PHH Competes for Top Spot in "Worst Short Sale Lenders" of the Year

PHH Mortgage is vying for Top Spot in my yearly list- "10 Worst Short Sale Lenders". PHH is a servicer of mortgages for companies such as Merrill Lynch Credit Corporation, Provident Bank, UMB, Bank Atlantic, Banco Popular, etc. Their poor service prompted today's email to the negotiator for a Niceville Florida short sale:

To: john.negotiator@mortgagefamily.com
Cc: terence.edwards@phhmail.com
Subject: Short Sale - 0022940
Importance: High

Hello Mr. Negotiator,

I am following up on VA Borrower, John Doe, short sale 0022940... I was told you are now assigned to this file.

This short sale has been in process for 8 months.

I was told it was "escalated" to you on October 19.

The buyers, waiting since March 20, need to close asap.

On July 17, Joe Smith of PHH, counter offered the contract price and HUD line items, and asked for the closing date to be revised THEN to August 31.

We complied, the buyers agreed to the new price and terms, and the HUD was sent to your company with a closing date of August 31 as requested.

ALMOST THREE MONTHS have passed since that date.

Is the end in sight?

Thank you,

Wendy Rulnick, Broker/Owner
Rulnick Realty, Inc.
Featured Short Sale Specialist in "Kiplinger Magazine" and "Florida Realtor Magazine"
www.ShortSales-EmeraldCoast.com
www.ShortSaleSuperStars.com agent short sale training

Local 850-650-7883 ext 204

GMAC Approves Niceville Short Sale

This waterfront townhome was approved for a short sale in Niceville Florida.

Hardship: Death of breadwinner

Senior Lien: GMAC balance $220,000

Junior Lien: USAA balance $148,000

Sale Price: $219,000

Cash Contribution: $2,500 to GMAC and $13,000 to USAA negotiated down from $44,000

Total Cancelled Debt: $135,000

To avoid foreclosure and sell your Niceville real estate 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.
Niceville FL Real Estate
Niceville Short Sales & Pre Foreclosure Help.
Read Wendy's 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 Niceville real estate: itswendy@rulnickrealty.com

1333 Windward Circle, Bluewater Bay Waterfront

Fabulous Bluewater Bay bayfront home on Choctawhatchee Bay. Gentle breezes, panoramic views of Destin skyline, pristine gated community. This home has "wow" curb appeal with a tile roof, brick siding and side-entry garage. Spectacular floor-to-ceiling fieldstone fireplace goes up 18' in the full water view living room. Kitchen has magnificent solid surface center isle with sink, also wet bar and wine rack. Tile counters, bay window and breakfast nook with view of the waves. Formal dining and living rooms with glowing wood floors. Two staircases add to unique design. Master "suite" on second floor has private, oversized balcony, and an enormous walk-in closet with built-in desk.


Covered porch on main level invites for languishing water views. Seawall. Oversized garage with golf-cart door. This Windward home in Bluewater Bay opens the world of golf, fishing, tennis and lifestyle! Just minutes from world-renowned Destin Florida beaches, shopping and Eglin Air Force Base.


3951 square feet, four bedrooms, three full baths and 90' on the water. Offered at $675,000.

1170 Troon Drive, Niceville Florida - Bluewater Bay Home for Sale

1070 Troon Drive, Niceville FL

This beautifully renovated Bluewater Bay Florida home is move-in ready. The split bedroom plan home is bright as a new penny and has lots of light; the living areaa are open for good traffic flow and liveability. This home has been thoughtfully and carefully remodeled and refurbished; granite countertops, professionally painted, new molding, new laminate and tile flooring. All appliances convey; termite bond is transferrable, lawn maintenance, build-ins in closets, lawn pump and sprinklers system, big yard, very large tiled deck for entertaining. Bluewater Bay is in Niceville Florida. The community has pools, tennis, golf, marina and more. Niceville is 20 minutes to Destin Commmons, movies, and Gulf of Mexico beaches. Also very convenient to Eglin Air Force Base. Offered for sale at $234,900.

1694 Valparaiso Blvd, Niceville, FL 32578 - Short Sale

1694 Valparaiso Blvd, Niceville, FL 32578 - Short Sale



Richly painted, plush carpet, interesting angles- this is your Niceville Florida home. You will also find cathedralled living room, plant ledges, kitchen with pass-through, built-in shelving. Big fenced yard, patio. Roof replaced 2004. Easy drive to Gulf beaches, bayou, bay, shopping! Niceville short sale subject to seller's mortgage holder's approval. Offered at $169,900.

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

Search Niceville Florida real estate
Short Sale Pre Foreclosure Hellp for Niceville Florida.

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.

Question from Niceville Florida Short Sale Buyer

Hi Wendy,
I'm a First Time Homebuyer in Niceville Florida (or rather am seeking to become one) and my wife and I found a house that is a short sale.I've been researching the ins and out of buying a short sale but there are of course more questions then answers :) The information I was given was a BPO of 290K, the home is listed at 230K, with an offer of 200K. This information was given freely by the listing agent. The home is beautiful but it has since been vacated. No utilities, the home has since been broken into and vandalized, the refrigerator is tainted with an unholy smell and must be replaced, and the owner left a ton of debris behind when he/she moved out. Is this common in a short sale? Is this really a foreclosure? From what I have been reading it seems like people continue to occupy their homes during a short sale, not abandon them to disrepair during the process.I would be most thankful for any opinions or advice you could offer. From what I have read it is essential to obtain a buyers agent in a short sale, one with experience, so that will be the next thing I research (I saw the property yesterday), correct? Cynthia

Dear Cynthia,

1. If a BPO (Broker Price Opinion) on file with a bank is significantly higher than the offer or list price, you've got a problem. However, if the BPO is more than 90 days old, most lenders will order a new one. Home prices are dropping in Niceville, so that would be a consideration. Additionally, your agent might be able to provide her own market analysis of the property for the listing agent to submit to the lender, that might help them better understand the current market conditions and pricing scenario.

2. You may be in an auction situation, as you wrote there is already is "an offer of 200k". That may mean the property is under contract, with an offer accepted by the homeowner, but yet to be approved by the short sale lender. If the listing agent indicated she would be sending multiple offers to the short sale lender, that diminishes your chance of procuring the property. Additionally, the Florida Association of Realtors legal advisors have stated that secondary offers must include an addendum stating they are "back-up" offers only.

3. It is common for short sales to be vacant with no utilities. Why? Because the property may be a rental, and the owner was unable to find a tenant. Or the owner may have been transferred. The utilities are off because most sellers doing a short sale do not have the financial means to pay for utilities. You should still have a home inspection, although most short sales are sold "as is". You should have the right to cancel your contract if the inspection is unacceptable. Understand that you may have to pay a small fee for the water, electricity, etc to be turned on in order to facilitate your home inspection.

4. A "short sale" is not a "foreclosure". A short sale is still owned by the homeowner. A foreclosure is owned by the homeowner's mortgage lender. The definition of a "short sale" is when the lender agrees to a accept a payoff for less than the remaining mortgage balance, and possibly forgive the entire shortfall, as well as pay the seller's closing costs including the Realtor fee. The loss is either completely written off by the lender, a payment arrangement is made with the homeowner (promissory note), or a lump-sum for a potentially lesser amount is agreed to (cash contribution).

5. YES, it is essential to hire an experienced buyer agent in pursuit of your Niceville Florida home. A short sale is a complex transaction, and a good buyer's agent will help you structure your offer to your best advantage, and in such a way that might also fit the criteria of the short sale lender.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Niceville 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 20 years. She has won numerous awards, including the coveted ADDY for advertising design. She is ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida for resale listings sold and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.

All Rights Reserved. "Question from Niceville Florida Short Sale Buyer" Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.