Wednesday, February 29, 2012

602 Affirmed, Steeplechase, Crestview Florida - HAP Private Sale

 Steeplechase homes for sale
Stylish Steeplechase home in Crestview Florida, offered as a HAP private sale. 602 Affirmed Court has red shutters, dormer, side entry garage and plenty of space. This happy house has a high cathedralled living room with wood laminate floors and gas fireplace that is open to the kitchen with custom pass-through and column. A second floor loft room adds to the drama, as it overlooks the living areas. The colors throughout the home are pleasing and contemporary. Whirlpool tub in master bathroom. Large fenced yard with shed. Updates include solid surface counters, laminate floors, garage door opener air conditioner and coils have been replaced. Contingent on HAP approval.
This HAP private sale home is listed for $189,700
Steeplechase Homes for SaleSteeplechase CrestviewSteeplechase CrestviewCrestview HAP homes
 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, February 21, 2012

Chase - Freddie Mac - Short Sale, Navarre Florida - Approved

Navarre Florida Chase short sales

This waterfront home in the Holley area of Navarre Florida was just approved as a short sale.  The log home needs some work, is on over two acres, and on a bayou leading to East Bay.  It went under contract in 74 days. Here are the details of the Chase short sale approval.

Lienholder: Chase
Other Liens: none
Original Mortgage: Appr $280,000
Market Value: Appr $128,000
Approval Time: 90 days

Notes: This Chase short sale had to go through layers for approval. The seller was originally offered a Freddie Mac HAFA short sale, which was later denied by Chase. Subsequently, it was approved by Freddie Mac, and also a mortgage insurer (MI) for a cash contribution from the seller of $1500.  Why? The seller made a good income.  What was the end result for the seller? Complete waiver of deficiency.  If you didn't know, Florida is called a "deficiency state", where a creditor can take many years to collect on a judgment.  Check with your attorney before you attempt a short sale, and hire a Navarre 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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Friday, February 17, 2012

Crystal Village Condo 2B, Miramar Beach FL - Short Sale

Crystal Village pre foreclosure
Charming and bright, this Crystal Village short sale condo unit 2B in Miramar Beach Floridais a few blocks from the beach.Located at 285 Payne St, there is a beautiful pool and landscaped grounds. Happy colors and fun, angled floorplan give this home a unique feeling. The kitchen is tiled and open to the living room. There are two full baths, one in the master bedroom. Crystal Village is down the street from the dazzling Gulf of Mexico with public access and Pompano Joe's restaurant. It is also a couple of miles from Silver Sands shopping, Baytown Wharf, Grand Boulevard, Destin Commons, movie theaters and many restaurants.

Crystal Village Condo 2B, Miramar Beach FL - short sale - listed for $127,500
Crystal Village short salesCrystal Village foreclosuresCrystal Village short salesCrystal Village

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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Windward Short Sale Approved, Bluewater Bay FL - Compass Bank

Windward Bluewater Bay Short Sale

This home in the Windward subdivision of Bluewater Bay, Niceville, Florida was just approved for short sale.  Find the details below.

Senior Lien: Wells Fargo
Balance: $275,000
Junior Lien: Compass Bank
Balance: $115,000
Original Purchase Price: $485,000
Market Value: $290,000
Status: Short Sale Approved by both lienholders

Notes: Wells Fargo uses the Equator Platform for short sale processing. It is an online program where the short sale listing Realtor uploads seller financial documents, preliminary settlement figures and more for analysis by Wells Fargo. Other lenders share this platform, such as Bank of America and GMAC, but Wells Fargo's requirements are more tedious.
This was my first short sale with BVVA Compass Bank, the junior lienholder. It was interesting. The institution's personnel are pleasant. Their short sale policy, however, requires that the file be in their internal "charge off" department before they will negotiate any terms.  They will not speed up their internal timelines to process a short sale, without exception. It is not the case that they have a plethora of files, it is just their timeline, which can take months, and they stick to it. This caused a long delay in the process, as we had Wells Fargo approval in about 45 days.  Compass does its short sale processing through email, fax and phone, and it is fairly easy to get ahold of a human being. They appear to favor promissory notes and cash contribution combinations, but will negotiate.
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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Monday, February 13, 2012

Bank of America Short Sales - Setting the Industry Standard


Bank of America Short Sale

The key to success in any business is communications.  This is equally true for the short sale industry.  Which company sets the standard? Bank of America. Their model needs to be emulated by short sale lenders.  They are leaps ahead in terms of responsive, communications, simplicity and efficiency of processing.  I’ve done hundreds of short sales with dozens of different lenders. No one else comes close to the customer service and systems in place with Bank of America.  Of course, they are not perfect.  But they get better all the time. Here is why, and here is what should be emulated.
Equator Model.  Bank of America’s Equator model is far easier to use than its competitors, even those who also use Equator.
o   Wells Fargo use of Equator – They rely far too much on the agent entering in exact HUD figures, guessing at what is needed in the required fields and answering questions, that are better ascertained by the negotiator or processor. For example, they have a SEVERAL PAGE HUD entry required to be filled out by agents, compared to ONE PAGE Bank of America requirement. Not only is the Wells Fargo Equator process cumbersome, it is error-prone, especially since expecting someone in the sales field, i.e. a real estate agent, to be a “title agent” number cruncher is overreaching.  I can see how this saves Wells Fargo work, by requiring the agent to fill in the blanks, but it is not customer service oriented.
o    The same can be said for the GMAC Equator usage, which differs from Bank of America, but seems to require the agent to “guess” at filling out some of the questions.
o    The competing system to Equator, RES.net used for example, by Carrington/Vericrest mortgage, is also cumbersome and similar to Wells Fargo’s set up in Equator.  It’s just not user-friendly.
Customer Service The short sale lenders need to consider the real estate agent their customer. Bank of America does this. I rarely find other short sale lenders have the same attitude. In fact, most of them feel the agent is working for them, and must “comply” with their system.  One improvement this year is with Chase, who has set up an escalation hot line for agents.  Again, Bank of America needs to be emulated in its customer service. Here is why:
Numerous Lines of Communication
Bank of America offers three ways to communicate with the negotiator (or other persons on the short sale file). They don’t “hide” contact information or prevent the agent from communicating, as do some other lenders, who go as far as refusing to provide email addresses to their negotiators.
·         Bank of America provides a general short sale customer service number, an internal email address for the negotiator and a direct phone number to the negotiator.
·         Bank of America allows and provides direct phone numbers to supervisors of negotiators, and their email addresses, as well as higher up management, without requiring the agent to go through hoops, beg and plead.
Bank of America Twitter Bank of America’s Twitter Help.  I am constantly amazed and impressed by their social media escalation team.  They have moved  transactions for me, gotten last minute approvals and straightened out problems quickly, with interest and results.
These communication practices by Bank of America should be short sale industry standard.  Calling some lenders, and getting their customer service department saying, “No, you cannot have any contact information for the negotiator. They’ll contact YOU when they want” is simply unacceptable in today’s business world. Communication, efficiency, responsiveness, and a high level of customer service is the key to success in short sale processing, for both the agent, the borrower, the buyer and the lender.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Toll Free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

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Thursday, February 9, 2012

Eglin AFB HAP Program Changes: GASP Ends

Eglin HAP


If you are an Eglin Air Force Base or Hurlburt Field seller thinking about HAP, (military Homeowners Assistance Program), you may not be aware that effective February 1, the GAPS (Government Assisted Private Sale) has ended.  Since we are talking "military", there are a lot of acronyms, so I'll start with a quick explanation.  HAP is the program run by the Army Corps of Engineers that was expanded to assists U.S. military service members  who have Permanent Change of Station (PCS) assignments, with "upside down mortgages" avoid foreclosure or short sale. Basically, HAP will cover the shortfall (part of mortgage balance left over after net proceeds from sale) at closing if the service member qualifies for the program.

Formerly, there were three types of HAP sales: Government Acquisition, Private Sale, and Government Assisted Private Sale (GASP). Here is a quick, simplified explanation of each:
Niceville HAP agentGovernment Acquisition: The U.S. will buy the subject property from the qualifying service member, and simultaneously pay off the mortgage balance not covered by the sale, selling the property to the buyer the service member found (normally through his Realtor).
Private Sale: The qualifying service member sells his home and covers the mortgage shortfall himself. The U.S. will reimburse the service member some time after closing.  The reimbursement calculation is simplified as: 90% of your prior fair market value (your purchase price plus costs of improvements), add  7% for closing costs, then subtract out your new purchase price and mortgage payoff, plus any buyer credits and actual closing costs.  Using this private sale method, some military members can  recoup more of their lost equity, dollars they have actually used for downpayment or improvements, as compared to the Government Acquisition, which will just pay off the mortgage deficit.  The caveat with Private Sale, is that you would have to cover the entire shortfall at closing, then “wait” for the U.S. reimbursement check.  That process can  takes weeks or months.
Government Assisted Private Sale (ended): Instead of waiting for your U.S. reimbursement check after a “Private Sale”, you were paid by the Government at closing.  This program has ended, effective February 1, 2012, per my contacts at HAP. In fact, my latest HAP closing on January 31, was a GAPS, and we were told any extensions to the closing date would remove the seller from the program.
So, what does this mean to you, the Eglin AFB or Hurlburt Field airman?  You still have two HAP options available, Government Acquisition or Private Sale.  In any event, the good news is that if you need to sell your home, and qualify for HAP, you can avoid foreclosure, short sale or VA Compromise Sale, and keep your credit score intact.
Do you have questions? Email me at itswendy@rulnickrealty.com
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, February 7, 2012

Check Your Security Clearance Before You Short Sale

Short Sale Security Clearance
Do you hold a government position, are you in the U.S. Military or are you a Federal contractor? These and many other jobs often require a security clearance. If you are considering short sale or foreclosure, proceed with caution or your position may be at risk.
If you currently hold a security clearance, such as DOD  “Confidential”, “Secret” or “Top Secret”, and work for the Federal Government, at Eglin Air Force Base or Hurlburt Field, you may already know a credit check is one of the standard procedures to obtain your clearance.  A short sale, foreclosure, or deed in lieu of foreclosure, as well as missed mortgage payments, can all affect whether or not you retain your clearance.  
“Why should I care?” you might ask, especially if you are not in the military.  According to the Washington Post, over 850,000 Americans hold security clearances and one-third are NOT employed by the government.  Also, those who hold security clearances are among the top wage earners in the United States.  You don’t have to be a technocrat or engineer to require a security clearance. If you are a janitor, fire fighter, police officer, or administrator in a secure facility, for example, at an international airport, you may need a clearance.
Security Clearance
Before proceeding with a short sale, I ask my potential sellers to check with their current or FUTURE security or personnel officer to find out how a short sale may affect their position.  Even though many have received the “OK for short sale, but not foreclosure or deed-in-lieu of foreclosure”, a few have not.  I recently had an airman from Fort Walton Beach Florida inquire about short sale.  He told me his new position would be overseas with an international military group, representing  the United States. I asked that he check with his security officer before proceeding with a short sale. The answer? “No way.” He would have lost his position if he had gone forward. Instead, he is going to rent out his property. (By the way, that potential seller had interviewed two agents, and I was the only one who mentioned this possibility.) 
How about another “at risk” scenario? I had a former short sale seller apply for an overseas position in the Middle East as a U.S. contractor after short sale.  All applications, interviews, etc., had been completed except for the credit check. The position was denied. Why? Short sale.  I don’t want to frighten anyone away from short sale who needs a security clearance, as these are the less frequent outcomes. But, I want to put out a strong warning, consult your security officer before proceeding.
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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Thursday, February 2, 2012

18 Bay Dr., NE, Elliotts Point, Fort Walton Beach FL - Short Sale - Needs Work

Elliotts Point Homes for sale
Inviting Fort Walton Beach Florida home in Elliotts Point with water view across the street from Choctawhatchee Bay. Elegant hardwood floors draw you in, with enormous living and family rooms. More space for entertaining with the heated and cooled Florida room, and large screened porch. The kitchen is long with many cupboards, and has a breakfast bar open to the family room with gas fireplace. The back yard is deep and has an huge workshop that mimics the house. There is a greenhouse finished with a rock bottom is behind the workshop. The home needs substantial plumbing work and other repairs.  This location is serene with many charming older homes.  Eglin Air Force Base, Hurlburt Field are easy commutes. Okaloosa Island beaches are nearby.

18 Bay Dr., NE, Fort Walton Beach FL - Offered for $127,900 is a Bank of America cooperative short sale.
Elliotts PointElliotts PointElliotts PointElliotts PointElliotts Point
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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