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Chase has approved the short sale of 1 Pine Ridge Trace, Destin Florida.

Details?

Senior Lien: Chase Home Finance

Balance: $185,000

Junior Lien: JP Morgan Chase Bank

Balance: $25,000

Sale price: $90,000 appr

For you sleuths who like to analyze investors, this one was Freddie Mac. The mortgage also had a sub-investor pool who utilized MGICfor credit enhancement. Basically, MGIC was the mortgage insurance company for this group of investors. MGIC only allowed $500 to the JP Morgan Chase junior lien.

The interesting thing about this process was that Chase Home Finance communicated strangely with JP Morgan Chase. Even though they are part of the same company, they had me act as a go-between to relay information, get each other's email addresses and move the process along. A good word of advice when you are dealing with any Chase division as both the senior and junior liens- initiate the process with each division separately. It may speed up your approval time.

Bottom line - this Destin Florida short sale was approved in 36 days.

If you are considering short sale to avoid foreclosure, consider hiring an experienced Destin short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

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

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy's Destin Real Estate Blog

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo 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.

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Three months can make a big difference in a market place.

Three Months Ago... Chase approved the short sale for this Driftwood Estates home in Santa Rosa Beach Florida. The sale price at the time was $230,000. But oops- the buyer's lender only appraised the home for $220,000. The buyer could not get a loan for $230,000. Despite providing Chase with the buyer's appraisal, they refused to lower their approval amount to $220,000. They were stuck on the value and would not look at the big picture. The buyer walked.

Fast forward three months later. The Driftwood Estates home was gradually reduced in price to $189,900, as the market dropped considerably in Santa Rosa Beach Florida. There was an oil spill. There was an oversupply of homes. But we found a new buyer, who offered in the $180's... Over $30,000 less than the last offer. Chase ordered a new Broker Price Opinion. Guess what? Even the short sale negotiator was suprised. The new value, just three months later, was significantly lower - in the $180's. The short sale was approved.

Unfortunately, three months were wasted and $30,000 was lost. Maybe Chase and its investors will review their procedures and look at the big picture in the future. Maybe not.

If you need to sell your Driftwood Estates home to avoid foreclosure, be sure to contact an experienced Santa Rosa Beach Florida short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

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

Email Wendy: itswendy@rulnickrealty.com

Santa Rosa Beach FL Real Estate

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

Read Wendy's Santa Rosa Beach Real Estate Blog

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo 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.