Friday, August 28, 2009

36 Calypso Cay, Destiny By The Sea, Destin Florida

The home, the setting, the location. This home at 36 Calypso Cay is the epitomy of "Destin Florida". This inviting Destiny By The Sea villa is designed for entertaining. Huge open kitchen with breakfast bar big enough for Thanksgiving gatherings. Wonderful space for dining, lounging and relaxing in the great room with fireplace. Wrap around porch offers excellent views of pool space with opulent greenery. Master suite is on its own floor with private balcony. First floor has a family room with wetbar which is used as fourth bedroom. Spanish lace walls, bull-nose corners, high ceilings, transom and bow windows.

Your new Destin home is just two minutes to the water. This gated subdivision has no main roads to cross to enjoy the beach and the boardwalk. Destiny By The Sea has three heated pools, two hot tubs, tennis courts, fitness center, children's playground and a private beach on the Gulf of Mexico. As a rental this home can accomodate 12-17 guests. Move to Destin Florida to the place you've always dreamed of.
Offered at $977,000.


It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com


Labels: , , ,

Tuesday, August 25, 2009

Buying Destin Short Sale? Don't Take A Chance on Your Tax Credit!

How many times have I asked agents writing offers on my Destin Florida short sale listings to allow 120 days for lender approval? I have it in my MLS notes, I tell them by email and by telephone. And yet, I repeatedly get offers with 45-day approval time lines. Yesterday I received an offer on a Destin short sale listing with a closing date of November 25 and 45 days for short sale approval…. Hmmmm…. I wonder why….? OH Yeah! The First Time Home Buyer Tax Credit! Bingo! The final day by which a property must close would be November 30, 2009 in order to qualify for up to $8000 in federal tax credits.

I am very sorry to say, but writing an offer on a short sale now, with about 90 calendar days to go before the tax credit ends is not in the best interest of your buyer, OR your short sale seller. Bank of America short sales tend to take three-five months for approval…. "Ouch!", you say! But it is true. Sure there are exceptions. Sure, I just had one approved in 28 days. But-- would I bet someone’s $8000 tax credit on it?

Would I take my seller’s property off the market for 90 days just to have the buyer “walk” when the deadline is not met, and hurtle my Destin short sale seller three months closer to foreclosure? Would I take my buyer to the brink of not finding a replacement home in time to qualify for the credit if the short sale does not get approved? Have I considered the new Respa rules that might further delay a closing? No.

If you are working with a buyer now to find a Destin home to close by November 30, please don’t roll the dice and look at short sales. Or go in with your eyes wide open, don’t expect the tax credit, and allow for a reasonable amount of time for short sale lender approval.


It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Labels: , ,

Monday, August 24, 2009

Short Sale Bank Negotiator Interview Coming Up



Saturday August 29th.... Bryant Tutas and Wendy Rulnick will be interviewing a Short Sale Negotiator from one of the major lenders. He's been doing this for 18 years and is a wealth of information. He has agreed to spend 90 minutes answering our questions.
Bryant and I have been negotiating with him for a couple of weeks now and have finally came to terms on his fee and the terms for the interview. He has to remain anonymous as it could jeopardize his job if they knew he was giving this interview.It's feels kind of like "The Insider"!
We can assure you that the Interview is going to be awesome. Wendy and I spoke with him for about an hour recently and were blown away at the stuff we learned in such a short period of time.This knowledge WILL make you money!
The time is Saturday August 29 at 11:00am Eastern (10:00 Central). The place is your computer as the interview is being done as a Webinar. The cost is.......
$27
The Interview is being recorded and will be available on MP3 just in case you can't make it "live". Folks...... this may be the best $27 you have spent in a long time. If you want to join us, check www.ShortSaleSuperstars.com

It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Labels: , , , , ,

Saturday, August 22, 2009

Florida Foreclosures Up - But There is Help for You


Did you know that almost 1 in 4 Florida home loans are delinquent? Even though most of my real estate business in Destin Florida is short sales, this news has stunned me. According to an article by the Miami Herald, 23% of Florida mortgages, or 807,000 of 3.5 million loans are in foreclosure or have late payments by a month or more.

So, if you live in Destin, Niceville, Fort Walton Beach or Navarre Florida, look up and down your street. If you are out buying groceries in Crestview or Santa Rosa Beach Florida, look at the people in line with you.

Your neighbors, co-workers, gym buddies, friends and aquaintances are part of this group of homeowners who are hurting. They have lost jobs or income. They may not tell you, but how can they not be affected? You do know someone who is behind in their mortgage, don't you?

Or maybe it is you? Don't be ashamed, and please don't be afraid. There is help for you to avoid foreclosure or avoid losing your home. You are not alone.
Your first step, if you are in financial trouble, is to contact your mortgage lender. Your lender may be able to:
Modify your mortgage terms for lower payments by extending the length of the loan
Reduce your mortgage interest rate
Temporarily suspend payments
Allow missed payments to be paid back over time
Decrease your total mortgage amount
If you cannot keep up with your bills contact the 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 your 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.
If you have already been served a complaint for foreclosure on your Destin, Niceville or Santa Rosa Beach property, it is not too late to see if your lender can help you. If not, seek legal counsel and consider your alternatives.
Finally, a "short sale" may spare you from foreclosure and allow you to sell your home for market value, even if that is less than your mortgage balance. A short sale is better for your future financial future than foreclosure, and you may be able to buy another home in two years or even less. Many lenders allow this option. But don't wait until it is too late.
Take action and pick up the phone today. Be "pro-active", and take care of yourself, your family and your future.

It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Labels: , , , , , , ,

Friday, August 21, 2009

Sterling Shores Condo, Destin Florida Short Sale

Sterling Shores is an exciting condominium complex across from the Gulf of Mexico. This Destin short sale condo is smartly decorated, with breezy balcony to watch the ocean blue and the 4,300 square foot lagoon pool. Complex offers 4300 square foot lagoon pool, workout room, clubhouse, seasonal snackbar, movie theater, wireless internet. Walk to beach across the street, and restaurants next door on "Restaurant Road", Gratzi's, Back Porch, Ruth's Chris Steakhouse and more! This Destin short sale is offered at $239,900.


It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com





Labels: , , , , ,

Saxon Mortgage Approves Short Sale in Santa Rosa Beach FL


This is not your average approval for a short sale property in Santa Rosa Beach Florida from Saxon Mortgage. The junior lien, Citi Mortgage is owed about $99,000 and requested $24,000 to release their security interest.
"Ha!" You laugh, "$24,000?" That is insane! But Saxon Mortgage agrees to pay Citi 10% of their outstanding balance, or $9,946. Of not happy note, is the statement that any extensions beyond the approved closing date will result in 1% commission cut. That is fascinating, as I will try to prevent hurricanes or other acts of G-d that might delay a closing!



It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Labels: ,

Thursday, August 20, 2009

Sandestin Short Sale Approved by EMC, Beachside II



Lender: EMC

Original Purchase Price 2005: $800,000
Mortgage Amount: $640,000
Approved Sale Price: $300,000


Notes: Initial contract price was $359,000. Buyer was obtaining a Fannie Mae mortgage. Fannie Mae would not approve the Beachside II condo project for financing due to an outstanding lawsuit against the homeowners association. New Fannie Mae guidelines require analysis of the project where financing is sought, even for existing condominums. Since buyer was unable to get a Fannie Mae mortgage, EMC approved a reduced $300,000 cash purchase price.


To avoid foreclosure and sell your Sandestin home or condo as a short sale, contact an experienced real estate agent who specializes in short sales.



It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Labels: , , , ,

Bank of America Approval - Version 2 - What Deficiency?


Alas! There is more than one version of the Bank of America approval letter. One without the dreaded "deficiency" reference. Mind you, not stating they reserve the right to pursue a deficiency may not mean Bank of America has given up that right, but it does cause less trepidation.

It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Labels: , , ,

Wednesday, August 19, 2009

Don't Fudge Your Short Sale Financials!

Are you doing a short sale in Destin, Santa Rosa Beach, Niceville or Fort Walton Beach? Part of the lender’s process will be to verify if you have a true financial hardship. Short sale lenders analyze the information you provide, including paystubs, bank statements, tax returns and the financial worksheet. They will run a credit report, they will review bank statements line by line, and they won't just gloss over the financial worksheet.

If something does not "add up", be prepared for the following questions and requests:

1. Why do you list a car payment expense, when your credit report shows it’s paid off?
2. Why do you show credit card bills higher than what is on your credit report?
3. How are you spending $6,000 a month on bills, when you have no income or savings?4. What was the $15,000 withdrawal from your bank statement last month? Where did it go?5. What is $2000 per month “miscellaneous” expense? Please itemize this.
6. Provide a copy of your bank statement from account XYZ, that was used to transfer funds into your checking account.
7. Provide a copy of ABC bank statement that you listed when you first bought the property.
8. Why are you listing a mortgage expense from a house you have sold?
9. What happened to the $70,000 capital gain from your last year tax return?
10. Why are your food expenses $1000 per month for a two-person household?

Provide thorough and honest financial information. If you don't, rest assured, your short sale lender will find out.


It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Labels: , ,

Sunday, August 16, 2009

Short Sale Agent Class Online

If you are an agent working Short Sales now or want to in the future then this Short Sale Class is a must. This is what Wendy Rulnick and Bryant Tutas' students say:

"I had the fortune to be part of your short sale basics webinar. I want to express my gratitude and appreciation to Wendy Rulnick and Broker Bryant sharing their expertise in a conversational setting walking us students through from start to finish of a typical Short Sale transaction. This webinar was filled with materials and information giving the most inexperienced the confidence taking on Short Sales.Having participated in classroom environment, read, studied short sale blogs, information and guidelines in the past; this is by far the best step by step instruction that I have received in my over 10 years experience in real estate. You guys truly are the SuperStars! Thank you, Petra Norris Broker . Lakeland, FL

"I had the honor of participating in the first of a five-part series on Short Sales with Bryant Tutus & Wendy Rulnick and the class was absolutely wonderful!" Debe Maxwell, Realtor, Charlotte, NC"I am very impressed with yours and Wendy's webinars! I learn much better with audio, where I can listen to it repetitively. I have downloaded these webinars, and that is just what i have been doing (listening to it over and over to learn the material). You are making the short sale exceedingly understandable. In my previous office, this stuff was secret like REO's, and only for the "experience seasoned agents" That is why I did not have access to this info, or get to learn this. It was not taught!!!

Thank you so very much for allowing us to participate, share, and learn. I find you both to be extremely knowledgable in this field, and make it tremendously enjoyable! You both are wonderful teachers! I do love all the real short sale experiences that you share with us also. This is an enormous learning experience for me. I also like the "conversation aspect" of this training. It is very informative to have you and Wendy converse, unrehearsed, so that we may learn. Thank you for sharing!" Ginger Moore.

"Thanks for sharing your joint experience in the minefields of Short Sales, the web forum, and all you have done. The webinars have been fantastic. I look forward to sharing with you and the charter members as well. This will be an awesome resource site for all of us as we work through the Short Sale maze. Short sales will be around a long time and there is great opportunity for all. The webinars have been fantastic."Don Duft, Realtor, Virginia

"Today's webinar (Session 5) was the best of all, a great capper to the entire series. Bryant and Wendy impart wisdom, not just process. I'm going to listen to this session again" Judy Chapman, Realtor, Oveido, Florida

Join the www.ShortSaleSuperstar.com site and learn more to sign up for the 8 hours webinar with real-life short sale scenarios.


It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Labels: , , ,

Friday, August 14, 2009

Defaulting Buyers May Lose Deposits



In the last few months, I have had three incidents of buyers defaulting on purchasing my listings. In each case there was an earnest money deposit held in escrow at a title company.

Case #1: Buyer defaulted because he said he did not want to own three properties.
Case #2: Buyer defaulted because he wanted to pay $10,000 less than the contract price the day before closing.
Case #3: Buyer defaulted because he found a new home he wanted to buy instead of my listing.

There was no provision in any of the contracts that stated, “Buyer may decide to cancel the contract at any time for any reason with no penalty".
In the first two cases, the buyers’ agents told me they informed their buyers they would probably lose their deposit. It was clear that there was no contingency allowing the buyer to walk away, and the buyers knew that.

In Case #3, however, the buyer’s agent became an advocate and demanded the buyer’s deposit back. He knew my seller was contacting an attorney, as he had called the buyers directly to inform them. The agent stated that although the buyers did not want to complete the purchase, they were worried about my seller’s legal intentions. He said they could dig for another provision and get back their deposit later. He defended them and asked what we could do to resolve the matter. I told him I was not an attorney, and would not argue back. You see, I don’t mind negotiating price and terms for the sale of real estate...But I certainly don’t negotiate about someone’s legal rights in keeping deposits.

Do you?


It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Labels: ,

Wednesday, August 12, 2009

Suntrust Approves Destin Short Sale in Ariel Dunes


This Ariel Dunes condo, in Destin Florida, has been approved for a short sale.
Lender: Suntrust
Mortgage Balance: appr $380,000
Contract Price: appr $225,000
Terms: Fannie Mae asked seller for promissory note for $8000 to pay past due HOA fees for $100 month for 80 months. Seller instead offered $6000 cash contribution. Fannie Mae agreed.
To avoid foreclosure and sell your Ariel Dunes or any Destin condo as a short sale, contact an experienced real estate agent who specializes in short sales.


It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Labels: , , , , ,

GMAC Approves Niceville Short Sale

This waterfront townhome was approved for a short sale in Niceville Florida.

Hardship: Death of breadwinner

Senior Lien: GMAC balance $220,000

Junior Lien: USAA balance $148,000

Sale Price: $219,000

Cash Contribution: $2,500 to GMAC and $13,000 to USAA negotiated down from $44,000

Total Cancelled Debt: $135,000

To avoid foreclosure and sell your Niceville real estate as a short sale, contact an experienced real estate agent who specializes in short sales.

It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Labels: , , ,

Friday, August 7, 2009

242 Sweetwater Run, Swift Creek, Niceville FL - Short Sale


Welcome to Swift Creek, one of Niceville Florida's "nicest" communities. Striking nature, tall trees, phenomenal homes entice you. Swift Creek has parks, playgrounds, stocked ponds, fishing pier and nature trails. There is a 3.7 mile walking/jogging course tor your enjoyment of the beautiful surroundings here. The community center has children's play area, picnic tables, tropical bar, living room and kitchen for your parties. Swift Creek has a neighborhood pool with outdoor kitchen, tennis courts and basketball half-court.
This gorgeous custom home at 242 Sweetwater Run has luxurious touches throughout. The entry is a "wow" with gleaming wood stairway, formal living and dining room. Kitchen opens to great room space with dramatic fireplace. You'll love the enormous granite breakfast bar, center isle, Kitchenaid appliances, convection microwave and tile back splash.
First floor master suite opens to pool area, has sensual bath space with soaking tub and large walk-in jetted shower. Second floor living room for office, study or game room. Exterior offers lavish landscaping, pool with with 6' jetted spa, set up for polaris, gas pool heater. Back doors alarmed, laundry room with basin sink, 2 a/c systems, central vac. It is concrete block construction. This Niceville Florida short sale home is over 3600 square feet, with 5 bedrooms and three-car side entry garage.
Offered at $527,900.

Labels: , ,