Friday, January 28, 2011

Bank of America and Vystar Approve Windswept Estates, Freeport FL Short Sale

This beautiful home on Clubhouse Drive, Windswept Estates, Freeport FL was just approved for short sale. This golf course home has a great view of the 3rd hole and green of Windswept Dunes, the longest golf course in Florida.

The senior lienholder was Bank of America. They approved this Windswept Estates short sale with full waiver of deficiency.
The junior lienholder was Vystar Credit Union. Vystar released its lien only, and made private arrangements with the homeowner for the rest of the funds.One little "hitch" in this Freeport Florida short sale approval was the homeowner association dues. There was an outstanding balance that must be paid at closing. Bank of America only agreed to a partial payment. We negotiated with the homeowner assocation to accept a lower amount. Result? Ready to close.

If you need to sell your Windswept Estates, Freeport FL home to avoid foreclosure, be sure to contact an experienced Freeport 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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Thursday, January 27, 2011

Aurora Approves Blue Dolphin, Okaloosa Island FL - Short Sale


This Blue Dolphin condo on Okaloosa Island Florida was just approved for short sale by Aurora Loan Services. Blue Dolphin is a small gulf-front complex on Abalone Court, Fort Walton Beach FL.

The original loan amount was $604,000 in 2007. Today, market value is about $340,000. Aurora Loan Services was slow to approve this Okaloosa Island short sale. They were not familiar with short-term vacation rentals, and continually asked for proof of rental income and leases. Typical short-term rentals don't have standard leases, since they are only for a day or two at a time. They are really more like hotel reservations. After numerous faxes and requests for documentation (Aurora took a week at a time to "review" any fax), we finally were able to get a negotiator. The short sale was approved in about 90 days.

Here is the typical short sale approval language for Aurora Loan Services. Note the reference to 1099-C for cancelled debt to be issued, as well as how Aurora reports to credit bureaus.


If you are considering short sale to avoid foreclosure of your Okaloosa Island condo, be sure to contacted 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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Wednesday, January 26, 2011

1213 Cuddle Doon, Seapines, Milton FL - Building Lot for Sale


Who wouldn't want to live on "Cuddle Doon"? This beautiful half-acre lot is in the waterfront community of Sea Pines in Milton Florida. Located on East Bay and Garcon Point, there is a beach and boardwalk for your fishing and sunning pleasure. Grab a basket and picnic at the gazebo. Launch your boat at the nearby public ramp. Seapines is an easy commute to Gulf Breeze, Pensacola, I-10 and Hurlburt Field Florida.

Lot 1213 Cuddle Doon, Sea Pines, Milton FL - offered for $55,000


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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Thursday, January 20, 2011

Can I Have the "Flight Plan" to do a Short Sale?


The other day an agent asked if she could have my “flight plan” to do a short sale. Per Wikipedia, a flight plan is a pilot’s outline of how he will get to his destination, including departure and arrival points, estimated time, alternate airports in case of bad weather, type of flight, etc. This agent was sure I had such a document for short sales. She had never had a short sale listing before, and was looking for a checklist.

Well, guess what? There is no “flight plan” that fits every short sale. Sure, I can tell you the basic steps, but the number of variables would throw that plan off in a heartbeat. You might be trying for Wyoming, but end up in Oregon! Here are some examples:

1. The Seller – Every seller’s situation is different. Bankruptcy? Multiple liens? No hardship? Your approach will change for each circumstance.

2. The Contract – What is the best way to write one to get approval?

3. The Package – Many short sale lenders have their own forms and different requirements. Do you know what they are?

4. The HUD - Each lender or mortgage type has unique stipulations as to what will be approved on the settlement statement.

5. The Lenders – What will the senior lien pay the junior lien, and what will the junior lien accept?

6. Other Liens – How do you handle tax liens, judgments and association liens?

7. Cash Contributions and Promissory Notes – When do they come into play?

8. The Deficiency Judgment– Do you know what it is and if your seller can avoid it?

These are just a few examples of the variables involved in getting a short sale approved. There are hundreds more. So what do you do, if you’ve never done a short sale before? One place to start is http://www.shortsalesuperstars.com/ – you’ll find over 5000 agents sharing information about daily short sale situations, problem solving, tips and tricks.

And for some SERIOUS SHORT SALE TRAINING – watch for the upcoming short sale webinar from me and Broker Bryant. We'll be covering not only basics, but in-depth negotiating skills, deal-saving strategies and special short sale situations. So be your own pilot to short sale success, and learn, know and grow!


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, January 14, 2011

Elation #5720, Sandestin Florida - Short Sale Condo

Enjoy the amazing Bay views and nature preserve from this Elation short sale condo in Sandestin Florida! You will find calming colors of the ocean throughout. The short sale unit offers a spacious area to relax and spend time resting up from a day at the Gulf of Mexico beach. Luxurious decor. Dive into the Grand Sandestin pool, or chill out at the "Solstice Club" with bar, grills and more. This Elation short sale condo comfortably accommodates FOUR with king sized bed and a queen sleeper sofa. Eat, dine, shop and enjoy nightlife at the Village of Baytowne Wharf, and steps to the Baytowne Conference Center. Sandestin also offers top golf, tennis, the beach, gyms and more. Elation is in a quiet corner of the resort, and offers the utmost in refinement in the heart of Sandestin.

9800 Grand Sandestin Blvd, Elation # 5720 - short sale offered for $74,900.

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, January 13, 2011

Blue Mountain Villas, #125, Santa Rosa Beach FL - Gulf Front Short Sale Condo

Your private gulf front condo on 30-A... Villas of Blue Mountain Beach, Santa Rosa Beach Florida short sale... Whimsical decor highlights this end unit with large balcony overlooking the Gulf of Mexico. Kitchen has granite and bamboo counters, commercial sink and pass-through to dining/living room. Large bedroom with two queen beds, plenty of closet and dresser drawer space. Unique bathroom layout provides two separate vanity/toilet areas, both share a connected tub/shower room. From you balcony perch watch dreamy night lights in Destin and Sandestin. Just steps from your door will find an abundance of shops and dining opportunities... from bike rentals to biscuits, from limes to banking. Biking, walking trails abound around this unit. 30-A runs along the beach, it has a separate paved greenway path which winds along... over small bridges... past beaches (Seaside, Grayton, Santa Rosa, Watercolor, etc.) and lakes (Eastern Lake, Deer Lake, Alligator Lake, Little Redfish Lake) stringing along some of the most picturesque vistas to be had in Florida. Neat unique shops can be found just down the road East in architecturally famous Seaside, also west 3 miles in Gulfplace/Santa Rosa Beach. Santa Rosa Golf Club three miles away, fishing, swimming, sandcastle building, snorkeling, diving, or just lay on snow white sand beach... looking at crystal clear blue green water... This Santa Rosa Beach short sale condo in Blue Mountain Beach would make a wonderful vacation home.

Blue Mountain Villas condo, # 125, Santa Rosa Beach FL short sale - $275,000

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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Tuesday, January 11, 2011

223 Hidden Lakes Way, Old Florida Village, Santa Rosa Beach FL - Short Sale


This "designer" Santa Rosa Beach Florida short sale home at 223 Hidden Lakes Way will make you smile! Located in Old Florida Village, it features two wrap balconies, outside shower and pavered drive and walkway directly to pool. Cool contemporaray, chic and whimsical decor with top-of-the line furnishings included. High ceilings both floors, recessed lighting, custom fans. Kitchen with Corian counters, Kenmore Radiant Collection appliances, square shape and pass-through to dining/living room.

Old Florida Village has two community pools, just a short stroll (500 yards) from the beach. Adjacent to the property you will be delighted to find over 20 miles of continuous/separate paved Greenway Trails (biking or walking) that weave through some of the most picturesque Beach Communities/lakes in Florida (Seaside, Grayton Beach, Redfish Lake, Eastern Lake, etc.).

As an owner of 223 Hidden Lakes Way, you can take a quick walk to Gulf Place and a short bike ride to the shops found at Grayton Beach, Watercolor, and Seaside (Starbucks, Publix, bike rentals, etc.). Hop in the car for a ten minute drive to shopping and dining in Sandestin Resort/Baytowne Wharf and Silver Sands Outlet Mall... Exceptional singletrack mountain bike/hiking trails that begin virtually from your doorstep and meander over 15 miles through Eastern Lake State Park/Point Washington State Forest... or give the famous Cory Pickos Wakeboarding and Ski School a try literally just down the road.

223 Hidden Lakes Way, Santa Rosa Beach FL short sale - offered for $349,900

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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Monday, January 10, 2011

First Fort Walton Beach FL Short Sale Approval of the Year


This lightning speed short sale approval for a Fort Walton Beach Florida townhouse in Shangra Woods was a great way to start 2011. How long did it take? 15 days!

December 20: Short Sale package faxed to Citi Mortgage

December 29: Negotiator assigned (who says people don’t work over the holidays?)

January 4: Approved!

This Fort Walton Beach short sale seller had one mortgage, which helped the process. This was not all “slam-dunk”, but close.

Citi slightly countered the purchase price with a minimum net requirement. I questioned the settlement statement, asking if all fees would be approved if the net were met. The buyer had asked for 6% closing cost credit. Citi limited the amount to 3%. (Many short sale lenders will not pay more than 3% if they even agree to extra closing costs for the buyer.)

The thorough package and excellent communications with the negotiator were the keys to success. Result? Happy New Year!

If you are facing foreclosure in Fort Walton Beach Florida, be sure to consult an attorney and 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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Wednesday, January 5, 2011

How to Successfully Negotiate a Destin Florida Short Sale


Sometimes when you think you are “done” with Destin short sale negotiations, you are not done! A short sale has many steps. There are several “layers” of negotiations. I am going to use my recent sale of a Destin Florida condo as an example. The property had two mortgages, both with Chase. It was an investment property.

Negotiation #1: The Contract. Contrary to some beliefs, not just “any” contract should be sent in to the short sale lender (also called servicer). Why? Because sending in too low an offer would lose marketing time for the seller if the offer was not approved. Countering early and getting a positive response from the buyer also indicates more sincere interest in sticking with the sale. Patience comes into play at this step. The buyers offered $275,000. We countered the price and terms to be more "approvable". The buyer agreed to $290,000 after deliberating for several days. Getting the price right from the beginning saves time later, as it probably won’t be countered by the short sale lender. And this one wasn’t.

Negotiation #2: The Homeowners Association. This Destin Florida short sale condo had two associations. The dues were many months behind, not uncommon in my part of Florida. Chase would only pay $1,500 toward dues totaling $12,000, since there were no liens filed. If there were liens filed by the association, Chase would have paid them. (Hint). Sometimes HOAs will reduce their balance and “settle” for less. These associations would not. After much negotiation, they finally agreed to release their liens with a partial cash contribution and promissory notes from the seller.

Negotiation #3: The Senior Lien Deficiency Waiver. The dreaded “deficiency” is the balance still remaining on the note after the proceeds are applied from the short sale. (Not all short sales result in the lender settling for the funds received at closing. They may seek the outstanding balance from the seller via a deficiency judgment after closing, or with a note, etc. agreed to at closing). We asked if it could be waived in full. The Chase Senior lien saw that the seller had a real hardship, as he was in the building industry. His income was negligible and he was unable to pay the mortgage, plus any rental income could not sustain the payments. The negotiator asked if the seller could contribute anything in cash at closing, and write a second hardship letter explaining that he would be unable to pay the deficiency. (Hint) The seller agreed to contribute $3000 and his deficiency was waived in full.

Negotiation #4: The Junior Lien Deficiency Waiver: The Chase Junior Lien initially issued approval with a $5000 contribution from the Senior Lien. They did not, however, waive the deficiency. We went back to ask what it would take. At first the negotiator asked for 50% of the balance, or about $50,000. After we talked and he saw that the Chase equity line was used for items other than “toys”, he said the lowest he could take was 25% of the balance, $25,000. I discussed this with the seller. Fortunately, the seller had detailed notes of his previous Chase conversations, where they had offered to settle for $12,000 a year ago. I put the seller directly in touch with the negotiator, who dug through the file, found the old offer, liked the guy, and agreed. (Big Hint: Do not be afraid to allow the seller to speak directly with the negotiator!)

Through much negotiation this story ended in success for my Destin short sale seller. It wasn’t easy, and it wasn’t pain-free. The seller never once denied his obligation, he sought all possible solutions, and he can now move forward with his life.

Each short sale has a different story. There are many layers of negotiation, and many possible endings. If you are facing foreclosure in Destin Florida, and are seeking an experienced Destin short sale agent, let’s see if we can write a success story for 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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Tuesday, January 4, 2011

I Was "MIA", Now I'm Back!


Hello All! Today was a great day. I was back in my Destin real estate office for the first time since a minor back surgery! Of course, I worked from “home” for the past week, but I didn’t like it. I know everyone has an opinion and preference when it comes to working from home or the office. The office is for me. Today I felt FREE!!

Here is why I prefer working from the office:

1. No home distractions. I am currently writing this blog post from home (I left the office early since I still have my stitches) with Conan my cat sitting on my arm. Micah is meowing for food, and Sasha is panting to eat, too.

2. Business atmosphere. Other professionals to mingle with at the office. I enjoy my team.

3. Get out of the house! I cannot be cooped up in one place all day.

4. Official “start and stop” to my day. I do work from home in the morning and evening a little, but it’s sort of “bonus” hours that I can shut off whenever I want. In the office, I am always “on”, which I love.

5. Total mind focus for creative energy bursts.

I realize others may have a special office or room at home where they can be quite productive. I could set that up, too. Do I want to? No way! Even though I went in today in my sweatpants and ball cap, it didn’t matter. I was rejuvenated. To each his own. Happy New Year!

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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HSBC and Wells Fargo Approve Navarre FL Short Sale


This home in Tom King Estates, Navarre Florida, has been approved for short sale.

The senior lien, Wells Fargo, had a balance of $230,000

The junior lien, HSBC, had a $65,000 balance.

The sale price was about $185,000, so there were not enough funds to fully pay the senior lien. In these short sale scenarios, the senior lien will normally pay an amount to satisfy the junior lien. The "junior" might only release its lien, not waive the deficiency.

Initially, HSBC requested $6000 to approve the short sale. Wells Fargo, the senior lien, would only pay them $3700. HSBC asked the seller to bring $1500 in additional funds. The seller agreed, and the deficiency was waived by both Wells Fargo and HSBC.

If you need to avoid foreclosure by short sale for your home in Navarre, Florida, contact an experienced Navarre 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.co

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