Rulnick Realty - Welcome the Holidays- Pot Luck Lunch- Open House
 Welcome the Holidays! Join us at Rulnick Realty Destin Florida Wednesday, November 11, 12:00 noon Open House, Pot-Luck Luncheon! So far on the menu, we have ham, turkey, rolls, wine, beer, soda, turnips, carrots, broccoli casserole, bread pudding, green bean casserole, sweets, pie, pasta salad, sweet potatoes and more... To our buyers, sellers, Emerald Coast Realtor friends, Facebook friends, vendors, business neighbors at Miramar Plaza and ALL OUR FRIENDS! Bring a dish and join us for some merriment! Address: 12889 Emerald Coast Pkwy. Ste 107-A, Destin, Florida 32550 We are 2.5 miles east of Destin Commons and the Mid-Bay Bridge, on the south side of Highway 98 in the Miramar Plaza. Telephone 850-650-7883 We look forward to seeing you! Wendy Rulnick, "It's Wendy!", Broker, Rulnick Realty, Inc. Labels: destin real estate, destin realtor, rulnick realty, Thanksgiving
Paradise Retreat Short Sale Approved
Compared to my last 5 month drama with Aurora Loan Services, this was a dream Short Sale approval!
Subject: 2047 SF Home in Paradise Retreat, Destin Florida
Mortgage: Aurora Loan Services - $400,000
Fair Market Value: $217,000
Amount Forgiven: $183,000
Timeline: 26 Days from Fax to Approval
Key to Success: Strong contract, reasonable closing costs, committed buyers, complete and thorough package
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Labels: aurora loan services, destin real estate, destin realtor, destin short sales, paradise retreat
416 Spanish Moss Trail, Destin Florida - Home for Sale
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 EstateDestin and Fort Walton Beach Short Sales & Pre Foreclosure Help.Read Destin Real Estate BlogCall 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.comCall 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 Labels: destin florida property, destin foreclosures, destin real estate, destin realtor, destin short sales
Destin Condo Short Sale Approved in 7 Weeks
 This Indian Lake condo in Destin Florida has been approved for a short sale by Countrywide. It was listed by three agents before me for over two years. The stunner is - I got a good offer for my seller in less than 60 days, and got her short sale approved in only seven weeks! Summary: Property: condo built 2004, 920 square feet Mortgage: Countrywide - about $150,000 Hardship: Seller lost one job, had hours cut on second job, see "Destin Short Sale Seller: I Just Want Out"Original List price: $98,000 November 19 Priced Reduced: to $86,000 December 22 Contract: received fair market offer on Jan 12 Approved: March 3 Time from Package Fax to Approval: 7 weeks It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Search All Destin Florida Homes for SaleDestin Short Sales & Pre Foreclosure Help.Read Destin Real Estate BlogCall Wendy Rulnick, Broker, 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.comCall Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home, condo or beach 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, pre-foreclosure and marketing 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 Condo Short Sale Approved in 7 Weeks!* Contact Wendy Rulnick regarding Destin Florida real estate and Emerald Coast homes for sale. Copyright © 2009 by Wendy Rulnick. Labels: countrywide short sales, destin fl property, destin florida condos, destin homes for sale, destin realtor, destin short sales
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.
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. Subscribe in a readerSubscribe to It's Wendy's Blog by Email Labels: destin florida property, destin foreclosures, destin homes, destin real estate, destin realtor, destin short sales, 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 estateShort 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.comWendy 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. Labels: destin broker, destin fl property, destin florida real estate, destin real estate, destin realtor, destin short sales
Homeowner Stability Plan Affects Destin Real Estate and the Emerald Coast of Florida
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.
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. Subscribe in a readerSubscribe to It's Wendy's Blog by EmailLabels: destin foreclosures, destin real estate, destin realtor, destin short sales, Homeowner Affordability and Stability Plan
Destin Florida Real Estate Market Summary - 2008
Destin Florida Real Estate - 2008 Market Summary
The Destin Florida real estate market had a rocky road in 2008. There are some glimmers of hope, but continued signs of price declines. In summary:
1. In Destin, the "% Sold/List" (Sold to List Price Ratio) dropped from 90% to an average of 84% by the end of the year. The ratio bounced around a lot during the last 12 months, but the drop to 84% may or may not be part of a trend. We'll look at this in coming months.
2. The average sale price for Destin real estate dropped from $520,000 to $406,000 in the past year. Again, this figure may not necessarily be a trend, as the average sold price was as high as $637,000 in June.
3. The median sale price dropped in Destin from $350,000 to $263,000. 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 the resulting figure.
4. The MLS (Multiple Listing Statistic) report indicates 230 days average market time for Destin houses, condos and townhomes. This figure is inaccurate, it is low. 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, and even "re-listed" by the same real estate agent.
5. The "Months Inventory" figure is my favorite. 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. Note the year started at 68 months inventory, or almost 6 years! It ended at 48 months inventory, or 4 years! This figure is low, because our Emerald Coast Association of Realtors tracking only looks at the last, successful listing period. Additionally, the months inventory statistic has bounced around a bit. In basic terms, a 4 year inventory means there are a lot of properties for sale, and they are not selling very fast.
6. Finally, the inventory of Destin homes for the year started at 3475. By December, the inventory had dropped to 3225. The inventory reduction has been consistent for the last four months. That may good news for sellers. Typically, however, inventory increases in January when sellers decide to put their properties on the market after the holiday season.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
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. *Destin Florida Real Estate Market Summary - 2008* 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. Labels: destin fl properties, destin fl real estate, destin florida homes for sale, destin real estate market, destin realtor, miramar beach real estate, sandestin real estate market
Destin Short Sale Approved - Everything Was Fine, But Then...
 Little things can make a big difference in getting to a closing. We all know that. It's one of the most important factors in real estate success. The "big picture" in the agent skill-set for selling listings is one-third marketing, one-third negotiating, and one-third follow up to closing. Mess up on any of those, and you probably won't have a successful transaction. Yesterday I had a last minute scare at the final day of an already extended approval for a Destin FL Short Sale. I've seen almost everything in my 20-year career, but this was a new one. The listing had actually been referred to me by a licensed Destin Realtor, who did not want to handle his own Short Sale. The buyer, too, was a Realtor representing himself. The Seller's bank, Citi Mortgage, had counter-offered the buyer's price of $300,000 with $325,000. After some negotiations, the buyer-Realtor agreed to increase his price. Wonderful! I had an addendum to the contract signed reflecting the new price of $325,000. The day of closing arrived yesterday. The buyer's lender was delayed in getting the closing package to the title agent. It was the last day Citi's approval was good through, and it had already been extended once. At 3:30 I got a panicky call from the buyer. The title agent had finally received the closing package, and his new loan amount was wrong! It was based on $300,000, the amount in the original offer! And that's what the buyer's lender had appraised the property for. The buyer-Realtor said we never had an addendum reflecting the new price, and his bank had been unaware. It would take a miracle to save the closing. Voila! I looked in my file, found the signed addendum, and faxed it to the buyer. He got it to his bank. The appraiser corrected his price, stating he had been overly conservative. Deal closed. Happy ending. Whew. 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 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 dients' advantage. She is supported by a team of top buyer specialists. 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. All Rights Reserved. *Destin Short Sale Approved - Everything Was Fine, But Then...* 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.  Subscribe in a readerSubscribe to It's Wendy's Blog by Email Labels: destin real estate, destin realtor, destin short sales
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