Wednesday, December 31, 2008

VA Short Sale Guidelines

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 station). VA Short Sales are called "Offers in Compromise", "Compromise Claims" or "Compromise Sales". The VA may accept a Compromise Sale if the cost to the VA is determined to be less than that of foreclosure.

The VA website says: "If the borrower is unable to sell the property for an amount that is greater than or equal to what he/she owes on the loan, including closing costs, VA may pay a "compromise claim" for the difference in order to allow the private sale to go through. The borrower can sell the property to a buyer who gets his/her own financing or to a buyer who wants to assume the loan. However, with a compromise assumption, the lender does have to agree to have the amount of its guaranty reduced by the amount of the claim payment. In order to be considered for a compromise sale, several factors must be considered."

VA Compromise Sale Factors:
1. You may only sell the home for fair market value.
2. The closing costs must be "reasonable and customary".
3. You must have a valid financial hardship such as loss of income, relocation, death of breadwinner, etc.
4. There should not be a second mortgage on your property, unless it is "insignificant". If so, you might ask the junior lienholder to release the lien and convert it to a personal note.
5. You should ensure your sales contract is "contingent and/or subject to the approval of a VA compromise sale."

If you have a VA loan, and need to do a "Short Sale" or "Compromise Sale", here is what you must do to begin the process:
1. Contact you lender to see if they are an approved VA Servicer Loss Mitigation lender and/or contact the VA regional office servicing your loan directly.
2. Fill out a financial status report form provided by your lender or the VA.
3. Complete a letter of request.
4. Complete a Compromise Agreement Sale Application. You can get this form from the VA or the approved lender.

Final Important Points:
1. Your lender does not have to agree to a Compromise Sale.
2. For VA loans originated on or before December 31, 1989, you might have to sign a promissory note at closing agreeing to repay VA for the deficiency remaining after the property is sold.
3. An experienced Short Sale Realtor should guide you through the sales process, help you determine fair market value and prepare your package for submission to your lender or the VA.
For more information, contact your VA Regional Loan Center.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she also negotiates successfully to her buyers' and sellers' advantage. She is supported by a team of top buyer specialists. Wendy lists and sells homes, condos and townhomes in Destin Fl and the surrounding areas. She was ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida in 2008 for resale listings sold.

All Rights Reserved. "VA Short Sale Guidelines" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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Monday, December 29, 2008

Florida Short Sale Contracts Are "Contracts"



When I wrote "When is a Contract NOT a Contract?" it stirred up over 40 comments and some controversy. The crux of the matter is that many Destin Florida listing agents are accepting more than one "primary" contract on a Short Sale listing. There is a prevalent belief in the Emerald Coast real estate market and others, that a contract is "not" a contract despite being signed by both buyer and seller, until the bank approves the price and short sale. Thus, the thinking goes, the Short Sale seller is not truly obligated to the buyer who wrote the offer, and can simply sign multiple contracts with parity. Because of this misconception, many buyer's agents also think release and cancellations are not needed when buyers "walk" prior to bank approval. Also, the practice of accepting more than one "primary" offer is likely a disservice to sincere buyers who are subjected to auction-type handling of their offers. There may be legal ramifications, as well.

I have since tracked down a definitive answer from the Florida Association of Realtors staff attorneys, as written in Florida Realtor Magazine, September 2008. The following is from the Legal Q&A that appeared on page 9 of the magazine. It clearly reinforces the fact that a Short Sale contract is a "contract" and that the seller should only sign another contract with a "Back-Up" clause attached.

Legal Hotline
Contracts
Q I have a fully executed FAR9 Residential Sale and Purchase Contract along with the FAR SSA-2 Short Sale Addendum to Purchase and Sale Contract. We are still within the time period in which the seller may obtain the lender's approval of the short sale, and now another buyer has made what is arguably a better offer. May the seller sign the second contract?
A The seller may sign a second contract but should do so only as a backup contract with the appropriate backup contract addendum attached. If using a FAR contract, use addendum P(1) from the FARA-9 Comprehensive Addendum. Of course, the FAR SSA-2 Short Sale Addendum should also be used.

Here is the link http://www.floridarealtors.org/FLRealtorMagazine/2008/September/0908LegalHotline.cfm

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she also negotiates successfully to her buyers' and sellers' advantage. She is supported by a team of top buyer specialists. Wendy lists and sells homes, condos and townhomes in Destin Fl and the surrounding areas. She was ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida in 2008 for resale listings sold.

All Rights Reserved. "FLORIDA SHORT SALE CONTRACTS ARE "CONTRACTS" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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Saturday, December 27, 2008

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 package?

3. Has the loan been submitted as a short sale (or "referred" with Countrywide)?

4. Has a negotiator been assigned?

5. When will a negotiator be assigned?

6. How do you spell the negotiator's name?

7. What is the negotiator's email address?

8. What is the negotiator's direct number, extension or fax number?

9. Has an appraisal or broker price opinion been ordered?

10. Can you order the appraisal?

11. When will the appraisal be ordered?

12. Have you received the appraisal back yet?

13. Is the appraisal value within range?

14. Has the second mortgage been "serviced released"? If so, who is the new servicer?

15. Is there MI (mortgage insurance) on the loan?

16. Is the loan Fannie Mae, etc?

17. Is your company delegated (authority to make decision on approval)?

18. Can you read me any notes on the file?

19. What was the last action taken on the file?

20. Would you email the negotiator for me?

21. Would you ring the negotiator for me?

22. Would you connect me with the supervisor?

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin Florida real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her clients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

All Rights Reserved. *22 Questions To Ask The Short Sale Lender* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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Monday, December 22, 2008

407 Botany Blvd, Botany Bayou, Santa Rosa Beach FL


Make an offer on this magnificant home in Botany Bayou, a gated water-front community in Santa Rosa Beach FL. This stunning home, custom built in 2004 features everything one might expect. The three bedroom stucco (concrete & block) home with split design, features nine to eleven foot trey ceilings, recessed lighting, a great room, formal dining room, and a separate formal living room and or office space. The great room and master suite have gas fireplaces, both rooms with access to the screened lanai and a 38′x16′ pool -50 yr. transferable warranty and equipment. The kitchen …the one dreamed of offers tile counter tops, beautiful wood cabinets with matching furniture design refrigerator and columns to define the breakfast bar. An additional dining area looks out to your private pool. The master bath features a separate walk-in tile shower with glass block, a whirlpool tub with waterfall faucet, his and her closets, and double vanities. This elite and nicely landscaped community has a day dock for your boat, fishing or watching sunsets over the water. There is a community pool and several nature trails through the state forest. This home offers lots of privacy as it is across the street from the bayou and is backed by the state forest. Close to Sacred Heart hospital and many fine restaurants in Santa Rosa Beach, Sandestin and Destin FL. Short sale.

List price $469,900

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her clients’ advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

It’s Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin FL real estate

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

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Sunday, December 21, 2008

"Top 10" Worst Short Sale Lenders Awards - 2008

In my experience selling short sales in the Destin-Fort Walton Beach, and Emerald Coast FL real estate market, the following lenders are honored with the "Worst Short Sale" lender awards of 2008:

#1 Peoples First - Florida's Community Bank - Denies Short Sale Despite Cancer Diagnosis

#2 Eglin Federal Credit Union - will not do Short Sales

#3 Whitney Bank - will not do Short Sales, but releases lien and seeks deficiency

#4 Vanderbilt Mortgage - claims will not do Short Sales, but will look at a price pulled out of the air

#5 RBC Centura: Taking Cars in Short Sales?

#6 Countrywide and PMI Short Sales

#7 Ocwen/LCS Won't Budge

#8 Washington Mutual Won't Waiver

#9 Bank of America - Issues 2 Contradictory Approval Letters

#10 Aurora Loan Services - Won't Pay Closing Costs

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her clients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

All Rights Reserved. *"Top 10" Worst Short Sale Lenders Awards - 2008* Contact Wendy Rulnick regarding Destin FL real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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Friday, December 19, 2008

Peoples First Denies Short Sale - Despite Cancer Diagnosis

I am writing about a very disturbing short sale situation. The property is a lot in Windswept Estates, a golf course community in Freeport, Florida. The mortgage is held by Peoples First, "Florida's Community Bank". After several months of price reductions on my seller's lot, we finally got a short sale offer of $29,900- fair market value. The mortgage balance is $183,000.

My seller's husband has just been diagnosed with kidney cancer, age 36. She herself has lost about half of her income in the past year, as assistant to a financial advisor and another part time job. Her charge card balance is around $60,000 - she used credit to keep making mortgage payments. She has struggled to make the interest-only payments on the lot - around $800 a month- as her partner, a real estate agent, has little income to contribute.

When my seller found out about her husband's kidney cancer about a month ago, she stopped payment on the check she had sent to the bank. Peoples First called her when they received notice and left a voicemail message that the manager would be "furious" and would start foreclosing.

Today, Peoples First just told me they will NOT do a short sale, period. When I talked to them I mentioned the diagnosis of kidney cancer, wondering how this woman could keep up with her payments. I also asked, "Why would your company not consider a short sale in this economy?" I was told they had "not given any subprime loans, they were well-capitalized, and when they lent money, they expected to get it paid back". I said, "So you'd rather foreclose?" They said "Yes".

I then got a call from another party at the bank, who reiterated they don't do short sales. I mentioned I would write about the situation in my national blog. I was told "I caution you not to do that."

Well, guess what? I am writing about it.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she also negotiates successfully to her buyers' and sellers' advantage. She is supported by a team of top buyer specialists. Wendy lists and sells homes, condos and townhomes.

All Rights Reserved. *Peoples First Denies Short Sale - Despite Cancer Diagnosis* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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Wednesday, December 17, 2008

Maravilla #4404, Destin FL Condo For Sale


Maravilla #4404, Destin FL Condo
$295,000

Finely furnished non-rental unit. Multi-level adds pizazz to resort lifestyle. Tiled living room. Large bonus room can easily be used as third bedroom! Gulf view. As a Maravilla owner, you can enjoy two pools, one heated, hot tub, two tennis courts, club house, and deeded beach access to 2.5 acres of white sand on the Gulf of Mexico. Recent complex renovations incluse: new metal roofs, sealed exterior walls, fresh paint, new windows and sliding glass doors. This is NOT a short sale, so you don't have to "wait" for months to own this lifestyle!
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her clients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

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BOFA Issues 2 Contradictory Approval Letters!


I just had a Bank of America short sale closing for a home near Destin, FL. BOFA issued TWO different approval letters for the same junior lien:

1. Approval Letter Emailed:
Bank of America agrees to accept $1000.00 in certified funds as payment in full of the loan. Upon the Bank's receipt of the payment of $1000.00, the Bank will report the account to the credit bureaus as "Settled", with the explanation "Account legally paid in full for less then the full balance.": In addition, the Bank will be reporting the amount of the debt forgiven to the Internal Revenue Service as required by the Revenue Reconciliation Act of 1993.

2. Approval Letter Mailed Separately to Seller - (Dated Same Date as Above Letter)
Bank of America agrees to accept $1000.00 as payment towards said loan. Upon receipt of $1000, Bank will release the lien and charge off the remaining debt as a collectable balance. Our recovery department will be in contact with you to make arrangements on this balance. Will report the account to the credit bureaus as "charged off", and show the balance remaining owed to Bank of America.

The bank insisted the sellers sign both letters. If BOFA tries to collect on this balance, certainly the sellers can show evidence by the first approval letter that BOFA stated the loan was forgiven. To say the least, Bank of America's behavior is mystifying.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she also negotiates successfully to her buyers' and sellers' advantage. She is supported by a team of top buyer specialists. Wendy lists and sells homes, condos and townhomes.

All Rights Reserved. *"BOFA Issues 2 Contradictory Approval Letters!"* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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Saturday, December 13, 2008

8730 Rio Vista Dr., Navarre FL Home for Sale

Align Center 8730 Rio Vista Dr., Navarre FL Home for Sale

Located within walking distance of the beach, shopping and restaurants of Navarre this home has been well maintained. The interior has been recently painted to include new interior doors. The kitchen provides plenty of cabinets, side by side refrigerator, stainlesss steel sink and pantry. The master bedroom has a walk-in closet with storage shelves. The huge fenced back yard is great for gatherings or the addition of a pool. Short Sale subject to seller's mortgage holder's approval. All information to be verified by buyer.
$129,900
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

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When is a Contract NOT a Contract?

Is a contract NOT a contract when it is signed by both buyer and seller? Again and again, buyers are walking from short sale offers with no penalty, sometimes encouraged by their selling agents. Here are two emails below from agents in the Destin- Navarre Florida area whose buyers simply backed out of short sale offers after three months of negotiations:

"Yes it is a long time and they do understand the contract but they are not obligated to the contract until the bank responds."

"It was contingent upon the banks acceptance of the offer and the bank did not accept the offer yet. We did not have a contract only an offer. I do not see the need of a letter or a release of contract since there was no contract."

My question to these, and other agents, is, if it is not a contract, what is it? Of course, it is a contract. Contracts have contingencies all the time that require action by third-parties. For example, the buyer's lender must make a decision on the borrower's ability and the value of the home. The buyer's home inspector will provide data on the home's condition. The title agent will determine if there is marketable title. These contingencies do not negate the fact that there is a contract. But any one of these factors can initiate a termination of the "contract".

What steps can listing agents take to ensure their seller is protected from "escape artist" buyers?

1. Require buyer contingencies to be fulfilled without waiting for lender approval, such as home inspection and mortgage application.

2. Require an earnest money deposit (called escrow in some states) upon acceptance by the seller, not upon lender approval.

3. In return for buyer's forthright investment in the contract, place the property "under deposit" in the MLS system.

Until selling agents educate their buyers about the gravity of being in a contract when buying a home, we will continue to see short sale contracts fall apart.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

All Rights Reserved. *When is a Contract NOT a Contract?* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information

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Wednesday, December 10, 2008

Rulnick Realty Welcomes Linda Baron in Destin FL


Rulnick Realty is pleased to announce the association of Linda Baron with the company. Linda has represented buyers and sellers well over a decade in Walton and Okaloosa counties. Originally licensed as a Realtor in Kentucky, Linda moved to Emerald Coast of Florida where she received a Broker license in 1997. She has also received the Graduate Realtor Institute certification.

Consistently recognized as a multi-million dollar producer she focuses on single family homes and investment properties such as second homes and condo’s in the Destin, Santa Rosa Beach and Seagrove markets. She also assists buyers, sellers and lending institutions with short sales and bank repo’s.

While living in Chicago, Linda’s association with real estate began with an interest in architecture. Later, while in Louisville, Ky., known as the home of one of the largest number of Victorian houses her passion became investment and restoration of historic homes. She and her partner were also involved in new construction with the development of a small subdivision near Lexington.

Educated at Northeastern Illinois University with a Bachelor of Arts degree, Linda was previously employed at Kentucky State University in higher education administration and director of the Woman’s Center of Louisville. She is an avid boater and beach lover.

Linda Baron may be reached lindabaron@rulnickrealty.com or (850) 650-7883 or cell (850) 217-4337

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Tuesday, December 9, 2008

Destin FL Property For Sale - Needs Work


1112 Airport Rd., Destin FL 32541
1112 Airport Rd., Destin FL 32541
Roll up your sleeves… this Destin FL home is a project. You will need: 2 sinks/vanities for the bathrooms, kitchen cabinet fronts, an oven, floor tiles, paint, grass seed, and pick-up truck to haul away debris. You will get: a spacious home, adding square footage not included in the 1321 from partially finished garage- (could reconvert by the way), much tile, split floorplan, stone fireplace, large yard and 2006 roof with dimensional shingles. Seller says personal property will be removed.

List Price: $138,000

It’s Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients’ advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

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Destin FL Home For Sale


90 Legion Park Loop, Destin FL

Absolutely delightful and charming home! Unique features of this Destin Legion Park Landing home include exposed shelving in kitchen, tile counters, built-in wine rack. Two living areas, formal and "great room". High and cathedral ceiling accent and recessed lighting, wood stairs add character. Outside- hello tranquility! Lovely pond backed by tall trees. See the walkway towards the bay, too? Waterfront park/recreation area and public boat launch add nearby excitement. Second floor covered balcony is huge, private and has bayview! Master bath is luxurious with corner angled whirlpool tub and his/hers closets. Laundry room is conviently located on the second floor with the bedrooms. This Destin FL property is a Short Sale - subject to seller's mortgage holder's approval.
List Price: $247,900
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

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102 Regatta Drive - Niceville FL - Waterfront Townhome


Water Oaks Townhome
It's all about the water! The views from this Niceville Florida property are framed by tall oaks bring serenity, the dock and deep water access bring fun! Located almost at the end of the complex, unit feels very private. Open dining room to step down living room with fireplace. Third bedroom downstairs or additional living space/office is converted garage- could be reconverted easily per owner. Upstairs find two balconies, laundry. Substantial closet space. Seawall. Complex has community pool, tennis. New heat pump 2003. Main roof 1992. Roof over converted garage 2008 (flat roof). Gas fireplace and gas bbq hook-up outside. Owner of this Niceville FL home will enjoy a great lifestyle. Short sale.

List Price: $275,000
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Niceville FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

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Monday, December 8, 2008

Short Sale Offers- Is This a New Trend?

In the past ten days, I've had agents call me with "verbal" offers on three of my short sale listings.


Property: House in Navarre FL List price $114,000...verbal offer $70,000
Property: Condo in Sandestin FL List price $580,000...verbal offer $500,000
Property: House in Niceville FL List price $199,900... verbal offer $120,000

Is this a trend? In each of these cases, the selling agent said the buyer absolutely would not or was not qualified to go higher than the verbal amount. I wonder then why these agents were showing properties to buyers that were up to 60% higher the maximum price buyers were willing or able to pay? In one case, the buyer was going to make an offer without seeing the property, and then wanted an "out" written up contingent upon a satisfactory pre-closing inspection. His agent even asked me how to draw up contract language so the buyer would not lose his deposit if he chose to back out.


First of all, as an agent, why waste your time? Sure, some short sales or traditional sales are overpriced so that one might be able to procure them for 20% less than list, but 40%? Why take that gamble? When a buyer requests to see properties much higher than they are qualified for or are willing to pay, you are wasting your own time, the buyer's time, the seller's time, the short sale lender's time, and the listing agent's time. In the current economic situation, I understand why many agents want to grasp at any possible way to make a sale. However, one might be better off waiting for a qualified buyer whom you know has a reasonable chance of closing.


It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin FL real estate

Short Sale Pre Foreclosure Help.


Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

All Rights Reserved. "Short Sale Offers- Is This a New Trend?" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information

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Saturday, December 6, 2008

219 Via Largo, Santa Rosa Beach FL Property For Sale in Escada Subdivision


219 Via Largo, Santa Rosa Beach FL Property For Sale in Escada Subdivision
1206 Square Feet 3 BR 2 BT Built 2001
$175,000
This is a spacious Escada townhome in a great neighborhood, with Point Washington State Park at the end of the street, the greenway path provides a short walk to Van Butler Elementary. Relax outdoors...the screened back porch overlooks a nice backyard that backs up to woods, the community pool just across the street, and two ponds for fishing. Public beach access is just minutes away. This Santa Rosa Beach FL townhome would be a great investment, or a comfortable place to live. Month to Month lease at this time. All data to be verified by the buyer.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

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Wednesday, December 3, 2008

Why You MUST Call The Short Sale Lender Every 3 Days



If you don't call the Short Sale lender EVERY 3 days...
1. It might be a month before the short sale lender lets you know you are missing paperwork (they "lost" it)
2. You won't know you're not "authorized" (they misplaced your letter)
3. You won't know they NEVER got your short sale package, (although you have the fax receipt)
4. They might never "refer" the file as a short sale (Countrywide cases) because it's still in loan modification process
5. They won't call YOU with a counter offer until they "get" to it next week
6. You might not get connected with the "right" rep who gives you a different answer and really cares
7. You won't be able to tell them the appraisal STILL has not been ordered
8. You won't be able to tell them the BPO agent went out to the property 3 weeks ago
9. You might not find out about the scheduled foreclosure sale date, nor be able to postpone it
10. You won't find out they've switched negotiators, because the previous one no longer works there, so you'll have to start all over
11. You won't be able to save the file from going to collections
12. You won't find out the junior lien was sold to an MI company as an insurance claim
13. You won't know they rejected the offer and closed the file
14. You won't find out the negotiator didn't get your email because you mispelled her name
15. They'll forget about you

In short, no matter how excessive it may seem, it's critical to stay on top of the short sale lender. One phone call may be the difference between approval or denial.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

All Rights Reserved. *Why You MUST Call The Short Sale Lender Every 3 Days* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information

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