36 Highland Dr., Fort Walton Beach Florida- Short Sale - Bring Your Toolbox!

This Fort Walton Beach short sale home needs your TLC, but it has a large yard and is on a quiet side street. Some plumbing newer, two outbuildings, A/C new with some warranty left and transferable, dishwasher broken (seller to repair), garbage disposal loud, newer roof with dimensional shingles, sprinkler system (2 broken heads), lawn pump. One broken window, one ceiling fan does not work. This Fort Walton Beach Florida short sale home is a quick jaunt to Eglin Air Force Base, Hurlburt Field, Okaloosa Island beach, the Santa Rosa Mall, restaurants or the parks!
Roll up your sleeves, bring your toolbox, and make this Fort Walton Beach short sale house your home!
Offered at $89,900.

It's Wendy!

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

Fort Walton Beach Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy's Fort Walton Beach 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.

"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

14 Choctawhatchee Dr., Fort Walton Beach Short Sale

Quirky Fun! This eclectic Fort Walton Beach short sale, in Elliotts Point at 14 Choctawhatchee Dr. is whimsically decorated and offers nooks to explore, flowing spaces, skylights, wood floors and more. Kitchen remodeled. Angled on a corner lot, your home has an apartment or mother-in-law suite to the right. Huge rear covered porch. Garage was converted for workshop, you could reconvert back. Needs attention to yard, but graced by mature trees. Close to public boat ramp and Choctawhatchee Bay! Short drive to Eglin AFB, Hurlburt Field and the Gulf of Mexico. This is a special Fort Walton Beach Florida short sale home, make it yours.

Offered at $119,900.

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.

Fort Walton Beach Short Sale Appoved in 2 Days!

This week I had my all-time record fastest short sale approval. It took two days.

Here is what happened:

Property: Investment condo - Fort Walton Beach FL
Seller Hardship: Loss of Income
Lender: BB&T
Original Purchase Price: $640,000
Mortgage Balance: $550,000
Contract Price: $380,000
Submitted: 6/22
Approved: 6/24
Conditions: $30,000 promissory note negotiated directly between seller and BB&T

The key to this quick approval was both the lender and the package. Unlike many other lenders, BB&T will start a dialogue directly with the homeowner prior to the short sale listing. They assign a negotiator in advance. They do not suggest a list price. BB&T did not order an appraisal, either, so they must rely on internal valuation models. The package I sent had no missing items, and the buyer, price and terms were strong. After I received the approval, I called the buyer’s agent, a wonderful lady with whom I have worked before. She could not believe it, since we allowed over 90 days for lender approval in the contract. She was stunned. She said:

"Wendy…. Wendy…. Wendy… Oh my!... I don’t usually drink, but I think I’ll have a Margarita".

I told her "Have two!"

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

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar - Four Sessions Left, all available on MP3

Destin FL 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.

922 Pocahontas, Fort Walton Beach FL - Waterfront - Short Sale

Deep water views graced by tall trees... this is a unique hideaway in Fort Walton Beach Florida for boat and water lovers. and lot sits up high. Circular drive brings you to home set back from street for privacy. Magnificent oaks adorn lot. Tile floors throughout, wood-ceiling living room, happy kitchen open to dining room. Kitchen has recessed lighing, breakfast bar and warming oven, plentiful cabinets. Oversized covered patio plus screened porch. Master bedroom is restful, with French doors out to back. New dock- 1 year old with water, 4 extra posts set for a lift. Seller estimates can park 34' vessel, waters 4-10' deep at end of dock- can bow in a big one. Property includes delightful one-bedroom apartment, universal design, on left side of home accessed with separate entrance or through garage. Includes kitchen/living and bedroom, separate a/c. Tenant will remain at $750 per month. Separate oversized workshop to right of drive, segmented into two sides, with walk-up attic, and separate power. What more could you want?

Offered at $425,000

Call our Rulnick Realty team to help you buy this property at 850-650-7883

399 Marshall Ct Unit 6, Spanish Villas, Fort Walton Beach FL Short Sale

399 Marshall Court #6, Fort Walton Beach, FL 32548

Well done Spanish Villas unit in central Fort Walton Beach, Florida near the Santa Rosa mall. Large open spaces, kitchen with breakfast bar and pass-through to living room. Master bedroom has private full bath. Balcony overlooking tennis games. Pool on-site. Separate stairway entrance into your unit. Easy commute to Eglin AFB, Hurlburt Field and Emerald Coast beaches. Short sale subject to seller's mortgage holders' approval.

Offered at $87,000

1814 Pointed Leaf Lane, Fort Walton Beach Short Sale

Forest Oaks Townhome
1814 Pointed Leaf Lane, Fort Walton Beach FL 32547

This Fort Walton Beach townhome, near Lewis Turner and Beal Parkway has a pleasant layout, with open floorplan. Living room open to kitchen. One of the bedrooms has its own balcony. Fenced back yard, plus garage! 1329 square feet, 2 bedrooms. This townhome is a short sale, convenient to Eglin Air Force Base, Hurlburt Field, Santa Rosa Mall, and of course, the gorgeous Emerald Coast beaches. Offered at $119,900.

153 Palmetto Ave - Short Sale West of Hurlburt

This well kept plantation-style home is located in Mary Esther, Florida, West of Hurlburt Field air force base. It has a grand front porch that hints at the inside appeal! Numerous upgrades include corner-angled fireplace, tray ceiling, oversized windows and wood-type flooring in the living room.

Kitchen has a stainless steel refrigerator, flat top stove and plenty of cabinets. Bay window overlooking the back deck and oversized yard. Master bath has two walkin closets, and separate shower and garden tub. Oversized lot provides plenty of area for those large family gatherings or installation of a pool. The driveway provides a parking pad next to the garage. Two a/c units! This Mary Esther home is a short sale subject to seller's mortgage holders' approval. It is close to shopping in Fort Walton Beach, Eglin Air Force Base, Hurlburt Field, the Gulf of Mexico for sunning and fishing! It is 2455 square feet, and offered at $239,900.

Okaloosa Island Condo - Waters Edge on The Gulf of Mexcio

Waters Edge Unit 418, Okaloosa Island, Fort Walton Beach FL 32548

Divine Okaloosa Island condo directly on the Gulf of Mexico. Corner unit with double balcony, 9 foot ceilings, tall windows, granite counters. Scintillating views of blue-green gulf waters. Property has over 400 feet of sandy beach for sunning, sauntering and fishing. For your enjoyment - on-site 5000 ft pool, work-out room, barbeque pits and covered parking. This Okaloosa Island condo offers easy access to Destin harbor, shopping and all things on the Emerald Coast of Florida! Gross rental was $35,677 in 2008. Short sale. Offered at $497,400.

Fort Walton Beach Homeowners: Help To Save Home and Credit"

The best part of my day trumped any real estate sale I could ever make. I was chatting a friend, whom I'll call Jessica, in Fort Walton Beach Florida, when her cell phone rang. Jessica is a small business owner on the Emerald Coast, and I have bought her products for many years. Whenever I see her we talk about our lives and our businesses - one entrepreneur to another. Anyway, her phone rang and she looked at it, checking the caller id. "I am not answering that! It's a bill collector", she told me. Jessica proceeded to describe how her company's profits had dwindled in the past year, so that now her income was reduced to one-third of what it was. "People put off buying my product, they want until they absolutely have to or just stop altogether," she said. Jessica told me she had been getting behind in her credit card bills, and her mother had to pay her last three months mortgage payments. When creditors called, she would start into her sad story, "I am a single mother" and hope for any reprieve. She did not know how she was going to be able to make it. "I don't want to lose my house!" she admitted.
I advised Jessica to take immediate action and first call her mortgage lenders. They might be able to help with one of the following steps:
Modifying the mortgage terms for lower payments by extending the length of the loan
Reducing the mortgage interest rate
Temporarily suspending mortgage payments (forbearance)
Allowing missed payments to be paid back over time
Decreasing the total mortgage amount
Next, I told her to go online to 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 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. Suze Orman, the well-known financial guru, endorses such programs for those in need. The Consumer Credit Counseling Service of West Florida can be reached directly at (850) 314-9888 and is located at 913 N. Beal Pkwy, Ste H, Fort Walton Beach, FL 32547.
"Don't delay!" I told Jessica, "Take action right away. If you take these steps now, you may be able to save your home and your credit." She thanked me profusely, and said she had not known there was help available, and she would immediately call her lenders and the consumer credit counselors. If you are in a similar situation, don't deny it or wait to take action. If you wait, it might be too late to save your home, your credit and your well-being.

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

Search Fort Walton Beach 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 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. 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.

Rights Reserved. *Fort Walton Beach Homeowners: Help To Save Home and Credit"* Contact Wendy Rulnick regarding Fort Walton Beach 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.

VA Short Sale Guidelines

The Emerald Coast of Florida has a high military population with both active duty and retired air force personnel. Eglin Air Force Base is located in Fort Walton Beach, and Hurlburt Field is in Navarre, Florida. Duke Field and NAS Whiting Field are nearby. We will be seeing an increase in short sales for GI borrowers when they must relocate during their PCS moves (permanent change of station). VA Short Sales are called "Offers in Compromise", "Compromise Claims" or "Compromise Sales". The VA may accept a Compromise Sale if the cost to the VA is determined to be less than that of foreclosure.

The VA website says: "If the borrower is unable to sell the property for an amount that is greater than or equal to what he/she owes on the loan, including closing costs, VA may pay a "compromise claim" for the difference in order to allow the private sale to go through. The borrower can sell the property to a buyer who gets his/her own financing or to a buyer who wants to assume the loan. However, with a compromise assumption, the lender does have to agree to have the amount of its guaranty reduced by the amount of the claim payment. In order to be considered for a compromise sale, several factors must be considered."

VA Compromise Sale Factors:
1. You may only sell the home for fair market value.
2. The closing costs must be "reasonable and customary".
3. You must have a valid financial hardship such as loss of income, relocation, death of breadwinner, etc.
4. There should not be a second mortgage on your property, unless it is "insignificant". If so, you might ask the junior lienholder to release the lien and convert it to a personal note.
5. You should ensure your sales contract is "contingent and/or subject to the approval of a VA compromise sale."

If you have a VA loan, and need to do a "Short Sale" or "Compromise Sale", here is what you must do to begin the process:
1. Contact you lender to see if they are an approved VA Servicer Loss Mitigation lender and/or contact the VA regional office servicing your loan directly.
2. Fill out a financial status report form provided by your lender or the VA.
3. Complete a letter of request.
4. Complete a Compromise Agreement Sale Application. You can get this form from the VA or the approved lender.

Final Important Points:
1. Your lender does not have to agree to a Compromise Sale.
2. For VA loans originated on or before December 31, 1989, you might have to sign a promissory note at closing agreeing to repay VA for the deficiency remaining after the property is sold.
3. An experienced Short Sale Realtor should guide you through the sales process, help you determine fair market value and prepare your package for submission to your lender or the VA.
For more information, contact your VA Regional Loan Center.

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

Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.

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

Wendy Rulnick specializes in 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. Wendy Rulnick, Broker and Realtor, 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 also negotiates successfully to her buyers' and sellers' advantage. She is supported by a team of top buyer specialists. Wendy lists and sells homes, condos and townhomes in Destin Fl and the surrounding areas. She was ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida in 2008 for resale listings sold.

All Rights Reserved. "VA Short Sale Guidelines" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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"Top 10" Worst Short Sale Lenders Awards - 2008

In my experience selling short sales in the Destin-Fort Walton Beach, and Emerald Coast FL real estate market, the following lenders are honored with the "Worst Short Sale" lender awards of 2008:

#1 Peoples First - Florida's Community Bank - Denies Short Sale Despite Cancer Diagnosis

#2 Eglin Federal Credit Union - will not do Short Sales

#3 Whitney Bank - will not do Short Sales, but releases lien and seeks deficiency

#4 Vanderbilt Mortgage - claims will not do Short Sales, but will look at a price pulled out of the air

#5 RBC Centura: Taking Cars in Short Sales?

#6 Countrywide and PMI Short Sales

#7 Ocwen/LCS Won't Budge

#8 Washington Mutual Won't Waiver

#9 Bank of America - Issues 2 Contradictory Approval Letters

#10 Aurora Loan Services - Won't Pay Closing Costs

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

Search Destin FL 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 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.

All Rights Reserved. *"Top 10" Worst Short Sale Lenders Awards - 2008* Contact Wendy Rulnick regarding Destin FL 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.

When is a Contract NOT a Contract?

Is a contract NOT a contract when it is signed by both buyer and seller? Again and again, buyers are walking from short sale offers with no penalty, sometimes encouraged by their selling agents. Here are two emails below from agents in the Destin- Navarre Florida area whose buyers simply backed out of short sale offers after three months of negotiations:

"Yes it is a long time and they do understand the contract but they are not obligated to the contract until the bank responds."

"It was contingent upon the banks acceptance of the offer and the bank did not accept the offer yet. We did not have a contract only an offer. I do not see the need of a letter or a release of contract since there was no contract."

My question to these, and other agents, is, if it is not a contract, what is it? Of course, it is a contract. Contracts have contingencies all the time that require action by third-parties. For example, the buyer's lender must make a decision on the borrower's ability and the value of the home. The buyer's home inspector will provide data on the home's condition. The title agent will determine if there is marketable title. These contingencies do not negate the fact that there is a contract. But any one of these factors can initiate a termination of the "contract".

What steps can listing agents take to ensure their seller is protected from "escape artist" buyers?

1. Require buyer contingencies to be fulfilled without waiting for lender approval, such as home inspection and mortgage application.

2. Require an earnest money deposit (called escrow in some states) upon acceptance by the seller, not upon lender approval.

3. In return for buyer's forthright investment in the contract, place the property "under deposit" in the MLS system.

Until selling agents educate their buyers about the gravity of being in a contract when buying a home, we will continue to see short sale contracts fall apart.

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

Search Destin FL 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 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. Wendy Rulnick, Broker and Realtor, 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. She lists and sells homes, condos and townhomes.

All Rights Reserved. *When is a Contract NOT a Contract?* 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

Why You MUST Call The Short Sale Lender Every 3 Days

If you don't call the Short Sale lender EVERY 3 days...
1. It might be a month before the short sale lender lets you know you are missing paperwork (they "lost" it)
2. You won't know you're not "authorized" (they misplaced your letter)
3. You won't know they NEVER got your short sale package, (although you have the fax receipt)
4. They might never "refer" the file as a short sale (Countrywide cases) because it's still in loan modification process
5. They won't call YOU with a counter offer until they "get" to it next week
6. You might not get connected with the "right" rep who gives you a different answer and really cares
7. You won't be able to tell them the appraisal STILL has not been ordered
8. You won't be able to tell them the BPO agent went out to the property 3 weeks ago
9. You might not find out about the scheduled foreclosure sale date, nor be able to postpone it
10. You won't find out they've switched negotiators, because the previous one no longer works there, so you'll have to start all over
11. You won't be able to save the file from going to collections
12. You won't find out the junior lien was sold to an MI company as an insurance claim
13. You won't know they rejected the offer and closed the file
14. You won't find out the negotiator didn't get your email because you mispelled her name
15. They'll forget about you

In short, no matter how excessive it may seem, it's critical to stay on top of the short sale lender. One phone call may be the difference between approval or denial.

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

Search Destin FL 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 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. Wendy Rulnick, Broker and Realtor, 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. She lists and sells homes, condos and townhomes.

All Rights Reserved. *Why You MUST Call The Short Sale Lender Every 3 Days* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information

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Why I Negotiate My Own Short Sales

In the last couple of days I've been approached by two Destin FL sellers who wish to do Short Sales. After explaining the Short Sale process, I explained what items I would need. When I got to "financial worksheet" etc. I was stopped in my tracks. These sellers told me that their attorney said not to turn over any information, that he would be handling the short sale negotiations. I immediately told the sellers that I will only take the listing if I handle the entire transaction including bank negotiations. Why?

To take on a listing in this market, and any market, involves taking a risk. That is, a substantial business investment covering the cost "doing" business, which includes time, advertising, payroll, insurance, licensing, internet, phone, rent, etc. etc.. In a normal market, the calculated risk of the business investment is that the listing will most likely sell, and the burden of expenses will reimbursed, plus some business profit. With a Short Sale, the risk is much higher. Why? The Short Sale lender may not approve the sale. And the time investment to reap a return may be five times longer than a normal sale, reducing any profit if the sale is approved. To lessen the key business risk of an unapproved Short Sale-- both for me and my seller, I must control the Short Sale from start to finish. Why? Because I can:

Assemble excellent lender packages personally reviewed by me
Directly and immediately respond to negotiators' calls and emails
Immediately provide well-written market narratives and critical analyses proving price
Ensure that appraisers and bank BPO agents understand the subject property's challenges
Immediately provide additional documentation required by the lender
Keep the parties well-informed and in the deal
Document all tasks in detail for transaction-saving reference
Provide creative solutions to negotiators' demands such as promissory notes and cash contributions
Use twenty years of negotiations skills to ensure success

Can a third party do all this? Perhaps. But I know I can. If I pass along the critical Short Sale negotiation stage to a third party, my company's business success is entrusted to others, as is my seller's chance of approval.

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

Search Destin FL 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 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. Wendy Rulnick, Broker and Realtor, 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. She lists and sells homes, condos and townhomes.

All Rights Reserved. *Why I Negotiate My Own Short Sales* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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Washington Mutual Won't Waiver

I recently had a Fort Walton Beach FL Short Sale approved by Washington Mutual (WAMU). In this case, WAMU was the junior lien, the first was Citi Mortgage. There was enough from the sale proceeds to satisfy Citi's mortgage balance, so the only approval necessary was from WAMU. As with all Short Sales, we know to provide a preliminary settlement statement (HUD) with the package to the seller's lender. This is a guide upon which the lender bases its approval. As a rule and for the sake being conservative, I instruct the title agent preparing the HUD to overestimate the prorations. Why? In Florida, property taxes are paid one year in arrears, so there is typically a credit from seller to buyer at closing. (In some other states, property taxes are paid in advance.) So in order to prepare for a long-delayed lender approval, I may use a closing date four to five months out. The settlement statement will show the seller crediting a higher amount of taxes to the buyer. That way there won't be a last-minute problem with proceeds to the Short Sale lender being too low to meet the amount on the approval letter. They will usually get more than their stated approval amount using this method. The same technique applies to condo or association fees, or other prorations. If there is a problem meeting the exact approval amount because prorations are off, normally Short Sale lenders understand, and will issue a revised approval letter with adjusted figures. I don't like taking the risk, so I choose to overestimate.

Now, back to Washington Mutual. In the Fort Walton Beach Short Sale, WAMU asked for the payoff amount from Citi (the first) to be used exactly in the preliminary HUD. Unfortunately, the Law Office of David Stern, who was handling the foreclosure on this Citi mortgage, would only provide a payoff for a month. WAMU issued its approval letter about two weeks after receiving the payoff. The buyer took four more weeks to close. The payoff to Citi increased- of course. The HUD was redone prior to closing, showing a now-lesser amount to WAMU. WAMU did not care. They were immovable. They refused to adjust their approval amount even with proof of the new figure required to satisfy the first mortgage. Guess who paid the difference? I lost some respect for WAMU that day.

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

Search Destin FL 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 specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin 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. Wendy Rulnick, Broker and Realtor, 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. She lists and sells homes, condos and townhomes.

All Rights Reserved. *Washington Mutual Won't Waiver* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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12 Keys to HUD Short Sales

Since writing my post on HUD Short Sale Guidelines I have received numerous calls and comments requesting more information. I am providing the following points directly from the Department of Housing and Urban Development, along with my discussion of items of note.

August 25, 2008 PREFORECLOSURE SALES PROGRAM
(Wendy's Note: HUD uses the term "preforeclosure sale" for "Short Sale".)

1. Sale must be an "arms length" transaction. *Wendy's note: Arms length means independent parties, e.g. not related, you cannot sell to your brother.

2. HUD will pay "all reasonable cost of the sale including up to 6% sales commission, local/state transfer tax stamp and other customary closing cost." *Wendy's note: HUD site also states there is leeway regarding what is "customary".

3. Appraised value of the short sale property must be at least 63% of the outstanding mortgage.

4. Net sales proceeds must be at least 82% of the property's " as is " appraised value, defined as selling price minus sales commission, consideration paid to seller, max $1,000 to discharge any lien and customary sellers closing costs. *Wendy's note: $1,000 is not very much to pay a junior lien in the current market.

5. The property must be owner-occupied, not vacated nor an investment property. Exceptions: if the seller can prove he had to move due to the hardship (job loss, transfer, divorce, death)

6. The seller must be 31 days delinquent or more at the time of the closing.

7. The seller must provide documentation of a reduction in income or an increase in living expense.

8. The seller must apply for the Preforeclosure Sale Program with an Application to Participate HUD-90036 along with lender-required financial documentation.

9. The lender must obtain a standard FHA appraisal from an appraiser who does not share any interest with the mortgagor or mortgagor ' s agent. The appraisal is valid for six months.

10. The lender must obtain a title search to verify that the title is not impaired with un-resolvable title problems or junior liens that cannot be discharged as allowed by HUD.

11. The seller must maintain the property until closing.

12. The seller must list the property with a licensed real estate broker, unrelated to the mortgagor. The listing agreement must include a specific cancellation clause in the event the terms of the sale are not acceptable to HUD.

This is by no means a complete re-cap of the HUD guidelines, but should provide some guidance to those with a HUD loan.

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 clients' advantage. She is supported by a team of top buyer agents. Wendy specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

All Rights Reserved. *12 Keys to HUD Short Sales* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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Washington Mutual Approves Short Sale

My most recent approval was received this morning, approximately seven weeks from submission, from Washington Mutual. It was a very smooth transaction. Here is the summary:

Property: House in Fort Walton Beach Florida

Value and Offer: About $110,000

First Mortgage: CITI owed about $70,000

Second Mortgage: Washington Mutual owed about $90,000

Hardship: Medical

Package Submitted: August 13

Appraisal Ordered: September 3

Approval Email: September 30

Factors: First mortgage, Citi, was in collections, but not in a short sale position, since net was enough to cover full balance- so only needed approval from WAMU

Delays: Washington Mutual "lost" Letter of Authorization and "lost" part of the ahort sale package

Overall, this was a quick and mostly problem-free Fort Walton Beach short sale.

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

Search Fort Walton Beach real estate and vicinity.
Destin and Fort Walton Beach short sale and pre foreclosure help.
Read my Blog.

Specializing in real estate sales, traditional and short sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Washington Mutual Approves Short Sale* Contact Wendy Rulnick regarding Fort Walton Beach real estate and vicinity.

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HOPE for Homeowners

I have been getting calls from sellers with rising mortgage bills or from those who have lost income or jobs, to find out if they are eligible for the favorable refinance benefits recently passed in the Housing and Economic Recovery Act of 2008. Following is quoted directly from the Senate Banking Committee. To find out if you qualify, you should call your mortgage lender.

Summary of the "HOPE for Homeowners Act of 2008"

The "HOPE for Homeowners Act of 2008" creates a new, temporary, voluntary program within FHA to back FHA-insured mortgages to distressed borrowers. The new mortgages offered by FHA-approved lenders will refinance distressed loans at a significant discount for owner-occupants at risk of losing their homes to foreclosure. In exchange, homeowners will share future appreciation with FHA.

The program is built on five principles:
1. Long-term affordability. The program is built on the idea, expressed by Federal Reserve Chairman Bernanke, that creating new equity for troubled homeowners is likely to be a more effective way to avoid foreclosures. New loans will be based on a family's ability to repay the loan, ensuring affordability and sustainable homeownership.
2. No investor or lender bailout. Investors and/or lenders will have to take significant losses in order to benefit from the proceeds of the loans refinanced with government insurance. However, these losses would be less than the losses associated with foreclosure.
3. No windfall for borrowers. Borrowers will share their new equity and future appreciation equally with FHA. Borrowers will pay for the FHA insurance.
4. Voluntary participation. This will be a voluntary program. No lenders, servicers, or investors will be compelled to participate.
5. Restore confidence, liquidity, and transparency. Credit markets are fearful and frozen in part because banks and other financial institutions do not know what their subprime mortgages and related securities are worth. The uncertainty is forcing lenders to hoard capital and stop the lending necessary for economic growth. This program will help restore confidence and get markets flowing again.

Eligible Borrowers. Only owner-occupants who are unable to afford their mortgage payments are eligible for the program. No investors or investor properties will qualify. Homeowners must certify, under penalty of law, that they have not intentionally defaulted on their loan to qualify for the program and must have a mortgage debt to income ratio greater than 31 percent as of March 1, 2008. Lenders must document and verify borrowers' income with the IRS.

New Loan Amount. The size of the new FHA-insured loan will be lesser of the amount the borrower can afford to repay, as determined by the current affordability requirements of FHA; or, 90% of the current value of the home. Loans must be 30-year, fixed rate loans.

Equity & Appreciation Sharing. In order to avoid a windfall to the borrower created by the new 90% loan-to-value FHA-insured mortgage, the borrower must share the newly-created equity and future appreciation equally with FHA. This obligation will continue until the borrower sells the home or refinances the FHA-insured mortgage. Moreover, the homeowner's access to the newly created equity will be phased-in over 5 years.

Existing Subordinate Liens. Before participating in this program, all subordinate liens must be extinguished. This will have to be done through negotiation with the first lien holder.

Program Sunset. The program will begin October 1, 2008 and sunset on September 30, 2011.
The complete summary is on the Senate Banking Committee website.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Search Destin Florida real estate.

Short Sale Pre Foreclosure Help.

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *HOPE for Homeowners * Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

Winning: Tennis & Short Sales

What does it take to be a winning Short Sale listing agent? Among other qualities, the number one attribute is: tenacity. Webster's dictionary says to be tenacious is to be "persistent in maintaining, adhering to, or seeking something valued or desired".

One can liken the attitude to that of Rafael Nadal's, who just won the Wimbledon tournament by enduring five grueling sets against the long-time reigning champion, Roger Federer. It was the longest finals in Wimbledon history at four hours and 48 minutes. No matter how grim the outcome looked, overcoming the challenge of the grass court, overcoming Federer's brilliant play, and overcoming missed chances to win again and again, Nadal prevailed. He never gave up. And he won.

When interviewed he said "I had a very positive attitude, l felt confident with myself.
"It's the final of Wimbledon so I have to continue fighting all the time... I had a winner's attitude.... If you play with a good mental attitude, even if you are not 100 percent, you can win because you win more with your heart, with your will power than with anything else.... If you fight all the time, if you have a good mental attitude, it works."

Each Short Sale we have is like the Wimbledon final. It is us against the big bank, the big corporation, the black hole of voice mail, check boxes, customer service reps, missed faxes, flawed appraisals and bad attitudes. It is fighting every "NO" and coming back with brilliant volleys, critical thinking, quick recoveries and getting back up after every lost point. It is tenacity- never giving up.

Successful Short Sale listing agents have this attitude. That's how they win.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Fort Walton Beach, Santa Rosa Beach, Niceville, Bluewater Bay, Sandestin, Seagrove Beach, Navarre and vicinity.

Call 1-877-487-9639
www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com

Countrywide: Just the "FAX" Please!

Remember when you were little, there was a game when you'd whisper something in someone's ear, and they would whisper it to the next person, etc, and by the time it got to the last person, the story had changed? Well, it still happens in the grown-up world, and it's pretty scary when it happens with something as important as a Short Sale approval. Here is an adult story of how the most careful communications can go awry, threaten closings and impact moving vans and people's lives....

Scenario: Countrywide Short Sale, four months after initial offer submission, 40 phone calls made by listing agent following up on status during that time period... ( I counted them).

Monday: I finally have the negotiator tell me she will approve the Short Sale. She says I should receive the approval letter on Wednesday. I report this to the wearily waiting buyer's agent so he can calm his anxious buyer. The buyer wishes to close immediately.

Wednesday: I call Countrywide to see where the approval letter is, as it was promissed today. The rep says the notes in the file read: "Short Sale approval sent" on Monday! I told him I did not receive a fax. I verified the fax number, and he said he would have it re-faxed. I tested my fax machine to make sure it was working. I checked my e-fax queue to make sure I didn't miss anything. Nope. No fax.

Thursday: I still do not have the approval fax. I call Countrywide and provide an alternate fax number.

Friday: I still do not have the fax. I call Countrywide and provide my email. Meanwhile, the buyer is getting upset, and leaves messages on my voicemail. He tells his agent he has been waiting long enough. He has to cancel his moving truck by 3:00 p.m. I call Countrywide back five times. They said they will "escalate" the problem to upper management, as only the negotiator can fax the approval.

Saturday: Still no fax. I call Countrywide. They are closed.

Monday Morning: Negotiator finally calls my office and speaks with my office manager. She says, "File is NOT approved." She will call me tomorrow. Oh no! How could this be such a serious mistake? I have my sellers moving furniture out the next weekend, and the buyer saying he'll walk if the promissed letter is not delivered and his closing is put off one more time.

Monday Afternoon: I call Countrywide and re-question, how could they tell me the file was approved, when the negotiator says it was not? The new rep checks deeply. She says someone mis-read the notes. She says the check-box in their system where it shows "Approval Letter Faxed" has NOT been checked off. She says the file was only being sent on for final approval. She says each rep I spoke with only looked at the notes from the previous rep's conversation with me, stating the approval fax had not arrived, and it needed to be re-faxed. The rep states she is sorry, and they were in error.

Tuesday: I finally personally talk to the negotiator and explain the can of worms started by her company, the seller with the furniture to move, the buyer with the final closing date and moving truck. She says the approval letter will be faxed, hopefully today. Here I sit, waiting... it is almost 6:00 p.m. Still no fax. I am sure I'll get it tomorrow....

UPDATE TO POST:
Wednesday Morning: I call Countrywide asking where the approval letter is. They say they need my FAX NUMBER! I am not kidding.

Wednesday 5:02 p.m.: Approval received!

Best of luck with yours!

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Fort Walton Beach, Santa Rosa Beach, Sandestin, Niceville, Bluewater Bay, Navarre, Crestview, Inlet Beach, Rosemary Beach, Seacrest Beach, Blue Mountain Beach and vicinity.
Call 1-877-487-9639 or 850-650-7883 ext 204

http://www.shortsales-emeraldcoast.com/
http://www.rulnickrealty.com/

CHASE: Won't Forgive and Forget

Do you have a CHASE Short Sale? If so, expect to read this on your approval letter:

"The customer is still responsible for all deficiency balances per the terms of the original loan documents."

Yes, they might approve the Short Sale with this sentence "Chase agrees to release its security interests in the 'subject property' collateral". However, expect to be solicited by their recovery department for the balance of your mortgage after closing.

What to do? After consulting with an attorney, my seller decided to go forward with the Short Sale. Her attorney advised Chase was in a weakened position with no collateral. i.e. house to attach.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Emerald Coast Short Sale Help
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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/