Rulnick Realty Welcomes Linda Baron in Destin FL

Rulnick Realty is pleased to announce the association of Linda Baron with the company. Linda has represented buyers and sellers well over a decade in Walton and Okaloosa counties. Originally licensed as a Realtor in Kentucky, Linda moved to Emerald Coast of Florida where she received a Broker license in 1997. She has also received the Graduate Realtor Institute certification.

Consistently recognized as a multi-million dollar producer she focuses on single family homes and investment properties such as second homes and condo’s in the Destin, Santa Rosa Beach and Seagrove markets. She also assists buyers, sellers and lending institutions with short sales and bank repo’s.

While living in Chicago, Linda’s association with real estate began with an interest in architecture. Later, while in Louisville, Ky., known as the home of one of the largest number of Victorian houses her passion became investment and restoration of historic homes. She and her partner were also involved in new construction with the development of a small subdivision near Lexington.

Educated at Northeastern Illinois University with a Bachelor of Arts degree, Linda was previously employed at Kentucky State University in higher education administration and director of the Woman’s Center of Louisville. She is an avid boater and beach lover.

Linda Baron may be reached lindabaron@rulnickrealty.com or (850) 650-7883 or cell (850) 217-4337

Countrywide Wants Short Sale Buyers' Social Security Numbers

I have two interesting short sales in process with Countrywide. One is in Destin, Florida, the other, Navarre, Florida. In both of these cases, Countrywide is asking for the buyer's date of birth and home address. In one of the cases, they want the buyer's social security number.
Why does Countrywide want this new information? Apparently, in Short Sales where their loss is greater than $250,000, Countrywide does a background check on the buyer to ensure he is not related to the seller.

In one of these situations above, the buyer is refusing to provide his social security number. He feels that his privacy, identity and more would be at risk by divulging it. And it would be. I don't blame him. I have been trying to resolve this issue for three weeks. Finally, today, the negotiator called me and said the deal would be "off" if he didn't provide the information. I told her I needed more substantial explanation for the buyer, as I didn't want to waste the four months of time we already invested in the transaction. She put her team leader on the phone. He said "We do not need the social security number, just the date of birth." He also said that Countrywide wanted to ensure there was "No benefit to the seller through the buyer's purchase." When the negotiator got back on the phone, she seemed flustered. I told her I provided that information to her three weeks ago, and repeated it again. She said she "would call me right back". That was two hours ago.

In any event, if Countrywide is performing background checks, they ought to disclose that to the buyer. Anything less is a bit underhanded.

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. *Countrywide Wants Short Sale Buyers' Social Security Numbers* Contact Wendy Rulnick regarding Navarre Florida real estate and vicinity.

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.

Citi Residential-You Want WHAT?

Citi Residential is supposedly one of the few lenders who works with the seller at the beginning of the Short Sale process. At least, they used to. In my case, a house listed in Navarre, Florida, where Citi Residential (not Citi Mortgage) was contacted by the seller at inception of the process, had a pro-active appraisal done, and bi-weekly check-in calls by the company to find out how the Short Sale was going. The second was GMAC (worthy of another blog or three). Anyway, I thought "Great! This will make the whole process easy". Not so. We received an offer in May. The Citi Residential negotiator was receptive to an emailed contract, HUD, etc. He wasn't easy to reach, but that's not unusual in Short Sales. After a few weeks, he required more detailed information, and I faxed him a 42-page package. A few weeks later, he said the price wasn't high enough. I sent him proof that the offer was actually slightly over-market. A few weeks later, still no actual "counter", so I continued my phone calls and emails. The rep was on "vacation". The substitute rep asked for the proof of market value to be re-sent. I did so.

A couple weeks later... Phone call from Citi... The rep is "no longer with the company. We have to start at the beginning. We need your letter of authorization and listing agreement, then we'll tell you what we need to do the Short Sale." "You are KIDDING?" I ask in polite and incredulous terms. They are serious. This is ridiculous. So, yesterday I faxed in the listing agreement and letter of authorization-AGAIN. Today they fax back they want all the standard Short Sale items, PLUS Preliminary Title Work and a Termite Report. And, the rep called me on the phone to say they also want the "written approval from GMAC" before proceeding. (Of course, GMAC won't give written approval until they have approval from Citi.) And who is going to pay for the termite inspection and preliminary title work? Bottom line is their new requirements are going to lose many opportunities for sellers to do Short Sales.

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. *Citi Residential-You Want WHAT?* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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.

Short Sales with PMI - Strategy Session

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.