Tuesday, December 21, 2010

Thank You To My Emerald Coast of Florida Short Sale Sellers


Thank YOU to my recent, wonderful short sale sellers in Destin, Fort Walton Beach and Santa Rosa Beach Florida! We always send out customer satisfaction surveys, and I was just blown away by their terrific comments:



"Positives of working with Wendy--


Constant two-way communications, simple and effective process, open and honest direction regarding the next steps, never over promised anything. Wendy was the best during this difficult "short sale” process! That’s why she is the "Queen of Short Sales”! " B. Qureshi, Santa Rosa Beach Florida short sale seller

"Persistent, aggressive with marketing, priced perfectly!”

Tony Mallini, Fort Walton Beach FL short sale seller

"Wendy kept me in the loop – good communications. She is a very professional, hard worker.”
Jason Van, Destin Florida short sale seller

"We were 100% satisfied with Wendy Rulnick.... We were regularly informed of the progress, and were given accurate advice on decision-making issues. The process of selling our home required minimal effort by us, went very smoothly, and was made very convenient."

T. Mosley, DeFuniak Springs FL short sale seller:


Going through a short sale in the Destin, Fort Walton Beach, Santa Rosa Beach markets requires teamwork between the real estate agent and the seller. These sellers were partners in their success stories. My kudos to 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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326 Cullman Ave., Grove by the Sea, Santa Rosa Beach FL - Short Sale



Beautiful Grove by the Sea short sale home for permanent residence or getaway! Located just off 30-A in Santa Rosa Beach Florida, this lovely house is located near Seaside, Rosemary Beach and the Gulf of Mexico Beaches. Set back from the road for privacy, with wrap-around screened porch. Inside is very open and bright. Kitchen open to living room, wood floors, cathedral ceiling and French doors. Grove by the Sea offers a community pool, playground and lush nature areas.

326 Cullman Ave,. Santa Rosa Beach FL short sale home - offered at $319,900

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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Bluewater Bay Florida Home Approved For VA Compromise Sale


Wells Fargo just approved this home in The Woodlands, Bluewater Bay, Niceville Florida, for a VA Compromise Sale. A VA Compromise Sale is similar to a short sale. The process is not always "smooth", and this one had a few issues, too.



The Problem:

VA appraised the home for more than the contract price. The buyer would not increase his offer to meet the VA required net proceeds of 88.13% of the appraisal.

Since the buyer would not pay more for the property, could the seller make up the difference? Normally, the answer is "no". VA frowns upon the seller bringing funds to closing, since a VA Compromise Sale is supposed to be a hardship situation.

The Solution:


We were allowed to go forward by providing a "gift letter" supporting seller bringing funds to closing that were "gifted", not loaned, to meet the VA minimum net.

The good news for the seller was VA does not expect repayment unless they want to get a VA mortgage in the future, and the Wells Fargo HELOC waived any right to a deficiency through our negotiations. The seller never missed a mortgage payment, which will minimize credit impact. (Although VA is quoted as saying the borrower must be "behind", that is not always the case.)

If you have a VA loan on a home in Niceville, Florida, are "upside down" in your mortgage, and need to sell, consider a VA Compromise Sale. As always, consult with an attorney and an experienced Niceville FL short sale agent.

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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Tuesday, December 14, 2010

Hidden Bay Townhome, Navarre Florida Approved as Short Sale - in 39 Days


This townhome on Majestic Boulevard, Hidden Bay, Navarre FL was just approved as a short sale!

Details:

Senior Lien: Bank of America

Balance: $190,000

Junior Lien: Bank of America

Balance: $30,000

Sale Price: $105,000 appr

Time for approval: 39 days!

This short sale was processed through the Bank of America Equator system. We uploaded all financial documents for the seller. Bank of America previously required sellers to upload their own financials, such as bank statements, tax returns and pay stubs. Many sellers had problems with the Bank of America Equator software. As you can see, this change in policy is helping speed up short sale approval times!

If you need to sell your Navarre Florida property to avoid foreclosure, be sure to consult an attorney and an experienced Navarre 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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Friday, December 10, 2010

Bank of America Approves Steeplechase, Crestview FL Short Sale - No Deficiency


This lovely home in the Steeplechase subdivision, Crestview, Florida, has just been approved for short sale. Bank of America took 90 days to approve the sale. The delay was caused by Bank of America automatically putting the short sale into the HAFA (Home Affordable Foreclosure Alternatives) program, since it was owner-occupied. It was subsequently removed from HAFA, since all program criteria were not met.

Bank of America approved this Steeplechase, Crestview Florida short sale and waived the right to seek a deficiency judgment for the unpaid balance.





There was much negotiation to achieve this short sale approval, which had one investor and Mortgage Insurance. Each party had a separate interest, which required individual negotiations through Bank of America (the servicer). Waiver of deficiency is normally a desirable result for a short sale, so the outcome was positive for the seller.

If you need to sell your Crestview Florida home to avoid foreclosure, consider doing a short sale. Even if you've had a Lis Pendens filed, it may not be too late. To improve your chance of success, consult an attorney and an experienced Crestview FL short sale agent.


It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

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

Email Wendy: itswendy@rulnickrealty.com

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Chase Approves Ariel Dunes, Miramar Beach Florida Short Sale


Chase is getting better as a short sale servicer. They approved an Ariel Dunes, Miramar Beach, Florida condo short sale in 45 days!

The nitty-gritty:

Chase Senior Lien: $500,000 balance

Chase Junior Lien: $70,000 balance

Sale Price: about $300,000

Chase would not pay past due association fees because the association had not filed a lien.

We did obtain a waiver of deficiency (monies owed on the unpaid balance) by settling with a small seller cash contribution at closing. Chase also considered the fact that the HELOC was not used to purchase "toys" and other tricks we'll give to our next Chase short sale seller!


If you need to sell your Miramar Beach Florida condo as a short sale to avoid foreclosure, contact an attorney and an experienced Miramar 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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Are You Giving Away Your Client's Position?


When you are representing a buyer in a real estate sale, do you remember who your client is?

I recently had an agent call to let me know he was sending me an offer on one of my listings. We chatted a bit, and I mentioned how much I liked the property. He said, "So does my buyer. In fact, when she walked in she said 'I HAVE to have this home!'" Bingo. I knew I was going to sell it. Now I was armed with confidential information - the buyer's motivation.

The offer came an hour later. It was 15% lower than list price. The Destin Florida home was a short sale, and I knew that price probably would not work with the lender. The seller thought it was low, too, but was afraid to counter and risk losing the buyer. I told him not to worry, because the buyer's agent had given away his client's position! He "HAD to have that home"!


We counter-offered at a higher price, and the buyer accepted.

This is just one example. Today, I had another low offer on one of my listings. The buyer's agent presented it and stated "the buyer will come up". I thought, "Thank you for letting me know! I will inform the seller." Maybe you think giving away your buyer's position may help them. But can you speak for your client without his permission?

The Realtor Code of Ethics states:

"When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client."

What should the real estate agent do when presenting an offer? Be pleasant and business-like, and keep MUM about your buyer's motivation.

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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