I recently got a Mary Esther Florida short sale approved by

Property:  Owner occupied home in Mary Esther Florida

Market Value:  $130,000

Senior Lien:  Wells Fargo – VA loan  – $190,000

Junior Lien:  HSBC –  $40,000

Getting the VA compromise sale approved by Wells Fargo was the easy part of this short sale.   Getting approval from HSBC, the junior lien, was a different story.  HSBC had farmed out its collection efforts to a company called Professional Recovery Services.  After months of waiting for a response on short sale approval, PRS finally claimed that HSBC would not allow a short sale because the borrower had filed for bankruptcy a few years ago.  I was asked to provide documentation that the HSBC lien was not included in the bankruptcy.  I did, but PRS said HSBC still refused to look at the short sale, claiming “a bankruptcy is a bankruptcy”.

Undeterred, I contacted HSBC directly, emailing several representatives until I was directed to a negotiator in the bankruptcy department.  Apparently, I had contacted the right person, as he said he would help with the short sale approval. First, though, he needed me to provide a Broker Price Opinion of the property’s value.  I used my Multiple Listing Service to do a detailed market analysis and faxed in the form.  The HSBC negotiator, although polite enough in scripted English, had a problem with my document.

“This is not a Broker Price Opinion” he said, “It says Comparative Market Analysis”. 

“It’s the same thing.  A comparative market analysis is the same thing as a BPO”, I told him incredulously, “What do you want me to do, re-label it?”

PAUSE

 “It looks like a CMA.  I need a Broker Price Opinion done by a Broker” He choked out.

“I am a Broker.  Fine, I will re-label the form with ‘BPO’ and fax it back to you.”

“Thank you, it has been my pleasure speaking with you”, he read from his script.

I re-entered my data onto another form, labeled it ‘Broker Price Opinion’, and faxed it back to HSBC.  The next day I called in.

“You are approved.  It has been my pleasure working with you”.

It’s Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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

Email Wendy: itswendy@rulnickrealty.com

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