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 to sell. It would be over 3500 square feet, with spectacular views and extravagant finishes. He hired a builder and took out a 1 million dollar+ construction loan with Countrywide.
During construction, George found out his plan to put in a pool would not work, so substituted an elevator in the design. Countrywide then sent out an appraiser to ascertain a new value. Guess what? Their value was now only $800,000. George was stuck! He would not have the funds to finish the house! It was about $250,000 from completion. What happened? In the year of construction, values in Walton County had plummeted! The house was not worth the original loan amount.
George then hired me to sell the property as a short sale. During this time, Countrywide completed numerous BPO's (Broker Price Opinions). When I talked to the BPO agent, we would both shake our heads! What is the house worth? It is unfinished - in a resort area where one could buy existing homes for $500,000..... Finally, I got a full price offer for about $300,000 a few weeks ago. That's over $600,000 less than the outstanding balance on the loan!
5/28 - We faxed in the short sale package to the negotiator who had already contacted us
6/2 - The negotiator called to say "OFFER IS APPROVED!"- 4 DAYS LATER!!
I was, frankly-- SHOCKED! I asked how they could do that so quickly. The negotiator said the construction lending department is much smaller than their end-consumer lending division. And they were much more efficient. (I could tell he had a smile on his face.) That makes sense. The loan was still in-house with Countrywide, and had not yet been re-packaged and sold to the investor market!
So, have hope if you run into a new construction short sale with Bank of America/Countrywide- and be happily surprised.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar June 27 by Bryant Tutas and Wendy Rulnick
Destin Short Sales & Pre Foreclosure Help.
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
Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a featured "Short Sale Specialist" in "Kiplinger Magazine" and "Florida Realtor Magazine".
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