The post Should I Short Sale My Destin Florida Area House first appeared on Rulnick Realty.

The key to success in any business is communications.  This is equally true for the short sale industry.  Which company sets the standard? Bank of America.

Equator Model.  Bank of America’s Equator model is far easier to use than its competitors, even those who also use Equator.

• Wells Fargo use of Equator – They rely far too much on the agent entering in exact HUD figures, guessing at what is needed in the required fields and answering questions, that are better ascertained by the negotiator or processor. For example, they have a SEVERAL PAGE HUD entry required to be filled out by agents,  compared to ONE PAGE Bank of America requirement. Not only is the Wells Fargo Equator process cumbersome, it is error-prone, especially since expecting someone in the sales field, i.e. a real estate agent, to be a “title agent” number cruncher is overreaching.  I can see how this saves Wells Fargo work, by requiring the agent to fill in the blanks, but it is not customer service oriented.
•  The same can be said for the GMAC Equator usage, which differs from Bank of America, but seems to require the agent to “guess” at filling out some of the questions.
•  The competing system to Equator, RES.net used for example, by Carrington/Vericrest mortgage, is also cumbersome and similar to Wells Fargo’s set up in Equator.  It’s just not user-friendly.

Customer Service.  The short sale lenders need to consider the real estate agent their customer. Bank of America does this. I rarely find other short sale lenders have the same attitude. In fact, most of them feel the agent is working for them, and must “comply” with their system.  One improvement this year is with Chase, who has set up an escalation hot line for agents.  Again, Bank of America needs to be emulated in its customer service. Here is why:

Numerous Lines of Communication

Bank of America offers three ways to communicate with the negotiator (or other persons on the short sale file). They don’t “hide” contact information or prevent the agent from communicating, as do some other lenders, who go as far as refusing to provide email addresses to their negotiators.

• Bank of America provides a general short sale customer service number, an internal email address for the negotiator and a direct phone number to the negotiator.
• Bank of America allows and provides direct phone numbers to supervisors of negotiators, and their email addresses, as well as higher up management, without requiring the agent to go through hoops, beg and plead.

Bank of America’s Twitter Help.  I am constantly amazed and impressed by their social media escalation team.  They have moved  transactions for me, gotten last minute approvals and straightened out problems quickly, with interest and results.

These communication practices by Bank of America should be short sale industry standard.  Calling some lenders, and getting their customer service department saying, “No, you cannot have any contact information for the negotiator. They’ll contact YOU when they want” is simply unacceptable in today’s business world.  Communication, efficiency, responsiveness, and a high level of customer service is the key to success in short sale processing, for both the agent, the borrower, the buyer and the lender.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

The post Bank of America – The Industry Standard for Short Sales first appeared on Rulnick Realty.

I just admitted I goofed. 

“Got it!  Sorry I messed up before!  Happy Thanksgiving Week!”

This seems like a minor point, but it isn’t– in negotiations or in real life.  How does admitting you were wrong help?  First, bringing your mistake out in the open, shows you are human.  Acknowledging it shows you care.  In negotiations, it can disarm the other party.  It can bring them to your side, and create a connection.  How so? Human beings are “rescuers”.  They have sympathy.  And if you admit you are wrong, it allows them to be wrong, too.  Their defensive wall is taken down.  Dale Carnegie says this in his classic book, “How To Win Friends and Influence People” – “When you are wrong, admit it quickly and emphatically.”  He goes on to say, “You will never get into trouble by admitting you may be wrong.  This will stop all argument and inspire your opponent to be just as fair and open and broad-minded as you are.”

Confess when you make a mistake, and watch what happens with the negotiator, the other agent, your seller or your spouse.   This negotiator melted and emailed me back three times to discuss his cold, while working on my short sale approval.

Admitting you were wrong is the right thing to do.

It’s Wendy!

The post When You Are Wrong – Do You Admit It? first appeared on Rulnick Realty.

Chase just approved this Destin Florida townhome for short sale.  The process was a challenge. There were past due association fees and a judgment recorded in Walton County.  In Florida, a property cannot be sold unless liens and judgments are paid or “released” at closing.  Here is how we tackled the short sale:

1. Chase. The Chase part of the short sale was pretty straightforward.  The negotiator was difficult to reach, and I attempted calling her several times over the course of a few weeks.  When I finally spoke with her, she told me her files had doubled in the last two months and Chase was behind processing their short sales.  The best way to reach her was by fax.  After making contact, Chase approved the file fairly quickly. It pays to be pleasant on the phone, by the way!

2. The Judgment. In order to close on the Destin Florida short sale, the title agent needed a partial release from the creditor.  The creditor agreed to the release in exchange for a small cash contribution from the seller.

3. The Homeowner’s Association.  There were about $16,000 in past dues owed.  Chase would pay half.  Would the association agree to settle for less?  I asked the seller to contact the association directly and mention Florida Statute 720.3085. It stipulates:

Notwithstanding anything to the contrary contained in this section, the liability of a first mortgagee, or its successor or assignee as a subsequent holder of the first mortgage who acquires title to a parcel by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due before the mortgagee’s acquisition of title, shall be the lesser of:

1. The parcel’s unpaid common expenses and regular periodic or special assessments that accrued or came due during the 12 months immediately preceding the acquisition of title and for which payment in full has not been received by the association; or

2. One percent of the original mortgage debt.

Given that $8000 was more than a year back dues, I thought the association would be delighted to “settle” and get a new paying owner.  They were.

If you are contemplating a Destin Florida short sale to avoid foreclosure, be sure to contact an attorney and an experienced Destin Florida short sale agent.

It’s Wendy!

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: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

The post Chase Approves Destin FL Short Sale – Three Challenges to Approval first appeared on Rulnick Realty.

Chase is getting better as a short sale servicer.  They approved an Ariel Dunes, Miramar Beach, Florida condo short sale in 45 days! 

The nitty-gritty:

Chase Senior Lien: $500,000 balance

Chase Junior Lien: $70,000 balance

Sale Price: about $300,000

Chase would not pay past due association fees because the association had not filed a lien.

We did obtain a waiver of deficiency (monies owed on the unpaid balance) by settling with a small seller cash contribution at closing.  Chase also considered the fact that the HELOC was not used to purchase “toys” and other tricks we’ll give to our next Chase short sale seller!

It’s Wendy!

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: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

The post Chase Approves Ariel Dunes, Miramar Beach Florida Short Sale first appeared on Rulnick Realty.