The Rulnick Report

Short Sales with PMI - Strategy Session

2008-08-24T11:50:00.002-05:00

This week I've had one of the best Short Sale experiences with a company to date. That is- United Guaranty, a mortgage insurance company. I have a Short Sale in Destin, Florida. The property, a condo, was purchased in 2005 for $580,000. Today, it is worth around $270,000. My seller purchased the unit as an investment. He planned to rent it out as a vacation-rental. The income should have offset the mortgage expenses. Well, the rental market has plummeted along with the sales market, and coupled with his diminished income, he has been unable to keep up with the payments. He hired me to help him before foreclosure ensues. He has a first and second mortgage, Countrywide.

We've had three offers on the unit, but the buyers all withdrew, citing they still believed the condo market was in decline, and were unsure if they were overpaying. Finally, we get a buyer whom we know will stick with it. Well, in the midst of the Short Sale process, Countrywide collects from the MI company, United Guaranty, who take over the liability on the second. I am told to contact them directly, and to see if they'll take Countrywide's offer of $3000.

I called UGI, and they requested: letter of authorization for me to talk to them, letter of authorization for them to talk to Countrywide and vice-versa, contract, listing agreement, comparative market analysis, and HUD reflecting $6340, not $3000 that Countrywide wanted to offer them. I asked them if I should verbally relay that to Countywide first, and they said it was a better "strategy" to present it in writing with, hopefully, an approval letter from them. The rep said that Countrywide would be far better off paying $6340 than having to foreclose. I joked with the rep, "Do you want me to tell them that?" Anyway, I got the information together and emailed it on Tuesday. I received the approval letter on Friday! The rep called me to say my market narrative was excellent, "Exactly what we wanted" and the key to the approval.

I sent the HUD with UGI's approval letter to Countrywide on Friday. They have not rejected the $6340, but told me they will need more details to get through their approval system due to the huge loss. They want a detailed listing history, history of offers with buyers withdrawing, date of birth and address of buyer. OK, I'm on it.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Read my Blog.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Short Sales with PMI - Strategy Session* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Another Countrywide Short Sale Approved

2008-08-21T08:57:00.001-05:00

I know everyone likes to complain about Countrywide Short Sales, but you know what, I like them. They are consistently inconsistent. I've had approvals from them in five weeks, without even a phone call from the negotiator, to five months, after them losing information, switching negotiators four times, and forgetting to order BPO's. At least it's a behemoth of a "system", and the consistency of the agent is the key to success with them.
My most recent approval is a condo in Destin, Florida. The drill was the same as most other short sales, with the key to the magic "approval" near the end. Here's the typical scenario from the listing agent's perspective:

Qualify seller

Obtain and prepare seller package

Price property at fair market value

Market property Field calls from agents asking "How far along in the process is the short sale?"

Field calls from agents asking "Do you have any offers on the property?"

Explain process to agent who is going to write offer

Once under contract with seller, send package to Countrywide

Follow up diligently with Countrywide

Buyer threatens to walk

Follow up diligently with Countrywide

Buyer threatens to walk

Obtain counter from Countrywide

Buyer says no, he'll walk

THE KEY, since this is a good offer, PROVE offer is good to Countrywide

Wait for approval

Buyer threatens to walk

APPROVED

Skill sets of the listing agent come into play in all aspects. Prepare well, get the details right, follow up, see the big picture, and get your approval.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Read my Blog.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Another Countrywide Short Sale Approved* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Florida: Short Sale Sellers Pay Extra Taxes

2008-08-19T18:30:00.001-05:00

Incredible! My state, Florida, has decided to reap additional taxes on those who have the unenviable position of having to do a Short Sale to save themselves from foreclosure or other financial ruin. Florida, like some other states, has a standard tax to the seller whenever there is a sale of real property. It is based on the sales price. Some states call this a "conveyance" tax. Florida calls it "Documentary Stamps on the Deed". It's a tax. The calculation is the sales price multiplied by .007, roughly. Thus, a sale of $300,000 would trigger taxes due at closing to the State of Florida for $2,100. What title agents, also called closing agents, have done up until now is to collect this tax based on the sales price in the contract. But now, in a letter dated August 7, 2008, the Florida Department of Revenue has made it clear to title agents that they must charge this tax on the full amount of the forgiven debt. So, in the case where a home is sold for $300,000 and mortgage debt of $100,000 is cancelled, Florida wants an additional $700. Apparently, they want their money now. Thus, we have title agents scrambling to collect extra taxes on past closings. How are they going to get that money? I doubt the lenders will cough it up so quickly. And, who is really paying here? This extra tax might seem like a gold mine to Florida. It probably totals in the millions. Again, who is really paying this fee? I see it as opportunistic only.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin Florida real estate and vicinity.

Short Sale Pre Foreclosure Help.

Read my Blog.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Florida: Short Sale Sellers Pay Extra Taxes* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Are Your Computers Safe from Hurricanes?

2008-08-19T18:25:00.002-05:00

Are your business computers safe from pending hurricanes or other natural disasters? I am concerned, as I wrote in Oh No- Hurricane Season- Here It Comes! In preparation, consider the following advice courtesy of my computer guru, John Wright of Accelerated Solutions....

>>>There are plenty of sources for hurricane preparedness to protect lives, homes, pets, and property... but what about the computer systems?<<<

With this pending storm and those that will follow, make sure your business has a solid hurricane safety plan for your computer systems.

How can a small business owner protect their data in a hurricane, tropical storm, or flood?

>>>A full backup of all computer systems should be made including E-mail, Contacts, Documents, Financials, Databases, Etc.<<<

>>>Backed up information should be stored in two separate locations.<<<

Replacing mission critical data may be impossible, please cover all your bases.
A simple external hard drive for $100 or less can save your data and possibly your business.

Checklist:

Update your contact lists

Unplug & Move Electrical Equipment to higher/safer locations & Disconnect from data lines

a. Telephone equipment
b. Network equipment
c. Servers, Desktops & Peripherals

Remove/secure all antennas and satellite dishes

Check and replenish, if necessary, stocks and supplies (plan for both before, during, and after a storm as supplies may not be available for purchase immediately following event)

Clear all unnecessary items out of vulnerable areas and areas which may need to receive moved equipment

Advise main and remote offices of preparatory actions they should take at work and at home

Verify switchboard/phone forwarding & relocation works to alternate numbers (cellular, etc.)

Notify employees of potential actions that may need to be taken

Have tarps/plastic available to cover equipment to protect against damage should structure failure occur

Secure and lock down all workstations, offices and work areas

Individual offices and work areas should be checked and "storm readied"

Close and lock all windows - Computers and electrical equipment should be moved away from windows

If you require assistance or have questions please contact us at 850.650.8961

Thanks,
John A. Wright
The Accelerated Group, LLC
Technology Consulting & Integration
Miramar Beach, FL
850.650.8961

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Read my Blog.
Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Are Your Computers Safe from Hurricanes?* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Oh No - Hurricane Season - Here It Comes!

2008-08-16T12:02:00.002-05:00

Oh no- here it comes! Tropical Storm Fay is predicted to become a hurricane today. It could reach the U.S. by Thursday. Dr. Jeff Master's Wunder Blog says the storm may become a Category 1-2 by tonight. Living on the Emerald Coast, in Destin Florida, past pre-hurricane flutters are rushing back. "We should get ready now!" I tell my husband. "Do we have extra gas? Cat litter? Tranquilizer for Micah?" (Michah is one of my three cats. He meows every ten seconds during our evacuation trips to Atlanta or Huntsville.) I am anticipating watching the Weather Channel every hour for an update, and checking the National Hurricane Center for the projected path. Wish us all luck!

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Read my Blog.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Rulnick Realty: 2 New Agents

2008-08-15T12:48:00.002-05:00

What a fabulous week. I would say, full of "serendipity! I've hired two new agents to work at Rulnick Realty. The first, Beverly Dudley, has several years real estate experience. She will also fill the role of my executive assistant. I was looking for an additional staff member, as we are overwhelmed with new listings and short sales. Each day, my office manager, Gareth Wood, and I fill every every second multi-tasking, eating at our desks, phone, email and writing simultaneously. It's been crazy. That's why I knew I needed to expand my staff to keep up with the flow of new business. Beverly will help with prospecting, closing coordination and filling in as necessary. She previously worked for a top agent (now retiring) in my area. She sold new construction homes and townhomes in Santa Rosa Beach, as well as beachfront condos in Destin. Beverly's got a great, outgoing personality. One thing that impressed me was when she said, "When I get a contract-it closes!" Now, that's confidence.

My other new agent is Carl Hoskins from Santa Rose Beach. Carl was in the U.S. Air Force for many years, acting, believe it or not, as secretary to generals! He's been in real estate for two years. What's quickly evident is- he is meticulous about what he does. He has a solid grasp of the market, is detail-oriented, and has a warm, people-loving personality. He has many military connections and enjoys building relationships. What a great combination!

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin Florida real estate and vicinity.

Short Sale Pre Foreclosure Help.

Read my Blog.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Rulnick Realty: 2 New Agents* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

How "Not" To Buy A Short Sale

2008-08-12T18:08:00.001-05:00

Yesterday I received an offer on a Short Sale listing in Destin Florida. The list price was $216,000, a bit below market, and the house had been for sale for over five months. An agent produced an offer for $175,000 and it was contingent on seller's lender approval within 45 days. It also stated "The buyer has the right to withdraw the offer at any time prior to seller's lender's approval".

I presented this offer to my seller. We both knew $175,000 was nowhere in range of market value. Additionally, 45 days for lender approval is not realistic, with Short Sale approvals sometimes running 120 days or more. Finally, the buyer having the right to withdraw the offer at any time, made it a non-offer. So we countered as follows:

-Purchase price: $210,000
-No right to withdraw at "any time"
-90 days for bank to approve, with additional 30 days if needed

The buyer's agent responded the next day: "My buyers have decided not to accept the counter offer conditions, they don't want to wait 90-120 days to find out whether or not their offer will be accepted. If they knew within a few weeks that the seller's lender would take their offer but it would take that long to close then they wouldn't mind waiting. It would tie them up too long and they want to find a place soon. I explained to them the timing of the short sales and they will try to find something that isn't one."

This agent should have found them a non-short sale in the first place, if that was the buyer's outlook, and the agent should have educated the buyer about the Buying Short Sales. Instead, the buyer was attempting to tie up the property, generate an avalanche of paperwork and phone calls, and then say "no" at any time. The practice of agents writing offers with the buyer's right to withdraw at any time has grown for two reasons. One, because many Short Sale listing agents send multiple, sometimes unsigned offers to the lender in a "bid" situation, and the other, by buyers simply frustrated with waiting. When more listing agents practice One Strong Contract principles, buyers will become confident that the their Short Sale contract will close. But before then, these types of offers will continue to run rampant in the marketplace.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Read my Blog.

Multiple Offers- Foreclosures

2008-08-08T08:44:00.002-05:00

Yesterday I was in the midst of a multiple offer situation. The property was a Destin foreclosure, a condo near the Gulf of Mexico. There were two offers, and the seller, a bank, asked for "highest and best offer" from each party, a standard practice in the foreclosure industry. While driving back to my office from an appointment, I received a call about the condo on my cell phone. Here is the conversation, I have changed names for the sake of confidentiality.

Buyer: "My name is Joe Garbled and I am calling about your Piper condo! What can you tell me about it?"

Wendy: "Are you an agent?"

Buyer: "No, l am a buyer".

Wendy: "Sir, there are two offers on the property. It may be sold by tomorrow..."

Buyer: "Is the offer cash? Is it under 180,000?"

Wendy: "Sir, I cannot say. Do you want to make an offer on the property?"

Buyer: "Yes, but is the offer cash? Is it under 180,000?"

Wendy: "Sir, I am driving now, cash doesn't matter to this bank, they want the best net offer."

Buyer: "Call me when you know something!!"

I thought the call was quite strange, and it put me into a delicate situation regarding disclosure. The seller had not instructed me to divulge price and terms of either offer. Anyway, I proceeded to follow up with each of the buyers' agents to make sure they had received the multiple offer paperwork from the foreclosure bank. Agent #2 said yes, but his buyer wanted to call me directly to ask me some questions, and he told him not to. I asked, "Is his name Joe?" "Yes".

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin Florida real estate.
Short Sale Pre Foreclosure Help.
Read my Blog.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Multiple Offers- Foreclosures* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

HOPE for Homeowners

2008-08-04T14:20:00.001-05:00

I have been getting calls from sellers with rising mortgage bills or from those who have lost income or jobs, to find out if they are eligible for the favorable refinance benefits recently passed in the Housing and Economic Recovery Act of 2008. Following is quoted directly from the Senate Banking Committee. To find out if you qualify, you should call your mortgage lender.

Summary of the "HOPE for Homeowners Act of 2008"

The "HOPE for Homeowners Act of 2008" creates a new, temporary, voluntary program within FHA to back FHA-insured mortgages to distressed borrowers. The new mortgages offered by FHA-approved lenders will refinance distressed loans at a significant discount for owner-occupants at risk of losing their homes to foreclosure. In exchange, homeowners will share future appreciation with FHA.

The program is built on five principles:
1. Long-term affordability. The program is built on the idea, expressed by Federal Reserve Chairman Bernanke, that creating new equity for troubled homeowners is likely to be a more effective way to avoid foreclosures. New loans will be based on a family's ability to repay the loan, ensuring affordability and sustainable homeownership.
2. No investor or lender bailout. Investors and/or lenders will have to take significant losses in order to benefit from the proceeds of the loans refinanced with government insurance. However, these losses would be less than the losses associated with foreclosure.
3. No windfall for borrowers. Borrowers will share their new equity and future appreciation equally with FHA. Borrowers will pay for the FHA insurance.
4. Voluntary participation. This will be a voluntary program. No lenders, servicers, or investors will be compelled to participate.
5. Restore confidence, liquidity, and transparency. Credit markets are fearful and frozen in part because banks and other financial institutions do not know what their subprime mortgages and related securities are worth. The uncertainty is forcing lenders to hoard capital and stop the lending necessary for economic growth. This program will help restore confidence and get markets flowing again.

Eligible Borrowers. Only owner-occupants who are unable to afford their mortgage payments are eligible for the program. No investors or investor properties will qualify. Homeowners must certify, under penalty of law, that they have not intentionally defaulted on their loan to qualify for the program and must have a mortgage debt to income ratio greater than 31 percent as of March 1, 2008. Lenders must document and verify borrowers' income with the IRS.

New Loan Amount. The size of the new FHA-insured loan will be lesser of the amount the borrower can afford to repay, as determined by the current affordability requirements of FHA; or, 90% of the current value of the home. Loans must be 30-year, fixed rate loans.

Equity & Appreciation Sharing. In order to avoid a windfall to the borrower created by the new 90% loan-to-value FHA-insured mortgage, the borrower must share the newly-created equity and future appreciation equally with FHA. This obligation will continue until the borrower sells the home or refinances the FHA-insured mortgage. Moreover, the homeowner's access to the newly created equity will be phased-in over 5 years.

Existing Subordinate Liens. Before participating in this program, all subordinate liens must be extinguished. This will have to be done through negotiation with the first lien holder.

Program Sunset. The program will begin October 1, 2008 and sunset on September 30, 2011.
The complete summary is on the Senate Banking Committee website.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Search Destin Florida real estate.

Short Sale Pre Foreclosure Help.

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *HOPE for Homeowners * Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Notes From A Short Sale

2008-07-31T14:49:00.000-05:00

Notes From A Short Sale
I just had another Destin Florida short sale approved. Following are my notes starting with the most recent going back to the beginning of the Short Sale Approval Process with Countrywide. This might be useful to show buyers' agents and potential buyers to help them understand some of the processes the listing agent goes through to get approval.

7/29/2008 4:22 PM Sara from COUNTRYWIDE Calling she is faxing APPROVAL!
7/29/2008 3:42 PM CALLING COUNTRYWIDE looking for approval letter if hear nothing by Thursday will escalate to team leader...
7/28/2008 2:40 PM CALLING COUNTRYWIDE no update
7/28/2008 11:26 AM CALLING COUNTRYWIDE we said OK on July 24.... no approval letter faxed yet... ? Wendy is following on where it is?? I emailed Sara looking for it, too
7/23/2008 4:52 PM Homeowner said will take promissory note
7/23/2008 4:02 PM Sara from COUNTRYWIDE called usually they try to work with homeowner... with 0% interest rate... $10,000 72 pmts $138.89 beginning OCT 1... 0% interest.... default if payments not received after 10 days... email 167052@countrywide.com ALL APPROVED JUST NEED PROMISSORY NOTE
7/23/2008 12:56 PM CALLING COUNTRYWIDE "Diane" Fannie Mae approval July 11 why taking so long?? On July 2 I was told two weeks ON JULY 21 COUNTRYWIDE received email from TRIAD- FANNIE MAE require a promissory note to be signed... Owed $400,000.... sale price $198,000 NO PAYMENT ARRANGEMENT OR ANYTHING IS NOTED IN THE FILE, rep will email supervisor as ""urgent"
7/22/2008 4:04 PM CALLING COUNTRYWIDE transferring to another department because it's a Fannie Mae loan? Tried to reach... negotiator for me... cannot reach, emailing her again for me... for her to call me
7/21/2008 4:15 PM CALLING COUNTRYWIDE CHRISTINE trying to help me... cannot find any clues...
7/21/2008 2:30 PM CALLING "TAMI" was submitted on July 11 to investors for approval... will try to contact negotiator On July 11, received approval from FANNIE MAE Sara's line is busy will email her....
7/18/2008 12:07 PM CALLING COUNTRYWIDE "Lynette" no dates as to when approval letter will be sent out... she can no longer contact negotiator for me... Got email from selling agent buyer is looking at other houses....
7/17/2008 3:47 PM CALLING COUNTRYWIDE just waiting for approval letter to be sent out...
7/16/2008 5:04 PM CALLING COUNTRYWIDE wrote a memo on July 11, file is under review for "second"
7/15/2008 10:57 AM Calling COUNTRYWIDE "Alicia" for status...no new updates... wants us to refax HUD to 800-658-0395
7/14/2008 1:27 PM Calling COUNTRYWIDE to follow up, faxed them a new HUD this a.m., tried to reach negotiator by phone, will email her for me...
7/14/2008 10:00 AM COUNTRYWIDE says Fannie Mae sent approval Friday with conditions. I am trying to get conditions
7/11/2008 12:10 PM CALLING COUNTRWIDE "Aman" still at the PMI company COUNTRYWIDE checked into it today...
7/8/2008 12:49 PM CALLING COUNTRYWIDE "Sandra" submitted for approval on July 2, went to Fannie Mae/Triad... for approval...
7/3/2008 12:50 PM Calling COUNTRYWIDE to make sure file was sent to PMI company SUBMITTED TO BOTH MORTGAGE COMPANY AND INVESTOR for approval...
7/2/2008 9:55 AM Calling COUNTRYWIDE cuz buyer says he'll walk if no close by July 8I called Countrywide just now. Negotiator cannot guarantee July 8 -need secondary approval from PMI company- which could take 1-2 weeks more. Negotiator said she will get it to PMI company this morning. Negotiator said only needs approval from PMI company! She said 198,000 offer looks good to Countrywide, and they do not need to run this by the end-investor on the loan. I feel it could take three weeks more, but this looks very positive. Negotiator said to advise buyer "everything looks great". Just need authorization from mortgage insurance company.
7/1/2008 2:17 PM CALLING COUNTRYWIDE to check on status again... said previous rep's discussion re: Fannie Mae did not matter?! On June 20, she should have sent file for review to investor, however, no notes on the file as of yesterday.... said negotiator has 3-5 biz days to call me back, Won't know anything until July 7th on the account? Negotiator should be contacting me between Monday and Wednesday of next week....
6/30/2008 2:16 PM Called. said they would email negotiator
6/25/2008 11:12 AM I should call Home Retention division as this is a Fannie Mae type product DIRECT NUMBER1-800-669-6650 FOLLOW up if I don't hear within 2-3 biz days.
6/25/2008 10:57 AM CALLING COUNTRYWIDE showing.. file not reviewed let, passed "confidence test" based on appraisal... looking for assistance on review... REP said he will ESCALATE, sees no reason for delay
6/25/2008 10:06 AM CALLING COUNTRYWIDE got hung up on...
6/20/2008 11:56 AM CALLING COUNTRYWIDE no updates
6/10/2008 12:29 PM CALLING COUNTRYWIDE no updates
6/4/2008 11:33 AM CALLING COUNTRYWIDE negotiator assigned on May 30 Sara Kane negotiator ext 2339 all docs were scanned in May 1, everything there. Need 10-15 biz days to review whole account MAY Get back to me June 13 to June 20
6/4/2008 10:50 AM CALLING HEART TEAM she cannot find receipt of appraisal CONTACT COUNTRYWIDE, this is home retention management....HEART team is only workout, said to call short sale line
5/28/2008 10:23 AM CALLING Countrywide. no negotiator assigned yet. Referred to Heart Team 877-643-2788
5/22/2008 12:24 PM Appraisal came back May 13 may take 15 biz days to assign negotiator
5/8/2008 10:11 AM CALLING Countywide just referred on the 29th no updates until May 29 (still has in 30 day review process)
5/6/2008 11:18 AM Appraisal Company doing appraisal 5/5, Sterling Appraisals LLC...
5/6/2008 11:11 AM CALLING Countrywide, not assigend to a negotiator yet
4/30/2008 10:08 AM Package Recieved.
4/29/2008 2:27 PM Faxed Package to Countrywide
4/28/2008 4:47 PM Called Countrywide to tell them of offer. Sean told me sellers must call to review financials... I am calling back to get new rep, this one was a pain.
4/18/2008 3:20 PM Offer negotiating
4/4/2008 8:34 AM LOA acknowledged
3/25/2008 9:56 AM LOA faxed for #114995265

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Search Destin Florida real estate.
Short Sale Pre Foreclosure Help.

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *NOTES FROM A SHORT SALE* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

New Tablet PC for Better Blogs

2008-07-31T07:59:00.002-05:00

Are you a Tablet PC user? I am sltting here on my living room couch, my Motion Computing slate on my lap, writing this blog directly on the monitor. In fact there is no keyboard right now, that's why it's called a "slate". There is a special "pen" with electronics that is recognized by the pc. I have had this Motion for about four years. a long life for a computer. And I do love it. But now it may be time to put it out to pasture, or give it to my husband! The USB ports are finally kaput. The system no longer recognizes my exterior keyboard, which I prefer for serious blogging. That's been keeping me from writing as much as I wish. You see, the handwriting recognition isn't perfect. So I have to tediously go back and fix what I've written. And on long flogs oops I mean blogs, it dampens the flow! So my search has begun for a replacement tablet...

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in Real Estate, luxury homes and short sales on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Search Destin Florida real estate.

Destin to Atlanta

2008-07-29T08:32:00.001-05:00

Sometimes even those of us who live in "paradise" need a vacation. You know, Destin, Florida- sugar white beaches, emerald green waters, the "world's luckiest fishing village". After having worked what seemed like eons with no vacation, I needed a break. My husband and I did just that this weekend. We went of all places, to Atlanta! You know, it's usually Atlantans that come to Destin. But I needed my "city" fix. I mean, more specifically, my shopping fix. We drove six hours to stay at the J.W. Marriott in Buckhead, attached to Lenox Square with about 250 stores, and across the street from Phipps Plaza, 150 more. We're talking electronics, clothes, furniture, make-up, The world's largest Pottery Barn, Apple, Sephora, soap stores, clothing stores, Neiman Marcus, Gucci and more. And my favorite shoe place, Macy's.... (why isn't there a Macy's in Destin?) We did enough walking that the incredible food wasn't a problem. Orange-basil salmon, mounds of sushi, French cheese cake, chocolate torte and sambuca. We must have walked ten miles. What did I splurge on? A lip-stick red humongous tote that I saw in the window of Crate and Barrel. And a Turkish robe and slippers. Not for me, but for my husband! Atlanta- ahhhh.... You've soothed my spirits and energized me with your sophisticated shopping, gourmet delights, brick Georgian homes and metro flair. I'll be back.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in Real Estate, luxury homes and short sales on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Search Destin Florida real estate and vicinity

Short Sale Promissory Notes: Getting More Common

2008-07-29T08:20:00.003-05:00

Do you have a Short Sale with a second mortgage? Or perhaps PMI involved? Or Fannie Mae? Two of my Destin Florida real estate sellers have recently been asked to pay up. Here's the scenario:

Santa Rosa Beach FL Short Sale:
Owes $325,000 on first - Everhome Mortgage
Owes $90,000 on second - Citi
House value and offer - $225,000
Citi Says: "Pay back $16,000 (of $90,000 loss) at 0% interest over 80 months" Also want $3000 from first.

Destin FL Short Sale:
Owes $200,000 on first - Countrywide
Owes $200,000 on second - Countrywide
House value and offer - $190,000
Countrywide via Fannie Mae PMI, says "Pay back $10,000 (of $200,000 loss) at 0% interest over 72 months. payment $139/ month" and they'll approve sale.

Are these reasonable requests? It seems so, in light of the tremendous losses involved. Expect to see more of these scenarios in the future.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in REAL ESTATE, SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call 850-650-7883 ext 204
Search Destin Florida real estate and vicinity
Short Sale Help

Qualifying The Short Sale Seller

2008-07-18T16:56:00.001-05:00

Yesterday I got a referral to a Short Sale seller. The agent who referred her was not familiar with Short Sales and thought I could help. I called the seller. The phone conversation went like this:

Wendy: "Why do you need to sell the house?"

Seller: "It is really too much for me."

Wendy: "In terms of...?"

Seller: "The market value has declined and we pay too high a mortgage. We can rent a house like ours for less, and I want a different house."

Wendy: "Can you afford your mortgages payments?"

Seller: "Yes."

Wendy: "You don't have a hardship. The Short Sale lender will only approve a sale where there is a legitimate hardship and inability to pay."

I proceeded to go over her income and expenses and we found she had about $700 extra per month after paying bills. It is prudent to qualify our sellers before we take a Short Sale listing.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Selling Real Estate on the Emerald Coast of Florida: Destin, Fort Walton Beach, Navarre, Niceville, Santa Rosa Beach and vicinity. Call 1-877-487-9639.
www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com

Winning: Tennis & Short Sales

2008-07-10T08:05:00.001-05:00

What does it take to be a winning Short Sale listing agent? Among other qualities, the number one attribute is: tenacity. Webster's dictionary says to be tenacious is to be "persistent in maintaining, adhering to, or seeking something valued or desired".

One can liken the attitude to that of Rafael Nadal's, who just won the Wimbledon tournament by enduring five grueling sets against the long-time reigning champion, Roger Federer. It was the longest finals in Wimbledon history at four hours and 48 minutes. No matter how grim the outcome looked, overcoming the challenge of the grass court, overcoming Federer's brilliant play, and overcoming missed chances to win again and again, Nadal prevailed. He never gave up. And he won.

When interviewed he said "I had a very positive attitude, l felt confident with myself.
"It's the final of Wimbledon so I have to continue fighting all the time... I had a winner's attitude.... If you play with a good mental attitude, even if you are not 100 percent, you can win because you win more with your heart, with your will power than with anything else.... If you fight all the time, if you have a good mental attitude, it works."

Each Short Sale we have is like the Wimbledon final. It is us against the big bank, the big corporation, the black hole of voice mail, check boxes, customer service reps, missed faxes, flawed appraisals and bad attitudes. It is fighting every "NO" and coming back with brilliant volleys, critical thinking, quick recoveries and getting back up after every lost point. It is tenacity- never giving up.

Successful Short Sale listing agents have this attitude. That's how they win.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Fort Walton Beach, Santa Rosa Beach, Niceville, Bluewater Bay, Sandestin, Seagrove Beach, Navarre and vicinity.

Call 1-877-487-9639
www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com

Appraisal Rebuttal: First American-SunTrust Short Sale

2008-07-10T07:57:00.001-05:00

Do you have a First American Bank (subsidiary of Suntrust) Short Sale with a Fannie Mae-backed mortgage? If so, prepare for difficult times proving contract price in a declining market. Unlike many other lenders, First American is proactive working with the homeowner ahead of time in the Short Sale process. And in doing so, they perform appraisals on the subject property even prior to an offer. The problem is - they will only do an appraisal every six months! No matter what. Why? They say that's all that Fannie Mae will pay for. That makes no sense, especially in a quickly declining market.

Here is my appraisal rebuttal to First American, who used an old appraisal, after receiving a good offer for $170,000 on a Short Sale listed for $183,000 but which appraised for $200,000 two months earlier.

With regard to the offer for 12 School St., Navarre, FL for $170,000 plus VA buyer closing costs, I believe the offer deserves serious consideration. I am told you have an April 2008 appraisal for $200,000. I am disputing the validity of that appraisal in this market for this particular home. Here is why:
The subject has been listed since APRIL 2007- over a year- with a price dropped in December 2007 from $249,000 to $214,900- no offer
The price was again dropped to $205,000 for 60 days in March and April 2008- still no offer
From April 2008 until today- 60 more days-- the price has gradually dropped from $189,000 to $183,000
On June 11 an offer for $152,000 was received. This was rejected.
Finally an offer arrived on June 13 for $170,000 (plus some VA closing costs)
If the house was worth $200,000 as stated in the appraisal, it certainly would have been snapped up in the $180's
The property has NO SOD in the backyard, just dirt.
The property needs carpet, which is stained.
The property is on a road with the Navarre High School and a few lots down from the Sheriff's office. This is NOT a desirable neighborhood, as it has backed-up traffic and the trouble that comes with those public-use properties.
The average months inventory for Navarre is 13 months.
This is the only viable offer received. This is a good offer and a lucky offer.

I provided additional comps, market statistics and listing history with this narrative. I will advise with updates on hopefully a positive outcome.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com

Countrywide: Just the "FAX" Please!

2008-07-02T08:11:00.004-05:00

Remember when you were little, there was a game when you'd whisper something in someone's ear, and they would whisper it to the next person, etc, and by the time it got to the last person, the story had changed? Well, it still happens in the grown-up world, and it's pretty scary when it happens with something as important as a Short Sale approval. Here is an adult story of how the most careful communications can go awry, threaten closings and impact moving vans and people's lives....

Scenario: Countrywide Short Sale, four months after initial offer submission, 40 phone calls made by listing agent following up on status during that time period... ( I counted them).

Monday: I finally have the negotiator tell me she will approve the Short Sale. She says I should receive the approval letter on Wednesday. I report this to the wearily waiting buyer's agent so he can calm his anxious buyer. The buyer wishes to close immediately.

Wednesday: I call Countrywide to see where the approval letter is, as it was promissed today. The rep says the notes in the file read: "Short Sale approval sent" on Monday! I told him I did not receive a fax. I verified the fax number, and he said he would have it re-faxed. I tested my fax machine to make sure it was working. I checked my e-fax queue to make sure I didn't miss anything. Nope. No fax.

Thursday: I still do not have the approval fax. I call Countrywide and provide an alternate fax number.

Friday: I still do not have the fax. I call Countrywide and provide my email. Meanwhile, the buyer is getting upset, and leaves messages on my voicemail. He tells his agent he has been waiting long enough. He has to cancel his moving truck by 3:00 p.m. I call Countrywide back five times. They said they will "escalate" the problem to upper management, as only the negotiator can fax the approval.

Saturday: Still no fax. I call Countrywide. They are closed.

Monday Morning: Negotiator finally calls my office and speaks with my office manager. She says, "File is NOT approved." She will call me tomorrow. Oh no! How could this be such a serious mistake? I have my sellers moving furniture out the next weekend, and the buyer saying he'll walk if the promissed letter is not delivered and his closing is put off one more time.

Monday Afternoon: I call Countrywide and re-question, how could they tell me the file was approved, when the negotiator says it was not? The new rep checks deeply. She says someone mis-read the notes. She says the check-box in their system where it shows "Approval Letter Faxed" has NOT been checked off. She says the file was only being sent on for final approval. She says each rep I spoke with only looked at the notes from the previous rep's conversation with me, stating the approval fax had not arrived, and it needed to be re-faxed. The rep states she is sorry, and they were in error.

Tuesday: I finally personally talk to the negotiator and explain the can of worms started by her company, the seller with the furniture to move, the buyer with the final closing date and moving truck. She says the approval letter will be faxed, hopefully today. Here I sit, waiting... it is almost 6:00 p.m. Still no fax. I am sure I'll get it tomorrow....

UPDATE TO POST:
Wednesday Morning: I call Countrywide asking where the approval letter is. They say they need my FAX NUMBER! I am not kidding.

Wednesday 5:02 p.m.: Approval received!

Best of luck with yours!

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Fort Walton Beach, Santa Rosa Beach, Sandestin, Niceville, Bluewater Bay, Navarre, Crestview, Inlet Beach, Rosemary Beach, Seacrest Beach, Blue Mountain Beach and vicinity.
Call 1-877-487-9639 or 850-650-7883 ext 204

http://www.shortsales-emeraldcoast.com/
http://www.rulnickrealty.com/

How Many Countrywide Short Sales in Review?

2008-06-25T18:25:00.002-05:00

If you are working on a Countrywide Short Sale you may want to know that as of today:

Countrywide has 27,000 Short Sale files in review.

Best of luck with your approval!

It's Wendy!
Wendy Runick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Fort Walton Beach, Niceville, Navarre, Santa Rosa Beach, Sandestin, Rosemary Beach, Sandestin, Blue Mountain Beach, Crestview, Mary Esther, Bluewater Bay, Shalimar and vicinity.
Call 850-650-7883 or 1-877-487-9639.

Short Sale Help
Search Emerald Coast Listings

Keep Short Sale Buyer Agents Happy!

2008-06-24T18:39:00.002-05:00

Are you a Short Sale listing agent? If so, you know the importance of having those buyers hang in there for three, perhaps four months after submitting an offer to the Short Sale lender. It is critical to keep their selling agents in the loop with frequent updates, and a "team" approach to getting the sale approved. That way, there will be a higher chance that they inform their buyers and help them remain dedicated to the purchase.

One tool I that use is to ask the buyer's agent to contact me at least once a week with an update request and also to "tickle" me to call the Short Sale lender. Although I schedule lender calls with my own software, sometimes I get busy, and I welcome an extra reminder from an interested agent. This approach makes us teammates in the grueling Short Sale approval process, and I've had nothing but positive results.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

www.ShortSales-EmeraldCoast.com

www.RulnickRealty.com

CHASE: Won't Forgive and Forget

2008-06-14T18:56:00.001-05:00

Do you have a CHASE Short Sale? If so, expect to read this on your approval letter:

"The customer is still responsible for all deficiency balances per the terms of the original loan documents."

Yes, they might approve the Short Sale with this sentence "Chase agrees to release its security interests in the 'subject property' collateral". However, expect to be solicited by their recovery department for the balance of your mortgage after closing.

What to do? After consulting with an attorney, my seller decided to go forward with the Short Sale. Her attorney advised Chase was in a weakened position with no collateral. i.e. house to attach.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Emerald Coast Short Sale Help
Search Emerald Coast Real Estate

Citi Short Sales- Less Forgiveness on Second Mortgage Debt?

2008-06-10T20:31:00.004-05:00

Is CitiMortgage/CitiFinancial cracking down on Short Sale second mortgage approvals?

Citi Short Sale #1:

First Mortgage: Countrywide- $199,000
Second Mortgage: Citi- $20,000
Offer: $160,000 (fair market valve)
Seller: Divorce situation, no savings, job loss, new job out-of-state, separate households
Citi Says: Will not accept typical nuisance fee from Countrywide. "Don't waste your time unless seller pays $10,000 cash and another $10,000 in a promissory note. Hire someone to do a BPO". Their system shows a value of $215,000" (That is, I am to hire to third party).

Citi Short Sale #2:

First Mortgage: Saxon - $260,000. Saxon offers Citi $1000 and needs to know if Citi will accept before proceeding on approval.
Second Mortgage: Citi - $100,000
Offer: $230,000 (fair market value)
Seller: Was subject to out-of-state scam, his credit was used to buy property in his name by "investor" who was to pay mortgage for him - and failed to. Seller has no money, semi-retired.
Citi Says: They've turned file over to law firm, Zacheim and Associates. Zacheim says: "If net to Citi is less than 25% of what is owed, then they will require 100% payback of loan of $100,000 over 72 months. Will not accept $1000 buyout from Saxon. Want three years bank statements, three years tax returns. (This does not make any sense).

Both of the above scenarios happened on the same day. I have contacted Citi and asked if this is a blanket policy change- non-forgiveness of second mortgage debt. I was told " Absolutely not", but these scenarios raise serious concerns over the viability of Short Sale approvals with Citi as the second.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
http://www.shortsaleforeclosurehelp.com/
http://www.rulnickrealty.com/

Short Sales: "One" Strong Contract = Success

2008-06-03T07:35:00.003-05:00

I get calls daily on my Short Sale listings from agents who think I send multiple signed or unsigned offers to the Short Sale lender with equal position. That is- like an auction. Well, I don't. Per my MLS board approval, I leave listings active with the comment: "Contingency contract, bring your back-up offer". That means, an offer with a clause stating it will go into effect only if the primary offer is withdrawn or otherwise cancelled. Most agents in my area don't operate that way. I get resistance to my method with frequent comments, "That's not how it's done." "We don't do it that way!". But it works. and I'll tell you why.
First, I carefully screen buyers under consideration from my Short Sale seller who have presented an offer. I ask their agent:

"Is the buyer willing to wait 120 days to close?"

"Does the buyer have the means and interest to make any necessary pre-closing repairs?"

"Does the buyer realize the bank may make a counteroffer depending on the appraisal, and if so, is the buyer interested enough to possibly increase his offer or better his terms at that point?"

The answer must be "Yes" to each question for me to recommend that my seller proceed.

Second, if the offer price is not within a realistic range of market value, I encourage my seller to counteroffer. Why? We don't want to waste time dedicated to an unrealistic contract that ties up the property.

Thus, if the buyer meets those qualifications of intent, means, desire, and realistic pricing, there is a strong chance the offer will be approved. I have already pre-qualified my seller as to hardship and financial circumstance. I have found a high success rate with this method. Give it a try.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

http://www.shortsaleforeclosurehelp,com/ or http://www.shortsales-emeraldcoast.com/
http://www.rulnickrealty.com/

Short Sale Advice: Realtors and Sellers

2008-05-30T17:34:00.001-05:00

Yesterday I had one of my Short Sale sellers email me, "Wendy, I think Sue told you that we were served with foreclosure papers a week or so ago, and we need to file a response by early next week. Is there a file number or reference number and dates that we can include in our response to prove that we are in a negotiation for a short sale? Also, is there anything that we would need to include in our response? ".
I asked an attorney how I should respond to inquiries like these from Short Sale sellers who don't want to hire a lawyer. He said:
"If they are served then they really have to get to an attorney. If you advise them otherwise or help them prepare responses then you could be liable for damages they sustain and practicing law without a license. There is also a recent law that may apply that could entitle the person losing their house to $15,000 damages judgment and attorney fees if they can categorize you as acting outside the scope as a Realtor and promoting foreclosure relief... especially dangerous for Realtors if they are not arms length with the buyer or can be shown to coerce a sale, etc."
Good advice.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
www.ShortSaleForeclosureHelp,com
www.RulnickRealty.com

Two Short Sale Approvals!

2008-05-09T17:46:00.001-05:00

I received two Short Sale approvals- one today and one yesterday- from Countrywide and ASC/Wells Fargo. It's going to be a good weekend!

1. ASC/Wells Fargo: Package was submitted on February 22. It took ten weeks, about 2.5 months for approval. The offer was countered early on.
2. Countrywide: Submitted on March 2, only five weeks ago. No counter and no contact with the negotiator. Approved in little over a month.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in Short Sales and Foreclosures on the Emerald Coast of Florida: Destin, Fort Walton Beach, Niceville, Santa Rosa Beach, Navarre and vicinity. Call 850-650-7883 ext 204 or 1-877-487-9639.
www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com

"Thank You"

2008-05-06T15:00:00.001-05:00

Re: 164 Shoreline Dr. Mary Esther, FL 32569
Dear Wendy,
I am writing this to thank you for all of your hard work in getting the above mentioned short sale property to closing. When I referred the listing to you, I had exhausted all of my efforts in trying to sell the property while it was in a delinquent status. I was actually at the house when foreclosure papers were being served. I was afraid the sellers were going to end up losing everything before we could get it sold. It was very stressful! You were amazing with all your efforts! The fact that you worked as hard as was needed to negotiate with the lenders was exceptional. You had such patience with everyone to include the lenders, the sellers, and the buyer's agent. In the meantime you still took the time to make sure I was kept posted on the transaction every step of the way. It definitely took your skill and expertise with "short sales" to get the property sold and most importantly gets it to closing! If the situation ever arises again, I will certainly refer the business to you!
Warm regards,
Marno Wilson, Realtor

Call Wendy Rulnick, Rulnick Realty, for all your SHORT SALE needs on the Emerald Coast of Florida: Destin, Fort Walton Beach, Santa Rosa Beach, Seagrove Beach, Navarre, Niceville and vicinity. Call 1-877-487-9639 or 850-650-7883

www.RulnickRealty.com
www.ShortSaleForeclosureHelp.com