Thursday, January 29, 2009

1694 Valparaiso Blvd, Niceville, FL 32578 - Short Sale

1694 Valparaiso Blvd, Niceville, FL 32578 - Short Sale



Richly painted, plush carpet, interesting angles- this is your Niceville Florida home. You will also find cathedralled living room, plant ledges, kitchen with pass-through, built-in shelving. Big fenced yard, patio. Roof replaced 2004. Easy drive to Gulf beaches, bayou, bay, shopping! Niceville short sale subject to seller's mortgage holder's approval. Offered at $169,900.

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

Search Niceville Florida real estate
Short Sale Pre Foreclosure Hellp for Niceville Florida.

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. Wendy is in the top ½ percent resale agents on the Emerald Coast, and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.

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Tuesday, January 27, 2009

Question from Niceville Florida Short Sale Buyer

Hi Wendy,
I'm a First Time Homebuyer in Niceville Florida (or rather am seeking to become one) and my wife and I found a house that is a short sale.I've been researching the ins and out of buying a short sale but there are of course more questions then answers :) The information I was given was a BPO of 290K, the home is listed at 230K, with an offer of 200K. This information was given freely by the listing agent. The home is beautiful but it has since been vacated. No utilities, the home has since been broken into and vandalized, the refrigerator is tainted with an unholy smell and must be replaced, and the owner left a ton of debris behind when he/she moved out. Is this common in a short sale? Is this really a foreclosure? From what I have been reading it seems like people continue to occupy their homes during a short sale, not abandon them to disrepair during the process.I would be most thankful for any opinions or advice you could offer. From what I have read it is essential to obtain a buyers agent in a short sale, one with experience, so that will be the next thing I research (I saw the property yesterday), correct? Cynthia


Dear Cynthia,

1. If a BPO (Broker Price Opinion) on file with a bank is significantly higher than the offer or list price, you've got a problem. However, if the BPO is more than 90 days old, most lenders will order a new one. Home prices are dropping in Niceville, so that would be a consideration. Additionally, your agent might be able to provide her own market analysis of the property for the listing agent to submit to the lender, that might help them better understand the current market conditions and pricing scenario.

2. You may be in an auction situation, as you wrote there is already is "an offer of 200k". That may mean the property is under contract, with an offer accepted by the homeowner, but yet to be approved by the short sale lender. If the listing agent indicated she would be sending multiple offers to the short sale lender, that diminishes your chance of procuring the property. Additionally, the Florida Association of Realtors legal advisors have stated that secondary offers must include an addendum stating they are "back-up" offers only.

3. It is common for short sales to be vacant with no utilities. Why? Because the property may be a rental, and the owner was unable to find a tenant. Or the owner may have been transferred. The utilities are off because most sellers doing a short sale do not have the financial means to pay for utilities. You should still have a home inspection, although most short sales are sold "as is". You should have the right to cancel your contract if the inspection is unacceptable. Understand that you may have to pay a small fee for the water, electricity, etc to be turned on in order to facilitate your home inspection.

4. A "short sale" is not a "foreclosure". A short sale is still owned by the homeowner. A foreclosure is owned by the homeowner's mortgage lender. The definition of a "short sale" is when the lender agrees to a accept a payoff for less than the remaining mortgage balance, and possibly forgive the entire shortfall, as well as pay the seller's closing costs including the Realtor fee. The loss is either completely written off by the lender, a payment arrangement is made with the homeowner (promissory note), or a lump-sum for a potentially lesser amount is agreed to (cash contribution).

5. YES, it is essential to hire an experienced buyer agent in pursuit of your Niceville Florida home. A short sale is a complex transaction, and a good buyer's agent will help you structure your offer to your best advantage, and in such a way that might also fit the criteria of the short sale lender.

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 20 years. She has won numerous awards, including the coveted ADDY for advertising design. She is ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida for resale listings sold and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.

All Rights Reserved. "Question from Niceville Florida Short Sale Buyer" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 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, January 26, 2009

Fort Walton Beach Homeowners: Help To Save Home and Credit"


The best part of my day trumped any real estate sale I could ever make. I was chatting a friend, whom I'll call Jessica, in Fort Walton Beach Florida, when her cell phone rang. Jessica is a small business owner on the Emerald Coast, and I have bought her products for many years. Whenever I see her we talk about our lives and our businesses - one entrepreneur to another. Anyway, her phone rang and she looked at it, checking the caller id. "I am not answering that! It's a bill collector", she told me. Jessica proceeded to describe how her company's profits had dwindled in the past year, so that now her income was reduced to one-third of what it was. "People put off buying my product, they want until they absolutely have to or just stop altogether," she said. Jessica told me she had been getting behind in her credit card bills, and her mother had to pay her last three months mortgage payments. When creditors called, she would start into her sad story, "I am a single mother" and hope for any reprieve. She did not know how she was going to be able to make it. "I don't want to lose my house!" she admitted.
I advised Jessica to take immediate action and first call her mortgage lenders. They might be able to help with one of the following steps:
Modifying the mortgage terms for lower payments by extending the length of the loan
Reducing the mortgage interest rate
Temporarily suspending mortgage payments (forbearance)
Allowing missed payments to be paid back over time
Decreasing the total mortgage amount
Next, I told her to go online to Consumer Credit Counseling Service or the National Foundation for Credit Counseling. Groups like CCCS help people with debt management. They may be able to arrange a plan with creditors to lower monthly payments and save a dire financial spiral. Organizations that work with consumers to manage debt usually charge a small monthly fee, but only if there is capacity to pay. Suze Orman, the well-known financial guru, endorses such programs for those in need. The Consumer Credit Counseling Service of West Florida can be reached directly at (850) 314-9888 and is located at 913 N. Beal Pkwy, Ste H, Fort Walton Beach, FL 32547.
"Don't delay!" I told Jessica, "Take action right away. If you take these steps now, you may be able to save your home and your credit." She thanked me profusely, and said she had not known there was help available, and she would immediately call her lenders and the consumer credit counselors. If you are in a similar situation, don't deny it or wait to take action. If you wait, it might be too late to save your home, your credit and your well-being.

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, 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. Wendy is in the top ½ percent resale agents on the Emerald Coast, and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.

Rights Reserved. *Fort Walton Beach Homeowners: Help To Save Home and Credit"* Contact Wendy Rulnick regarding Fort Walton Beach Florida real estate and vicinity. Copyright © 2009 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, January 24, 2009

Destin Real Estate Buyer Question: Short Sales

Dear Wendy,

I have read quite a bit of your articles regarding Destin real estate and area short sales. I have made an offer to buy a short sale in October and we are still waiting. The house is brand new, it's listed for $799,000. The builder owes over $700,000. The house is not finished, it needs countertops, appliances, driveway, painting, finish hardwood floors, etc. Approximately $100,000 is necessary to complete house. A home 2 doors down just sold for $540,000. This new house is the nicest house in the development but definitely not worth $800,000. In our opinion even though it is the nicest house it probably is still not worth more than $600,000 to $650,000 that's if it was completed.
I originally offered $500,000 but now want to reduce my offer to $450,000 since it needs $100,000 to fix up and Destin real estate market is still falling. The negotiator is assigned and they will do an appraisal or BPO within 30 days. I feel $450,000 is fair given the changing market. Do you know typically how much Countrywide will go below market value, especially on an unfinished house?
Thanks,
Joe

Hi Joe,
Countrywide will not "really" go much below market value. They will rely heavily on the Broker Price Opinion (BPO) or appraisal, as I wrote in 'Short Sale Pricing: The "X Factor"' and will want close to that figure. Their calculations will depend on who the end-investor is on the loan, and those specific requirements. For example, if the loan has mortgage insurance (MI), they might want the "Net Proceeds" to be 91% of appraised value sometimes! One thing you cannot control is the BPO or appraisal, but you can inform the party doing the appraisal of cost estimates to finish the house. That may help keep the end figure realistic.
If you reduce your offer now, Countrywide might close the file. That will depend on the negotiator. Sometimes Countrywide relies on a valuation they have in their system already, and if the offer is below it, they will just cancel the file. Then you will have to start all over, and again risk the file being cancelled because you are too low.
Your concerns make sense and are valid. If you think you are overpaying for a property, I'd use caution. Best of luck.
Wendy Rulnick

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Wednesday, January 21, 2009

Federal Tax Liens Affect Short Sales

Do you have a federal tax lien on the property you are trying to sell? Is your property's market value less than your mortgage payoff? If so, and you are in a short sale situation, a federal tax lien may cause your lender to deny your sale. Why? If, for example, your home is worth $200,000, your mortgage payoff is $250,000 and your tax lien is $20,000, there would not be enough funds to pay the IRS. Your mortgage holder will not pay these taxes for you. The good news is that the IRS is trying to make it easier for homeowners to discharge the liens to sell their property.
In December, the IRS announced it would be streamling the process to discharge liens. Commissioner Doug Shulman says, "We realize these are difficult times for many Americans. We don't want the IRS to be a barrier to people saving or selling their homes". The lien discharge process takes approximately 30 days for approval. To apply for a discharge, you must follow the instructions in IRS Publication 783. Briefly, be prepared to submit:


Deed or title and property description
Purchase and sale agreement
Preliminary title work showing all liens on the property
Your name, address and telephone number
IRS-specified declaration that you are being truthful


There are variations of tax lien discharge scenarios, some more complex than others. You may want to consult with a tax attorney or accountant to complete the paperwork.

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 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy lists and sells homes, condos and townhomes in Destin FL and the surrounding areas. She is ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida for resale listings sold and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.

All Rights Reserved. "Federal Tax Liens Affect Short Sales" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.Copyright © 2009 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, January 17, 2009

4116 Hwy 3280, Freeport Florida 32439 - Home on One Acre





4116 Hwy 3280, Freeport Florida Home on One Acre


Looking for serenity and quietude? This lovely Freeport FL home is bright, cheerful, crisp and clean- and set about an acre lot! Buiilt in 2005, three bedrooms and two full baths. Split bedroom floorplan, sharp white and blue kitchen, shiny white floor tiles, plush carpet. Detached carport with attached utility room. Lawn pump installed for future sprinkler system. Access to roadway from three sides, for creative use of lot. Great location in Freeport Florida - choose to play in Destin or Panama City- you're in the middle! Offered at $159,900.


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. Wendy is in the top ½ percent resale agents on the Emerald Coast, and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.


All Rights Reserved. *4116 Hwy 3280, Freeport Florida 32439 - Home on One Acre"* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick

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Thursday, January 15, 2009

BB&T APPROVES SANTA ROSA BEACH SHORT SALE

BB&T Corporation has approved one of my listings for a short sale in Santa Rosa Beach Florida, on the Emerald Coast. This is one of the better banks I've worked with on a short sale. Details:

Hardship: Homeowners in sales - decreased income, medical expenses

Property: Santa Rosa Beach home, built in 2004, 1900 square feet

Lender: BB&T

Mortgage Balance: $370,000

Offer: $175,000 (fair market value)

Seller Contribution: $20,000 promissory note

Debt Forgiven: $175,000

Approval Time: 35 days from fax to finish

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: estin 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 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy lists and sells homes, condos and townhomes in Destin FL and the surrounding areas. She is ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida for resale listings sold and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.

All Rights Reserved. *BB&T APPROVES SANTA ROSA BEACH SHORT SALE* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 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, January 14, 2009

Destin Short Sale Pricing


Yesterday I received a phone call from a competitor in my Destin Florida real estate market. The agent had a short sale condo listed in the same building as I did, and questioned why my list price of $260,000 was $40,000 less than his unit. He asked, "Is that price approved by the bank?" I told him no, as most short sale lenders do not pre-approve prices. He then asked if I truly thought I could get it approved, as he was hesitant to "chase" my price and match or beat it with his listing. I thought about that, and the factors that go into short sale pricing.

When pricing any real estate listing, one must consider several standard factors. Briefly:

1. Competition: Similar properties for sale may be overpriced, since they have failed to sell
2. Pendings: Properties under contract indicate what price entices a buyer to purchase
3. Solds: What price buyers were actually willing to pay
4. Expireds: What price was rejected by the market place

The obvious strategy is to price a property to be the best value in the category. Further, once a property is listed for sale, prices should be adjusted upon the following circumstances:

1. It has been on the market for a reasonable period of time with no showings (buyers rejecting "price)
2. It has had many showings but no contract (buyers finding better value in price range)

With a short sale, there is the final factor- the "X Factor". The "X Factor" is the price the short sale lender comes up with after receiving a purchase and sale agreement. This is the price that can make or break a sale (although it can sometimes be challenged). The lender price is based on a Broker Price Opinion (BPO) or appraisal. This third-party opinion changes the game and actually may distort markets. The "X Factor" price opinion may come from an agent with one year experience who has signed up on a website to perform BPO's. The price opinion may come from one appraiser who does not adjust for inventory levels. In the example of my condo listing, I may have "crossed the imaginary line" of what a bank may approve. The question lingers, at what point do you disregard the "X Factor" guess, and adjust the price to entice a buyer.
In the case above, after 7 months of gentle price reductions from $329,000 to $260,000 - the unit finally had a showing this weekend, and is getting an offer today. There are 2085 condos for sale in Destin. Less than 2% of them sell per month and there is a 5-year inventory. There are 120 units for sale in the subject's complex, and the last one sold in December for $300,000. The offer price should be around $260,000- the list price. Let the "X Factor" games begin.

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, 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. Wendy is in the top ½ percent resale agents on the Emerald Coast, and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.

All Rights Reserved. *Destin Short Sale Pricing* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.

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Tuesday, January 13, 2009

Rulnick Realty Covers the Emerald Coast



My market on the Emerald Coast of Florida is diverse. So is my real estate practice. As a real estate broker in Destin Florida, my office is centrally located to cover it all, and that I do. As diverse as my area's real estate is, we are cohesively known as the "Emerald Coast" of Florida. We are not a major metropolitan area, but we are bound together by one beautiful thing - the Gulf of Mexico. It's no exaggeration to say we have sugar-white beaches from Pensacola to Seagrove Beach, and the waters truly are "emerald" green. In fact, Southern Living Magazine just voted Destin FL "Readers' Choice for Best Beach". The diverse people that make up the Emerald Coast range from the great air force personnel from Eglin Air Force Base and Hurlburt Field to the vacation rental owners and second home owners from all over the country and the world.

This week is an example of my wide-ranging real estate practice. I am listing property in Destin, Fort Walton Beach, Freeport, Hammock Bay, Crestview and Valparaiso Florida. When my staff gets a call from a potential buyer, we don't just expose them to our office location in Miramar Beach. We find out what they are looking for. The quietude of Navarre Beach? The old-world yet metro sophistication of Seaside and Seagrove Beach? The action and place-name of Destin Florida? Or perhaps the family fun on Okaloosa Island? We have it all, from surburbia to rural acreage to beach-front condos. And eventually, we might have you!

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

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Saturday, January 10, 2009

DeFuniak Springs Apartments For Sale

The Highlander - 12 unit apartment complex in DeFuniak Springs Florida. Almost 4 acres, ready to expand. Offered at $982,000.

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 in and around Destin Florida. Wendy is in the top ½ percent resale agents on the Emerald Coast for listings sold, and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.

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Friday, January 9, 2009

Kiplinger Magazine: Wendy Rulnick Helps Destin "Short Sale" Sellers'



Wendy Rulnick, Destin Florida real estate broker, was recently interviewed by Kiplinger Personal Finance magazine. In the February 2009 edition, Kiplinger describes foreclosure avoidance and short sales. Some of Rulnick's Destin real estate clients, who recently participated in a short sale, had their story told. The homeowners plight unfolded from buying at the top of the Emerald Coast real estate market to their mortgage interest rate hike and personal job loss. Rulnick helped the sellers complete a short sale on their home, which cancelled about $100,000 in mortgage debt.



The Kiplinger article stresses "Short sales are best conducted by an experienced real estate agent who can negotiate the obstacles imposed by lenders or investors." Rulnick provided much of the information regarding the short sale process to the reporter. The story is "Fighting a Foreclosure".



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 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy lists and sells homes, condos and townhomes in Destin FL and the surrounding areas. She is ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida in 2008 for resale listings sold and was interviewed in Kiplinger Personal Finance Magazine as a short sale expert.



Copyright © 2009 by Wendy Rulnick. All Rights Reserved. 'Kiplinger Magazine: Wendy Rulnick Helps Destin "Short Sale" Sellers' Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.



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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Tuesday, January 6, 2009

Short Sales: Undisclosed Liens Will Ruin Your Sale


Getting a Short Sale listing? It is always prudent to ask the seller the typical qualifying questions- "What is your hardship?", "Do your expenses exceed your income?" "Do you have cash funds to cover the deficiency?" But these preliminary inquiries may not be enough. Here are some more probing questions you need to ask the Short Sale seller:


1. Are you "sure" you don't have a second mortgage on the property? Or two? Even by an individual?


2. Who owns those mortgages? Please provide your most recent statement.


3. Do you have an IRS tax lien on the property?


4. Do you have a County, City or State lien that affects the property?


5. Is there a judgment against you in the county where the property is located?


6. Are there any other liens on the property?


You don't want to find out after three months of bank negotiations that there is an undiscovered lien the Short Sale lender will not pay. They normally will not pay a lien unrelated to the property itself. That is, the lender will usually cover past due homeowners association fees, mechanics liens and nuisance fees to a second mortgage holder, but not others. Finding out a seller "forgot" about his home equity line will delay and possibly cause your approval to be denied. Finding out there is a $40,000 judgment that must be paid off will guarantee a lost sale. Similarly, an IRS lien may be very difficult to dispose, and it's something that needs to be addressed before listing the property and even attempting a Short Sale. You will have invested in marketing time and expense, negotiated for hours, used up office resources and worst of all, delayed or ruined a buyer's home purchase. To lessen the chance of a "surprise", ensure the seller signs a document stating his answers to the above questions at the beginning of the listing. Better yet, have the seller pay $75 or $100 for an official title search. Always order a payoff from each lender-- you might find out they are not even the lienholder. If you don't do it now, later may not be good enough.


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, 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 in and around Destin Florida. Wendy is in the top ½ percent resale agents on the Emerald Coast for listings sold 2008.


All Rights Reserved. "Short Sales: Undisclosed Liens Will Ruin Your Sale" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 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, January 3, 2009

Destin Florida Real Estate Market Summary - 2008

Destin Florida Real Estate - 2008 Market Summary


The Destin Florida real estate market had a rocky road in 2008. There are some glimmers of hope, but continued signs of price declines. In summary:


1. In Destin, the "% Sold/List" (Sold to List Price Ratio) dropped from 90% to an average of 84% by the end of the year. The ratio bounced around a lot during the last 12 months, but the drop to 84% may or may not be part of a trend. We'll look at this in coming months.


2. The average sale price for Destin real estate dropped from $520,000 to $406,000 in the past year. Again, this figure may not necessarily be a trend, as the average sold price was as high as $637,000 in June.


3. The median sale price dropped in Destin from $350,000 to $263,000. Note the "median" statistic may be more indicative of market trend than "average", because "median" indicates that one-half of the sales were higher and one-half were lower. An "average" may be skewed higher due to some more expensive home sales that affected the the resulting figure.


4. The MLS (Multiple Listing Statistic) report indicates 230 days average market time for Destin houses, condos and townhomes. This figure is inaccurate, it is low. It only tracks the last listing period of the sold home. If a property were listed multiple times and failed to sell during those times, that is not reflected in the figure. Many Destin homes were listed more than once until they finally sold, and even "re-listed" by the same real estate agent.


5. The "Months Inventory" figure is my favorite. Months inventory indicates how many months it would take to sell all the improved properties in the Destin real estate market at the current rate of sales. Note the year started at 68 months inventory, or almost 6 years! It ended at 48 months inventory, or 4 years! This figure is low, because our Emerald Coast Association of Realtors tracking only looks at the last, successful listing period. Additionally, the months inventory statistic has bounced around a bit. In basic terms, a 4 year inventory means there are a lot of properties for sale, and they are not selling very fast.


6. Finally, the inventory of Destin homes for the year started at 3475. By December, the inventory had dropped to 3225. The inventory reduction has been consistent for the last four months. That may good news for sellers. Typically, however, inventory increases in January when sellers decide to put their properties on the market after the holiday season.


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, 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 in and around Destin Florida. Wendy is in the top ½ percent resale agents on the Emerald Coast for listings sold 2008.
All Rights Reserved. *Destin Florida Real Estate Market Summary - 2008* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 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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