Tuesday, November 30, 2010

Bank of America Approves Indian Lake, Destin FL - Short Sale


This Destin Florida condo at 4030 Dancing Cloud Ct was just approved for short sale by Bank of America.

It was an interesting journey selling this Indian Lake condo unit. Over a year ago, Bank of America had a contract with a much higher purchase price. They approved the sale, but the buyer's lender, also Bank of America, appraised it for less. Bank of America's short sale department refused to lower their approved value, so the sale fell through.

Fast forward one year later. The condo is now worth almost half. We get a new contract for about $50,000. Bank of America takes an extra month to move the short sale into the HAFA program (Home Affordable Foreclosure Alternatives). After sixty days, they determine the seller does not qualify. They finally issue approval as a traditional short sale.

Meanwhile, the past due association fees have added up to almost $20,000. Luckily, the association agreed to settle for half, which was paid by the buyer.

If you are trying to avoid foreclosure in Destin Florida, consult an attorney and hire 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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Tuesday, November 23, 2010

21 Questions For You - The Destin Florida Short Sale Seller


Are you thinking of selling your Destin Florida property as a short sale? Here are a few questions I’ll use to start our conversation....
1. Who are the mortgage holders on your property?
2. Approximate balances?
3. Is your loan VA or FHA/HUD?
4. Do you have a hardship? If so, what caused it?
5. Would you prefer to keep the property?
6. Have you tried a loan modification or other type of work-out? If so, what was the outcome?
7. If FHA/HUD - have you started any pre-foreclosure sale paperwork with your lender?
8. Have you applied for the HAFA program?
9. Have you consulted an attorney?
10. Why do you want to short sale?
11. Do you or have you ever occupied the property?
12. Are your payments current? If not, how many months have you missed?
13. Do you have enough income to pay your all your monthly debt?
14. If you are current on your payments, where are the funds coming from - savings or some other source?
15. Are you current on association fees?
16. Do you have other liens or judgments?
17. Have you had a foreclosure notice yet?
18. Who else is named on the mortgage or deed?
19. Do you have funds to contribute if asked by your lender to approve the short sale?
20. Would you agree to pay a promissory note if asked?
21. What questions do you have for me?
Call, and let’s get the conversation started. I can help you with a short sale in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar and more.

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

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7535 Loop St., Holley by the Sea, Navarre FL - Short Sale


This two story in Holley by the Sea short sale home in Navarre Florida is accented by pretty landscaping and plentiful porches. Tiled kitchen open to living area with breakfast bar. Delightful window over sink and bright cabinets. Second floor master bedroom has private screened balcony. Large yard with shed, deck, plus patio for grilling. Garage with plentiful built-ins. Home needs some attention to cosmetics, so is priced below other comparable properties.

Holley by the Sea has three swimming pools, gym, eight lighted clay tennis courts, handball, racquetball courts, basketball courts, game room, pool table, boat ramp on East Bay, beach on Santa Rosa Sound and more!

7535 Loop St., Navarre Florida short sale - offered for $122,900

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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Story of a Bank of America - Destin Florida Short Sale Approval


Sometimes you only hear the end result of a short sale being approved. Here is the background story of a Bank of America - Destin Florida short sale approval:

Sept 2 - I list a Destin short sale home for $237,900 - difficult to price, with some pending comparable sales higher, and some Destin foreclosures lower. I started on the high end of the scale, with the intent to reduce in thirty days if we didn't get a contract. After that point, I would reduce the price weekly, or more often, depending on my daily price analysis.

Sept 12 - We get a low offer - for $210,000. Since some comps were far higher, I advised seller not to take this offer, but to counter. The philosophy is to send a contract to Bank of America that will likely be approved. Even though you might think $210,000 is not that far off, I know my market place. If the buyers will not come up to a higher price now, why waste time taking the home off the market to see what Bank of America says later? Let's find out. Seller counters at $230,000.

Sept 20 - Buyer backs away, but finally returns. Twenty days after listing home is under contract for $225,000, with interest of buyer evident (key in short sale approval process).

Sept 22 - File is uploaded into Bank of America Equator system.

Sept 27 - Bank of America says seller signature on authorization does not match his signature on original loan. We send in letter of explanation from seller that his signature slant changes. Apparently, this explanation is accepted.

October - Appraisal ordered, more financial information from seller requested. Proof home has been on the market for sixty days is requested. It was only twenty days! I tell negotiator, "We got a lucky buyer shortly after listing". Apparently, this explanation is accepted.

November 2 - Bank of America asks seller for $23,000 - or 10% of the deficiency balance that won't be covered by the short sale, to be paid as cash from seller at closing. Negotiator says a lesser amount would work, but only 10% would waive any future deficiency

November 3 - Seller agrees to pay $3000.

November - Bank of America asks for new bank statements, new HUD, addendum to contract with closing date change. Negotiator says seller cash contribution is low, and file might be rejected by investor.

November 17 - Short sale approved.

If you are considering short sale as an alternative to foreclosure, contact an experienced Destin Florida 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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Florida SHIP and Chase Approve VA Compromise Short Sale for Eglin Airman


This property at 310 Evergreen, Mary Esther Florida was just approved as a VA Compromise Short Sale.

Senior Lien: JP Mortgage Chase, loan type - VA


Junior Lien: Florida SHIP Loan

Florida SHIP (State Housing Initiatives Partnerships) is a downpayment assistance program that is managed separately by each county in Florida. Okaloosa County SHIP forgave the entire balance of their $12,500 junior lien. We accomplished the debt forgiveness by sending a hardship letter to the SHIP director for Okaloosa County. Because the seller was a forced military relocation who PCSd from Eglin Air Force Base, they forgave the debt in full. Don’t count on total forgiveness in other counties in Florida. Each request for a short sale is individually reviewed.

Chase approved the VA Compromise Sale in one day. They already had the seller’s financials and a VA Compromise Appraisal on file (good for six months). The last buyer refused to increase her offer to meet the required net based on the appraisal. The Chase negotiator said he would keep the file on his desk for me for thirty days - in case we got lucky with another buyer.

Guess what? We got lucky!

If you need assistance with a VA Compromise Sale, Short Sale, SHIP loan or HAP PCS sale on the Emerald Coast of Florida, contact me.

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, November 17, 2010

If No Real Estate Agent Will Help You Short Sale, Don't Give Up!


One of my Crestview Florida short sale sellers just emailed me:

“My wife and I appreciate everything you have done for us. You were the first and only person we spoke with that actually did what they promised who weren’t trying to scam us. You have really helped our family finally get through these last two years of misery and now we can get back on track and move on with our lives.”

Reading that gave me butterflies. But the problem is- why would no other agent help this family with a short sale? Their home was in a remote location, and at the time, they were current on their mortgage payments. The husband’s job transfer was 50 miles away, and they were just making ends meet. Their short sale lender was Bank of America. When I agreed to list their Crestview home, they were very relieved. We sold it as an FHA/HUD pre-foreclosure short sale. There was a lot of paperwork involved, more so than the normal short sale, but we succeeded.

Just last week, a Santa Rosa Beach Florida short sale seller called me. They, too, had agents reject helping them, because they had two liens on their home, Bank of America and Regions Mortgage. Apparently, the other agents thought two mortgages were too hard to get approved. One real estate agent who agreed to help them said they had to sign papers allowing an investor-type flip before even listing. They felt very uncomfortable. Coincidentally, one of my previous Freeport Florida short sale sellers was renting their home, and recommended me to them. I fully anticipate getting their Santa Rosa Beach short sale approved.

There are other stories about sellers who are facing foreclosure, where no agent wanted to help. They might say there are too many liens, the property is too close to foreclosure, or the mortgage is too upside down.

If you are facing foreclosure on the Emerald Coast of Florida, don’t give up. If you hear “no”, that your case is too hard for a short sale, don’t give up. Even if you had a Lis Pendens filed, don't give up. There is help available for you. Just ask.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

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

Email Wendy: itswendy@rulnickrealty.com

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486 Calle Escada, Santa Rosa Beach Florida - Short Sale


Lovely short sale home for sale at 486 Calle Escada, Santa Rosa Beach Florida. All brick, featuring 9-10 foot ceilings, open, custom floorplan. Eat-in kitchen next to large pantry space. Living room with fireplace, double French doors with transom windows open to large covered patio. Split bedroom floorplan. The master bedroom is a "suite", with huge walk-in closet. Roof with dimensional shingles, gutters. Escada is a quiet circle street and subdivision tucked away, yet well-located. Shopping at Grand Boulevard, Baytowne Wharf, Silver Sands nearby. Glorious Emerald Coast beaches a few minute drive!

486 Calle Escada, Santa Rosa Beach FL short sale - offered at $189,900

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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Thursday, November 11, 2010

Just Sold - 801 Loblolly Bay Dr.,Driftwood Estates, Santa Rosa Beach FL - Short Sale


This ample home at 801 Loblolly Bay Dr. in Driftwood Estates just sold!. It is over 2400 square feet, with an open floorplan. 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. Driftwood Estates is in the Mack Bayou area of Santa Rosa Beach. It is well-located near Sacred Heart Hospital, fine dining and upscale shopping on Grande Boulevard and Sandestin. Emerald Coast beaches are a few minutes away.

Saxon Mortgage approved this short sale and a sale price of $175,000.

Do you own a home in Driftwood Estates in the Mack Bayou area? If you need to sell to avoid foreclosure, contact an experienced Santa Rosa Beach FL 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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Friday, November 5, 2010

Lakeside at Blue Mountain Beach, Santa Rosa Beach FL - Regions Short Sale


This gorgeous home off 30-A in Santa Rosa Beach Florida has been approved as a short sale. Located in Lakeside at Blue Mountain Beach, next to Redfish Village, this home was architect-designed with two master bedrooms and many upscale finishes.

First Mortgage: Regions - balance about $750,000

Second Mortgage: Bank of America - balance about $85,000

Sale Price: about $375,000

Terms: Regions forgave about $350,000, but added $75,000 deficiency balance to another Regions-mortgaged property owned by the same seller. Bank of America settled for $9000, most of it paid from the proceeds of the sale.

If you are considering short sale to avoid foreclosure, hire an experienced Santa Rosa Beach 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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New Florida Short Sale Addendum - What Were They Thinking?




What were the Florida Realtors and Florida BAR thinking when they came up with the new Florida short sale addendum to the purchase and sale agreement? Granted, some of the addendum is an improvement, with a default 90 – 120 days for short sale approval. But here is the paragraph that gives me pause:

"Status of Short Sale Approval Application. Seller hereby authorizes Seller’s Lender to provide Buyer and Buyer’s Broker and Closing Agent with information stating the status of Seller’s application for approval of a Short Sale..."

Let’s dissect this.

•The Seller "authorizes” the Seller’s lender to provide "information”. Just how is this information provided? Obviously, the Buyer or the Buyer’s Broker would have to call the Seller’s lender. Therefore, they would need the seller’s loan number, current mailing address, telephone number, possibly the entire social security number and a password to "verify” they are "authorized” on the account.
How many of your short sale sellers want to give multiple unknown parties their confidential information? It’s a big enough decision for a short sale seller to pick and trust a Florida listing broker to handle their short sale. Now, the Florida Realtors and Florida BAR want to blanket "authorize” the Buyer and Buyer’s Broker?

If such an authorization is issued (not by any of my sellers), how is the lender to know that they are to "only” provide the "status” of the short sale? What exactly does that mean? Does it mean the lender is allowed to say, "the file is in review” or does it mean they divulge "the seller’s medical illness needs a doctor’s statement” or other highly personal data? This is a bit intrusive, is it not?

Lastly, how would the short sale lender know to "limit” authorization of a third party? How many of the thousands of clerks who answer the phone know these limits? What if a Buyer calls and starts "negotiating” terms of the short sale? He is authorized on the loan, right?

It seems to me that the Florida Realtors and Florida BAR went too far with this clause. I suggest they consider a revision.

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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20 Audrey Dr., W., Fort Walton Beach FL - Short Sale


Attractive Oakland subdvision home with big spaces! 20 Audrey Drive is a Fort Walton Beach Florida short sale. Large family room with bay window, lots of light, generous kitchen. Expanded master bedroom adds square footage. HUGE yard with above-ground pool and deck. New pool liner 2010. New roof 2004 and new garage roof 2009. Good location near Santa Rosa Mall shopping and convenient to Eglin Air Force Base or Hurlburt Field.

20 Audrey Dr., W, Fort Walton Beach FL - short sale - offered at $99,900

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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Wells Fargo Approves Fort Walton Beach Short Sale - Swift and Strange


I just received approval for a Wells Fargo short sale in the Bayou Subdvision, Fort Walton Beach Florida. The approval was a swift 30 days, but the journey getting there was strange. Here is a summary

9/29 – Short Sale package faxed to Wells Fargo

10/5 – Broker Price Opinon completed

10/22- Negotiator asks for $1000 cash contribution from seller. Seller asks if buyer can pay this fee, negotiator says “YES”. Buyer agrees to reduction in buyer credit.

10/23- Revised Settlement Statement (HUD) sent to Wells Fargo increasing their net by $1000 by reducing buyer credit

10/24- Negotiator says “unacceptable”, seller must pay this fee (even though she said buyer could pay this fee earlier).

Seller says he'll pay the $1000, but asks if he will get still deficiency judgment on the remainder of the loss? Negotiator says “YES”. Seller was then going to cancel the contract. I advised seller Wells Fargo's standard approval letter does not seek a deficiency, so let's proceed and see what we get.

10/30- Short sale approved – no deficiency

We got the result we wanted. but it sure was a strange journey!

If you are considering short sale to avoid foreclosure, consider hiring an experienced Fort Walton Beach 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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