I Helped My Competition - On Purpose!

As a Short Sale Specialist on the Emerald Coast of Florida, I sometimes run into a situation where a property cannot be saved from foreclosure. Either the seller contacted me too late, or the property combined with the market was so fraught with problems, that a sale could not be obtained. Luckily, we can often save a property from foreclosure right up to the sale on the courthouse steps.

I recently had a townhouse listed for sale in a gated subdivision in Destin, Florida. The property was encumbered with association fees of $800 per month. In my area, that is outrageous for a non-waterfront property. In fact, to overcome objections to such high fees, the list price had to be lowered substantially, and then the numbers still did not make sense to a typical purchaser.

Well, the day before the foreclosure sale we got a contract on the property. My team scrambled to get it to the short sale lender, in this case, EMC. They failed to cancel the foreclosure in a timely manner, and despite efforts to rescind the sale, they let it stand.

A few days later I got a call from the "new" listing agent, who let me know she had received the assignment from EMC. Without hesitation, and without being asked, I sent her all my information on the property. I sent her details on the new association fees, the contact numbers for the association, and the name, telephone number and email address of the agent who wrote the offer. I also emailed the buyer's agent directly to let him know he should contact the new broker, so perhaps he could make his deal work.

I gave it my all. I wish the new listing agent and the buyer's agent the best. And I hope they succeed.

Sundestin Condo- Destin Florida - Beachfront Home

Destin Florida - time to own a Sundestin Condo! Seventh floor with awesome beach views. Direct waterfront unit! Newly decorated, new flooing, light maple cabinets with newer appliances, vanities, hardware, light fixtures, furniture, paint andmore! Rated "Gold" on the rental program. New furniture in master bedroom and new flat screen t.v. Sundestin is a great vacation resort and offer two pools, one indoor and heated, game room, gift shop, exercise room, game room, exercise room. and convention facilities. This is one of the best rental buildings in Destin Florida. Owner of this Sundestin condo will be minutes from exciting shopping at Destin Commons, Baytowne Wharf, Destin Harbor and more. Offered at $240,000.

Call our Team at Rulnick Realty for all your Destin real estate needs!

Destin Short Sale Approved - Ariel Dunes Condo

The Ariel Dunes condo project in Destin Florida has 112 units for sale. The complex is right across from Gulf of Mexico beaches and has amenities like pools, tennis and golf. Only four units have sold in the past six months. The latest was a short sale, which was approved in 90 days. Summary:

Property: Ariel Dunes gulf view condo, 732 square feet
Hardship: Medical
Lender: Suntrust
Original Purchase Date: July 2006
Original Purchase Price: $284,000
Current Sale Price: $180,000 (fair market value)
Debt Forgiven: Over $50,000

This Suntrust Destin short sale was processed by a company called Loan Care, who handle some of Suntrust's overflow in loss mitigation. The appraisal came back at $190,000 but Suntrust and its investors accepted the $180,000 offer in light of the Destin condo market, with its six year inventory. Suntrust paid a full commission of 6%. Their negotiators were professional, personable and responsive.

If you need to sell your Destin real estate as a "short sale", consult a professional real estate agent who is skilled and experienced.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search All Destin FL Real Estate
Destin Short Sales & Pre Foreclosure Help.
Read Destin Real Estate Blog
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.
All Rights Reserved. *Destin Short Sale Approved - Ariel Dunes Condo* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.

Agent Recommends Destin Real Estate Blog

Hi Wendy.

I wanted to say a great big "THANK YOU" for your amazing Destin real estate blogs about this crazy short sale market we've got on our hands!! I feel your pain way over here on the East Coast of Florida! I am involved with 6 short sales at the moment and sometimes I think I'm all alone in this mess. Your blogs are always SO insightful and ALWAYS full of useful information. I wish every single agent in Florida would subscribe to your blog. It is so educational and full of practical information I can share with my clients AND fellow agents. I appreciate the time and energy you put into every post. You seem to have a knack for posting information that is "needed" at that moment! I have used your information many times when trying to explain the in's and out's of a short sale. I've even told a few uninformed agents to "go read your post!!" Your "myth-busters" blog about short sales was amazing. So many "rumors" and made up rules are floating around, it's nice to know that someone actually knows what they're talking about! Your experience shows with every post. You can honestly say, "been there--done that" about almost any glitch that we run across with short sales.

Thanks again for an amazing Destin short sale blog. Please keep posting!! I look forward to every new email.

Ronda Densford, REALTOR®Magnolia Properties

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

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional 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, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her clients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes in and around Destin Florida. Wendy is in the top ½ percent resale agents on the Emerald Coast, and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.

Kiplinger Magazine: Wendy Rulnick Helps Destin "Short Sale" Sellers'

Wendy Rulnick, Destin Florida real estate broker, was recently interviewed by Kiplinger Personal Finance magazine. In the February 2009 edition, Kiplinger describes foreclosure avoidance and short sales. Some of Rulnick's Destin real estate clients, who recently participated in a short sale, had their story told. The homeowners plight unfolded from buying at the top of the Emerald Coast real estate market to their mortgage interest rate hike and personal job loss. Rulnick helped the sellers complete a short sale on their home, which cancelled about $100,000 in mortgage debt.

The Kiplinger article stresses "Short sales are best conducted by an experienced real estate agent who can negotiate the obstacles imposed by lenders or investors." Rulnick provided much of the information regarding the short sale process to the reporter. The story is "Fighting a Foreclosure".

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

Search Destin FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional 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. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy lists and sells homes, condos and townhomes in Destin FL and the surrounding areas. She is ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida in 2008 for resale listings sold and was interviewed in Kiplinger Personal Finance Magazine as a short sale expert.

Copyright © 2009 by Wendy Rulnick. All Rights Reserved. 'Kiplinger Magazine: Wendy Rulnick Helps Destin "Short Sale" Sellers' Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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Short Sales: Undisclosed Liens Will Ruin Your Sale

Getting a Short Sale listing? It is always prudent to ask the seller the typical qualifying questions- "What is your hardship?", "Do your expenses exceed your income?" "Do you have cash funds to cover the deficiency?" But these preliminary inquiries may not be enough. Here are some more probing questions you need to ask the Short Sale seller:

1. Are you "sure" you don't have a second mortgage on the property? Or two? Even by an individual?

2. Who owns those mortgages? Please provide your most recent statement.

3. Do you have an IRS tax lien on the property?

4. Do you have a County, City or State lien that affects the property?

5. Is there a judgment against you in the county where the property is located?

6. Are there any other liens on the property?

You don't want to find out after three months of bank negotiations that there is an undiscovered lien the Short Sale lender will not pay. They normally will not pay a lien unrelated to the property itself. That is, the lender will usually cover past due homeowners association fees, mechanics liens and nuisance fees to a second mortgage holder, but not others. Finding out a seller "forgot" about his home equity line will delay and possibly cause your approval to be denied. Finding out there is a $40,000 judgment that must be paid off will guarantee a lost sale. Similarly, an IRS lien may be very difficult to dispose, and it's something that needs to be addressed before listing the property and even attempting a Short Sale. You will have invested in marketing time and expense, negotiated for hours, used up office resources and worst of all, delayed or ruined a buyer's home purchase. To lessen the chance of a "surprise", ensure the seller signs a document stating his answers to the above questions at the beginning of the listing. Better yet, have the seller pay $75 or $100 for an official title search. Always order a payoff from each lender-- you might find out they are not even the lienholder. If you don't do it now, later may not be good enough.

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

Search Destin Florida real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional 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, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her clients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes in and around Destin Florida. Wendy is in the top ½ percent resale agents on the Emerald Coast for listings sold 2008.

All Rights Reserved. "Short Sales: Undisclosed Liens Will Ruin Your Sale" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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Florida Short Sale Contracts Are "Contracts"

When I wrote "When is a Contract NOT a Contract?" it stirred up over 40 comments and some controversy. The crux of the matter is that many Destin Florida listing agents are accepting more than one "primary" contract on a Short Sale listing. There is a prevalent belief in the Emerald Coast real estate market and others, that a contract is "not" a contract despite being signed by both buyer and seller, until the bank approves the price and short sale. Thus, the thinking goes, the Short Sale seller is not truly obligated to the buyer who wrote the offer, and can simply sign multiple contracts with parity. Because of this misconception, many buyer's agents also think release and cancellations are not needed when buyers "walk" prior to bank approval. Also, the practice of accepting more than one "primary" offer is likely a disservice to sincere buyers who are subjected to auction-type handling of their offers. There may be legal ramifications, as well.

I have since tracked down a definitive answer from the Florida Association of Realtors staff attorneys, as written in Florida Realtor Magazine, September 2008. The following is from the Legal Q&A that appeared on page 9 of the magazine. It clearly reinforces the fact that a Short Sale contract is a "contract" and that the seller should only sign another contract with a "Back-Up" clause attached.

Legal Hotline

Contracts

Q I have a fully executed FAR9 Residential Sale and Purchase Contract along with the FAR SSA-2 Short Sale Addendum to Purchase and Sale Contract. We are still within the time period in which the seller may obtain the lender's approval of the short sale, and now another buyer has made what is arguably a better offer. May the seller sign the second contract?

A The seller may sign a second contract but should do so only as a backup contract with the appropriate backup contract addendum attached. If using a FAR contract, use addendum P(1) from the FARA-9 Comprehensive Addendum. Of course, the FAR SSA-2 Short Sale Addendum should also be used.

Here is the link http://www.floridarealtors.org/FLRealtorMagazine/2008/September/0908LegalHotline.cfm

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

Search Destin FL real estate
Short Sale Pre Foreclosure Help.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com

Wendy Rulnick specializes in real estate sales, short sales, traditional 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. Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she also negotiates successfully to her buyers' and sellers' advantage. She is supported by a team of top buyer specialists. Wendy lists and sells homes, condos and townhomes in Destin Fl and the surrounding areas. She was ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida in 2008 for resale listings sold.

All Rights Reserved. "FLORIDA SHORT SALE CONTRACTS ARE "CONTRACTS" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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Ocwen-LCS Won't Budge

Short Sale -Condo in Destin, Florida

Hardship - Mortgage Business - Loss of Income

ASC, first - owed $420,000

Ocwen, second - owed $155,000

Market Value - $280,000

Offer - $277,000 (approximately)

Ocwen -has sent the loan to LCS for colllection/buy-out

LCS - Wants $43,000 from seller at closing plus promissory note for the rest, otherwise, will not approve Short Sale and will "pursue all other legal options".

Seller has no savings.

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. *Ocwen-LCS Won't Budge* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Another Countrywide Short Sale Approved

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.

How "Not" To Buy A Short Sale

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.

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. *How "Not" To Buy A Short Sale* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Multiple Offers- Foreclosures

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

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

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

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.

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *New Tablet PC for Better Blogs* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Destin to Atlanta

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

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