GMAC Homecomings Financial has just approved the short sale for this Southway Estates home in Crestview Florida.  The approvel time was an amazing 9 days!  How so fast?

1. GMAC had a Broker Price Opinon, or property valuation, done prior to listing.  They suggested a list price, although I was free to reduce the price based on market conditions.

2. There was a negotiator assigned at the start of the process.

3.  We got a strong offer for fair market value, minimal closing costs and a buyer who put down earnest money.

4. We uploaded the seller’s financial and hardship information into GMAC’s online short sale platform, Equator.

Although we got a very speedy approval from GMAC, their system needs improvement.  They provide a seller financial questionnaire at time of short sale.  The responses on the form do not correspond to data entry fields in the Equator online system.  For example, “What is the date the seller hardship started?”, etc.  There were several questions where we had to call the seller for clarification.

Further, GMAC’s system has internal deadlines that could not be extended, requiring short turn-around for entry.  When we told the GMAC negotiator some of the financial information did not correspond to their forms, we were told to “do the best” we could with the system.

And we did.  Approved in nine days!

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

Crestview Florida FL Real Estate

Crestview Short Sales & Pre Foreclosure and HAP Help.

Read Wendy’s Crestview Real Estate Blog

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I received final approval from GMAC and Regions for this pending Destin Florida short sale in Crystal Shores. This unique Destin Florida home at 4495 Ocean View Drive, had a challenging short sale approval process. 

The GMAC Broker Price Opinion came in much higher than the contract price.  I submitted a counter-analysis of my own, which they accepted, proving the buyer’s price was fair.  Meanwhile, Regions did not know which department handled this particular short sale. Then GMAC would not complete their approval process, after three months of negotiating, until they had Regions letter in hand.  

It sounds like a lot, but it was only a few months of wrangling.  In the end, it worked. 

Another Destin short sale approved. Closing July 12. 

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 Crystal Shores Home Approved as Destin Florida Short Sale first appeared on Rulnick Realty.

Approved Price:  $115,000

Approval Time:  108 DaysSince this was an FHA/HUD short sale, special procedures had to be followed.  The seller was required to write a letter explaining why the home was vacant.  FHA short sales typically require the owners to occupy the property.  In addition, because of the HUD short sale guidelines, the approval stated the sellers would receive $1000 upon closing.

Sales notes: 

Do you need to sell your FHA-insured home as a short sale?  Here is the updated summary of requirements for HUD Short Sales, also called “Pre-Foreclosure” Sales:

1. You must be delinquent 31 days or more at the time of sale.
2. You must list the property with an un-related Licensed Real Estate Broker
3. You must actively market the property for four months (up to six).For the first 30 days of marketing, the short sale lender (mortgagee) may only approve offers that will result in a minimum net sale proceeds of 88% of the “as-is” appraised Fair Market Value (FMV). During the next 30 days of marketing, the lender may only approve offers that will result in minimum net sale proceeds of 86% of the “as-is” appraised FMV. For the rest of the marketing time (60 days), the lender may only approve offers that will result in minimum net sale proceeds of 84% of the “as-is” appraised FMV.
4. The property must be an owner-occupied, except for cases of job transfer, death, divorce, job loss
5. There should be written proof of your decrease in income showing inability to pay the mortgage, job loss, etc.
6. HUD will pay up to 1% of buyer’s mortgage as part of closing costs if the new mortgage is also FHA, plus reasonable “seller” costs
7. HUD allows 6% Realtor commission
8. HUD will not pay for Home Warranties, points or lender’s title insurance
9. You must get approval to participate in the HUD Pre-Foreclosure Sale Program in advance
10. Upon acceptance into the program, you will be given Approval To Participate Form which will outline program restrictions

Here are details of the HUD Short Sale (Pre-Foreclosure) Sale Program.  Remember, these guidelines apply to FHA-insured loans only, and there may be some latitude in those requirements.  These guidelines are subject to change.

HUD Frequently Asked Short Sale Questions

For more information contact the HUD National Servicing Center. Contact me to help you with your short sale.

It’s Wendy!

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

Crestview Florida Real Estate

Crestview Short Sales

Read Wendy’s Short Sale Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

The post Crestview Short Sale Approved By GMAC as HUD / FHA Short Sale first appeared on Rulnick Realty.

Hardship:   Death of breadwinner

Senior Lien:   GMAC balance $220,000

Junior Lien:   USAA balance $148,000

Sale Price:   $219,000

Cash Contribution: $2,500 to GMAC and $13,000 to USAA negotiated down from $44,000

Total Cancelled Debt: $135,000
To avoid foreclosure and sell your Niceville real estate as a short sale, contact an experienced real estate agent who specializes in short sales.

It’s Wendy!

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

Niceville FL Real Estate

Niceville Short Sales & Pre Foreclosure Help.

Read Wendy’s Real Estate Blog

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