I Helped My Competition - On Purpose!

As a Short Sale Specialist on the Emerald Coast of Florida, I sometimes run into a situation where a property cannot be saved from foreclosure. Either the seller contacted me too late, or the property combined with the market was so fraught with problems, that a sale could not be obtained. Luckily, we can often save a property from foreclosure right up to the sale on the courthouse steps.

I recently had a townhouse listed for sale in a gated subdivision in Destin, Florida. The property was encumbered with association fees of $800 per month. In my area, that is outrageous for a non-waterfront property. In fact, to overcome objections to such high fees, the list price had to be lowered substantially, and then the numbers still did not make sense to a typical purchaser.

Well, the day before the foreclosure sale we got a contract on the property. My team scrambled to get it to the short sale lender, in this case, EMC. They failed to cancel the foreclosure in a timely manner, and despite efforts to rescind the sale, they let it stand.

A few days later I got a call from the "new" listing agent, who let me know she had received the assignment from EMC. Without hesitation, and without being asked, I sent her all my information on the property. I sent her details on the new association fees, the contact numbers for the association, and the name, telephone number and email address of the agent who wrote the offer. I also emailed the buyer's agent directly to let him know he should contact the new broker, so perhaps he could make his deal work.

I gave it my all. I wish the new listing agent and the buyer's agent the best. And I hope they succeed.

Saved from Foreclosure- My Best Real Estate Sale on the Emerald Coast

A few weeks ago I wrote a blog about an imminent foreclosure for one of my sellers-
"The 11th Hour". We had little time and a foreclosure sale date set at the courthouse steps for 11:00 a.m. the next business day, when I finally got an offer on the property. I wrote how I frantically and repeatedly tried to call and fax Litton Loan to stop the sale and consider the short sale offer. How no one would call me back or let me know if the sale had been stopped. I eventually heard back from the bank the next day. They postponed the sale to look at the offer. The short sale was approved two weeks later- that was yesterday.

The seller had lost two-thirds of his income, his wife had had a liver transplant, and the home I was selling had been destroyed and then rebuilt by my seller after Hurricane Ivan. He had bought the home two months before the hurricane hit. The cost to rebuild had added an extra $200,000 to his mortgage. He could no longer make payments, and all his hope in the world and himself were lost. He was seriously depressed and told me "I am not the man I was".

I cannot begin to tell you the relief in my seller's voice and the gratitude in his heart when I told him the short sale was approved, that he would not have a foreclosure. He said he would repay me in any way he could. I told him that I was repaid enough in that it was the most fulfilling sale I ever had.

It's Wendy!

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

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

Specializing in SHORT SALES and FORECLOSURE work-outs on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Navarre, Crestview.

http://www.shortsaleforeclosurehelp.com/ or http://www.shortsales-emeraldcoast.com/

Homeowners Insurance: I Was Dropped

I thought I had it made. My Florida Allstate homeowners insurance policy was only $1900 last year. That is almost unheard of it my part of Florida-- Destin, on the Emerald Coast. I got my policy that low by doing two things. One was by having my builder fill out a construction questionnaire about my property, along with providing photos proving I have a hip roof and photos of the attic roof deck attachment. Second, I raised all my deductibles, including hurricane, to the highest amount. At the time, Florida had placed a temporary freeze on dropping customers, so I skated through while many of my neighbors and clients were dropped. Now I guess my time is up. I got a cancellation notice in the mail. I've already started shopping, but the lowest quotes are $1200 more than I have been paying. My next stop is to the Florida state website to ShopAndCompareRates.Com. I am determined to get my rates down. Let me know your Florida insurance stories, too.

HUD SHORT SALE GUIDELINES

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

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

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