Friday, October 29, 2010

Multiple Offers and The Seller Said “NO”! So?!


I don't enjoy multiple offer situations, do you? As a listing agent in Destin Florida, I occasionally run into these scenarios. Did you know you don’t automatically have permission to relay the existence of another offer unless your seller says you can?

Mouthful?

Check • Standard of Practice 1-15

REALTORS®, in response to inquiries from buyers or cooperating

brokers shall, with the sellers’ approval, disclose the existence of

offers on the property.




Anyway, I did have permission from my seller to disclose that I had another offer on his Destin property. Since I had two offers, I advised my seller:


1. Accept one

2. Counter one

3. Counter each (reserving the right to accept whichever he chose)

4. Ask for "highest and best”

5. Reject both


My seller decided to counter Offer #2, which was much higher. I sent the counter offer to Agent #2 and informed Agent #1. Agent #2’s buyer rejected the counter offer, and countered back.



Meanwhile , Agent #1 said her buyer was still interested.



Who was I to prevent her buyer from submitting another offer? Why should her buyer give up just because he was rejected? Yes, while Buyer #2 was still negotiating with my seller, Buyer #1 snuck right in and submitted a FAR better offer to my seller! My seller took it. Agent #2 was not happy.



Was this right? Of course. Just because a seller decides to counter another offer in a multiple offer situation, does not mean your buyer has to cease and desist!




Agent #1 WON because she was persistent. She knew her customer really loved the home. She called me twice a day. Then WHAMMO! She won – and her buyer won. So don’t give up! If it’s the home your buyer loves, don’t let rejection get you down. You don't need permission to submit another offer. Stay in the fight, and come home with a win!




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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244 Magnolia St., Grayton Beach FL - Home Near the Beach


This festive Grayton Beach Florida home is the perfect retreat in the "real beach" town near Seagrove Beach off 30-A. 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! Just walk a few lazy roads until you hit the sand! Partake in the Grayton Beach lifestyle, including famous The Red Bar and more! Seaside and Watercolor are a bike ride away for shopping, dining, concerts and cosmopolitan lifestyle. This 2088 square foot home sleeps twelve.

244 Magnolia Street, Grayton Beach Florida - offered for $775,000


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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Monday, October 25, 2010

Bank of America Approves Shalimar FL Short Sale - No Deficiency


Bank of America has approved the short sale for this Shalimar Florida townhome in Country Villas. The original mortgage was for $104,000. The sale price will be about $60,000.

The really good news for these Shalimar short sale sellers? No deficiency!

What this means to Seller:

Upon receipt of the agreed amount, BAC Home Loans Servicing, LP, and/or its investors will waive the remaining balance due on the loan and release the borrower from futher obligation therein, and waive all rights to pursue further judgment or deficiency. BAC Home Loans Servicing, LP, will report the debt as "settled for less than the amount owed" and issue a 1099 for the remaining balance. The Seller is encouraged to seek guidance from an independent tax advisor, and/or an attorney, before proceeding with the short sale.

If you are considering a short sale to avoid foreclosure, contact an experienced Shalimar 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, October 20, 2010

Emerald Grande W1126, Destin Florida - Harborfront Short Sale Condo


Emerald Grande - truly the "grandest" location in Destin Florida. Here you have it all! The luxury of fine living, the day-to-night activities of Destin Harbor and the incomparable views. This stunning Destin short sale condo has vistas of the Gulf of Mexico, Destin Harbor, and Choctawhatchee Bay. During the day, the emerald waters sparkle, at sunset, they are emblazoned with orange. Find numerous restaurants, shops and nightspots at Harbor Walk Village. Stay and pamper on the on-site spa and fitness center. Park your boat in the 785 slip marina. Dive into the one of the heated pools or shuttle to the beach. This four bedroom Emerald Grande short sale condo is third floor from the top of the West Building. It has high ceilings, granite counters, Italian marble, Italian porcelain, and crown moulding.

This is a rare opportunity to own a west-view Emerald Grande condominium, on a high floor, at a great price.

Emerald Grande #W1126 - short sale - offered for $985,000


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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684 Woodland Bayou Dr., Santa Rosa Beach FL - Waterfront Home


Pelicans on the glide, the call of seagulls ...the only thing better is your own Santa Rosa Beach Florida waterfront home from which to view paradise. And what a view it is -100 ft. frontage on big water! This special waterfront home is in Woodland Bayou Estates, Santa Rosa Beach Florida.From the large family room and dining area to the master suite -the entire width of the home in windows. Oh, what a view! The three bedroom, two 1/2 bath home features a large family room with cathedral ceiling, tile floors, fireplace, and wall of windows to the water. The sun room offers a quiet space off of the kitchen. The oversized two car garage includes an office space and/or storage area. This Santa Rosa Beach waterfront home needs some TLC and updating to make it yours!

487 Woodland Bayou Dr., Santa Rosa Beach FL - offered for $390,000

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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7435 Red Barrow Rd., Baker FL - Short Sale on 5 Acres


What a lovely setting in Baker Florida. This brick short sale farm house surrounded by fruit trees and situated on 5.4 sprawling acres. This quaint rustic home boasts a large front porch, built-in shelving in living room, a table-side fireplace in the kitchen and a wood burning stove in the Florida room. This Baker short sale might be the perfect place for you to start your small farm. Needs some updating of the carpet, etc.

7435 Red Barrow Rd., Baker FL short sale - offered for $134,900

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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Tuesday, October 12, 2010

I Got My Job Back! What Do I Owe You?


Yesterday I got an unexpected call. My Crestview Florida short sale seller has some good news! He had originally contacted me because his Fort Walton Beach company was downsizing. He had no choice but to relocate when they moved his position to another part of the state. His wife had also lost her job.

This Crestview Florida seller listed his property as a short sale, because he could not rent out his house to cover the mortgage payments. He also did not have funds to cover the mortgage balance if he sold, since the property was worth far less than the original purchase price. I had his house for sale for two months, and did my normal extensive online marketing.

When he called me he said his company was sending him back to Crestview! He missed the Fort Walton Beach area and would be able to move back to into his home. He had to settle up with Wells Fargo, his mortgage holder, because he was several payments behind due to his move. He told me he knew he owed me because of my time and expenses involved in marketing his house.

“What do I owe you?” He asked.

I told him, “Nothing! Just remember me next time you need to sell”. He said of course he would, since I was the first one he thought of when he listed! I was just happy for this rare story. A job saved, a family back home, and a foreclosure avoided.

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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Why Should You Get a Title Search on Your Destin Short Sale?


If you are selling a short sale in Destin Florida, it’s wise to have a title search as soon as you list.

Why? Problem prevention! Title problems can delay short sale closings. You don’t want to find out these issues after you finally get approval, and only have 30 days to close!

Here are some examples of what early title searches have revealed on some of my Destin Florida short sales:

1. Seller is not aware of a mortgage. That means we may have never submitted a short sale package to this lender.

2. Seller lists wrong mortgage companies on letter of authorization. Again, this causes nothing but delays.

3. There is a judgment that must be paid before closing. Judgments can be a huge problem. In Florida, a judgment in the county where the property is located normally has to be paid or otherwise removed before there is a sale. The judgment could be from a credit card company, a mortgage company, or any other creditor. The amounts can be substantial.

4. There is an IRS tax lien that must be resolved. Allow extra time to remove it.


5. Local tax liens. These must be paid or moved prior to closing.

6. There is another title holder. If undisclosed early, time is lost locating the missing party, and ensuring he is cooperative in the sale.

7. The seller should have received a quit-claim deed from an ex-spouse per divorce decree. Find out if the ex-spouse is cooperative at the beginning of the process.

8. Etc. Etc.

These are just examples of issues that would be revealed by an early title search. They seem to be more prevalent with short sales than with traditional sales. It’s best to get your title search done as soon as you list. Solve these problems ahead of time, and move on to a speedier closing.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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99 Magnolia Creek, Santa Rosa Beach FL - Short Sale


This lovely home is in gated Magnolia Creek is a Santa Rosa Beach FL short sale. Take a moment on the charming front porch before entering French doors into your new home. As you enter the great room with cathedral ceiling, fireplace and formal dining there is ample room for family or entertaining. The large kitchen is both open for socializing with your guests yet provides lots of space for cabinets, storage and a pantry. Opening off of the great room with matching French doors is a screened porch for those late afternoons or while entertaining in your swimming pool in the fenced yard. Magnolia Creek is approximately 5 minutes to the beach, the bay, golf courses, Sacred Heart Hospital, and Grand Boulevard with fine dining, grocery store, and upscale shopping.

99 Magnolia Creek, Santa Rosa Beach FL - short sale - $164,900



Rulnick Realty, Inc.

Call 1-877-487-9639 or local 850-650-7883 ext 204

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Friday, October 1, 2010

Crestview and Navarre Florida VA Compromise Sales: Will VA Pursue You for Deficiency?


PSCing to a new base? If you are an Eglin Air Force Base or Hurlburt Field airman and own your home, this could be a problem. You may very well be "upside down" in your mortgage. Meaning, the balance you owe is more than market value of your property. That is a common scenario on the Emerald Coast, in Crestview, Navarre, Fort Walton Beach, and Destin Florida.



When you are in this situation, you have six choices:



1. HAP

2. Short Sale

3. VA Compromise Sale

4. Rent Out Your Property

5. Pay the difference owed out of your own pocket

6. Foreclosure



If your loan was guaranteed by the Veterans Administration (VA), and the other options won't work (obviously you don't want a foreclosure), you can do what is called a VA Compromise Sale. This program is similar to a short sale, but the VA guarantees the payment of a portion of your mortgage to your lender. The lender will handle the processing of your VA Compromise Sale and will use a VA appraiser to ascertain value of your property after they receive a contract. If you meet certain criteria, and your net proceeds are at least 88.13% of the appraised value, your sale may be approved.



The most frequent question I get about VA Compromise Sales is: "Will the VA come after me for the balance?"



The answer is "NO" unless there was "fraud, misrepresentation, or bad faith”.




Here is a quote from VA Home Loan Program:



"The VA guaranty, which protects the lender against loss, encourages the lender to make a loan with terms favorable to the veteran. But if you fail to make the payments you agreed to make, you may lose your home through foreclosure, and you and your family would probably lose all the time and money you had invested in it. If the lender does take a loss, VA must pay the guaranty to the lender, and the amount paid by VA must be repaid by you. If your loan closed on or after January 1,1990, you will owe the Government in the event of a default only if there was fraud, misrepresentation, or bad faith on your part."



The other good news about a VA Compromise Sale (also called Offer In Compromise, Comprise Offer) is that you CAN USE YOUR VA LOAN AGAIN! The caveat is that you must pay back what you owe the VA. Crazy? Not really. Markets change, loan programs change and interest rates change. A VA mortgage may be the best option for you again in the future. At that time, you will have rebuilt your financial strength and may be able to pay back your entitlement. I've had veterans do it!



If you need to do a VA Compromise Sale in Crestview, Navarre, Fort Walton Beach or Destin, Florida, give me a call. I can help.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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