Thursday, August 15, 2013

Destin Florida Real Estate Agents - Who's the Boss? YOU Are!

Rulnick Realty
In real estate, there is only one "Boss". That is YOU! After years as a traditional real estate company, Rulnick Realty is offering a new plan. This is the "Boss" plan, for real estate agents who are independent, experienced and smart.  It's for those Destin, Niceville, Fort Walton Beach, Crestview and Santa Rosa Beach Florida agents who are entrepreneurs. You don't need a Boss. You are the Boss!
What you get:
100% of your commissions
Your own leads from your own listings

What you don't get:

Floor time (unless you want it)
What it costs:
$295 per month and $295 transaction fee
This entrepreunerial program is not for everyone. If you don't want a monthly fee of $295, stay with a traditional plan.  If you are ready to earn more, it's time for you to be your own "Boss"!    
Questions?  Call Wendy Rulnick, Broker/Owner 850-650-7883

                                                                  Rulnick Realty 
                      

Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.
Co-Founder www.ShortSaleSuperstars.com  national network
call Wendy 1-850-650-7883

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Monday, August 12, 2013

3 Lien Short Sale - We Love a Challenge in Bluewater Bay, Niceville FL

Parkwood Estates short sale
Three short sale liens? No problem! This home at 1616 Myrtlewood Dr., Parkwood Estates, Bluewater Bay in Niceville Florida was just approved as a short sale and is getting ready to close.  Here are the details:
Lien #1 (Also called "Senior Lien"): Green Tree
Lien #1 Balance:  $300,000 appr.
Lien #2: Green Tree
Lien #2 Balance: $60,000 appr.
Lien #3 (Another "Junior Lien"): Key Bank
Lien #3 Balance: $30,000 appr.
There were a few challenges with this Parkwood Estates short sale listing. First, Green Tree does not process multiple liens on one property together. This is unlike Bank of America.  We had to deal with two different negotiators at Green Tree, and the seller had to provide separate forms and financials for each lien.  That meant we had to do twice the amount of paperwork. Second, Green Tree can be less than business-like in their collections department, and that is where you apparently start with many Green Tree short sales.
The Green Tree junior lien representative from the collections department asked me: "Doesn't the seller understand he signed a note stating he would make payments on the property?" That left me aghast. I could only say, "Ma'am, this is a short sale situation with a hardship and the seller is unable to pay."  She already knew that, of course. She also said this would be "very difficult" unless he made a payment. Oh boy.  She then insisted on "mailing" me a package for the seller to fill out, not emailing or faxing. When I asked why she couldn't fax it, she stuttered, "The fax machine is messed up." Right!  I could "hear" her grin on the other end of the phone.
Key Bank was a bit slow processing the short sale. They eventually requested a promissory note from the seller, but then agreed to simply release their lien. The seller preferred to work with them separately after closing.
This property at 1616 Myrtlewood Drive, Parkwood Estates, Bluewater Bay, Niceville Florida should be closing soon.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

                                                                  Rulnick Realty 
                      

Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.
Co-Founder www.ShortSaleSuperstars.com  national network
call Wendy 1-850-650-7883

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Wednesday, August 7, 2013

My Short Sale is Being Service Released, Now What?

Nationstar short sales
Oh no! You are in the middle of a short sale and you get the dreaded message from Bank of America“We are service releasing your loan.” What does this mean and what do you do?
First, here is some background.  When you make your mortgage payment to Bank of America, Wells Fargo, Chase, etc., did you know that they are likely just the “administrator” of your loan?  Unless they hold the note “in house”, they are only your loan “servicer”. They collect your payment, manage your escrow account, pay the taxes and insurance, and send the proceeds to the owner (also called the investor) for your loan, for example, Freddie Mac or Fannie Mae. Of course, they collect a fee for providing this service. (Here is a great article from the Federal Trade Commission that explains mortgage servicing.)
When servicing is moved to another company, for whatever reason, you have to be notified in writing 15 days before the transfer. Your Realtor will probably be notified before you, if you are in the middle of a short sale. Sigh! All the paperwork you have completed for Bank of America will probably have to be resubmitted or new forms filled out for your new servicer, even if you are promised otherwise. In a letter from Nationstar mortgage to the borrower after they took over servicing of a Bank of America loan during a short sale, they state “We will pick up where they left off and have all your documentation.” Well, they might, but we had to send in about six more forms and a Broker Price Opinion for this Destin Florida area short sale.  It’s a pity because it was almost approved at Bank of America prior to going to Nationstar. My advice if your short sale is getting “service released”? Be patient.
It's Wendy!
                                                                  Rulnick Realty 
                      

Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.
Co-Founder www.ShortSaleSuperstars.com  national network
call Wendy 1-850-650-7883

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Tuesday, August 6, 2013

How to Get a VA Compromise Sale Approved Netting Under 88.13%

VA Compromise Sales
I just got an amazing approval on a Crestview Florida VA Compromise Sale from BB&T!  You know the Veterans Administration requirement that the net proceeds of the sale be no less tham 88.13% of the appraised value? And the requirement that the VA Compromise Sale appraisal is firm for six months? This was a breakthrough approval that was about $25,000 less than 88.13% of the appraised value!  How did I achieve this?
First, some background. The Crestview Florida home on a few acres needed work. There were signs of a previous roof leak and rodent damage. This was detailed in a home inspection report for a buyer who had "walked".  His offer was the one that triggered the VA liquidation appraisal that was ordered by BB&T.  I had noted the problems in the MLS, including a copy of the inspection report with the buyer's permission. These facts were apparently ignored by the VA appraiser.  
After three months, and excellent communication with the BB&T negotiator, I precariously lowered the price. Yes, LOWER than what would net the holy 88.13%. She said she was a firm believer in doing anything you could to help the military service member and she would fight for an approval even if we were low. (Go BB&T!) Finally, an offer came in.  To support our case of lower value, I provided the negotiator with a report of all the feedback from showings, such as:
5/16/2013 There seems to be quite a bit of water damage to the ceiling in the front bedroom. This buyer is retiring and does not want to "fix anything up". I don't think we will be writing an offer
4/29/2013 the house smells like animal pee and it's strong. This turned the buyer off and he's looking elsewhere. I've shown this house twice now and it does not show well. Not sure what can be done other than sealing the floors and putting in new carpet.
4/18/2013 their concern is the roof it appears there is an active leak and erosion
In addition, I provided a copy of the previous buyer's home inspection. The BB&T rep sent that along with the contract, HUD, buyer pre-approval and home inspection to the VA. She said the VA tech replied "Rodents! This cannot be good!".  72 hours later, the VA Compromise Sale was APPROVED.
Many short sale lenders don't assign a "permanent" negotiator like BB&T to a VA Compromise Sale. This direct line of communication and caring were critical in getting the approval. What can you do if you are dealing with any other lender, such as Bank of America or Wells Fargo, who are much more immutable about VA Compromise Sales? You can try as I did, or speak directly with the VA. Email vastaffappraisers@va.gov.
It's Wendy!
                                                                  Rulnick Realty 
                      

Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.
Co-Founder www.ShortSaleSuperstars.com  national network
call Wendy 1-850-650-7883

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Friday, August 2, 2013

Sailwatch Landing Fort Walton Beach FL - SPS - PNC Short Sale Approved

Sailwatch Landing short sale 
SPS and PNC have approved this Sailwatch Landing condo in Fort Walton Beach Florida for short sale.
Here are the details:
Original Purchase price: $679,000
First Mortgage: SPS (Select Portfolio Servicing) ** note: this was originally a Bank of America loan that was "service released"
Balance: $530,000
Second Morgage: Etrade, serviced by PNC
Balance: $100,000
Market Value: about $280,000
This Sailwatch Landing condo, Fort Walton Beach, Florida short sale took 120 days for SPS to approve. They asked for a complete package three times. That was frustrating. ETrade, however, approved the short sale in 30 days. They initially asked for a promissory note from the seller. This was negotiated to a full settlement at closing in exchange for a seller cash contribution.
If you are thinking about selling your Fort Walton Beach house or condo as a short sale, give me a call. No matter how many liens you have, and whatever lenders, I will help you figure it out.
It's Wendy!
                                                                  Rulnick Realty 
                      

Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.
Co-Founder www.ShortSaleSuperstars.com  national network
call Wendy 1-850-650-7883

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