Home at 1694 Valparaiso Blvd., in the Pinecrest subdvision in Niceville Florida, has just been approved for short sale!



Summary:



Lender: Suntrust - both first and second mortgage



Servicer: First American Loss Mitigation Services



Loan Type: Fannie Mae



Hardship: Job Loss



1st Mortgage Balance: $192,000



2nd Mortgage Balance: $40,000



List Price: $149,000



Cancelled Debt: appr $83,000



Time for… Continue

Today I was talking with a title agent in my Destin Florida market who handles short sale negotiations for agents. He lamented that he had two contracts recently fall apart, with buyers walking.

“Why?” I asked.



“ Well, the agents don’t have the seller sign the contract, so it is just an offer. There is nothing to hold them.”



“Stop doing that!” I told him, “I would never send an ‘offer’ in to a short sale lender.”



Which brings me to my point- " How can you… Continue

recently had a short sale contract on one of my listings in Mary Esther, Florida, where the seller had a VA (Veterans Administration) home loan. A VA short sale is called an "Offer in Compromise". The offer price was $120,000, which I thought was reasonable given the condition of the property. Wells Fargo, the short sale lender, ordered an appraisal. Not just any appraisal, but a VA appraisal, called a " Notice of Value" or NOV.



The seller's short sale VA appraisal came back at… Continue

The Emerald Coast of Florida has a high military population with both active duty and retired air force personnel. Eglin Air Force Base is located in Fort Walton Beach, and Hurlburt Field is in Navarre, Florida. Duke Field and NAS Whiting Field are nearby. We will be seeing an increase in short sales for GI borrowers when they must relocate during their PCS moves (permanent change of…

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I know you are doing a double-take, but this is a true story about a four-day short sale approval from Countrywide... The key is- it was a new construction loan... Here is what happened....

My seller. "George", bought a lot in Rosemary Beach, Florida. This a one of the higher-end markets on the Emerald Coast, with a view of the Gulf of Mexico, and a five-minute walk to the beach. George decided to build an upscale home on the property…

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We all make mistakes, but this was a big one, by a big corporation... I was in negotiations for a short sale on a Crestview, Florida listing. My sellers owed Countrywide/Bank of America about $175,000 as the senior lien and around $25,000 to Citi Financial as the junior lien. The sale price was a spot-on $150,000.

Bank of America asked for a promissory note of $5000. Although my…

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In the last couple of days I've been approached by two Destin FL sellers who wish to do Short Sales. After explaining the Short Sale process, I explained what items I would need. When I got to "financial worksheet" etc. I was stopped in my tracks. These sellers told me that their attorney said not to turn over any information, that he would be handling the short sale negotiations. I immediately told the sellers that I will only take the listing if I handle the entire transaction including bank… Continue

Are you at a loss for words with the Short Sale lender? Here are some questions to pose when you check in on your Short Sale transaction status. Even if you've asked some of these questions before, you may want to ask them again, and repeat certain questions on each call. Many times, you'll elicit a different answer or discover a problem that may help you get your approval more quickly.



1. Have you received our package?



2. Is anything missing from our… Continue