Tuesday, May 29, 2012

Selling Fast is OK for HAP Homes Near Eglin Air Force Base


 Fort Walton Beach HAP
This home in Vesta Heights, Fort Walton Beach Florida, has been approved for HAP sale.  The property went under contract just three days after going on the market! HAP approved the contract and replaced it with their own 11 weeks later.
Things to know:
1. Even though the HAP (Homeowners Assistance Program for U.S. military) website says your home should be marketed for 120 days,the fact is, HAP really cares that you get  "fair market value" (or 90% thereof). In this case, it was fortunate that the buyer happened to be looking for a home near Eglin Air Force Base and this exact match became available.  I've sold many HAP contingent homes in Fort Walton Beach, Navarre, Crestview and Destin Florida in less than a week. All the sales were subsequently approved by HAP, and none ever had a counter offer of price, nor had time on market questioned.
2. How is contract price supported to HAP?  When you get a contract on your HAP home, I prepare a market analysis for you to send in to HAP along with your contract.  Before you accept an offer, I let you know if the price and terms are in line with HAP might find acceptable. What does that mean? The contract should be approximately 90% of supportable fair market value.
3. What about cases of difficult to sell  HAP homes that only get low offers? If you can prove your home was exposed to the  market  for a period of time, you may be able to get a sale price that seems otherwise low approved by HAP.  An example I have is a home in Navarre Florida that was on East Bay, but surrounded by homes of much lesser quality. This property could only garner a seemingly low price.  We sent HAP all the detailed marketing for the property, along with showings and feedback from potential buyers. The contract price was approved.
Do you have questions about your potential HAP sale in Fort Walton Beach, Crestview, Destin or Navarre Florida? Email me atitswendy@rulnickrealty.com

Labels: , , ,

Wednesday, May 23, 2012

Destin Bank of America Cooperative Short Sales - Head Spinning!


Bank of America cooperative short sale
Bank of America Cooperative short sales are not always as “easy” or “fast” as they make them out to be. If you have received an offer to do a Bank of America cooperative short sale near Destin Florida, here is a sample of an actual file in process. As the short sale listing agent, I take most of the burden off my sellers, but the time line and make-work affects all the parties to the transaction.
First, some background. This Destin Florida short sale seller had a written offer from Bank of America to do a cooperative short sale, get cash back at closing and a waiver of deficiency about six months prior to contract date. As instructed, after listing the property, we faxed his documents to confirm he was participating. We soon received an offer for fair market value,  which the seller accepted. What happened next?
3/2/2012 We initiated the new short sale in Bank of America’s online short sale platform, Equator.
3/5/2012 I call Bank of America’s third party coop processor at National Default Servicing (NDS) to inform them the file was initiated. I am informed they have CLOSED the file because the “form” had not been returned in time
                                                                          
3/5/2012 Call Bank of America to find out what is going on. I am informed the seller is approved for Cooperative short sale. They say the file is not with NDS, but with another company, AMS
 
3/6/2012 11:22 a.m. I finally reach AMS. They state they do NOT have the file, and tell me to call NDS (the first company)  
3/6/2012 11:23 a.m. I call NDS again. They state they do NOT have the file (again) and state the seller is NOT eligible for COOP (short for Cooperative short sale). I call the Twitter Team at Bank of America, their escalation department.
 
3/8/2012 The Twitter Team calls me. I am told the seller emphatically CANNOT DO Cooperative short sale now, there has to be NO OFFER(remember, we have a contract) 
 
3/14/2012 I get a call from NDS that they NOW have the file and the seller CAN do the COOP program if he wants to. (Can you believe this?) They suggest that the seller should still use this program as it will only take 10 days to get approved, much faster than a traditional short sale. (I am not making this up)  I am instructed to get the file CLOSED with Bank of America and re-opened with NDS.
 
4/4/2012 I call NDS for an update and am told it will take 2-4 weeks for them to review “marketing” before I can even upload the contract (It is now one month after the property had a contract, remember?)... I cannot do anything with the existing contract on this property until that time has passed. (OK, "marketing"? I thought I sold it already?)
 
4/10/2012 I am asked for my “Marketing Plan” for this property. I reply, “Well, the property is
under contract, so maybe my marketing plan has already worked?”
 
Bank of America coop short sale4/16/2012 I get an email from the Cooperative Short Sale Negotiator.   She tells me to set the “initial listing price” to $6000 LESS than the contract price. I tell her the property is already UNDER CONTRACT (as I’ve told them a dozen times) in our MLS, and that their investor will then LOSE $6000 by lowering the list price. I get this reply:
“Per the guidelines of the Cooperative Short Sale program, the property MUST be listed at the Bank approved price.  Your buyer can simply lower their offer to listing price.  You will not be able to submit your offer for review until we receive the MLS with that list price.” (I am not making this up)
Thus, we must re-activate the property, lower the list price, send them a copy of the MLS. After this, I had to change the list price back to what actually produced the contract, since doing otherwise would be an inaccurate picture of what price produced a contract to my association of Realtors.
One month later still, I get more automatic requests to LOWER the price in the MLS, although this Destin property is already sold, and no response from NDS again until I again escalate the file. Now, finally, we are finally on the path to short sale approval, and the buyer is amazingly still on board.
So, the bottom line is, if you get an offer to do a Bank of America cooperative short sale, be prepared to go through this sometimes head-spinning process. Yes, you might get cash back in the end. But the challenges are, will you be able to keep your buyer through the process? Will your Destin short sale agent be able to maneuver through the maze at Bank of America? Do you have questions? Email me atitswendy@rulnickrealty.com

Labels: ,

Eglin Air Force Base HAP Private Sales with No Mortgage?



Eglin HAP agent 
Did you know you don’t have to be “upside down” in your mortgage to use the HAP program?That’s right! Military members who PCS’d from Eglin Air Force Base, Hurlburt Field, Duke Field orWhiting Field should know their options! Most people think HAP is only used to avoid short sale or foreclosure when the airman, marine or army member is PSC’d (Permanent Change of Station) and must sell. This is not the case. I’ll explain that in a moment, but first, here is a review of the basic criteria to use HAP.
1.      The home was the primary residence at time of PCS orders.
2.      The market value of the property has dropped at least 10% since the original purchase.
3.      Orders to move were dated between February 1 2006 and September 20, 2010.
4.      The home was purchased or purchase contract was entered into prior to July 1, 2006.
5.      The service member’s PCS orders were for a move at least 50 miles away from the previous base.
There are two ways to use HAP as of today. The third option, Government Assisted Private Sale (GAPS), where the service member could get a check at closing in some cases, unfortunately ended in January 2012. (In fact, I had a HAP GAPS closing in Navarre Florida on the last day of the program.) What are the two remaining HAP options? 
1.    HAP Government Acquisition- In a nutshell, we list your Navarre, Crestview, Destin or Fort Walton Beach home for sale and find you a buyer. You enter into a contract with the buyer “contingent on HAP approval”. The U.S. Government then substitutes that contract with their own, pays off your upside down mortgage, and sells the home to the buyer we found.
2.      HAP Private Sale- We sell your home. If you are upside down in your mortgage, you bring the funds to closing or do a short sale. The U.S. Government will then either reimburse you based on their calculations, re-pay your VA entitlement if it was a VA Compromise Sale, or simply pay you if you were not in a short sale or foreclosure situation.
That’s right! You do NOT have to be upside down, facing foreclosure or trying to avoid a short sale to  use HAP. In fact, I’ve worked with Eglin Air Force Base personnel who had no mortgage use the HAP program to recoup some of their lost market value and put cash in their pocket! What is the calculation for a HAP private sale? You will get 90% of your prior fair market value (include your cost of verifiable home improvements) plus reasonable closing costs reimbursed to you. Here is an example:
Your home Prior Fair Market Value       $200,000
Cost for adding swimming pool             $30,000
90% of $230,000                                $207,000
Sell your home for                              $130,000
HAP Benefit                                         $77,000
Closing Costs 7%                                  $9,100
In this case, you would get a check from HAP for $86,100 after closing per current HAP guidelines.  In fact, I have a seller who currently has no mortgage using the HAP program, and getting pre-approved for his post-closing benefits as part of his contract contingencies. So, if you thought HAP was only to avoid short sale, think again. This opportunity is really a gift, and the funds may run out.  If you PCS'd from Eglin Air Force Base or Hurlburt Field, and have a home in Navarre, Destin, Fort Walton Beach, Crestview, Milton or Santa Rosa Beach Florida, call or email me to discuss your options at itswendy@rulnickrealty.com or 850-650-7883.
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

Labels: , ,

Wednesday, May 16, 2012

Bank of America Cooperative Short Sales in Crestview, Destin Florida


Bank of America coop short sale
If you own a home or condo in Destin, Crestview, Navarre or Santa Rosa Beach Florida and are working with Bank of America to avoid foreclosure, you may have received some confusing information from them in the mail. One is a letter offering you to participate in the Bank of America cooperative short sale program. The other is a "Short Sale Third Party Authorization" where you will fill out your "Designated Representative" information.  (That is the form about which I get the most calls).  At this point, you've decided you want to do a short sale, and probably have gone through one or more attempts with Bank of America to modify your loan to no avail.  They have offered you a special program where you can short sale your home and possibly get a cash incentive at closing (cooperative short sale). There are spots to fill in your your Designated Representative's name, Company Name, State Licensing Entity and License Number. You do not need to fill that part in - just fill in your name, co-borrower's name, property address, and loan number. You should sign the form.  Here is where your big decision comes into play.
What do you do next?  Decide which short sale real estate agent will best work with you and Bank of America in the short sale of your home or condo in Destin, Crestview, Santa Rosa Beach, Fort Walton Beach or Navarre Florida.  How do you go about picking your agent?  Start with a google search of agents in your town who are short sale agents. Read about them and their success rates. Call or email them with your questions.  The questions they ask YOU will be one of the keys to how well they will work with you and Bank of America to result in a successful short sale on your behalf. Do you have questions now about Bank of America cooperative short sale, Third Party Authorization, VA Compromise Sale, FHA pre foreclosure sale, HAFA, HAP, Ginnie Mae short sales?  Email me at itswendy@rulnickrealty.com Let's work together to solve your situation, work through the maze at Bank of America, and help you move forward with your life.
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

Labels: ,

Monday, May 14, 2012

119 Mooney Rd,. Kenwood, Fort Walton Beach FL -Pool - Short Sale


Kenwood short sales
Unique and elegant Bank of America short sale home at 119 Mooney Rd., in the Kenwood subdivision of Fort Walton Beach Florida. 10' high ceilings in main living area, formal entry, transom and palladium windows, crown moulding, accent lighting, wood and tile floors. The kitchen gleams with black granite counters, Maple cabinets, stainless appliances, center island, plant ledges and breakfast bar in an open "great room" with views to the back yard. Two pantries, yes, two...! Living shines with multiple full length windows, dark laminate wood floors and corner gas fireplace, audio video center. Huge master suite has trey ceiling with accent lights, sitting area and two walk-in closets. Its bathroom is very refined and luxurious with custom mirror, long double vanity, whirlpool bath and large tile floor. The four bedrooms on the west wing are private from the rest of the house. One could be your perfect office. Outside there is a custom in-ground pool and oversized covered patio. This Kenwood home on Mooney Rd. is convenient to Eglin Air Force Base, Hurlburt Field and Fort Walton Beach Medical Center.
119 Mooney Rd., Fort Walton Beach FL - Bank of America short sale - offered for $325,700
Kenwood short salesKenwood short salesKenwood short salesKenwood short salesKenwood short sales

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

Labels: , ,

Monday, May 7, 2012

4517 Olde Plantation Place - Kelly Plantation - Under Contract


Kelly Plantation home for sale
This gorgeous home in Kelly Plantation, Destin, Florida is now under contract in only 30 days.  What are my favorite things about 4517 Olde Plantation Place? The kitchen...  marvelous slabs of black granite counters, an enormous center island, the tube light above giving just the right ambience. Or maybe it's the master bedroom with the transom windows, private door to porch and the deluxe bathroom with solid cherry finishes and walk-in shower. Kelly Plantation is located near Destin Commons, Fresh Market, health club, and five minutes to the beach. On-site amenities are Fred Couple's 18 hole golf course, Owners Club with pool, five lighted tennis courts, playgrounds work-out center, lake, stables, walking trails and more.
4517 Olde Plantation Place is a Bank of America short sale. The list price is $547,700.
Kelly Plantation short sale agentKelly Plantation short sale agentKelly Plantation short sale agentKelly Plantation 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

Labels: ,

Cherokee Bend, Crestview FL - VA Compromise Sale



 Crestview VA Compromise Sale

This contemporary home in Cherokee Bend subdivision, Crestview Florida is a VA Compromise Sale. 2834 Atoka Trail is neat, crisp and bright! Kitchen open to dining and living room with breakfast bar. Fun track lighting. Master bedroom opens to outside with French doors, and has two walk-in closets. Master bathroom has double vanities. Enjoy the big fenced yard with screened porch and large covered patio, perfect for cook-outs. Do you fish? A community lake is nearby. This home at in Cherokee Bend, Crestview Florida is well-located for commuting to Eglin Air Force Base, as it is south of I-10.  25 minutes away - Destin beaches!
What is a VA Compromise Sale?
2834 Atoka Trail, Crestview FL - short sale - offered for $159,900

Crestview VA Compromise SaleCrestview VA Compromise SaleCrestview VA Compromise SaleCrestview VA Compromise Sale
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

Labels: , , ,