642 Sailboat Dr., Niceville Florida - Lancaster Estates - Deep Waterfront Home

DO YOU HAVE A WISH LIST? Look no further, 642 Sailboat Drive is a beautiful deep waterfront home on Rocky Bayou, in Niceville Florida in Lancaster Estates. if you wish for a boat dock and slip with a lift in deep water, great outdoor spaces with a screened pool and patio area for entertaining, this is the one. Walk through an Etched Glass double door entry to a large foyer overlooking the sunken living room with detail from top to bottom. The double treyed ceiling with crown molding and soft lights to start then a remote controlled gas burning fireplace is surrounded by wall to wall windows overlooking the pool and bayou.

This Niceville waterfront home has a gourmet kitchen with top of the line commercial appliances, DCS 8 section vent hood, 6 burner stove top with a grill, sub zero refrigerator-freezer, double ovens, warmer drawer, wine cooler, double dishwasher, trash compactor, did I mention the island, custom cabinets and granite countertops?

Need a gym? The Master has its very own exercise room and sound bearer walls between the Master and Living areas. The Master bath also has vaulted ceilings, a sunken jetted tub, a separate shower, back to back vanities and a dressing table, you will be pleasantly surprised by the size of his and hers closets.

Outdoors you will find a 4 burner grill and fish cooker and plenty of protected entertaining space with the screened patio, gunite pool and hot tub area. The property has a privacy fence on each side with lush landscaping, take a stroll down the stairs constructed of brick and concrete to the boat dock with lift for approximately a 10,000 pound boat. This Niceville home is on deep water and and in the safe harbor area of Rocky Bayou.

This 5699 (appr) square foot home is offered for sale at $1,500,000.00

Contact Rulnick Realty for more information.
Local 850-650-7883
Toll Free 1-877-487-9639

Rulnick Realty serves 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.
email itswendy@rulnickrealty.com

Buying Destin Short Sale? Don't Take A Chance on Your Tax Credit!

How many times have I asked agents writing offers on my Destin Florida short sale listings to allow 120 days for lender approval? I have it in my MLS notes, I tell them by email and by telephone. And yet, I repeatedly get offers with 45-day approval time lines. Yesterday I received an offer on a Destin short sale listing with a closing date of November 25 and 45 days for short sale approval…. Hmmmm…. I wonder why….? OH Yeah! The First Time Home Buyer Tax Credit! Bingo! The final day by which a property must close would be November 30, 2009 in order to qualify for up to $8000 in federal tax credits.

I am very sorry to say, but writing an offer on a short sale now, with about 90 calendar days to go before the tax credit ends is not in the best interest of your buyer, OR your short sale seller. Bank of America short sales tend to take three-five months for approval…. "Ouch!", you say! But it is true. Sure there are exceptions. Sure, I just had one approved in 28 days. But-- would I bet someone’s $8000 tax credit on it?

Would I take my seller’s property off the market for 90 days just to have the buyer “walk” when the deadline is not met, and hurtle my Destin short sale seller three months closer to foreclosure? Would I take my buyer to the brink of not finding a replacement home in time to qualify for the credit if the short sale does not get approved? Have I considered the new Respa rules that might further delay a closing? No.

If you are working with a buyer now to find a Destin home to close by November 30, please don’t roll the dice and look at short sales. Or go in with your eyes wide open, don’t expect the tax credit, and allow for a reasonable amount of time for short sale lender approval.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin FL Real Estate
Destin Short Sales & Pre Foreclosure Help.
Read Wendy's Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo 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 has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine".

Sterling Shores Condo, Destin Florida Short Sale

Sterling Shores is an exciting condominium complex across from the Gulf of Mexico. This Destin short sale condo is smartly decorated, with breezy balcony to watch the ocean blue and the 4,300 square foot lagoon pool. Complex offers 4300 square foot lagoon pool, workout room, clubhouse, seasonal snackbar, movie theater, wireless internet. Walk to beach across the street, and restaurants next door on "Restaurant Road", Gratzi's, Back Porch, Ruth's Chris Steakhouse and more! This Destin short sale is offered at $239,900.

Contact Wendy Rulnick, Rulnick Realty, Inc.
850-650-7883 ext 204
www.rulnickrealty.com

The "Missing" Destin Short Sale Loan

I listed a short sale home near Destin, Florida. The seller told me he had two loans, the first with Countrywide, and the second, or junior lien, with HSBC Mortgage Services. We received a fair market value offer about three months ago. I faxed the short sale package to both lenders, and made my follow up phone calls to confirm receipt. HSBC told me "We no longer have the loan". OK, well, where is it? They told me the loan was charged off over two years ago and it had gone to RMS, a collection agency. I called RMS. They said they did not have the loan, nor ever had the loan. So, I called HSBC back. Same story. I called RMS. Same story, they never had the loan.


I kept calling HSBC back, asking for supervisors, going through this loop for about two weeks. I asked my seller to dig through his paperwork to try to find the last document about his mortgage. He had received nothing for over a year, no bills, no calls, nothing. So, next I called my favorite title agent, Debbie Cahill at Touchstone Land Title in Destin Florida. Debbie and her trusted associate, Lee Ann Borden, checked the MERS system for me. MERS stands for Mortgage Electronic Registration Systems.

MERS is used by many loan servicers to more easily keep track of who the end-investor is on the loan. MERS may be the registered "owner" in public records although the loan may be traded between end-investors. MERS indicated HSBC STILL owned the loan! Armed with this documented information, I called HSBC again. Same response. Then I started faxing. I faxed the HSBC a letter stating we needed to close the property and they HAD TO RELEASE THEIR LIEN, with a copy of the printout from public records and MERS proving they owned the loan. I faxed them every day for another two weeks. No response. I left messages on different numbers for HSBC. Still nothing. Honestly, I was about ready to throw in the towel. My title agent had never had this happen in her entire career. I did not have any options. The property simply could never sell without the release of the HSBC lien.

Finally, a lucky call by the title agent got a sincerely interested response from someone in the HSBC MERS department. She said she would try to help! After two months of relentless pursuit, HSBC at last admitted they owned the loan. And guess what? They approved the Short Sale yesterday!
Never give up!


It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search All Destin Real Estate
Destin Short Sales & Pre Foreclosure Help.
Read Destin Real Estate Blog

Destin Short Sale Pricing

Yesterday I received a phone call from a competitor in my Destin Florida real estate market. The agent had a short sale condo listed in the same building as I did, and questioned why my list price of $260,000 was $40,000 less than his unit. He asked, "Is that price approved by the bank?" I told him no, as most short sale lenders do not pre-approve prices. He then asked if I truly thought I could get it approved, as he was hesitant to "chase" my price and match or beat it with his listing. I thought about that, and the factors that go into short sale pricing.

When pricing any real estate listing, one must consider several standard factors. Briefly:

1. Competition: Similar properties for sale may be overpriced, since they have failed to sell
2. Pendings: Properties under contract indicate what price entices a buyer to purchase
3. Solds: What price buyers were actually willing to pay
4. Expireds: What price was rejected by the market place

The obvious strategy is to price a property to be the best value in the category. Further, once a property is listed for sale, prices should be adjusted upon the following circumstances:

1. It has been on the market for a reasonable period of time with no showings (buyers rejecting "price)
2. It has had many showings but no contract (buyers finding better value in price range)

With a short sale, there is the final factor- the "X Factor". The "X Factor" is the price the short sale lender comes up with after receiving a purchase and sale agreement. This is the price that can make or break a sale (although it can sometimes be challenged). The lender price is based on a Broker Price Opinion (BPO) or appraisal. This third-party opinion changes the game and actually may distort markets. The "X Factor" price opinion may come from an agent with one year experience who has signed up on a website to perform BPO's. The price opinion may come from one appraiser who does not adjust for inventory levels. In the example of my condo listing, I may have "crossed the imaginary line" of what a bank may approve. The question lingers, at what point do you disregard the "X Factor" guess, and adjust the price to entice a buyer.

In the case above, after 7 months of gentle price reductions from $329,000 to $260,000 - the unit finally had a showing this weekend, and is getting an offer today. There are 2085 condos for sale in Destin. Less than 2% of them sell per month and there is a 5-year inventory. There are 120 units for sale in the subject's complex, and the last one sold in December for $300,000. The offer price should be around $260,000- the list price. Let the "X Factor" games begin.

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. 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.

All Rights Reserved. *Destin Short Sale Pricing* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.