Friday, March 19, 2010

Short Sale Sellers - If You Want to Avoid Foreclosure - You Must Participate


After this last week of trying to help short sale sellers unload their upside-down properties, Ive experienced a whole range of assistance. Or not.

1. Seller will not return four phone calls and two emails asking if they can do a $1000 cash contribution to dispose of a $150,000 mortgage. Not even an acknowledgment.
2. Seller will not upload info into Equator, after being under contract for four weeks
3. Seller finally faxes listing agreement and short sale documents to us sent to him six weeks ago.
4. Seller has not sent us the last two paystubs, after being under contract a month
5. Seller contacts us with a foreclosure sale date in five weeks, has never even listed the house
6. Seller, who is an attorney, finally faxes us listing paperwork one week before foreclosure. Too late.

And it goes on. In return, these sellers expect from their short sale listing agent:
1. Sell their house quick!
2. Take care of all their lender requests
3. Call their lender and stay on hold for hours a day, every day
4. Repeatedly fax hundreds of documents on their behalf
5. Keep the buyers waiting for six months
6. Negotiate the best terms for a short sale approval
7. Call and email them to continually ask for cooperation

Sellers if you are serious about doing a short sale instead of a foreclosure, be prepared to do some work on your own behalf. Your work will include gathering all requested financial documents in a timely manner. (Timely manner means with a few days, not weeks. ) This will include gathering bank statements, pay stubs, profit and loss statements, tax returns and more. This may also include filling out your specific banks forms. You may have to do this multiple times.
Consider paying $1000 or more on your own behalf to dispose of $100,000 or more debt. Consider paying a promissory note of $5000 over several years at no interest, to do the same. Be honest. Roll up your sleeves. Return your real estate agents phone calls. Participate. Avoid foreclosure. Get your short sale approved.
It may not be convenient, but its your credit, and your financial future. Take responsibility for it.


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

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2512 Sunset Drive, Beacons Bend, Crestview Florida Short Sale - 32536


Hang your hat at 2512 Sunset Drive, in the Beacons Bend subdivison of Crestview Florida. Homey floorplan with kitchen pass-through to dining area. Large lot with plenty of room for playing, pets or picnics. Shed to rear has electricity for a great workshop. Roof has been replaced. Good commuting location from this Crestview Florida short sale to Eglin Air Force Base. Offered at $59,900.
This home may also be submitted for HAP approval.

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

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Wednesday, March 17, 2010

618 Gap Creek Rd #8, Northbrook, Fort Walton Beach, Florida 32548- Short Sale



Details
Asking Price: $79,900
MLS: 533218
Sq. Feet: 1248
Bedrooms: 2
Bathrooms: 1.5
# of Floors: 2
Subdivision: Northbrook
Year Built: 1997
Like to shop? This Fort Walton Beach short sale townhome is in a great location near Santa Rosa Mall, Lowe's, Sam's, Walmart and more! Nice floorplan with tiled kitchen open to living area. Breakfast bar, smooth cooktop. Fenced back yard to call your own. Roof replaced in 2005. This Gap Creek short sale townhome is in the Northbrook subdivision. It is convenient to Eglin Air Force Base and Hurlburt Field, as well as beach on Okaloosa Island.


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




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What Is Happening with Destin Florida Real Estate?

Destin Florida Real Estate Market Report
February 2010

There were 45 sales of homes and condos in Destin Florida for February 2010, 10 were short sales and 10 were foreclosures.
The average sales price for Destin real estate was $291,000.
The average list price for Destin homes and condos was $386,000, compared to $442,000 one year ago.
There are 1375 Destin homes and condos for sale, compared to 1660 one year ago.
There is a 30 month inventory of Destin homes and condos for sale, with the average months inventory being 28 for the past year. A normal market is 6-7 months.
There are 199 Destin Florida short sales on the market.
There are 18 Destin foreclosures for sale.
Analysis: There is still downward pressure on Destin real estate prices due to excessive inventory and other factors, such as difficulty obtaining condo financing.


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

Tuesday, March 16, 2010

Ouch! My Aching Wrist! How Blogging Can Be Hazardous to Your Health

Are you addicted to your computer? If you are not blogging, are you surfing the internet? Or are you updating your Facebook page, tweeting, sharing, emailing or texting? Do you read the news on your iPhone or Blackberry, and flip from app to app, too?
If you are like me, your two hands are critical to what you do. All day. For hours at a time. Have you noticed the following symptoms getting more and more of your attention?
1. Do you wake up in the middle of the night because your hands or fingers are numb? Or even your whole arm?
2. In the morning, do your wrists hurt?
3. Does your coffee cup shake in your hand?
4. Is your penmanship starting to look like a doctors?
5. It is harder for you to open a jar without banging it with a spoon?
6. Do your fingers feel tight or swollen?
7. Does it hurt to type?
If so, you may be developing Carpal Tunnel Syndrome, where the median nerve in your hand may be pinched from swelling and cause your symptoms. I found that out when I spoke to my neurosurgeon's Nurse Melanie about a week ago. Carpal Tunnel Syndrome can be caused by repetitive motion, like typing on your keyboard all day. (It can also be caused by genetics, such as a narrow carpal tunnel). Right now, I can barly gt out the ltrs…..
What can you do before resorting to surgery? Here are some tips from the Mayo Clinic:
1. Try wearing a wrist splint during the day and at night
2. Switch to an ergonomic keyboard, mouse and desk arrangement
3. Take non-steroidal anti-inflammatory (NSAID) drugs like Advil
4. Get cortisone injections
5. Take breaks from constant typing (Yeah, I wish)
Your next step may be surgery to release the ligament pressing on the nerve. Nurse Melanie told me it is a 30-minute procedure with a two-week recovery where you cannot lift anything with the affected hand. The good news though- you can still type!


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

Destin Short Sale Approved in 60 days? A Bank of America short sale? Heck, yes!

What does a Bank of America Equator approval look like? Above is the happy email I got regarding a Destin short sale on Saturday.

What was the key to getting this short sale approved? Tenacity AND creativity. Bank of America's Equator system rejected this offer of around $165,000 as insufficent about five times. It was fair market value. In fact, it was a little over what other units in The Palms condo project in Destin Florida were selling for. Finally, we gave up and just entered $1,000,000 as the offer price. Amazingly, Equator let us continue the short sale process without rejecting the offer. (We corrected the price in the next step.) Bank of America sent out an appraiser, and voila! It turns out the offer was fair market (just like I said). File approved.

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

Monday, March 15, 2010

What does a Crestview Florida VA Compromise Sale Approval Look Like from Bank of America?


I just received an approval on a Crestview Florida short sale. Not just any short sale, but on a VA Compromise Sale. When a U.S. veteran has a VA guaranteed mortgage loan, and sells his home in a hardship situation for less than the mortgage balance, there will not be enough to pay back his VA entitlement. That is called a VA Compromise Sale or Offer in Compromise. In that case, when working with Bank of America, you won't see the dreaded Deficiency approval letter, where they reserve the right to pursue a deficiency.
Here is the approval letter for a Bank of America VA Compromise sale:
Crestview FL 32539
Dear
This letter will serve as our demand for payment and advised you that Bank of America and its Investors and/or insurers have agreed to accept a short payoff involving the above referenced property. This demand should be used by Escrow and/or Title as our formal demand statement. No additional statement will be issued. This approval is exclusive to this offer only. The conditions of the approval are as follows:

1. Loan to close no later than 04/28/10
2. Sales price to be $115,000.00
3. Seller to make a cash contribution of $0.00 to assist in the closing of the transaction. This contribution will be in the form of certified funds to be deposited into excrow prior to closing.



If you need to do a VA Compromise sale or use the HAP program in Crestview, Niceville, Destin, Fort Walton Beach or Navarre, Florida, you should contact an experienced real estate agent. In fact, I am thinking of one right now :)


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 Wendy: itswendy@rulnickrealty.com

801 Loblolly Bay Drive, Mack Bayou, Santa Rosa Beach, FL - Driftwood Estates Short Sale


This spacious Mack Bayou short sale home in Santa Rosa Beach, Florida has an open floorplan concept. The living, breakfast area and kitchen are all combined for great gatherings. This home has a formal dining room and grand entry, with a beautiful stair case. Holographic fireplace with heat and fan built in. Five bedrooms, yes FIVE, and over 2400 square feet. This Mack Bayou short sale home is ten minutes from the Gulf of Mexico beach, Grand Boulevard, Sandestin and Destin Commons.Offered at $194,900.


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

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I Will Take That Destin Short Sale for 20% Off!


$70,000 below asking price? 20% off? Those must be the magic numbers, because they are the types of offers I have been getting on some of my Destin Florida short sale listings. For example and illustration, I have a Destin short home listed in at $420,000. The two most recent comparable sales were $430,000 and $425,000. The buyer’s agent presents me with an offer for $350,000. Hmmmm will the short sale lender accept $350,000? I doubt it.
There are magical numbers floating around the internet that short sales sell for 82% of list price, or 80% of market value, or 85%. You get the picture. I can tell you right now- except for certain HUD and other short sales, there is no standard percent off that will guarantee you can buy that property for x amount off. I can tell you this- what mostly works is (drum roll) market value (or pretty darn close!)
Remember, each short sale, whether it is serviced by Bank of America or Wells Fargo or Chase, likely has a different secondary market investor. The secondary market investor, for example, Merrill Lynch, Bank of New York, etc., for the particular mortgage loan, will have different criteria for what it desires to agree to a short sale. There is no one size fits all.
Dont forget to take into account that the investor does not just look at the contract price. They look at what they will net at closing. So after paying some closing costs, such as real estate commission, state conveyance tax, doc stamps on deed, tax prorations and past due homeowners association dues, the investor might only net $300,000 on that $350,000 offer. Are you getting the picture? In addition, if they do use a standard percent off calculation for certain short sales, they are not going to use the list price. They are going to use their independent appraised value- which might be higher than the list price.
So if you are going to offer an amount substantially lower than market value for a short sale, be prepared. You are either going to end up paying closer to market value or you're not going to get the home.


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

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Tuesday, March 9, 2010

244 Magnolia St., Grayton Beach Florida - Home for Sale


This festive Grayton Beach Florida home is the perfect retreat in the real beach town, Old Grayton in the Seagrove Beach area. Fun and eclectic, it is a happy home. Wood floors, open floor plan and interesting room layout make it a great place to live full time, hang out on vacation, use as a second home or a rental investment. Enjoy breezy beach and dune views from master deck. Walk down the street to the Gulf of Mexico (One of the neighborhood attributes is no major road to cross to get to the gulf) Partake in the Grayton Beach lifestyle, including the famous Red Bar and more. Seaside and Watercolor are a bike ride away for shopping, dining, concerts and cosmopolitan lifestyle. For rental considerations, this Grayton Beach home sleeps 12 and grosses about $30,000 per year. Watch the video.Offered at $850,000.


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

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How Will a VA Compromise Sale Affect My Credit?


If you are a service member or Veteran near Hurlburt Field or Eglin Air Force Base, you may be considering a VA Compromise sale if you have a VA loan. A compromise sale (or offer in compromise) is when the Veterans Administration approves the sale of your home when your mortgage payoff is greater than the sale price, and there is not enough to pay back your VA entitlement. You must have a hardship and need to sell.
Two questions always come up when I help with VA Compromise Sales:
1. How will a VA Compromise Sale affect my credit?
To get a direct answer, I called the Veterans Affairs Regional Office in St. Petersburg (telephone 1-888-611-5916), which covers the state of Florida. They told me VA Compromise sale is reflected as settled for less on credit reports. Settled for less is a common reporting for short sales, as well. The exact number of points that your credit will be affected depends on your complete credit picture. Remember, if you missed payments, that will also show up on your credit report.
2. Will I be able to get a VA loan again if I do a Compromise Sale?
Yes, if you pay back the entitlement that was not paid back to the VA at the sale. Specifically, the Veterans Administration says: Should VA agree to pay the difference between the sales proceeds and the total debt to complete the compromise sale process, the portion of the homeowners entitlement used to guaranty this loan will remain tied up until VA is reimbursed in full.
In fact, I am working with a Veteran now who re-paid his entitlement after a compromise sale, in order to get a VA loan again, because the rate and terms were more favorable. But remember, there are other types of mortgages that will be available to you, if you are unable to seek another VA loan.
If you are a service member or Veteran near Eglin AFB, Hurlburt Field, Duke Field or Whiting Field, and think you might need to do a VA Compromise Sale, short sale or use the HAP program, call me at 850-650-7883. I can help.


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

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HAP PCS Eglin AFB and Hurlburt Field 6 Things You Need To Know


By now most Eglin Air Force Base and Hurlburt Field airmen are aware of the Homeowner Assistance Program (HAP). HAP has been expanded to help service members pay off much of their mortgage loss when PCSing to a new base and the value of their property has dropped below its mortgage balance. By using HAP the service member may avoid a short sale. There are many rumors floating around about HAP. I had the good fortune of speaking at length to the regional representative who covers the U.S. Army Corps of Engineers Savannah District. Savannah District services the military in the Eastern United States and Europe. Hopefully, the following Q and A I gleaned from our conversation will help you better understand your HAP PCS options:
1. How long will it take to get HAP benefits? Four to six months from time of application. Why so long? HAP is currently understaffed. There are over 4200 applicants in the Savannah District, around 6400 nationally. Savannah District has 55 employees, separated into 5 teams, each lead by a Realty Specialist. They are processing 80-100 applications per person. Three to four people are manning the toll-free lines. Most of the applications are missing data, so about 30 reps are assigned to asking applicants to complete all the needed information.
2. How can I get the quickest approval from HAP? The Savannah regional representative made it very clear Do your part-- send in as complete a package as possible. The Savannah District processes PCS applications in order of completeness! Remember, you dont need your orders to apply. Eligibility for HAP is determined a few weeks after application. (Of course, priorities are always Wounded Warriors, Surviving Spouses) Apply as soon as you know you will be getting orders.
3. Should I be concerned about the minimum marketing time on the HAP website of 120 days? If your home sells sooner than 120 days, HAP will still consider the offer if it is close to fair market value. It is important for you to get your real estate agent to do a market analysis supporting the contract price to provide to HAP. HAP wants agent assistance. If not, they use what is called an Automated Valuation Model (AVM) that is provided by a company called Core Logic. These valuations may not be as accurate as what your agent provides, and HAP is aware of that.
4. What else should I know about the calculations to determine my HAP benefit? The HAP website leaves out some very important information about the amount of your benefit. It is based not only your original purchase price, but on capital improvements you have done with receipts to show proof. For example, if you put on a new roof, installed a water heater, built a retaining wall, etc, those are considered capital improvements. What is not a capital improvement would be fixing a broken air conditioner, etc. Reference the IRS Selling Your Home publication for a guide on what a valid improvement is, HAP uses the same.
5. Will HAP pay more than the 90% reimbursement stated on their website? In reality, HAP will consider reimbursing up to 95%, per the regional rep I spoke with.
6. Will HAP pay more than 7% of the contract price towards closing costs, including your real estate agent commission? In reality, HAP will reimburse 10% towards closing costs. As the HAP regional rep stated, they want service members to be competitive in the market place, so if it helps to pay a bit toward buyer’s costs, they will do so. Currently under review is a national policy on exactly what costs HAP will cover. For example, they will not pay a buyer’s homeowner insurance, but might consider paying points.
This is a recap of just part of my discussion with the HAP regional rep. If you are a service member at Eglin AFB, Hurlburt Field, Whiting Field or Duke Field, and are considering HAP or a short sale for your next PCS move, give me a call or email me at itswendy@rulnickrealty.com. I will be happy to fill you in on the rest of the scoop.


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

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Lot 10A Grey Heron Dr., Sea Pines Lot, Milton Florida 32570


Very nice building lot at the entrance to Sea Pines on Garcon Point, Milton Florida. Public boat launch and boardwalk area located at the end of Grey Heron Dr. Sewer is availble. Homeowners' amenities include beach and pavilion and gazebo. Great for commutes to Hurlburt Field. Short drive to the Gulf of Mexico Beaches, access to Pensacola Airport. Lot dimensions approximately 108 x 200.Offered at $39,900



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

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Monday, March 8, 2010

642 Sailboat Dr., Niceville Florida - Lancaster Estates - Deep Waterfront Home


DO YOU HAVE A WISH LIST? Look no further, 642 Sailboat Drive is a beautiful deep waterfront home on Rocky Bayou, in Niceville Florida in Lancaster Estates. if you wish for a boat dock and slip with a lift in deep water, great outdoor spaces with a screened pool and patio area for entertaining, this is the one. Walk through an Etched Glass double door entry to a large foyer overlooking the sunken living room with detail from top to bottom. The double treyed ceiling with crown molding and soft lights to start then a remote controlled gas burning fireplace is surrounded by wall to wall windows overlooking the pool and bayou.
This Niceville waterfront home has a gourmet kitchen with top of the line commercial appliances, DCS 8 section vent hood, 6 burner stove top with a grill, sub zero refrigerator-freezer, double ovens, warmer drawer, wine cooler, double dishwasher, trash compactor, did I mention the island, custom cabinets and granite countertops?

Need a gym? The Master has its very own exercise room and sound bearer walls between the Master and Living areas. The Master bath also has vaulted ceilings, a sunken jetted tub, a separate shower, back to back vanities and a dressing table, you will be pleasantly surprised by the size of his and hers closets.
Outdoors you will find a 4 burner grill and fish cooker and plenty of protected entertaining space with the screened patio, gunite pool and hot tub area. The property has a privacy fence on each side with lush landscaping, take a stroll down the stairs constructed of brick and concrete to the boat dock with lift for approximately a 10,000 pound boat. This Niceville home is on deep water and and in the safe harbor area of Rocky Bayou.

This 5699 (appr) square foot home is offered for sale at $1,500,000.00

Contact Rulnick Realty for more information.
Local 850-650-7883
Toll Free 1-877-487-9639

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Wednesday, March 3, 2010

Can I Put That Destin Condo on Layaway?

I have been negotiating a short sale offer for a Destin Florida condo for about a week. Today I received the following email from the buyer's agent: "Here is my buyer's final offer for the condo. "

Purchase Price - $150,000

$50,000 at closing, $50,000 in 12 months and the other $50,000 in 24 months.

Seller to pay all closing costs

Seller to pay 6 months of condo dues

He would like an answer by 2pm on Monday."Enough said.


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

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