Florida Foreclosures Up - But There is Help for You

Did you know that almost 1 in 4 Florida home loans are delinquent? Even though most of my real estate business in Destin Florida is short sales, this news has stunned me. According to an article by the Miami Herald, 23% of Florida mortgages, or 807,000 of 3.5 million loans are in foreclosure or have late payments by a month or more.

So, if you live in Destin, Niceville, Fort Walton Beach or Navarre Florida, look up and down your street. If you are out buying groceries in Crestview or Santa Rosa Beach Florida, look at the people in line with you.

Your neighbors, co-workers, gym buddies, friends and aquaintances are part of this group of homeowners who are hurting. They have lost jobs or income. They may not tell you, but how can they not be affected? You do know someone who is behind in their mortgage, don't you?

Or maybe it is you? Don't be ashamed, and please don't be afraid. There is help for you to avoid foreclosure or avoid losing your home. You are not alone.

Your first step, if you are in financial trouble, is to contact your mortgage lender. Your lender may be able to:

Modify your mortgage terms for lower payments by extending the length of the loan
Reduce your mortgage interest rate
Temporarily suspend payments
Allow missed payments to be paid back over time
Decrease your total mortgage amount

If you cannot keep up with your bills contact the Consumer Credit Counseling Service or the National Foundation for Credit Counseling. Groups like CCCS help people with debt management. They may be able to arrange a plan with your creditors to lower monthly payments and save a dire financial spiral. Organizations that work with consumers to manage debt usually charge a small monthly fee, but only if there is capacity to pay.

If you have already been served a complaint for foreclosure on your Destin, Niceville or Santa Rosa Beach property, it is not too late to see if your lender can help you. If not, seek legal counsel and consider your alternatives.

Finally, a "short sale" may spare you from foreclosure and allow you to sell your home for market value, even if that is less than your mortgage balance. A short sale is better for your future financial future than foreclosure, and you may be able to buy another home in two years or even less. Many lenders allow this option. But don't wait until it is too late.

Take action and pick up the phone today. Be "pro-active", and take care of yourself, your family and your future.

It's Wendy!
Wendy Rulnick, Broker, Short Sale Specialist
Rulnick Realty, Inc
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
Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine"and "Florida Realtor Magazine". 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.

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

Suntrust Approves Destin Short Sale in Ariel Dunes

This Ariel Dunes condo, in Destin Florida, has been approved for a short sale.

Lender: Suntrust

Mortgage Balance: appr $380,000

Contract Price: appr $225,000

Terms: Fannie Mae asked seller for promissory note for $8000 to pay past due HOA fees for $100 month for 80 months. Seller instead offered $6000 cash contribution. Fannie Mae agreed.

To avoid foreclosure and sell your Ariel Dunes or any Destin condo as a short sale, contact an experienced real estate agent who specializes in short sales.

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 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 Niceville real estate: itswendy@rulnickrealty.com

209 Bent Arrow Dr., Indian Oaks - Destin Florida Short Sale

This central Destin home in the Indian Oaks subdivision is a show-off! Bright, clean and surprisingly spacious! Living room with fireplace and cathedral ceiling. White kitchen with tile floors and pass-through. Oversized master bedroom. Fenced back yard with patio. Bent Arrow and Indian Oaks are three minutes from Destin Harbor, Harborwalk Village, the luckiest fishing in the world, the Gulf of Mexico and Crab Island. What more could you want? Short sale subject to seller's mortgage holder's approval. Offered at $127,900.

2431 Bungalo Lane, Sandestin FL - Short Sale

Adorable Bungalo home in gated Sandestin, tile floors, upgrades, porch. Close to amenity-filled Baytowne Wharf shopping, dining. Fish, pools, tennis, play, job, lifestyle. This home is 1596 square feet, built in 2005. It has three bedrooms and three and a half baths. Destin Florida location has some of the best beaches in the world! This is a pre-Foreclosure Short Sale subject to seller's mortgage holders' approval. Offered at $317,900.

It's Wendy!

67 Tranquility Lane, Destin FL - Destiny East - Short Sale

Reminiscent of an Italian Villa, this luxurious Destin Florida home has expansive porches on three levels, high ceilings and travertine tile. Exterior find ivy-draped walls and pavered drive that greet with a refined air. Private yard with gas grill, outdoor shower, detached two car garage set to rear. Interior is opulent, with columns, fireplace, enormous kitchen, first floor office/den. Each level has its own sitting room and porches. Rinnai hot water heater, central vacuum system. Great views of the lake, walk across the street directly to the Gulf of Mexico. Destiny East has two tennis courts, work-out facilities, pool, playground and IMAX theater! Great location near Destin Commons, Fresh Market, shopping, restaurants! Short Sale. Offered at $599,000.

Contact Wendy Rulnick, Broker

850-650-7883 ext 204

itswendy@rulnickrealty.com

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.

1369 Ravens Run, Sandestin FL Short Sale

Impressive Sandestin Florida home in Laurel Grove on the third green of the Raven golf course. Astounding ceiling heights, natural light from thoughtful and numerous windows to lend air of relaxation and enjoyment! Beautiful beadboard cabinets, black granite counters, stainless appliances. The first floor is a tremendous open space for dining, living, cooking and entertaining. Two bedrooms have separate outside doors for inviting walks and private comings and goings of guests. Second floor "master bedroom" may be used as executive home office. This Sandestin neighborhood has its own pool and clubhouse. Sandestin Florida homes are adjacent to top end shopping and beach of the Gulf of Mexico in Destin Florida.
This Sandestin short sale is offered at $399,900.

Destin Florida Real Estate Market Report

In the Destin Florida real estate market, there are 3105 properties for sale-- 935 single family homes, 1869 condos, 206 townhomes and 401 lots. For purposes of this report, the Destin and Sandestin markets have been combined. Sandestin is in the Miramar Beach Florida postal area of Destin, in Walton County. The Destin market sub-area is in Okaloosa County, Florida.

The average list price for Destin real estate is $373,685, a drop from $556,136 one year ago.

The average sale price for Destin properties is $327,609, down from an average sale price of $502,099 one year ago.

The median sale price for Destin real estate is $267,000, down from $344,000 one year ago.
Note the "median" statistic may be more indicative of market trend than "average", because "median" indicates that one-half of the sales were higher and one-half were lower. An "average" may be skewed higher due to some more expensive home sales that affected the resulting figure.

The report indicates 222 days average market time for Destin houses, condos and townhomes. This figure is low, and does not reflect all listing periods of a single property. It only tracks the last listing period of the sold home. If a property were listed multiple times and failed to sell during those times, that is not reflected in the figure. Many Destin homes were listed more than once until they finally sold, or "re-listed" by the same real estate agent.

The "Months Inventory" figure for Destin Florida real estate is 45 months, or almost four years. Months inventory indicates how many months it would take to sell all the improved properties in the Destin real estate market at the current rate of sales. Normal markets inventories are usually six to seven months.

The inventory of Destin homes for sale is 3105, down from a year ago at 3474.

Destin Florida has 476 short sales and foreclosures for sale, or 15% of the all properties for sale.
For additional information, contact:

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search All Destin Real Estate
Destin and Fort Walton Beach 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 Destin Florida home or buy a home on the Emerald Coast: 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 vacation 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.Subscribe in a reader

Destin Real Estate - Help For Short Sales from New Homeowner Plan

The Treasury Department has just announced the incentives for lenders to accept short sales. Here is the excerpt from the updated Making Home Affordable plan that may help Destin real estate sales and Emerald Coast property owners that are in foreclosure:

Limiting the Impact of Foreclosure When Modification Doesn't Work:
Servicers will receive incentives to take alternatives to foreclosures, like short sales or taking of deeds in lieu of foreclosure. For those borrowers unable to maintain homeownership, even under the affordable terms offered, the plan will provide incentives to encourage families and servicers to avoid the costly foreclosure process and minimize the damage that foreclosure imposes on financial institutions, borrowers and communities alike. Servicers will be eligible for a payment of $500 and can make reimbursable payments up to $1000 to extinguish other liens, and borrowers are eligible for a payment of $1500 in relocation expenses in order to effectuate short sales and deeds-in-lieu of foreclosure. Such methods reduce vacancy, neighborhood decline, and overall costs for financial institutions, borrowers, and affected communities alike.

Summary and Analysis:
1. The plan may aid in disposing junior liens by a $1000 reimbursement to first mortgage holders. This may make it easier to sell Destin area short sale properties with more than one mortgage. There should be a dollar amount that is set to pay second mortage, such as $3000, with adjusted criteria for seller's financial situation. If a seller meets certain criteria, they might pay a promissory note or do a cash contribution. This would help stem rejections by junior lienholders asking for outrageous amounts to release their liens.

2. It adds a very minimal incentive of $500 to offset some of the lenders expenses for approving a short sale. Add up the 150,000 short sales currently in process at Countrywide, though, that would total $75,000,000. Not bad.

3. The borrower will receive a $1500 in relocation expenses. $1500 is an overpayment in my estimation and/or unnecessary. Many Destin short sale sellers are already out of their properties, and relocated for new employment purposes. Or the Destin properties might be investment properties. In addition, short sale sellers usually have six months to two years "notice" they are moving, and have been "saving" by not making mortgage payments for that time period. The money could be used instead as a "bonus" for short sale lender approval in a timely manner, such as 30 days. Or added to pay the second. Or paid to the Realtor. (Fannie Mae just changed guidelines to allow real estate agents to receive their pre-negotiated commission of 6% or less, instead of cutting it, which is long overdue).

The short sale process is lengthy, and depresses prices beyond the normal economic cycle. Recognizing and correcting deficiencies in the process will help stabilize the Destin real estate market.

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

Search All Destin Property & Emerald Coast 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 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.
All Rights Reserved. *Destin Real Estate - Help For Short Sales from New Homeowner Plan* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.
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Homeowner Stability Plan Affects Destin Real Estate and the Emerald Coast of Florida

Most of us have read the Treasury Department's new Homeowner Affordability and Stability Plan .

After reading the plan, with details to be unveiled on March 4, I want to know- "How will the plan affect Short Sales? " Most of the plan is focused on aiding homeowners whose primary residence is at risk of foreclosure. Not everyone will be helped by this plan. Some of those who won't may include homeowners with loans not guaranteed by Fannie Mae or Freddie Mac. Many have lost jobs or have lost so much income they would not qualify. Other owners may have rental properties that cannot be sustained. In my area on the Emerald Coast of Florida, military families from Eglin Air Force Base or Hurlburt Field are required to relocate to change bases. These airmen often keep their past residence as a rental property. Now they are losing tenants. Why? Many unsold homes go on the rental market. Thus rental rates have declined significantly due to the oversupply of these properties. They can no longer cover their mortgage payments. There are also investors who were not "flippers". They might have saved their whole lives to buy a condo in Destin, to find that the resort-rental market has declined by 35%. There is no aid to them in the plan. Many areas in Florida and other parts of the country have economies that depend on tourism and the resort industry. Those who will not be assisted by the plan will have to resort to their best alternative, a short sale, or worse, foreclosure.

The Treasury Department states the Homeowner Affordability and Stability Plan will be effective because it will, among other things, limit "the Impact of Foreclosure When Modification Doesn't Work: Lenders will receive incentives to take alternatives to foreclosures, like short sales or taking of deeds in lieu of foreclosure. "

In my opinion, to receive incentives to approve short sale, banks must be required to:

1.Shorten approval time frames to 30 days
2.Require second mortgage holders to accept a set amount, such as $3000, to release their lien
3.Consider incentives for approving investment properties that meet certain criteria, as mentioned above
4.NOT report a "charge off" or "settled for less" to credit reporting bureaus

Further, I believe all who have had short sales should have credit reports revamped to remove the negative impact of the event. If they don't, perhaps only 10% of borrowers might qualify for a loan at the best rates! If the government is "intervening" at all, then do it right. Thus far, the banks have done little to reduce the backlog of short sales and free up credit. If they are just given an "incentive" without definitive guidelines, then we might expect to see more of the same.

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

Search Destin Florida real estate
Short Sale Pre Foreclosure Help.
Destin Real Estate Blog

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 short sales and Destin real estate and vicinity on the Emerald Coast of Florida. All Rights Reserved. *Homeowner Affordability and Stability Plan - How Will It Affect Short Sales?* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.
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Letter to Florida Senator Martinez: Destin Short Sales and the Bailouts

Mel Martinez
United States Senator, Florida

Dear Senator Martinez,

I am a real estate broker in Destin Florida. I primarily represent sellers who are in the process of short sales. As you know, a significant amount of our population has lost jobs and income, and those homeowners are unable to keep up with their mortgage payments or keep their properties. Their best solution is to sell their property as a short sale. Unfortunately, the sellers' lenders processing these requests take three to six months and sometimes longer. During that time, buyers lose interest or must go on to buy other properties. These long delays are contributing to declines in market value over and above the economic cycle we are in. My suggestion is to REQUIRE those banks getting bailout funds, and all of them, to staff up their short sale departments, so that this inventory can be reduced and home purchase time can be normalized to a standard 30 day period. By speeding up short sale approvals to normal time frames, there will be one less contributing factor to price declines. Further, speeding up short sales will reduce the amount of foreclosures in our market. Foreclosed properties cause surrounding market declines. In many cases, these short sale lenders reject offers or lose buyers, end up foreclosing, and sell the properties for even LESS than they would have received in a short sale. If the banks are being granted funds from the citizens, then they have to STOP causing further losses and START helping the taxpayers and property owners. I would be happy to speak with you in more detail, as every day I get calls from homeowners trying to do the right thing, who are prevented from doing so by the very banks we are giving funds to.

Wendy Rulnick

Broker, Rulnick Realty, Inc.
Destin FL 32541

itswendy@rulnickrealty.com

850-650-7883 ext 204

Facing Foreclosure on the Emerald Coast?

Today I received an email from an attorney in the Niceville and Destin Florida area regarding helping homeowners facing foreclosure. The attorney, Mark A. Violette, noted that there are several federal laws that will protect the homeowner, notably the Fair Debt Collection Practices Act. He said that lenders are required to provide a copy of a loan history report to the borrower upon request. Most mortgage lenders use loan servicing companies, and these companies are unable to comply with such a request. The good news is that if the lender does not provide the report, collection efforts and the impending foreclosure are halted. Attorney Violette kindly provided the following example:

Step One:

Lender files a Foreclosure Complaint.

Attached to the Complaint is a Notice Pursuant to the Fair Debt Collection Act ("FDCA") stating the homeowner has 30 days to contest the amount due.

Step Two:

Attorney Violette files a Motion to Stay and Request for Loan History Report pursuant to FDCA.

The lender must cease all collection efforts until the lender has provided the mortgagor with complete verification of the disputed amount of debt.

Step Three:

Wait for Lender to provide the loan history report, WHICH NEARLY ALL LENDERS ARE UNABLE to produce.

This may allow time for the homeowner to complete a Short Sale, or find another satisfactory resolution to the foreclosure.

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.

Wendy Rulnick 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 negotiates successfully to her clients' advantage. She is supported by a team of top buyer agents. Wendy 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.

1-877-487-9639 or 850-650-7883

email itswendy@rulnickrealty.com

All Rights Reserved. *Facing Foreclosure? The Fair Debt Collection Act May Help You* 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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Foreclosure Vultures

I am truly sickened and disheartened by an offer received today on one of my Emerald Coast short sales. I will alter some basic information for the sake of confidentiality, but will tell you the key points of the story. My sellers, like many homeowners in the Destin Florida area, have lost more than half their income in the past couple of years. They are in sales, (and we know how that is going). They have a beautiful home they built in 2005. They also have three children. In the past year, one of the children was diagnosed with a serious medical condition. As a result, they have been unable to pay their mortgage. Their only mistake was to call me too late. In a higher price range, with only four weeks in a declining market, even after continually dropping the price, we have three days until the foreclosure sale. In the past week, one of my agents was contacted by an individual from Texas regarding buying the house. He had obtained the sellers' telephone number independently and had been conversing with them about his "terms". One was that they not accept any back-up offers if they agreed to his. He even got them to sign such an addendum before faxing his offer. Well, I just received it. The house is listed for $300,000. The offer is for $150,000. The offer states, among other things:

The purchasers are real estate investors who buy and sell real estate for a profit.*****Acknowledged and SIGNED by Sellers _____________________________________________
Purchaser may show the property at any time with advance notice to the seller.
The purchaser is free to resell or otherwise dispose of the property in any manner that is legal
Purchasers may perform renovations to property prior to Close of Escrow.
Paragraph 5 of "Short sale addendum to purchase contract" is deleted and not applicable. No offers shall be submitted to sellers' lender unless this contract is cancelled prior to submittal.

You know what this is? Preying on people in a desperate situation. In my opinion, it is unconscionable.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Search Destin Florida real estate
Short Sale Pre Foreclosure Help.

Specializing in real estate sales, both short sales and traditional 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

email itswendy@rulnickrealty.com

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Foreclosure Vultures* 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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Call the Police! Buyer Moves In Before Closing!

Yesterday was one of the most bizarre days in my real estate career. My assistant got a call from a condominium association trying to verify ownership of one of my Destin Florida foreclosure listings. The bank-owned condo was under deposit, and scheduled to close at the end of September. The condo association said they had been told the buyer had already moved in and was claiming to be the owner. "No way!" I thought. "This cannot be true!" So, I hopped into my car, my heart racing, with two of my assistants, in case it was true and there was a confrontation. We got to the unit, right down the street from my office, opened the lockbox and found the key was missing. We drove back to the office, got a back-up key, and returned. Wow! Was this the right unit? It was newly and completely furnished. Sofa, chairs, coffee table, lamps, tv's, beds, night-tables, end-tables, dining room set, bar stools, patio furniture, dishes, towels, new refrigerator and oven. New ceiling lights. New window blinds installed. The cable had been hooked up and the television worked. I couldn't believe it!

What if the buyer returned while I was there? Who should I call first? The police, the locksmith, the bank, or the buyer's agent? I immediately called the locksmith and the police. The deputy arrived first. He shook his head in dismay. I had the file from the office. The buyer was from California. There was a car with California tags parked in front of the unit. The deputy checked, and bingo-- it was the buyer's car. I had the buyer's telephone number. The police called him. He claimed he felt it was convenient to move his things in, as he had gone back to California, and wouldn't return until January. "What do you want to do?" the deputy asked me. "Did you want to press charges?" I told him I would try to reach the bank, but it was late in the day, right before Labor Day weekend.

Meanwhile, I called the buyer's agent. He claimed he had left the key with the buyer and his inspector, and had to leave early, with instructions to the buyer to re-insert the key in the lockbox. He said he had no knowledge of what the buyer had done. I reached the bank, a huge foreclosure processor. The rep was in shock. After I told him what happened, he put me on hold for about five minutes. When he picked back up, he said unequivocally, the contract had been revoked due to the buyer's action, I was to press charges, and they were going to start the eviction process. I re-called the police, made my statement, and finally left the office around 7:30 p.m. Who knows what tales will unfold next week?

P.S. The funny thing is, I wrote about this same buyer a few weeks ago in Foreclosures: Multiple Offers - Deceipt & Subterfuge.

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. *Call the Police! Buyer Moves In Before Closing!* 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.
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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.

Foreclosures, Short Sales & Credit Scores

"How will a Short Sale affect my credit?"

I am often asked this question by sellers pondering foreclosure or deed-in-lieu of foreclosure versus a Short Sale. It may be easier to look at how foreclosure affects credit in ways that a Short Sale does not. Kenneth R. Harney, of the Washington Post, recently wrote a fascinating article. "Walking Out of a Mortgage And Into Years of Hurt", about ramifications of foreclosure. Some of his investigative highlights:

1. Fannie Mae will not allow borrowers with a foreclosure to get another Fannie Mae-backed mortgage for 3-5 years, and only with a minimum credit score of 680.
2. 
   Freddie Mac sees foreclosure as a major negative on credit for seven years.
3. 
   FICO scores count foreclosures as nearly as bad as bankrupty.
4. 
   Freddie Mac and Fannie Mae loan applications include questioning the borrower on whether they have ever had a foreclosure or deed-in-lieu of foreclosure. If so, the loan is more critically analyzed, and may not be so easy to obtain.

In summary, Short Sales, where the lender may report the loan as "settled" or "paid" seems a more palatable solution for future credit-worthiness.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Fort Walton Beach, Santa Rosa Beach, Crestview, Niceville, Navarre, Mary Esther, Shalimar, Bluewater Bay, Sandestin, Seaside, Rosemary Beach, Miramar Beach, Dune Allen, Blue Mountain Beach, Alys Beach, Eglin Air Force Base, Hurlburt Field and vicinity.

1-877-487-9639 ext 204

www.ShortSaleForeclosureHelp.com

www.RulnickRealty.com

HUD SHORT SALE GUIDELINES

Here is a summary of the requirements for an FHA-insured Short Sale:

1. The borrower must be delinquent at least 3 months.
2. Net proceeds of the offer should be at least 82% of appraised value.
3. The appraised value should be at least 63% of the mortgage.
4. The mortgagor must be an owner-occupant.
5. There is verification of the borrower's decrease in income showing inability to pay the mortgage.
6. The property was marketed in such a manner that an offer for fair market value could be obtained.

I found this information on the U.S. Department of Housing and Urban Development website. The site provides many helpful links for those in financial trouble. Remember, these guidelines apply to FHA-insured loans only, and there may be some latitude in those requirements.