Tuesday, July 31, 2012

Antioch Estates, Crestview FL - VA Compromise Sale Approved by BB&T


Crestview VA Compromise Sales


This Antioch Estates home in Crestview Florida was just approved for VA Compromise Sale.  It was an unusually swift approval for a short sale!  Here are the details:
Mortgage Holder: BB&T
Original Balance: $205,000 appr
Current Market Value: $150,000 appr
Short Sale Deficiency: none
Time for Approval: 33 days
Reason for sale: Eglin AFB military PCS (permanent change of station)
Did you know that VA Compromise Sales don't normally have deficiency judgments?  They will, however, exclude any unpaid entitlement from your future VA entitlement until you choose to pay it back. Here is the information from the  VA Home Loan Program:
"The VA guaranty, which protects the lender against loss, encourages the lender to make a loan with terms favorable to the veteran. But if you fail to make the payments you agreed to make, you may lose your home through foreclosure, and you and your family would probably lose all the time and money you had invested in it. If the lender does take a loss, VA must pay the guaranty to the lender, and the amount paid by VA must be repaid by you. If your loan closed on or after January 1,1990, you will owe the Government in the event of a default only if there was fraud, misrepresentation, or bad faith on your part."
If you are contemplating VA Compromise Sale because you have a required PCS move from Eglin AFB, Hurlburt Field, or Duke Field, contact me to find out how this program can work for you - 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

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Monday, July 30, 2012

Amalfi Coast Short Sale Condo, 114B, Miramar Beach Florida


Amalfi Coast Condo Sales
Popping bright colors make this Amalfi Coast Unit 114B short sale condo a Miramar Beach Florida joy! The kitchen is open to the living room with breakfast bar. The balcony has vistas of the Gulf of Mexico. Two bedrooms, plus bunk beds in the hall, so bring the family! The Amalfi Coast grounds have two pools, tennis courts, barbecue grills and covered park. Per the Amalfic Coast condo association, by October 2012 the property will be completely fenced and gated. The beach is across the street. The shopping is at Silver Sands, Baytowne Wharf, Grand Boulevard and Destin Commons. The restaurants are numerous. So is the fun!  This Amalfi Coast short sale has one lien - Bank of America.
778 Scenic Gulf Dr., Unit 114B, Amalfi Coast condo - Miramar Beach FL - Offered at $287,900
Amalfi Coast Condo SalesAmalfi Coast Condo SalesAmalfi Condo short sale agentAmalfi Condo short sale agentAmalfi Coast Condo SalesAmalfi Condo 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, July 27, 2012


Destin Florida VA Compromise Sale Approved by Bank of America

   Destin VA Compromise Sale
1137 Bay Court, Bayview Manor, Destin Florida, was just approved as a VA Compromise Sale.  The VA Compromise Sale program is helpful for homeowners who have a VA mortgage, and fall into financial hardship.  Like a short sale, it allows the borrower to sell their property when the market value is less than the remaining loan balance.  Here are the details of this Destin Florida VA Compromise Sale:
Mortgage holder: Bank of America
Original VA Mortgage: $262,000 appr
Current Market Value: $238,000 appr
Time for Approval: 80 days
Short Sale Deficiency: none
Bank of America's processing of VA Compromise Sales can take longer than other short sales. Why? They have fewer "negotiators" who can handle these type of files. VA short sales are not processed through Equator, which Bank of America uses for non-government short sales. Many Eglin Air Force Base or Hurlburt Field service members have VA home loans. When faced with a required PCS (permanent change of station), in a down real estate market, they can use the VA Compromise Program to avoid foreclosure. Other options are the military's HAP (Homeowner Assistance Program), traditional short sale, renting out the property, or bringing cash to cover the deficiency.
Do you have questions or need help with a potential VA Compromise Sale in Destin Florida or the surrounding towns of Crestview, Niceville, Navarre or Fort Walton Beach? 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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Monday, July 23, 2012

151 Snowdrift, Miramar Beach FL - Duplex for Sale - Walk to Beach


Miramar Beach duplex
This unusual duplex at 151 Snowdrift in Miramar Beach Florida has the Gulf of Mexico beach right at the end of the street.  No roads to cross, just seven lots away in your gated subdivision, you'll find the sand and waves! Use this beach bungalo as your vacation base. Your options - rent one unit, live in the other, rent them both, or combine into one fabulous home. There are two newer A/C units, newer appliances, and the roof less than 10 years old.  There are few duplex units in the entire Destin Florida area, so get some ideas and make it yours. Snowdrift is convenient to all of Sandestin, Baytowne Wharf, Grande Boulevard and Destin Commons.
151 Snowdrift Rd., Miramar Beach Florida - Duplex offered for $375,000
Miramar Beach duplexMiramar Beach duplexMiramar Beach duplexMiramar Beach duplex

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, July 17, 2012

Santa Rosa Beach Short Sale Saved from PNC Bank Deficiency


 

Santa Rosa Beach short sales

The other day I received a happy approval on a short sale lot in Santa Rosa Beach Florida.  The short sale lender PNC, had taken over the servicing on the loan from RBC Centura.  The original mortgage amount was about $550,000 in 2004.  Today, the value of the Santa Rosa Beach lot is about $70,000.
The seller was concerned we would not get an approval with such a huge monetary loss to PNC.  I said, "Let's give it a try!".  (I've gotten many short sales approved with high dollar losses.) The lot went under contract in about a week.  I already had a contact at PNC, so started the short sale process quickly by email.  The only documents that would be required were the HUD-1 settlement statement, the contract, buyer pre-approval and my listing agreement. The short sale was approved in two weeks!
The problem? The PNC negotiator could not get a waiver of deficiency What is that?  That means the seller would be liable for the almost $450,000 remaining debt on the loan.  He is in his 70's and unable to pay this due to job loss and a very serious illness.  I asked the negotiator to go back to management one more time, and I highlighted the key points of my seller's hardship letter. It explained in detail how the his disease would unfortunately cause his health worsen.  I also emailed the negotiator a link to the National Institute of Health website with a description of the illness.
Two hours later. Short sale approved - no deficiency! 
The Santa Rosa Beach couple was delighted. In fact, they came to meet me to thank me.  They brought a gift... a little crystal angel.  That meant more to me than I could express, and I told them.
My advice if you think you won't be able to short sale? Never give up! Hire an experienced Santa Rosa Beach short sale agent who can guide you through to success, and on 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

 

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Thursday, July 12, 2012

3075 Border Creek Rd., Brooke Estates, Crestview FL - Short Sale


Brooke Estates short sale

Lovely contemporary short sale home in Brooke Estates, northeast Crestview Florida. This newer house at 3075 Border Creek Road has eye appealing design with cathedralled living room open to kitchen. Deep red accent paint on plant ledge. Kitchen with breakfast bar, long counter space, large eat-in area. The formal dining room is off the wood laminate floored foyer with a half-wall. Master bedroom suite is huge! Includes crown moulding, deep red wall with chair rail, hallway to generous master bath. The back yard is big enough to grow tomatoes and play! Front entry punctuated by landscaped beds. Tennis courts and in-ground pool are nearby for community members. This Brooke Estates home with 4 bedrooms and 2 bathrooms is a short sale.
3075 Border Creek Rd., Crestview Florida - sold for $150,000
Brooke Estates short saleBrooke Estates short saleCrestview Florida short salesCrestview Florida short salesCrestview Florida 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

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Monday, July 9, 2012


HAP PCS receipts
I was dismayed the other day when I found out a Niceville Florida short sale seller could have used HAP (Homeowner Assistance Program) to sell his home, but did not. Now, due to the reduced value of his property, and military PCS move, he has no choice to avoid foreclosure, but to short sale.
Why? He qualified in every way: PCSd prior to September 2010, moved to a base more than 50 miles from Eglin Air Force Base, his property value had declined more than 10% and he had purchased his home prior to July 2006.
Why can’t he use HAP? He refinanced his home for more than the original purchase price with the express purpose of investing in property improvements. Normally, this might be covered by HAP, but not for this Niceville seller. He did not save any receipts for improvements. He paid for items with cash. In this case, HAP will only cover the original mortgage amount. To compound the problem, when he ran into financial difficulty, this Eglin AFB airman stopped paying his mortgage for several months (HAP will only cover "current" mortgage balances). Since he does not have the funds to pay the portion of the mortgage which far exceeds his original mortgage, or to pay past due mortgage payments, he is stuck with a short sale. Yes, short sale is normally a better option than foreclosure, but it will still affect his credit. 
If you were stationed at Eglin Air Force Base or Hurlburt Field, owned a home, and PCSd prior to September 2010, you might qualify for the HAP program. If you made improvements to the home or took out an equity line or refinanced, to cover the extra amount you must provide:  "legible invoices, detailed statements, receipts and proof of payment for each improvement". 
Don’t get stuck with a short sale or foreclosure if you are Air Force, Army, Marines, Navy or Coast Guard. Take advantage of the HAP program for your Niceville, Crestview, Navarre, Fort Walton Beach or Destin Florida home sale.
Do you have more 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

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Monday, July 2, 2012

602 Affirmed Ct,. Steeplechase, Crestview FL - Approved for HAP


Crestview Florida HAP agent

This home in at 602 Affirmed Ct., Steeplechase, Crestview Florida has been approved for a HAP Private Sale.  An appealing home with many udpates, it had solid surface counters, laminate floors, new landscaping and sod.  The location in Crestview south of I-10 made the home ideal for commuting to Eglin Air Force Base or Destin beaches. The HAP private sale application took about 7 weeks for approval. 
A "safe" way to do a HAP private sale, is to make your purchase and sale contract "contingent on HAP approval", instead of applying for HAP reimbursement after closing! 
If you are in the military and were PCSd from Eglin Air Force Base, Hurlburt Field, White or Duke Field, consider using the HAP program.  You can avoid short sale, VA Compromise Sale or foreclosure in some cases. If you don't have a mortgage, or have equity in your home, you can still use HAP when selling to recoup some of your lost market value and cost of improvements.
Want to know more? 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

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