Property:   Single family home in Navarre Florida- an investment property with tenants

Seller Hardship:   Rent does not cover mortgage payment, medical, job loss

List Price:  $142,000

Seller Mortgage:  $188,000

Offer:  $135,000

Countrywide Appraisal:  $152,000 (higher than list price)

Buyer Counter:   $137,000

Countrywide Response 2 days before Foreclosure Sale:  “Offer will be denied.  It is too low.  Will only extend foreclosure sale if seller pays mortgage payment plus penalty.”

Wendy Rulnick:  “Seller cannot comply.  I challenge your appraisal. Countrywide just approved a different sale for a better house for $139,000.  I will send you comps and proof.”

“Quick Facts” Document sent to Countrywide:  Comps, market statistics showing months inventory, Countrywide’s demand letter approving a recent sale for similar price, and history of the property’s price reductions proving it could NOT sell for $152,000.

One Day Before Foreclosure Sale:  Approved.

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