Friday, February 22, 2013

Sailwatch Landing A502 Fort Walton Beach FL – On Way to Sold


This luxury water view condo unit at Sailwatch Landing, Fort Walton Beach Florida is almost sold. Under contract in less than 90 days, this luxury condo has incredible water views from two sides. See Santa Rosa Sound and Choctawhatchee Bay, Brooks Bridge, sailboats and sand. The living room has two walls of windows to take it all in and corner gas fireplace. Walk out onto your full length balcony and enjoy the breeze. The kitchen is finished in granite counters and stainless steel appliances with an open view to living room and the water. There is a soundside pool and boat dock. This Sailwatch Landing unit is a short sale with SPS and E Trade, which is serviced by PNC. The short sale approval time will be between 60 – 120 days. Check out the views at Sailwatch Landing, Fort Walton Beach Florida!

If you are thinking of selling or buying a Fort Walton Beach Sailwatch Landing waterfront condo, call Wendy today 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



Friday, February 15, 2013

Bank of America Clarifies Short Sale MLS Policy


Bank of America short sale MLS policy
Bank of America has issued a clarification bulletin to their previous email which stated all short sale listings must stay "Active" in the MLS until they are approved.  Is this enough? Although they state the listing broker and the seller control the marketing, they are still implying listings that state "cash offer" only may not be approved.
Bank of America did not address points in their previous email which specified how to fill out the MLS and prohibited stating "appointment" only.  What do you think?
Here is what the bulletin said:
 The following information is to revise and provide additional clarity on the Multiple Listing Service (MLS) Requirements message that was sent on Feb. 11, 2013.

  • Listing the property on the MLS is not a new requirement in the short sale process and has always been a component of our fraud review.
     
  • The listing requirement demonstrates that the property was listed on the open market and the offer received represents an open market transaction.  We recognize that listing status classifications may differ by locale and are subject to local or regional MLS requirements.  Brokers should follow MLS requirements at all times. MLS statuses such as Back Up, Contingent or Pending may be acceptable.  Ensuring that the listing remains on the MLS until an approval letter is issued will help you show that the property was on the open market.
     
  • How the property is marketed is a decision determined by the Seller and Listing Agent, however, caution should be exercised in using terms like "cash offers only"or "property is ineligible for financing".  This kind of verbiage can be considered an attempt to exclude a financed buyer and lead to a delay in processing the short sale.  All offers are subject to investor approval and are reviewed on a case by case basis.
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 14, 2013

Bank of America Short Sale Policy - Trying to Control MLS?


Bank of America Short sales
The recent Bank of America Short Sale agent update that was emailed out today states:
  1. Your Bank of America short sale listing must be "marketed in the MLS" as ACTIVE until an approval letter is issued.
  2. How you are to fill out your MLS fields in a general manner and specific manner.

Many MLS rules and even some State laws may disallow keeping short sales "active" on the market after the seller has accepted an offer. The Florida Association of Realtor says a short sale contract is still a contract. In fact, my local MLS. the Emerald Coast Association of Realtors in Florida, has a rule that even short sale properties that have "offers" (unsigned by the seller), that are sent to the short sale lender (don't do that), must be removed from "active" MLS status, and placed into "pending" or "contingent" status.

When I initially read the email I thought it was intended for REO agents (where Bank of America is the seller), not short sale agents. I was mistaken. I think this latest effort by Bank of America is overstepping. Certainly, there are valid points, such as, it is wise not to state a short sale is "pre-approved". But the email edict seems to also be micro-managing short sale agents and potentially is contrary to some State laws and MLS rules. The property is still owned by the seller. Third party "approval" does not equal "seller" status.

Here is the body of the email from Bank of America:
Exclusively for: | Wendy RulnickForward a Friend
 
 
Short Sale Customer/Agent Care
1.866.880.1232
8 a.m. - 10 p.m., Mon. - Fri., ET

9 a.m. - 5:30 p.m., Sat., ETbankofamerica.com/shortsaleagent
 
 
   
  
 

Short Sale Agent Update


February 11, 2013
    
   
 
   
  
In our continued effort to ensure acceptable and fair marketing activity for all short sales, this is a reminder that Bank of America requires all properties to be listed on the Multiple Listing Service (MLS).The property must have been listed prior to the acceptance of an offer. All offers must be submitted by the buyer subsequent to the listing date, and the property must be marketed on the MLS until a short sale approval letter is issued. Any property not listed on the MLS may experience processing delays, and/or the Short Sale file may be declined.The following actions can help prevent processing delays and/or file declines.
  •  List the property on the MLS and include all basic property detail, including: 
    • Number of beds/baths, square footage, lot size, year built, location, interior features, etc.
    • All known property information used to market the property to prospective buyers.
    • Alternative language such as "unknown" or "unavailable" should be used - instead of leaving fields blank - when you encounter certain property characteristics that may be unknown via public record (e.g., Property taxes, deed information, and other fees).
  • Ensure the MLS remarks and/or comments do not reflect unacceptable language such as: 
    • "Do not disturb homeowner, property not available for viewing"
    • "Bank has already approved the short sale"
    • "Cash offers only"
    • "Preapproval through listing agent lender only"
  • Ensure the listing status is current and active on the MLS until a short sale approval letter is issued
Per investor guidelines, additional documents may be required and will be communicated, as applicable, by the Short Sale Specialist.
  
   
 
 
 

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 7, 2013

Valparaiso Niceville Florida - Residential Credit Solutions Short Sale


Residential Credit Solutions
Stylish short sale home at 316 Ohio Ave, Valparaiso, Niceville, Florida, near Eglin Air Force Base. Wow factor with exposed beams throughout the main rooms. Track and recessed lighting added. Living room has floor to ceiling brick fireplace. Kitchen has been redone with concrete counter tops, tile backsplash, cabinet pulls. Lots of white cabinets in kitchen and huge laundry room. Tile floors. Bedrooms have exposed beams. Bathroom upgrades include pedestal and vessel sinks. Great yard with raised playhouse. Patio, front porch with a swing. Roof replaced 2005. There is one short sale lender, Residential Credit Solutions.

316 Ohio Ave., Valparaiso Florida near Niceville, is offered for $119,900

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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 5, 2013

Fort Walton Beach Regions Bank - Short Sale Approved


Regions Mortgage short salesThis Regions Mortgage Fort Walton Beach Florida short sale was just approved! It was one of the longest short sales transactions I've had in a few years.  How long? Five and a half months.

There were a few twists to this Fort Walton Beach short sale story. The property was a triplex and there were three loans on it. All were with Regions Mortgage. All were Fannie Mae backed loans.  One problem was that the Okaloosa County Property Appraiser said the Triplex was one property, not three.  Regardless of what the property appraiser said, Fannie Mae, wanted three contracts to review. So we had to break the original contract into three.  Regions Mortgage stated they were waiting for Fannie Mae to respond for "months" to our file.  Regions did not always return emails and phone calls promptly, but they did, however, provide me with the direct email addresses of their negotiators.  This is always helpful. Some lenders, such as Suntrust, do not provide negotiator contact information at all.  Another interesting note - Regions accepted electronic signatures. Bank of America would not accept electronic signatures on a Fannie Mae short sale I recently completed with their company, stating that Fannie Mae's electronic signature guidelines were too onerous.

Finally, in January, after a small counter offer, and the buyer countering back, we had an approval from Fannie Mae via Regions Mortgage.   Or three, that is!  This property is scheduled to close within the next few weeks.  The seller received a full waiver of deficiency.

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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Port Dixie, Shalimar Florida Bank of America Short Sale


DSCN0813
Shalimar's Port Dixie area has  a new Bank of America short sale home listed at 32 9th St. This is   in pre foreclosure status and needs an immediate offer. The home has a unique and fun floorplan on a huge lot. Updates include recently replaced kitchen countertops, new tile in the bedrooms, kitchen and den. The living room and parlor have laminate flooring. Formal dining area. This floor plan has two living rooms or a bonus room with bar. Screened porch overlooks big lot, which goes all the way back to rear street for great access and variety of possibilities.  This Shalimar Port Dixie location is great for Eglin AFB and Hurlburt Field commutes!

32 9th Street, Port Dixie neighborhood, Shalimar Florida - priced in the 1teens.  Call or email for current pricing.
Shalimar Florida Bank of America short sale
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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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