Here is what happened:  

Property:  Investment condo  – Fort Walton Beach FL

Seller Hardship:   Loss of Income

Lender:   BB&T

Original Purchase Price:    $640,000

Mortgage Balance:   $550,000

Contract Price:   $380,000

Submitted: 6/22

Approved: 6/24

Conditions: $30,000 promissory note negotiated directly between seller and BB&T

The key to this quick approval was both the lender and the package.   Unlike many other lenders, BB&T will start a dialogue directly with the homeowner prior to the short sale listing.   They assign a negotiator in advance.   They do not suggest a list price.   BB&T did not order an appraisal, either, so they must rely on internal valuation models.   The package I sent had no missing items, and the buyer, price and terms were strong. 

After I received the approval, I called the buyer’s agent, a wonderful lady with whom I have worked before.   She could not believe it, since we allowed over 90 days for lender approval in the contract.  She was stunned. She said:

“Wendy….    Wendy….   Wendy…   Oh my!… I don’t usually drink, but I think I’ll have a Margarita”.

I told her “Have two!”

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

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The post Fort Walton Beach FL Short Sale Approved in 2 Days first appeared on Rulnick Realty.