had mistakenly been entered into the “Coop” program.  Bank of America had delegated the servicing of this loan to a third party company, REDC, with whom I did the negotiating.  I got a terse “rejection” on the file even after some counter offering of price and a request for seller contribution.  I could not get a good explanation as to “why” the file was rejected so that I could solve the problem.

The seller said to me, “Well, thank you, we tried.”. “Tried?”, I replied, “I am not done yet.”  When something is wrong, it’s wrong. I knew this Fannie Mae short sale should have been approved.  I wasn’t going to be “done” until it was approved.  I emailed Fannie Mae executives directly.  I received no reply or even acknowledgment (hey, aren’t they a government agency?).  My next step was to escalate this file to the Bank of America Twitter Team (technically called their “Social Media” team).  I explained that the seller should have had an approval based on the new FHFA Fannie Mae guidelines that had been announced in November 2012. His hardship was one of the automatic approvals listed. The Twitter rep understood!

The file was pulled from REDC, the third party vendor, and I was assigned an ace Bank of America negotiator who “got it”.  We worked the file, and he re-submitted to Fannie Mae. Result? Approved.

The seller was thrilled. The buyer, who was working with another agent, even dropped me off a bottle of champagne (first time that’s ever happened in my career). The Bank of America negotiator told me that his reward was helping people. That meant a lot.  I feel the same way.

Do you have a Fannie Mae Bank of America short sale property in Miramar Beach or Destin Florida? Give me a call. I don’t give up until it’s done!

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Destin Short Sale Agent

SHOULD YOU SHORT SALE OR STAY CALCULATOR

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

The post Amalfi Coast, Miramar Beach FL Fannie Mae Approved Short Sale first appeared on Rulnick Realty.

Yes, you can get a short sale approval with Vericrest and Flagstar on your Amalfi Coast Condo in Miramar Beach Florida!

The Destin Florida Amalfi condo was originally encumbered by a Carrington Mortgage as senior lien, and a Flagstar junior lien. The mortgage servicing was switched from Carrington to Vericrest last year, and the Flagstar servicing went to Strategic Recovery Group (SRG). The nuances of this Miramar Beach short sale provide some material to help you with future dealings with these companies:

Vericrest Financial. The good: Vericrest is one of those short sale lenders (servicers) who will assign a negotiator to you, and keep the same one on the file until the property is sold. So you could have a contract that doesn’t work out, and go directly to the same negotiator next time you get a new one. This saves a lot of time. Most short sale lenders (like Bank of America) require re-starting the entire short sale process, with new seller financials and hardship letter each time you submit a contract. Then you must wait for the file to be “assigned”. Not so with Vericrest. You get a “buddy” for the life of the short sale.

The bad: Vericrest has a not-so-fun “Agent Homework” worksheet that is eight pages long.

Strategic Recovery Group: The good: They answer the phone.

The bad: SRG tries to finagle settlements. For example, on this particular short sale, they doubled their settlement amount from $5,000 to $10,000, when they had previously approved $5,000. I faxed them their prior approval, and they reverted to the original amount. So keep good records.

This was one of those Miramar Beach Destin Florida short sales that dragged on and had to be sold a “few” times before getting final approval. We were finally able to settle with each lienholder for no deficiency. So the end result was a good one.

If you are considering short sale to avoid foreclosure, be sure to consult an attorney and an experienced Destin short sale agent. We can write your success story together.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

The post Yes You Can Get Your Amalfi Condo Short Sale Approved! first appeared on Rulnick Realty.