Wendy Rulnick's Blog (84)

Bank of America "Forgets" To Ask for Promissory Note

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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Added by Wendy Rulnick on July 25, 2009 at 7:00am — 5 Comments

Dissecting the Financial Worksheet

Broker Bryant and I just finished teaching Short Sale Basics: Session 2, part of our 5-session webinar series about short sales. Today we covered qualifying the seller and short sale documents. There was a lot of material, in fact we went over time! Part of our in-depth analysis included dissecting the financial worksheet (one of my favorite things to do). We provided a made-up example and found “errors” for discussion.

Here are a few of the possible mistakes you might find in the… Continue

Added by Wendy Rulnick on July 17, 2009 at 10:28am — No Comments

Why I Negotiate My Own Short Sales

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

Added by Wendy Rulnick on June 10, 2009 at 10:03am — No Comments

22 Questions to Ask the Short Sale Lender

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

Added by Wendy Rulnick on June 10, 2009 at 9:58am — No Comments

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