Can I Put That Destin Condo on Layaway?

I have been negotiating a short sale offer for a Destin Florida condo for about a week. Today I received the following email from the buyer's agent: "Here is my buyer's final offer for the condo. "

Purchase Price - $150,000

$50,000 at closing, $50,000 in 12 months and the other $50,000 in 24 months.

Seller to pay all closing costs

Seller to pay 6 months of condo dues

He would like an answer by 2pm on Monday."Enough said.



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
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.

Luau Condo #6108, Sandestin Florida - Short Sale

Owning this stylish Luau condo will open you to the world of Sandestin! This Sandestin short sale condo is an efficiency unit. Just drop your keys and go out and play! Amenitis include a great pool, covered parking. Nearby shopping at the Village of Baytowne Wharf. Enjoy beach, bay. Join tennis, beach club, golf, marina, gym! This Luau short sale condo is located on the south side of Sandestin Resort.
Offered at $119,000.
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
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.
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Are Short Sale Lenders More Lenient the Second Time Around?

It was almost a year ago that Bank of America approved a short sale on one of my Destin Florida condo listings. The sale price at the time was $260,000. The sellers owed $410,000 on the unit. Bank of America approved the short sale requiring the sellers do a cash contribution of $16,000 towards the loss at closing. Why? Because the sellers were paying two other mortgages on time and they had jobs and regular income.

Unfortunately, the property did not close. The buyer defaulted after approval because he wanted to buy another condo.
Six months later I found a new buyer. The Destin condo market had declined further, so the sale price was much lower. Five months later still, I got the short sale approved by Bank of America. Although little has changed with the seller's circumstances, the investors on this loan were much more lenient the second time around.
Property: Destin Florida condo
Ownership type: Investment
Sale Price: $211,000 (one year ago- approved price was $260,000)
Mortgage Balance: $410,000
Cash from seller: -0- (one year ago- $16,000 cash contribution was required)
Promissory note from seller: -0-
Needless to say, the sellers are delighted. The question remains, though, why were the investors more lenient with short sale approval terms the second time around? Not only did they accept $50,000 less – they required no cash contribution from the seller. This may mean investors are loosening up their approval guidelines in general, cutting their losses and moving forward. It may be good news for homeowners in trouble who are considering a short sale.
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
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.
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Report: Short Sales and Your Credit Score

Curious what will happen to your credit score after a short sale?
The answer is... it depends. How many mortgage payments did you miss? How much debt do you have? What is your outstanding balance to available credit ratio? What is your overall payment history? Your "point" impact will be calculated by FICO based on these and several other criteria. Here is an actual example of how a short sale affected my Destin short sale seller's credit score.
Property: Destin short sale condo - investment property (not owner occupied)
Lender: Aurora Loan Services
Number of Missed Mortgage Payments: 23
Short Sale Reporting: "Settled for Less Than Full Amount"
Previous Credit Score: 745
"During Short Sale" Credit Score: 646
Credit Score 30 Days After Short Sale: 732 687 and 679 (from the three credit bureaus, Equifax, Transunion and Experian)
My Destin short sale seller was amazed that his credit score seemed to shoot right up after his short sale was complete. This is not always the case. The bottom line is - you won't know how your score will change until you complete your short sale. But don't be dismayed, you CAN start to rebuild your credit immediately. And don't be suprised if your financial future is brighter than you think.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin FL Real Estate
Destin Short Sales & Pre Foreclosure Help.
http://www.shortsalesuperstars.com/ for agents
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.
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If you and your short sale sellers are having problems with Bank of America and Equator (formerly Reotrans), you are not alone. My team and I have be

If you and your short sale sellers are having problems with Bank of America and Equator (formerly Reotrans), you are not alone. My team and I have been "experimenting" with the new short sale upload system since we've been forced to start using it two weeks ago. Not only does the short sale agent have to use Equator, so does the short sale seller. The idiosyncrasies of the software can be intimidating-- even to a savvy internet user.
Passwords don't work, information is wiped out, and files are rejected for reason code: OTHER.
Today a Destin short sale seller came into my office for help entering his financial information. We had already uploaded his last two years tax returns, last two months bank statements and last two paystubs by separate pdf. After entering his information and filling out thirty plus data fields, his information was WIPED out three times by Equator. WHY? He hit the back-button! But did we give up? No way! After a while, through trial and error, we found some tips to help you along your Bank of America-Equator journey.
Remember to have your seller log onto bankofamerica.com/shortsale (no www). He should already have his password, after registering at 1-866-677-2516 and having one emailed to him.
There are NO DETAILED INSTRUCTIONS, but these hints will help you to success:
The system does not accept commas in all numeric fields. It will kick out entries with commas in the lower section of the seller financial fields, those underneath the income section. (Some may find it difficult, for example, typing 100000.00 and keeping track of the correct number, but that is what it wants.)
The seller can only "Save for Later" if they fill out a complete section on the screen, from the BLUE to BLUE (HELP to HELP) area of the form. Otherwise, the info will be WIPED OUT!
When totalling numeric fields (like expenses, for example), click OUTSIDE the data entry field to the right of the "total" at the bottom of the column. Don't try to add up the fields. This will add them up for you. ( I know it makes no sense).
Finally, if you want CHAT HELP, there is no button. or link on the screen.. I knew there was a CHAT, so I called the Equator Tech Line 310-469-9167. (Expect to be on hold for thirty minutes to three hours). After finally getting through, and being put on hold for twenty minutes, they came up with this to find CHAT:
Click on the HELP button at the top of the screen. In the "Search" field, type in the word "CHAT", then an icon will appear. I am sure you would have figured that out on your own, right?
That's all for today. For more Equator hints, check back here and on the Short Sale Superstars Equator group. Until then, happy typing!
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
For Agents: http://www.shortsalesuperstars.com/
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.
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4495 Ocean View, Crystal Shores, Destin Florida Short Sale

The "Bimini House" in Crystal Shores, Destin Florida says "Come on in and have some fun!" with its cheerful tangerine exterior and plethora of porches. This Destin short sale home will make you smile at the happy colors and breezy decor. First floor features wood floors, open dining room, high ceilings and fireplace. The kitchen is a country delight with pass-through, eat-in space, transom windows and overlooking the heated pool. Second floor master bedroom is large and luxurious with private wrap balcony and its own fireplace! Third floor has wrap balcony with access from two more bedrooms and peak of gulf view. The carriage house has two bedrooms, kitchen and rec room. The main house is 3331 square feet and the carriage house about 500 square feet, per seller. There are a total of 6 bedrooms and 5.5 bathrooms. Crystal Shores is a two minute walk to the Gulf of Mexio beach and near numerous shops, Destin Commons and more!
Destin short sale offered at $489,000.
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
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.
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Bank of America Approves Destin Short Sale: Boldly Ask and You May Receive

Bank of America Approves Destin Short Sale Condo: Pays Past Dues
Sometimes you get lucky!
Subject Property: Destin short sale condo on the harbor
Short Sale Lender: Bank of America
Mortgage Balance: $1,200,000.00
Sale Price: $490,000.00 appr
Seller Cash Contribution: -0-
Seller Promissory Note: -0-
Past Due Association Fees Paid by Bank of America: $25,235.67

Notes: I wrote a previous post about short sale condos and association dues becoming the “Next Generation of Junior Liens” because so many homeowners cannot afford to pay them. As this down real estate economy progresses, more and more owners will become delinquent on their condo or association dues. The past-due balances will build to incredible amounts, just like the one I have outlined. The short sales submitted for approval will have greatly reduced payoffs to the mortgage holders when adding in the obligation to pay these dues.
In Florida, if the short sale lender does not agree to pay these costs, there is an argument for the condo association to accept less. Florida statutes only require a payment to the condo association of the past six months in arrears if the unit is foreclosed, twelve months if it is a homeowners association. (This is a tip for negotiating Florida short sales.)
In my lucky Destin short sale, we boldly asked for all the past condo dues to be paid- a whopping $25,000! Bank of America did not blink. (Rather, the secondary market investor on the loan did not blink.) Deal approved. Give it a try.
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
http://www.shortsalesuperstars.com/ for agents who want to Learn, Know and Grow.
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.

Bank of America & Equator: Are We Guinea Pigs on a Treadmill?

If you haven't heard recently, Bank of America short sales are getting even… well, weirder. Their new plan is to implement an online system where real estate agents and borrowers can upload their own short sale information. It sounds great-- and it would be--if it worked. OK, you might have heard one or two success stories, but I can tell you from practical experience, until this system is refined your Bank of America short sales might take… longer!
The new system is called Equator, formally REOTrans. It is really a jerry-rigged uploading site that is also used for foreclosure (REO) offers to Bank of America. Here is my experience with it so far.
Day 1: I fax in my package to Bank of America for a new Destin short sale
Day 7: I call in to confirm the fax was received, as it takes Bank of America several days to recognize new faxes. No, and they cannot find my loan number. There is no such loan number! Huh? I call my seller. She says the loan number was changed in the past week.
Day 10: After faxing in a new authorization, I call Bank of America (BOFA) back with the new loan number. They said they changed the loan number because this file is going to their new online system, Equator. They instruct me to upload my short sale package online. My seller must also call in to get her own special password to use the system and upload her own financial documents.
Day 11: My seller calls BOFA during the day from work. She is on hold over one hour and transferred twice. During her hold time, she emails me "Still on hold, but they 'look forward to talking' with me soon". After she completes her call she tells me "I cannot believe this is what you deal with all day". She forwards me her password so I may upload all her documents for her. This means, all the tax returns, bank statements, financial worksheet, paystubs, etc. Each document must be scanned into our computer system as a separate file so we can upload them when asked.
Day 12: We try to access Equator with my seller's password. Login fails. No luck.
Day 13: We log in under my agent id. Here we upload our authorization and answer questions about the offer. Non-invasive questions like,"What is the buyer’s birth date? What are the first five digits of the buyer’s social security?"
FINALLY, we get to the offer amount. Let's use $160,000 as an example. OFFER REJECTED -insufficient. HUH? The last sale in this Destin condo complex was $150,000. So, why is our $160,000 offer insufficient? Who can I talk to?The machine? I call Bank of America and they repeat, the system says "insufficient", didn't I get a rejection email? "From generic.negotiator@bankofamerica.com I told them. Well, that is who you should email, I am told by the BOFA rep. "You are kidding, I am to email the "generic" negotiator?" The rep says, "Yes, that email is checked by different negotiators all day". OK, who am I to question the authority of Bank of America? I email generic.negotiator@bankofamerica.com (like an idiot) and of course the email address is invalid.

Day 14: Today. Plan B. I'll let you know how it goes. And I wish you better luck with Equator.

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

http://www.shortsalesuperstars.com/ for agents

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.

Beachside II 4291, Sandestin Florida - Short Sale Condo

Beautiful Sandestin short sale condo located on the 9th floor of Beachside II at Sandestin Beach and Golf Club directly on the Gulf of Mexico. The kitchen has granite countertops, recessed lighting and breakfast bar. The master bedroom provides an exquisite view overlooking the gulf. The master bath has a garden tub and a walkin closet. The convenience of the stacked washer and dryer gives you more time to enjoy the beach or relax on the balcony. Sandestin is filled with fun, and you can venture to restaurants, shopping, Baytowne Wharf, Destin Commons and more - all a short distance from this Sandestin short sale condo.

Offered at $529,900

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
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.

Worst Short Sale Lenders of the Year Awards

Each year I give out awards for the worst short sale lenders I have dealt with in the last twelve months. Congratulations to our 2009 winners!

1. PHH - Now Waiting 9 Months for Approval and Counting PHH Mortgage has had a VA Compromise Offer since February 2009 for a Niceville Florida short sale. They were so lame as to do a VA appraisal back in July, then let that expire after six months because they were so slow, and had to order a new one. The sale is still is not approved.
2. USAA will Wait for Short Sale Seller to Die to Go After Probate This Niceville short sale story had a happy ending, but not until after USAA commented they would get their money even if they had to wait for the elderly owner to pass away to get the estate.
3. Saxon Mortgage - Reduces Realtor fee if short sale does not close by approval deadline- for whatever reason- by a full percentage.
4. Green Tree Servicing - Current on Your Mortgage? Short Sale Denied! This short sale servicer denied a Fort Walton Beach short sale because he was current with his payments. They said they would take the "hit" if the seller would take the "hit on his credit". The homeowner drained his entire savings to make payments after spouse was in a serious auto collision.
5. Finally, who else but BANK OF AMERICA, would makes the list - four times over!
Bank of America Approves Short Sale, But Won't Finance Approved Amount Here we find a lender who underappraises a Destin short sale condo for the buyer's mortgage, but on the short sale end- refuses to accept its own appraisal and closes the file! Head spinning yet?
Bank of America - Two Strikes and Buyer Walks As aforementioned transaction goes into round two- Bank of America flubs short sale demands by illiterate negotiator, and refuses to correct error. Short sale denied.
Bank of America Now Wants Your Retirement Account Bank of America is ever so bold now, not even your retirement savings is sacred.
Bank of America - Deficiency Threat Sends Shockwaves The now-infamous Bank of America approval letter has probably caused many a frightened homeowner to pass on a short sale.
Now, that was my list of the TOP worst short sale lenders for 2009, who were yours?
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

http://www.shortsalesuperstars.com/ for Realtors- join us!

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

The Palms Unit 1307, Destin Short Sale Condo

Own this fabulous central Destin short sale condo at The Palms! You can pick your choice of on-site fun or pop over to Henderson Beach and the Gulf of Mexico right across Emerald Coast Parkway! The contemporary Palms project includes huge lagoon pool, children's pool, waterfall, tennis, basketball.
Love coffee? "The Beach Trader" is on-site for your cup of Starbucks. Finally, Traders Vics is the place to go for cocktails. Your unit is sleek and stylish, has granite counters, 9' ceilings. Association dues covers wireless internet and utilities.

This Destin short sale is offered at $149,700.

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

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.

The Palms Unit 11003, Destin Florida Short Sale Condo

The Palms of Destin is what everyone raves about!
You can own this almost-new Destin short sale condo and be in the middle of all the excitement! Pool, tennis? Beach, drinks? You can have it all! Unit is close to Henderson Beach and the Gulf of Mexico for swimming and sunning! The contemporary Palms project includes huge lagoon pool, children's pool, waterfall, tennis, basketball. Love coffee? “The Beach Trader" is on-site for your cup of Starbucks. Finally, Traders Vics is the place to go for cocktails. Your unit is sleek and stylish, has granite counters, 9' ceilings. Association dues covers wireless internet and utilities.

This Destin short sale is offered at $173,900.

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

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.

1227 Quail Ridge, Quiet Wood Subdivision, Destin FL - Short Sale Home with Inground Pool

Spacious Destin short sale home,1227 Quail Ridge, on cul-de-sac in Quiet Wood subdivision with half-acre lot! Improvements include tile in main living areas, granite counters in kitchen, roof new in 2004 with dimensional shingles. Inground pool with new paper filter, gazebo. Gazebo with red and white grapes, orange, lemon and fig trees. This Destin short sale property needs some work, but with a pool, large lot and great location, this home has unbeatable features!
Offered at $199,900

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

Search All Destin Florida 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.

HAFA and Short Sales- How Will It Affect You?

As you may have heard on the news, the U.S. Treasury is trying to make short sales, well, shorter! Many homeowners and buyers in the Destin and Fort Walton Beach areas have been plagued for waiting months for short sale approvals. Realtors are at their wits end. Lenders are overloaded with requests. Waiting five months for a short sale approval is becoming the norm. The new program that is supposed to help is called "Home Affordable Foreclosure Alternatives Program" or "HAFA".

What Treasury is trying to do is help streamline the short sale process by suggesting guidelines to the participating lenders. That's "suggestions" and "guidelines". That does not equal "requirements" in the way I read it.

Here is a summary of the proposed short sale changes, who is eligible, and what you might expect to change if you do qualify for the HAFA program. Remember, I am condensing here and pointing out what might be important to you, the homeowner, as it relates to short sales. There are many details, requirements and forms that make up this new program.

ARE YOU ELIGIBLE?
You might be eligible for HAFA if your lender participates in the Home Affordable Modification Program (HAMP), and your mortgage is not underwritten by Fannie Mae or Freddie Mac. HAMP offers you the opportunity for assistance by lowering your payments or delaying payments to keep you in your home. You must meet the HAMP requirements as follows, to be part of HAFA, whether or not you choose a modification.

These qualifications are:
1) You have missed payments or are about to default
2) The home is your primary residence
3) You got your primary mortgage before Jan. 1, 2009 and your balance is less than $729,750
4) Your monthly mortgage payment is greater than 31% of your gross income

The HAFA Supplemental Directive states that the servicers (your lenders) have the "option to determine the extent to which short sales or deeds-in-lieu will be offered". So this does not look like a slam dunk, guys!

Expanding on that, HAFA states that a participating lender must follow its investor guidelines to create their own policy, with criteria for your eligibility to include: how cooperative and "motivated" you are, the amount of the loss on your mortgage, and local market conditions, among other things. In addition, HAFA states that it is up to the servicer and investor to decide if allowing you to be in this special short sale program is in their best interest. That tells me they have a lot of leeway in deciding if you will benefit from HAFA at all.

THE GOOD NEWS if you get a short sale through this program, there can be no deficiency judgment later! That will help many leery Bank of America short sale sellers, whose approval letters reference the right to seek a deficiency in the future. More good news- your lender may not ask you for a promissory note or a cash contribution if they participate in HAFA and you do a short sale. More "positives"…

POSITIVE: If you are eligible for this program, and your lender participates, you must be given the chance to do a short sale or deed-in-lieu prior to the lender foreclosing.

POSITIVE: The program says you do not have to resubmit your financial paperwork for the short sale (a big pain for many short sale sellers) after you have already provided it for HAMP.

POSITIVE: Your lender will determine the acceptable net from your anticipated short sale prior to you participating in the program. This should save time versus a typical short sale, where the lender determines if a contract is acceptable after it is submitted for consideration. The minimum proceeds will be stated in terms of actual dollar amount, percentage of market value or percentage of your list price.

POSITIVE: Your lender will state what closing costs they will pay for the sale in advance. This will save contracts where the buyer asks for too much in closing costs- no wasted negotiating.

POSITIVE: You will receive $1500 relocation incentive upon closing your short sale.

*** OTHER THINGS you need to know:

You cannot remain in the home as a tenant after closing.

You must not be related to the buyer (arms length).

You cannot earn a real estate commission if you are a licensee and sell the home yourself.

You may be required to make payments deemed "affordable" by HAFA until your property is sold. This is based on a calculation of your income and expenses.

You must maintain the property and pay association dues until it is sold.

The servicer will pay your junior lienholder up to $3000 (or 3% of the junior balance) to complete the short sale, but YOU must take care of other impediments to selling, for example, an IRS tax lien or a judgment which might affect your sale. Your senior lienholder gets a monetary incentive when your junior lienholder waives the right to a future deficiency. This part of the program "may" inspire better terms from your second mortgage holder. NOTE: HAFA does not state this as a requirement, though, so you may still have a responsibility to pay your junior lienholder cash or a promissory note if they agree to the short sale!

If you have mortgage insurance (MI) on your note, the MI company must agree to waive its right to a cash contribution from you or note or you won't qualify for HAFA.

MORE PROCEDURES: When you receive an offer on your property, you will have three business days, with your Realtor’s assistance, to get a copy of the contract, buyer pre-approval, and junior lien documentation to your lender. If you are using the standard HAFA program with a pre-approved net price (SSA), you should receive an approval or rejection with 10 business days, or about three weeks of receipt. However, if you have not gone through the HAMP modification program and standard SSA (sorry I am throwing in acronyms again), then your approval time will be lengthened. In this situation (alternate RASS), the program requires 14 more days to allow you to decide if you want a modification (well, of course at this point you don't or you would have already done so, right), and for you to provide all the financial documentation necessary.

Finally, don't expect to get off the hook with credit reporting or tax obligations from your short sale. Even with HAFA, your short sale will be reported "account paid in full for less than full balance" and you should consult with an accountant to determine any tax liabilities from your cancelled debt.

There is a lot to this new HAFA program, which officially starts on April 5, 2010 (although your lender may participate sooner). How many people it will actually help is questionable. If it does work, it will speed up your short sale. If it does not, there are still many options available to you.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search All Destin Florida 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.

Holiday Isle, Destin Short Sale - Approved by Chase/Washington Mutual

This townhouse on Durango Road, Holiday Isle in Destin Florida has been approved as a short sale. It is on a canal on Destin Harbor with a dock. It needed significant work due to an active water leak.

Lender: Washington Mutual, now Chase

Mortgage Balance: $359,000 appr

Sale Price: $195,000 appr

Approval Time: 5.5 Months

If you need to sell your home as a short sale in Destin or Sandestin, Florida, it is best to hire an experienced short sale agent.

It's Wendy!

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

Destin Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Short Sale 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 can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast. Wendy has been interviewed by Kiplinger Personal Finance Magazine and Business Week magazine, and has had her short sale articles appear in Florida Realtor Magazine.Call Wendy Rulnick, to list and sell your property on the Emerald Coast of Florida in 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.

"Day in the Life" of a Destin Short Sale Agent

Just one of my normal days selling real estate and short sales in Destin, Florida...

Buyer agent emails me to say buyer is walking if no response from Niceville short sale lender this week.

Another buyer agent calls me to say buyer is walking by October 31 if no approval given on Destin short sale condo.

Another buyer agent calls and emails me three times asking when the approved Bank of America Santa Rosa Beach short sale can close.

Another buyer agent calls to ask if my seller will put $7000 in escrow for "as is" short sale for roof repair, HUH?

Bank of America emails me asking for all new financials and a revised settlement statement within two days, or they will close the file on a Sandestin short sale.

Two days before closing on Destin short sale condo, I am trying to obtain junior lien approval letter from Suntrust Bank. They have been promising the letter for a month.

Seller emails me that an agent left the door unlocked after showing his property. Seller is upset.

Buyer agent for Fort Walton Beach short sale calls to ask for status on approval.
On hold 40 minutes with PHH for Niceville Florida short sale. I ask for supervisor of supervisor, as this short sale has been in process seven months. I finally have to hang up after hold music gives me a headache.

Checking on another Suntrust approval, I am told no BPO or appraisal has been ordered after 60 days. I ask "When" is it going to be ordered. The rep tells me she would be a "rich woman" if she could answer that question every time it is asked.

Checking on Aurora Loan Services short sale. They say they have moved back all approval estimates by another 30 days.

I let Navarre short sale seller know we cannot sell her property if we cannot show it. Tenant-occupied and every showing is denied.

My computer starts typing on its own, repeating the same character ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, for ten minutes. This is the third time in two weeks. I am shut down! I replace the mouse and it starts working again.

I create a ten-point counter-offer addendum for Destin short sale seller to respond to an offer.

Another buyer agent emails me buyer is walking if my Santa Rosa Beach short sale seller won't agree to his bank's demands for deficiency balance to be paid.

Good email- Boeing relocation for Destin buyer (wow, non-short sale work)

Get pre-approval letter for buyer for Fort Walton Beach commercial property. Letter is dated 1999. My seller is concerned.

At the end of the day, I tell my husband I am exhausted, as it was a bit stressful. He says, "You wouldn’t have it any other way."

He is right.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search All Destin Florida Real Estate

Will Destin Short Sale Lender "Pay" For The Privilege and Make Zero Dollars on Short Sale

This is a first for me. As a short sale listing agent in Destin Florida, I have a parcel of land for sale in a ritzy golf course community. It is in a newer gated neighborhood where building lots used to fetch over $200,000. When I took the short sale listing at $90,000, it seemed realistic. But the lot market near Destin has steadily declined, fluctuating between a 3 and 15 year inventory in the past two years. That means it would take at least three years to sell out all the lots for sale at the current rate of sales. A normal market is six to seven months inventory.

After a year and a continued down market, we eventually lowered the price to $23,000. When I got a contract this week the offer was for $19,000. The most recent comparable sale, a foreclosure, had commanded a whopping $18,000. So the offer was fair.

The problem came after I ordered the HUD settlement statement to provide the short sale lender, Federal Trust Bank. Of course, I had done preliminary title work a year ago, but things had changed, including the price by 75%. Not only were there past due taxes of $12,000, there were thousands of dollars in unpaid homeowner association fees. In fact, the closing costs on the HUD would pay zero to the short sale lender, and would require cash to close of several thousand dollars! You see the closing costs were well over the sale price!

The seller has no money to bring to closing and is in unfortunate circumstances. The buyer will not. The short sale lender probably will not pay for the privilege of allowing the short sale to get not a single dollar.

Wendy Rulnick, Broker

Rulnick Realty, Inc. Telephone 850-650-7883 ext 204

itswendy@rulnickrealty.com

Do You Tell The Short Sale Lender "Buyer Walked"?

Karla Leahy started an interesting discussion on http://www.shortsalesuperstars.com/. She asked "Do you inform the short sale lender when you no longer have an offer?"

From what I've seen the thought process behind not divulging the buyer walked is:

1. The lender will complete an appraisal or BPO that will speed up the next approval
2. The seller's pre-qualification may be completed and ready for the next attempt
3. With some lenders, you can sneak in a substitute buyer

Bottom line, it "saves time" for the next buyer, the one you hope closes.
BUT-- IS IT RIGHT TO NOT DISCLOSE THE BUYER WALKED? Why should the short sale system be clogged because you are trying to speed up your next offer? Is it right to allow the lender to continue to work on an approval when there is no longer a contract? Sometimes there is another twist on trying to speed up an approval. "Fake" or "starter" offers are sent in to the lenders to get an appraisal ordered, when the "buyer" has no intention of closing. The "buyer" might even be the real estate agent.

Some of the lenders have a few hundred thousand offers in process. HOW MANY ARE LEGITIMATE OFFERS? The "real" buyers (and the sellers) suffer through longer wait times because others have tried to game the system, "dead" deals are being processed or offers with no hope for approval have been submitted. If lenders were only processing contracts that could actually close, all short sales would be speeded up, right?

So, I ask "Would YOU call the short sale lender and tell them to stop working on the sale if your buyer walked?"

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin FL Real Estate

Destin Short Sales

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

Fairways at Seascape, 9F, Destin Florida Short Sale

This roomy three-bedroom villa at Fairways at Seascape in Destin Florida feels like a "home". Great views of golf course, rolling grounds, little lake in the fields. Floorplan takes advantage of the outdoors with two sets of sliders to covered patio and your old-fashioned swing. Mirrored dining adds to expansiveness. Private bedrooms. Quiet. This unit is a minute to tennis, pool, hot tub. Walk across Scenic 98 to Gulf of Mexico beach, Whale's Tail restaurant! Internet included as part of association fee. This Seascape unit is a Destin short sale.Offered at $229,900

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

Search All Destin Florida Real Estate
Destin and Short Sales & Pre Foreclosure Help.
Read Destin Short Sale 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.

Is Your Data Safe? How I Almost Lost My Entire Database

This Monday morning started out well. I was sorting through emails and structuring my week. One of my assistant's was working on improving our short sale system and was going to add a field to our ACT database. ACT is excellent contact managment software, where one can completely customize all fields, keep detailed notes, and manage thousands of entries. ACT can be networked with multiple users accessing the information from different computers. In my custom set-up, I have fields such as short sale "approval deadline", "loan numbers", "negotiator name", "payoff" and dozens of critical fields. I have hundreds of notes on phone calls and actions from time of short sale submission through approval. I also have records of every buyer and seller I've ever worked with since I got the system. There are almost 3000 records in my database.

This morning I asked my assistant to add a field referencing title work completion for each short sale. We do this as a matter of course when getting a new short sale listing, but I wanted a more organized location to check it off. She needed authority as "administrator" to modify the layout so I changed her authority level. Well, something went seriously wrong.

My assistant buzzed me and said she could not change the records and ACT closed down. I tried to log in and the software crashed. We tried from different computers, same result. I shut down and restarted twice. Same result. We could not get into the database. Basically, without ACT we are out of business. No records, no telephone numbers, no contacts, no history and no information. All was lost. This was not a good Monday morning.

Thankfully, I had backed up the ACT database on Friday. I use an external hard drive and Acronis True Image software for disaster recovery. I restored the database with Friday's data and I am back in business. If you are not backing up your data you are making a serious mistake. Acronis can also back up exact disk images should your computer or data be destroyed. Backing up to an external hard drive makes sense if you are in an area with hurricane evacuations or otherwise need to physically remove the information from your office.I used to back up when I remembered to do it.

Now I have a new ACT reminder that pops up. You know what is says? "Back up data daily!".

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

Another Destin Short Sale Approved- Laurel Grove

This beautiful Destin home was just approved for a short sale. It is in the Laurel Grove subdvision in Sandestin Florida.

Lienholder: Wells Fargo

Mortgage Balance: $560,000

Sale Price: $399,000

Approval Time: 90 Days

If you need to sell your home as a short sale in Destin or Sandestin, Florida, it is best to contact an experienced short sale agent.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin FL Real Estate
Destin adn Sandestin 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 on the Emerald Coast of Florida in 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. She has been featured in Kiplinger Personal Finance Magazine and Florida Realtor Magazine.

Best Destin Short Sale - And It Never Happened

The Destin Florida couple called me after they had run out of options. The wife’s income had been cut in half, and the husband had been laid off from two different jobs in the past year. They had three children-- and their dream home. The house was custom built, and they had put a lot of thought into the details. The husband showed off his hand-hewn railings, the Palladian windows, the unique floorplan. The wife was proud of how spotless it was, despite the three teenagers and dog. It was breaking their hearts to come to this.
They were three months behind on their mortgage. No job in site. They had spotless credit. This was the point of giving in. Their bank would make no arrangements to help them out. They had no choice. The only option they found was to do a short sale. The couple could no longer stay in their beautiful home, and were going to move out of state to seek work. Florida has one of the highest unemployment rates in the country, at almost 11%.
I listed their Destin home as a short sale. Immediately the calls came from agents with buyers eager to see this stunning property. For two months, we marketed it and entertained showings. Each time the couple was eager for feedback. "How can we make it nicer?" they always asked.
Finally, the news came. I had to take the home off the market. Forget about the short sale! The husband got a job! It paid more than his previous job! They would be able to catch up on their payments and keep their house. I was excited for them and happily withdrew the home for sale.
Sadly, this is the first such story I have had since the Destin short sale market began. Most of my sellers have had to move out of state looking for work. Perhaps, though, this is the start of a new trend, and more homeowners will be able to find jobs and keep their property. I will be at their service either way.

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

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.

Magnolia Bay #8594, Sandestin Florida Short Sale

Serene, sedate and luxurious... This Magnolia Bay townhome is a Sandestin short sale. It feels like a private residence. Note the limestone floors, mahogany entry door, high ceilings and walls of windows. Overlooking a small lake and the Baytowne golf course, this unit is the perfect hideaway as a second home or a great rental. Granite double-width breakfast bar in the kitchen, tile backsplash, recessed lighting. The rear covered porch feels tranquil and cool. Master bath has a deep soaking tub and gorgeously tiled oversized shower. This Sandestin short sale home is simple and stylish. Easy walk to neighborhood pool, Village of Baytowne Wharf. Sandestin has beach access. Join tennis, beach club, golf, marina, gym!

Offered at $479,900

Harbor Front Condo- Destin Short Sale

Want one of the best views on Destin harbor? With a boat slip? This Destin short sale condo is one of the most spectacular settings on the water. Wide open floor plan all about the harbor view. Large kitchen with long breakfast bar, solid surface counters. Spacious master bedroom. Project has pool, work out facility. This Destin short sale condo in Harbor Plantation is located on Highway 98. It is on the first floor unit for easy access set high over the water. Assigned boat slip approximately 13x30, may take a 40' boat. Central Destin location accessible to shopping, the Destin bridge, Crab Island and all the fun restaurants like A.J.'s, the Lucky Snapper, more!

Offered at $417,900.

Give Us Your Commission - Or Else - Extortion by Short Sale Loan Servicer

The public needs to know what is going on....

The "gentleman" from GC Services, started out saintly and well-mannered. But by the time we were through, he had ordered me to "Acknowledge" him when he spoke and "give him my money". Here is my story.....I received approval from Wells Fargo, the senior lien, for a Destin area short sale. The junior lien, Chase, is being handled by GC Services, a collection agency. On this particular loan type, Chase is required by the investor to outsource the short sale and collections.

The junior balance is $40,000. GC Services wants $13,000 to release its lien. I got them a whopping $10,000. $3,000 from Wells Fargo, $1,000 from the seller, and $6,000 from the buyer.


The "gentleman" from GC Services said that $10,000 was not enough. To make up the other $3000, he said I was to "take x% of the full commission Wells Fargo was paying", and give that to him.

Not believing my ears, I told him I wasn't "quite sure I understood" what he was saying. He then said I obviously did not understand HUD's, and that page two was to state a y% to me, and page one, x% to them. I said simply,

"NO".


The "gentleman" then stated that "if I refused, and the buyer made up the additional $3000, they would still not issue an approval" unless my commission was cut to x%. This is similar to putting your hand in someone's wallet and pulling out the money, while holding a gun to their head. I called my seller. I told her I was sorry, but "the commission cut was not allowed by our listing addendum" and explained the strong arm tactic. She understood and agreed. The sale is off. I refuse to be threatened and forced to "give" someone part of my paycheck. Would you?


(**** This decision was made with the consent and permission of the seller. The seller is a friend of mine and is perfectly happy with this negotiating tactic. We have no intention of letting this property go into foreclosure. We do however intend to stop the extortion.)



It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin FL Real Estate
http://www.shortsalesuperstars.com/ for agents

How Will My Destin Short Sale Affect My Credit?

Curious what your credit score will drop when you do a short sale? You'll often read on the internet 80-100 points, sometimes less. Guess what? Sometimes it is more. I just received this email from one of my Destin short sale sellers. I sold his home a few months ago. I had asked him to check his credit score before and after the short sale. Here is his email:

"Checked on my credit score with Transunion and went from 780 (Excellent top 2 percent) to 633 (Rated poor to good). I was anticipating somewhere around 680 and disappointed that big of a drop."

My Destin short sale seller only had one mortgage loan on his home. So, six missed payments and a short sale caused a 147 point drop. I don't know the other variables he had that may have affected his credit, like high charge card debt, etc. But his drop is more than what is often quoted for a short sale.

A short sale or foreclosure are both similar derogatory events on your FICO score. However, a short sale will have a lesser impact on your future ability to borrow than a foreclosure or deed-in-lieu of foreclosure.

Fannie Mae, the nation's largest backer of mortgages, has guidelines that favor those who do short sales versus foreclosures or deed-in-lieu of foreclosure. In fact, you may be able to purchase a new home immediately if you have no missed payments and were not required to sign a promissory note or deficiency judgment was not entered. Otherwise, the waiting time is normally only 2 years after a short sale to buy a new home.

If you do a deed-in-lieu of foreclosure (turning in the keys) you will have to wait 4 years to apply for a mortgage with restrictions up to 7 years If you do a "walk-away" foreclosure, you will have to wait 5 years with even more stringent borrowing terms and a credit score of at least 680.

Additionally, your chances of a deficiency judgment may be less with a short sale, since you are working with your lender to resolve the problem. In other words, with a short sale, your lender is not "taking" your property back and you are not leaving it in their lap.


So, don't just focus on your credit score when contemplating your alternatives. Compared to foreclosure, a short sale may be your best choice when it comes to your future financial security.

Wendy Rulnick, Broker itswendy@rulnickrealty.com

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.

Amalfi Coast Condo - Destin Short Sale

Come home to Destin Florida! Your Amalfi Coast short sale condo, in Miramar Beach is gorgeous and spacious! Great furnishings, full size bedrooms. Unit overlooks lavish grounds, pool, and tree-top view of gulf.
Walk to private beach across the street on the Gulf of Mexico. Sprawling eight-acre complex with two pools, one heated, two tennis courts, pond, bridge, covered parking.
Amalfi condos have easy access to Silver Sands shopping, Baytowne Wharf, Destin Commons and excellent restaurants. Short Sale.
Offered at $297,700.

Luau Condo, Sandestin Short Sale, Destin Florida

Crisp Sandestin condo with Scandinavian flair, gulf views! Your Luau condo is close to Finz restaurant and a quick walk to the beaches of the Gulf of Mexico! Enjoy the property's expansive rooftop observation deck for sunset cocktails, workout center, huge saltwater pool with a exotic waterfall, hot tub, kid's pool, more. Nearby shopping at Market Shoppes, Baytowne Wharf, Destin Commons and Grand Boulevard. This unit can be 2 bedrooms or one bedroom with lock-out and grosses about $25,000 without a winter renter. Sandestin Florida is an amazing gated resort lifestyle center with gorgeous landscaping, restaurants, pools, tennis, shopping, golf, fishing, boating and more. This Destin Florida short sale offers the life you've been waiting for!Short sale price: $307,700

Top "Short Sale Lender Goofs" for The Week!

As a Destin Florida short sale listing specialist, I've seen almost every crazy thing that can happen waiting for an approval. This week was no exception. Here are the top short sale lender goofs of the week:

1. Bank of America: File Erroneously Declined in India. Destin short sale appraisal in March was $950,000. "Drive By BPO" done in August was 1.5 million, $100,000 higher! File was then declined as "insufficient" offer. After I pointed out the minor discrepancy (our market is still declining, not going up 10%), the negotiator is re-opening. She said the decision to close the file was probably done in "India" without looking at all the facts, to "keep down underpriced offers".

2. Suntrust: Counters Wrong Offer. I received a counter offer $180,000 from Suntrust on a Destin condo. The buyer stayed firm at his original $170,000. The negotiator said the buyer's offer of $140,000 was too low. HUHH??? Suntrust imaging department had sent her the wrong file in my seller’s name. If she had known, she said she would not have countered. Buyer almost walked.

3. Regency Credit: Lets File Lapse and Go Back to Chase. Seems like I was dealing with Cousin Vinnie at this collection agency for a Santa Rosa Beach short sale. They're offered $5000 as a junior lien, reject it, and ask for more documents from seller. All this while they knew they were losing the file back to Chase the next day, and they have nothing to show for it.

4. ASC Rejects HUD After Closing- Threatens to Rescind Approval. ASC's approval letter states a required minimum net and closing cost limit, but nothing more specific. On this Navarre Florida short sale, the day after closing, ASC said that although they exceeded their net, they would refuse the closing because the appraisal credit was over $400, and that is all they would allow, among other HUD issues. Attorney for seller told them they would lose in court, but changed around the HUD to appease them.

Those were my Top "Short Sale Lender Goofs" this week, what were yours?

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin FL Real Estate
Destin Short Sales & Pre Foreclosure Help.
http://www.shortsalesuperstars.com/ for agents

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".

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

Sandestin Short Sale Approved by EMC, Beachside II

Lender: EMC

Original Purchase Price 2005: $800,000
Mortgage Amount: $640,000
Approved Sale Price: $300,000

Notes: Initial contract price was $359,000. Buyer was obtaining a Fannie Mae mortgage. Fannie Mae would not approve the Beachside II condo project for financing due to an outstanding lawsuit against the homeowners association. New Fannie Mae guidelines require analysis of the project where financing is sought, even for existing condominums. Since buyer was unable to get a Fannie Mae mortgage, EMC approved a reduced $300,000 cash purchase price.

To avoid foreclosure and sell your Sandestin home or 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