Thursday, September 30, 2010

Harbor Plantation Condo, Destin Florida - Short Sale Approved


Bancorp South has approved the short sale for this condo in Harbor Plantation, Destin, Florida. This is one of the most spectacular settings on Destin Harbor. Wide open floor plan all about the harbor view. Harbor Plantation has a pool and work out facility. This 1900 square foot unit has 3 bedrooms and 3 full baths. Best of all? It has use of a dedicated boat slip right on Destin Harbor.

This Destin Harbor Plantation condo was approved very quickly by Bancorp South. List price was $275,000.

If you need to sell your Destin Florida harbor property to avoid foreclosure, be sure to contact an experienced Destin short sale agent.


It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

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

Email Wendy: itswendy@rulnickrealty.com

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Wednesday, September 29, 2010

How Often Should You Call the Short Sale Listing Agent?


If you are a short sale buyer’s agent, it can often be frustrating waiting for any scrap of information for your buyer. After all, it might be three to five months before you get short sale approval. You don’t want to lose your buyer. It’s best to give them as much information as possible so they feel part of the process.

But just how often should you call the listing broker to check for status? I get a wide variety of buyer’s agents selling my Destin Florida short sales.

Agent Mellow: He might contact me once a month to find out how the short sale is progressing.

Agent Never: He never contacts me during the approval process. I will send him updates, but if I don’t, he’ll just be “surprised” when I forward the final approval.

Agent Antsy: He emails me almost every day. Any word? Is the appraisal back? Do you have approval? Etc. Etc.

Agent Even: He calls or emails about every week or two. He is on a program. He might check in more often if his buyer asks. But he tells his buyer in advance how often he’ll provide an update. This is the guy to emulate.

If you are a buyer’s agent and sell one of my Destin short sales, feel free to email me once a week. Don’t call on Monday - it is the highest volume call day for short sale lenders. Thursday or Friday is a good day. Prepare your buyer about the short sale process. Let them know how often you’ll be getting updates.

Work as a team with the listing agent and keep your buyer in the loop. That way, everyone will be cool and prepared when you finally get approved!

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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84 Batchelor's Button #6, Miramar Beach Florida - Short Sale


Lovely Miramar Beach Florida short sale townhome in Miramar Palms! This Batchelor's Button unit has hardy plank siding, metal roof and solid surface counters. Home has a first floor master suite with two bedrooms up. Relaxing front porch, second floor balcony, outside patio and shower. Community pool. Extra deep garage. This Miramar Beach short sale townhouse is just a few blocks from Gulf of Mexico beach and Pompano Joe's! Developer's unit.

84 Batchelor's Button Dr., #6, Miramar Beach Florida - offered for $197,000

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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103 Misty Cove, Destin Short Sale Condo, Miramar Beach Florida


Your Misty Cove short sale condo in Miramar Beach Florida is just a few blocks from the Gulf of Mexico and the public beach access at Pompano Joe's. Enjoy the balcony off the master bedroom and the screened in porch off of the living room looking out into the courtyard and pool. It is about 1250 square feet with two bedrooms and two full baths.

Make an immediate offer! This Destin condo in Misty Cove is about to go to foreclosure!

Misty Cove Unit 103 - offered for $123,700


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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HUD Pre Foreclosure Sale Approved in DeFuniak Springs FL


This home at 352 Hwy 2, DeFuniak Springs, Florida has been approved as a HUD Pre Foreclosure sale by Bank of America. It was approved 23 days after submitting the short sale contract, buyer proof of funds and HUD. But that is not the whole story.

When doing an HUD (also called FHA) Pre Foreclosure sale, you can get the sale price approved in advance. Your seller should apply to his lender to see if he qualifies. Doing this at time of listing or before, you can really speed up the approval of a contract. You see, by getting the short sale lender the seller financial documents and request to participate, they will order an appraisal. That value is shared with the seller and the listing agent.

In this case, Bank of America took four months to send the HUD package to the seller after application. It took them almost four more months to issue an "Approval to Participate". By that time we already had a contract submitted that more than covered the appraised value.

This lengthy process with Bank of America's HUD PFS program may have been an anomaly. My advice to short sale listing agents and sellers, is to apply as soon as you know you want to go forward with the program. This will save you valuable time when you finally get a buyer.




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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Chase Approves Destin Florida Short Sale - Quick!


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

Details?

Senior Lien: Chase Home Finance

Balance: $185,000

Junior Lien: JP Morgan Chase Bank

Balance: $25,000

Sale price: $90,000 appr

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

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

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

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

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

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

Email Wendy: http://www.blogger.com/itswendy@rulnickrealty.com

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Crystal Village 4B, Miramar Beach Florida - Short Sale Condo


Darling Miramar Beach short sale condo in Crystal Village. This second floor unit has a great view of the pool and grounds from living room and private balcony. It is delightfully painted in vibrant colors. Pleasing furnishings and accents highlight the beach lifestyle. Kitchen is tiled, open to living room, and has beadboard paneling. There are two bedrooms and two full baths, one in the master bedroom.

Crystal Village is down the street from the Emerald Coast beach and Pompano Joe's. If you are looking for a great Miramar Beach short sale deal, here it is!

Crystal Village Unit 4B offered at $139,900



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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The Palms, Destin Florida - Short Sale Approved


This beautiful condo unit at The Palms in Destin Florida was just approved for short sale.

Lender: Bank of America

Payoff: $324,000

List Price: $124,000

Notes: Bank of America initially rejected the buyer's offer of $100,000. They countered $119,000 in Equator, the bank's online negotiating platform. The buyer would not come up in value. Instead of simply clicking "no" i.e. rejecting the bank's counter-offer in Equator, I called and emailed the negotiator to find a solution. Otherwise, the file might have been closed. The seller also agreed to participate in the loss with a cash contribution.

Result? Approved!

If you need to short sell your condo in The Palms, in Destin Florida, contact an experienced Destin short sale agent.


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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Friday, September 24, 2010

How Do You Negotiate? Like Vinegar or Honey?

This week I dealt with two agents offering a startling contrast in styles. Sort of like "vinegar" and "honey".

Agent Vinegar Tactics during negotiations:
"Your seller must not really want to sell.”
"How many offers have you had so far?”
"It’s not priced right in the first place.”

Agent Honey Tactics during negotiations:
"I am not Houdini, but I’ll try to do magic!”
"I’ll do the best I can to make this work.”
"Thank you!”

Which agent do you think will be more successful negotiating for their client? Both are representing their buyers with low offers. Agent Vinegar’s approach is an aggressive attack. It is meant to show the listing agent that the house was overpriced and the listing agent could not sell it. Agent Honey shows he is approachable and calls for empathy.


Agent Vinegar will probably get the listing agent defensive and build up a wall. Remember, agents are not automatons, they are human.


Agent Honey will probably get the listing agent to act like a teammate to get the deal done.


Which agent are you?

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, September 22, 2010

36 Log Place, Destin Florida Short Sale



This Pine Ridge Trace short sale townhome is located in the heart of Destin Florida. The living area has vaulted ceilings for a spacious feel. The living area, kitchen and baths are tiled. This unit is located at the end of a cul-de-sac for lots of privacy. 36 Log Place is close to shopping, the Destin Harbor and restaurants. This Destin short sale home is over 1100 square feet, with two bedrooms and two full baths.

36 Log Place, Destin Florida offered for $80,000

For more information, contact Rulnick Realty, Inc. 850-650-7883
Search Destin Florida homes for sale
Search Destin Foreclosures and Short Sales

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Chase Approves Driftwood Estates Short Sale - Loses a Bundle

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

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




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

The short sale was approved.

Unfortunately, three months were wasted and $30,000 was lost. Maybe Chase and its investors will review their procedures and look at the big picture in the future. Maybe not.
If you need to sell your Driftwood Estates home to avoid foreclosure, be sure to contact an experienced Santa Rosa Beach Florida short sale agent .


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


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Tuesday, September 21, 2010

More Short Sale Myths


It is scary how much misinformation there is about Short Sales. I am in the midst of negotiating an offer on one of my Destin Florida short sales. I told the buyer’s agent the seller will be counter offering.
1. The buyer’s agent was shocked, “Counter Offer!? The seller cannot counter offer. That is up to the bank!”.
Wrong. A seller still owns the property until the title transfers. A seller has the right to counter offer, accept or reject any offer. The approval of the seller's lienholder is a contingency of the contract. (The August 2010 issue of the Florida Realtor Magazine states that “The approval of the seller’s lender is a contingency much like a contingency for the buyer’s obtaining financing.” ) I explained that the seller did not want to send in the “low short sale offer and waste time”.
2. The buyer’s agent then asked me, “Does the seller’s lender know that the home is on the market as a short sale and did they pre-approve it?”
Again, “no” and “no”. These are common questions from buyer’s agents. I answered that I didn’t know if the seller told Bank of America his home was on the market. And it was not pre-approved. Sure, there are some HAFA or HUD Pre-Foreclosure sales where the sellers and price are approved in advance, but that does mean the contract terms offered would be approved in those cases, anyway. The buyer’s agent then said I could not market the home as a short sale if the lender did not know about it.
Wrong again! A home is listed as a short sale when the list price is not sufficient to pay off the liens in full at closing. (Of course, if it is a small lender, find out if their policies allow short sales before proceeding.)
3. Finally, to justify the low offer, the agent said, “Lenders accept 80% of value as a short sale”. BUZZZZZZZZ. Nope. There is not set percentage of value that each lender or servicer will accept for a short sale. It depends on the investor for each loan. Any percentage is based on the net to the lender anyway, not the contract price.

If you are new to short sales, study up. Join http://www.shortsalesuperstars.com/, a plethora of short sale knowledge. Learn, know and grow!
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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Do You Have Time to Waste? Then Send In That LOW Short Sale Offer



Do you think you’re sneaky? Sending in a purposefully low offer to the short sale lender? You just want to find out "what” price they want so you can get a "real” offer later, right?
Most short sale lenders don’t authorize a list price in advance. This presents a quandary to the short sale listing agent. Instead of watching the market and keeping an eye toward what the lender might approve, they send in a low-ball offer. One that will likely NOT be approved. This method may even be encouraged by the seller to find out what the bank really wants.

Let’s say the home is worth $350,000, but the buyer offered $250,000. "Send it in! Let the bank decide! Then at least we’ll have a value!” is the common mantra. Why is this a problem?
Your short sale seller probably has to take his home off the market while the lender processes the low offer. At least that is required by my Emerald Coast Associaton of Realtors MLS. Your seller is losing marketing time while the lender analyzes the offer you know won’t be accepted. One month, two months, three months off the market? All the while, your seller is getting ever closer to foreclosure.

After ordering a Broker Price Opinion or appraisal and establishing a value, the short sale lender will probably deny the short sale or counter offer, since the buyer’s price was far too low. If there is a counter offer, the buyer, never intending to pay market value, walks.

Result? Your seller is now stuck with a 90 day valuation or even a six month valuation, if it’s a VA compromise sale. "Yea!" -- You have a price the bank will accept. "Boo!"-- Your real estate market is still declining. You are now STUCK with this price you "helped” generate for months to come, because lenders do not order new valuations for every offer.

What is the key to getting a short sale approved ? Watch your market. Scan the comparable listings. Price accordingly. Get a strong offer for fair market value, a buyer willing to wait and an earnest money deposit. And get your short sale approved!

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, September 8, 2010

GMAC Homecomings Financial Approves Crestview Florida Short Sale



GMAC Homecomings Financial has just approved the short sale for this Southway Estates home in Crestview Florida. The approvel time was an amazing 9 days! How so fast?

1. GMAC had a Broker Price Opinon, or property valuation, done prior to listing. They suggested a list price, although I was free to reduce the price based on market conditions.

2. There was a negotiator assigned at the start of the process.

3. We got a strong offer for fair market value, minimal closing costs and a buyer who put down earnest money.

4. We uploaded the seller's financial and hardship information into GMAC's online short sale platform, Equator.

Although we got a very speedy approval from GMAC, their system needs improvement. They provide a seller financial questionnaire at time of short sale. The responses on the form do not correspond to data entry fields in the Equator online system. For example, "What is the date the seller hardship started?", etc. There were several questions where we had to call the seller for clarification.

Further, GMAC's system has internal deadlines that could not be extended, requiring short turn-around for entry. When we told the GMAC negotiator some of the financial information did not correspond to their forms, we were told to "do the best" we could with the system.

And we did. Approved in nine days!

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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Tuesday, September 7, 2010

6890 Gaspar Ct, Tom King Estates, Navarre Florida Short Sale



This Navarre short sale home in Tom King Estates stands out! 6890 Gaspar Ct is located at the end of a cul-de-sac, you'll be amazed by the fantastic large lot. Truly park-like yard with custom Koi pond, waterfalls, and deck. Heated in-ground pool with salt water filter - five years old. Inside is anoher wow! Architectural elements, cathedral, recessed lighting. Kitchen has granite counters, wood cabinets, plant ledges and breakfast bar, lovely breakfast nook. Master suite has deep whirlpool tub. Office/bedroom has great built-ins and Murphy bed.

In-law apartment with private entrance, or may access main home, has full kitchen and bath. Home is "accessible" with universal design elements, wheel chair friendly. 24 x 16 shed with electric and a/c. 2-stage sprinkler system with timer. Low voltage exterior lighting, video security system, extra large water heater with heat pump. Vinyl and wood privacy fence. Generator and vinyl hurricane "Easy up and Down" shutter system.

6890 Gaspar Ct., Navarre Florida short sale - offered at $197,000

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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366 Holiday Rd. N, Holiday Shores, Destin Florida - Short Sale



Beautiful arches highlight this brick one-level contemporary at 366 N Holiday Road, in the Holiday Shores subdivision. This Destin Florida short sale home has unique architectural touches, plant ledges and transom windows add drama. Bright kitchen with pass-through opening. Breakfast nook and formal dining room. Living room has wood burning fireplace. Dimensional roof shingles. Patio and fenced yard. Master bedroom with tray ceiling and French doors to outside. Rainsoft water conditioning system. This Miramar Beach, Destin Florida short sale is is well-located - a quick drive to the beach, bay or shopping in Sandestin, Grand Boulevard or Silver Sands.

366 Holiday Rd., N, Miramar Beach, Holiday Shores - is a Destin Florida short sale offered at $237,900



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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2932 Pine Valley - Burnt Pine - Sandestin Florida Short Sale




Dramatic Burnt Pine pre-foreclosure short sale home in Sandestin Florida. 2932 Pine Valley is located in the trees for for privacy. This gorgeous home is surrounded by woods on all sides, and nature is highlighted. Very modern, chic Sandestin short sale home features tall ceilings, cherry floors and monumental windows showcasing the forest. Kitchen is open to the living room, has granite counters and drop lights. Living room, dining room and kitchen create an impressive space for entertaining, with 14' celings, surrounded by light.

Outside find interesting walkways, decks, stone patios, planter boxes, pergola, pond and places to meditate. Burnt Pine in Sandestin Florida is in a gated section of this fabulous subdivision. In the Destin Florida metro area, your world is Gulf of Mexico Beaches, shopping at Baytowne Wharf, Grand Boulevard and Destin Commons, golf, tennis, spas and more.

2932 Pine Valley, Sandestin Florida short sale - offered for $599,900

Watch the visual tour.



It's Wendy!

Contact Wendy Rulnick, Broker, Rulnick Realty, Inc. to sell your Sandestin property.

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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Thursday, September 2, 2010

HAP Private Sale - Silver Oaks, Crestview, Florida - Just Sold



This beautiful home on Shire Lane in Silver Oaks, Crestview Florida just sold. The home had impeccable upkeep. It was 2751 square feet, four bedrooms, two full baths and two car garage. The landscaping was outstanding. The sale price was $218,000.

This home sold as an Eglin Air Force Base HAP Private Sale. HAP (Homeowners Assistance Program) is a program which assists U.S. military service members relocating to new bases, called PCS (permanent change of station). In these cases, the service member's mortgage exceeds the market value due to home values declining. Under certain circumstances, HAP will cover the mortgage loss. With a HAP Private Sale, the government reimburses the military service member after closing for the loss, including closing costs up to 3% for conventional loans. The service member would bring funds to closing to cover the deficit between the contract net and the mortgage balance. HAP would reimburse based on 90% of the original sale price plus improvements.


With a HAP Augmented Sale (also called Government Aquisition), HAP will cover the loss at closing not to exceed the mortgage payoff. You can see that the HAP Private Sale will help the service member recoup more of their losses. HAP Private Sale is not an option for all service members, since the mortgage deficiency may be significant, and they would have to initially cover the loss with their own funds, while waiting for reimbursement.

For help with your Eglin Air Force Base or Hurlburt Field HAP sale, contact an experienced real estate agent specializing in HAP, VA compromise sales and 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

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You Cannot "Make" a Buyer or Seller Do Anything



"Did you get the contract signed by your seller?” The offer expired yesterday!

"Why won’t your buyer sign the document?” We need it now for short sale approval!

"Your seller did not sign the earnest money release!” We’ll go to court.

Guess what? You cannot make your buyer or seller DO anything. You can relay a message. You can make a suggestion. You can advise they speak to an attorney. But you cannot MAKE them do anything.

This week I had two unfortunate calls from other brokers. One stated his buyer would go to court and it would be "ugly” if my seller does not sign a release of contract. The other broker called one of my agents and threatened that if our buyer didn’t sign a document, he would be in violation of the contract.

Well, you know what? That is not my decision nor your decision to make. That’s the buyer’s or seller’s decision. They can choose not to sign, they can choose not to respond by deadlines and they can choose to take no action. All you can do is tell them what the deadlines are (that they should be able to read on their own) or relay a request. Sure, you can relay a threat, too.

All too often I see agents act like attorneys. I see them get emotional and insert themselves into contracts. They are treading on dangerous territory. The Realtor Code of Ethics states we cannot practice law.


Article 13

Realtors® shall not engage in activities that constitute the unauthorized practice of law and shall recommend that legal counsel be obtained when the interest of any party to the transaction requires it.


So, skip the strong arms tactics. We all wish our sellers and buyers would comply with contracts and deadlines. Sometimes they don’t. Leave the deciding to the client.

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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