Santa Rosa Beach Short Sale Approval: Priceless

This Santa Rosa Beach Florida short sale set the Bank of America record for me. Document after document was requested, faxed and emailed. Phone call after phone call was made. The file was closed and re-opened many times. The buyers threatened to walk time and again. This short sale was on the edge of collapse throughout much of the approval the process, but in the end, success!
First Mortgage: Bank of America, balance $1,300,000
Second Mortgage: Regions, balance $100,000
Sale Price: $850,000 appr
Bank of America Approval Terms: $40,000 promissory note, $30,000 cash contribution
Regions Approval Terms: $15,000 cash contribution
Number of Bank of America negotiators: 5
Number of Regions negotiators: 2
Number of Times Bank of America erroneously closed file: 3
Number of Emails sent: 298
Number of Phone call made: 114
Number of Months for Approval: 8
Seller Relief at Closing: Priceless
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Real Estate
Destin Short Sales & Pre Foreclosure Help.
http://www.shortsalesuperstars.com/ for agents
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 appeared 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. *Figures may be modified slightly to protect data confidentiality.

Aurora Loan Services Approves Seagrove Beach Short Sale in Amazing 84 Days

This unusual duplex in Seagrove Beach, Florida, adjacent to Seaside, was just approved for short sale. This property is less than one block to the Gulf of Mexico.

Lender: Aurora Loan Services

Mortgage Balance: $875,000 appr

Sale Price: $325,000 appr

Approval Time: 84 Days

Note: This quick approval for an Aurora Loan Services short sale was amazingly fast.

If you need to sell your home as a short sale in Seaside, Seagrove Beach, Watercolor or Rosemary Beach, Florida, it is best to hire an experienced short sale agent.

It's Wendy!

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

Seagrove Beach Real Estate

Seagrove Beach, Seaside, Watercolor Short Sales & Pre Foreclosure Help.

Read 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, 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. 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.

Talon Way, Eagle Bay, Santa Rosa Beach Florida Short Sale

Bright, happy home at 42 Talon Way is a short sale located in quiet subdivision of Eagle Bay, in Santa Rosa Beach Florida. Wonderful outside spaces include front porch, patio and large balcony off master bedroom. Elegant landscaping with palm trees, brick pavered driveway. Impressive entry looking up to second floor. Ample great room with fireplace. Kitchen has granite counters and breakfast bar. This Santa Rosa Beach short sale home is near the local's favorite, "Love Shack" restaurant with pool membership available. 10 minute drive to Grand Boulevard, Baytowne Wharf. 15 minutes to the beach, Destin Commons! Built in 2007, over 2100 square feet.
Santa Rosa Beach Short Sale Offered at $217,700.
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.

"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

110 Cabana Trail, Santa Rosa Beach FL - Short Sale in Lakeside at Blue Mountain Beach

This refined Santa Rosa Beach Florida short sale home, adjacent to Redfish Village in the Lakeside at Blue Mountain Beach, is a wonderful design by a renowned architect. The first floor living area has warm wood flooring and old-fashioned built-ins. The breakfast bar is a mile-long custom slab of black granite with furniture spindle supports. Kitchen cooking beckons the gourmand in you with Jennaire stove and rows of bead-board cabinets, many open to display your wares. There is a built-in wine cuvee ready for your cabernets.

You can either cozy up to the fireplace in the living room or share your home with a grand party in the totally open living space. This home features two master suites, one upstairs and one down, both with exquisite bathrooms with upgraded fixtures and separate tubs. Upstairs also features a private sitting room with wetbar and refrigerator. Great location in Santa Rosa Beach-- a few steps to the new upscale Redfish Village with direct walkover access. Two air conditioning systems and a Rinnai hot water heater.This special Santa Rosa Beach short sale is close to Gulf of Mexico beaches, great shopping in Seaside, Watercolor, Rosemary Beach and Destin!

Offered at $549,900

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Santa Rosa Beach FL Real Estate
Santa Rosa Beach 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.

110 Cabana Trail, Lakeside at Blue Mountain Beach, Santa Rosa Beach Short Sale

This refined Santa Rosa Beach Florida short sale home, adjacent to Redfish Village in the Lakeside at Blue Mountain Beach, is a wonderful design by a renowned architect. The first floor living area has warm wood flooring and old-fashioned built-ins. The breakfast bar is a mile-long custom slab of black granite with furniture spindle supports. Kitchen cooking beckons the gourmand in you with Jennaire stove and rows of bead-board cabinets, many open to display your wares. There is a built-in wine cuvee ready for your cabernets.

You can either cozy up to the fireplace in the living room or share your home with a grand party in the totally open living space. This home features two master suites, one upstairs and one down, both with exquisite bathrooms with upgraded fixtures and separate tubs. Upstairs also features a private sitting room with wetbar and refrigerator. Great location in Santa Rosa Beach-- a few steps to the new upscale Redfish Village with direct walkover access. Two air conditioning systems and a Rinnai hot water heater.This special Santa Rosa Beach short sale is close to Gulf of Mexico beaches, great shopping in Seaside, Watercolor, Rosemary Beach and Destin!

Offered at $549,900

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

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.

Don't Fudge Your Short Sale Financials!

Are you doing a short sale in Destin, Santa Rosa Beach, Niceville or Fort Walton Beach? Part of the lender’s process will be to verify if you have a true financial hardship. Short sale lenders analyze the information you provide, including paystubs, bank statements, tax returns and the financial worksheet. They will run a credit report, they will review bank statements line by line, and they won't just gloss over the financial worksheet.

If something does not "add up", be prepared for the following questions and requests:

1. Why do you list a car payment expense, when your credit report shows it’s paid off?
2. Why do you show credit card bills higher than what is on your credit report?
3. How are you spending $6,000 a month on bills, when you have no income or savings?4. What was the $15,000 withdrawal from your bank statement last month? Where did it go?5. What is $2000 per month “miscellaneous” expense? Please itemize this.
6. Provide a copy of your bank statement from account XYZ, that was used to transfer funds into your checking account.
7. Provide a copy of ABC bank statement that you listed when you first bought the property.
8. Why are you listing a mortgage expense from a house you have sold?
9. What happened to the $70,000 capital gain from your last year tax return?
10. Why are your food expenses $1000 per month for a two-person household?

Provide thorough and honest financial information. If you don't, rest assured, your short sale lender will find out.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin FL Real Estate
Destin Short Sales & Pre Foreclosure Help.

Lot 16 Anne Ave., Village of Blue Mountain Beach, Santa Rosa Beach FL Short Sale

New community- Village of Blue Mountain Beach- in the center of Blue Mountain Beach on 30-A in Santa Rosa Beach, Florida. Enjoy fun on-site at the Beach Club - with fitness center, shuffle board, pools. Prefer to jump in the waters of the Gulf of Mexico? Owners may use access right across street at Inn at Blue Mountain Beach. Short sale subject to seller's mortgage holder's approval. Offered at $ 54,900.

Why Short Sale Lenders Want Promissory Notes

Why would a short sale lender ask for a promissory note or cash contribution from the seller? The emails below, from Bank of America negotiators, will show you exactly why:

EXAMPLE 1: Santa Rosa Beach Florida Short Sale
"Please be advised, that before we discuss the closing costs you have to talk to the sellers regarding contribution to mitigate the loss.
The reasons:
* FICO in the high 700, never late on any account, continue to make payments on all credit cards
* good deposits
* good income on tax returns
Requested contribution: Promissory note of 12,000, payable in 8 years, 125 per month, 0 interest."

EXAMPLE 2: Destin Florida Short Sale
"Seller is currently paying off a car at 453.00 per month and several credit cards paid on time, Seller is getting deposits of 3000 and 2500 every other weeks on her bank accounts. I'm sure she can afford 333.33 per month.
The note is 0% interest for 5 years at 333.33 per month. There is no way we are releasing the liens debts over 684K without the seller contribution."

Both of these examples show how financial information is scrutinized by the short sale lender. Apparently, good credit, few delinquencies and regular income make the seller a candidate for contributing to the shortfall. In other cases, the lender, servicer, or mortgage insurance company may request a contribution due to its loss amount or policy. It is best to prepare your seller in advance.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin 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 on the Emerald Coast of Florida: 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 Legends of Santa Rosa Beach - Short Sale

IMAGINE... Beautiful Gulf Views, Sugar-White Beaches, Emerald Water, Quiet Surroundings, Incredible Sunrises and Sunsets, Ultra-Relaxing Vacation... Sound Good? This is a beautifully redecorated townhouse at The Legends in Santa Rosa Beach Florida. It has new flooring throughout (07), offering over 1400 square feet of living space. The master suite has a king-size bed with a pillow-top mattress, whirlpool tub with separate shower in the private bathroom, and beautiful gulf views from the deck. The ' Surfin' ' room sleeps up to four on 2 full-size beds with it's own bathroom and walk-in closet.

The Legends is a beautifully landscaped complex in the heart of Santa Rosa Beach. This condo overlooks one of two pools, so finding a lounge chair at the pool is never a problem! Play sand volleyball or tennis right on the grounds. Quaint shops, incredible restaurants, and championship golf courses are all close by. BEACH ACCESS is less than 200 yards away, just a short stroll. Scenic Route 30-A offers a 17 mile long, paved, bike and jogging path, great for the morning exercise.This Santa Rosa Beach FL short sale is offered at $209,900.

Call our Rulnick Realty team to help you buy this or any other property. 850-650-7883
It's Wendy!

Santa Rosa Beach FL - Countrywide Short Sale Success Story

Here is a quick story about a Countrywide short sale in Santa Rosa Beach, Florida. And it has a happy ending.

I have a house listed for sale in the Mack Bayou area for $187,100. The sellers had purchased the home as an investment property but were no longer able to cover the mortgage, as rental rates have decreased on the Emerald Coast. The home needs work- carpet, paint, etc, and has about six tenants living in it. After four months of gently lowering the price, and still no offer, we were sitting below what typical market value might be.

Lucky for us, we got an offer for $185,000! The first time home buyers were SO excited and loved the home. Per my recommendation, and since it was Countrywide, their agent structured the contract for a 120 day short sale approval timeline, the buyers put down earnest money, and we eliminated closing costs we know Countrywide won't usually pay. The package was submitted.

A few weeks later, I found out during my bi-weekly phone call to Countrywide, that the file was "closed" due to "insufficient offer". I was dumbfounded. Yes, the offer was a bit below some of the competition, at about $195,000- $200,000, but not low enough that the file should be "closed" and not even countered. I did two things. I contacted a negotiator who had helped me in the past, and I called the short sale department again. The representative was very helpful, and listened carefully as I explained my bewilderment at the file being closed. She gave me her email address and I sent in my comps indicating the price was not that far off. I sent the same to the negotiator. A few days later, I got a call from Countrywide. They told me the file would be re-opened, and suggested the buyers increase their offer by $5000. We did it.

A couple weeks later, the Countrywide Phase II negotiator told me the offer was still too low, "Could the buyers come up by another $10,000, to match the appraisal?" The buyers said "no". The negotiator said the investor also might require a promissory note, or it would be declined anyway. I told him the couple had no money, were self-employed and barely getting by. I also had their primary residence for sale as a short sale. He said he would submit the package as is and see what the investors would do.

One week later - APPROVED!

In summary, do not give up if you have a strong case. I could have said "OK" when Countrywide told me they closed the file. I could have put the home back on the market, and waited for six months for another offer. The buyers would have lost their home. The sellers may have gone into foreclosure. Countrywide would have gotten even less in the future. So don't let the negotiator close the file or close the door on your sale! Submit a strong offer, one that YOU can justify. Tell them to let the investor decide. You may be pleasantly surprised.

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

Destin Real Estate
Destin Short Sales & Pre Foreclosure Help.
Read Destin Real Estate Blog

Emerald Coast Short Sale Sellers: If You Want Me to Help "YOU" - You've Got to Help "Me"

Are you enlisting me to help you sell your Short Sale? I know you've been through a tough time of late. I understand, and empathize. I want to help you out of your situation with an upside-down mortgage, a need to sell your property, and a way to avoid foreclosure. I will go "all out" to help you. I will implement a 60-point checklist. I will organize your documents. I will call your lenders. I will get you a written offer for your property, and prepare a package for approval that will be hard to deny. During that time I will have made an average of 68 phone calls, sent dozens of emails, faxed a hundred pieces of paper and expended weeks of man-hours on your behalf. I will do my part-- and if you are denied-- it won't be because of me. But guess what? YOU have to help. I cannot do it alone. So, before signing on the dotted line and hiring me to help you with your Short Sale, I need a commitment. YOU, the Short Sale seller, promise and commit to the following:

You will return your listing paperwork to me within 3 business days. That includes property disclosure, mold disclosure, condo disclosure, homeowners association or any other applicable disclosures. I cannot represent your real estate properly without the same.

You will return your Short Sale documents to me within 3 business days. This means your hardship letter, last two years tax returns, financial worksheet, letters of authorization, paystubs and bank statements as I require. If you don't disclose your financial information, you are NOT going to get approved. If I don't have authorization to speak with your lender, I won't be able to help you.

You will keep your house presentable to show. Please move your truck for your photograph and close the garage door. Please vacuum the dog hair. Please pick up the clothes and dishes.

You will provide a key for access to your house. I will install a lockbox. I cannot sell your home by "appointment" only.

You will not rent the property for one-year term, with no early termination. I cannot get an investor to buy your property in this market with a one-year lease.

You will disclose any liens on your property. You will not "forget" there is a second mortgage. Or an IRS tax lien. If you do, you are wasting your time, my time, your lenders's time, the buyer's time and the buyer's agent's time.

You will inform me of any paperwork you receive from your lender, especially a Motion for Summary Judgment. I need to know how long we have to sell the property, or I cannot do my job.

You will not remove appliances. You will not strip the oven, dishwasher, microwave and garage door opener. This will lower your market value in such a way that your lender's appraisal will not adequately reflect the damage, and your Short Sale may not be approved.

You will consult an attorney and/or accountant. When I tell you that you need to consult a lawyer or tax specialist, you will not speculate. When I tell you I am a licensed real estate agent and you have addressed an area outside my expertise, I mean it.

You will not "change your mind" in the middle of your short sale, or you will be prepared to pay a cancellation fee. Changing your mind includes doing a deed-in-lieu of foreclosure, trying to modify your loan or filing bankruptcy. If you do, you cannot expect my forthright efforts will have been for free.

You will not "change your mind" after you have signed a contract. In doing so, not only will you incur a cancellation fee, you may be sued by the buyer for performance, damages and maybe more. Consult with your attorney on that one.

You will respond to my emails and phone calls. Please don't hide from me. I cannot move forward when you are missing, in denial or don't know what you need to do.

You will take the Short Sale process seriously. When your lender, through me, asks for documentation, they mean it, too. They won't forget. If you don't provide the required documentation, they will deny your Short Sale and your file will be closed.

In summary, if you want to hire me to help you- I will perform. If you want to succeed, you must perform.

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

Search Destin Florida real estate
Short Sale Pre Foreclosure Help.
Read my Destin ReaL Estate Blog.

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 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.
All Rights Reserved. *Emerald Coast Short Sale Sellers: If You Want Me to Help "YOU" - You've Got to Help "Me" 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.

407 Botany Blvd, Botany Bayou, Santa Rosa Beach FL

Make an offer on this magnificant home in Botany Bayou, a gated water-front community in Santa Rosa Beach FL. This stunning home, custom built in 2004 features everything one might expect. The three bedroom stucco (concrete & block) home with split design, features nine to eleven foot trey ceilings, recessed lighting, a great room, formal dining room, and a separate formal living room and or office space. The great room and master suite have gas fireplaces, both rooms with access to the screened lanai and a 38′x16′ pool -50 yr. transferable warranty and equipment. The kitchen …the one dreamed of offers tile counter tops, beautiful wood cabinets with matching furniture design refrigerator and columns to define the breakfast bar. An additional dining area looks out to your private pool. The master bath features a separate walk-in tile shower with glass block, a whirlpool tub with waterfall faucet, his and her closets, and double vanities. This elite and nicely landscaped community has a day dock for your boat, fishing or watching sunsets over the water. There is a community pool and several nature trails through the state forest. This home offers lots of privacy as it is across the street from the bayou and is backed by the state forest. Close to Sacred Heart hospital and many fine restaurants in Santa Rosa Beach, Sandestin and Destin FL. Short sale.

List price $469,900

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.

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

Search Destin FL real estate

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email itswendy@rulnickrealty.com

"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.

Peoples First Denies Short Sale - Despite Cancer Diagnosis

I am writing about a very disturbing short sale situation. The property is a lot in Windswept Estates, a golf course community in Freeport, Florida. The mortgage is held by Peoples First, "Florida's Community Bank". After several months of price reductions on my seller's lot, we finally got a short sale offer of $29,900- fair market value. The mortgage balance is $183,000.

My seller's husband has just been diagnosed with kidney cancer, age 36. She herself has lost about half of her income in the past year, as assistant to a financial advisor and another part time job. Her charge card balance is around $60,000 - she used credit to keep making mortgage payments. She has struggled to make the interest-only payments on the lot - around $800 a month- as her partner, a real estate agent, has little income to contribute.

When my seller found out about her husband's kidney cancer about a month ago, she stopped payment on the check she had sent to the bank. Peoples First called her when they received notice and left a voicemail message that the manager would be "furious" and would start foreclosing.

Today, Peoples First just told me they will NOT do a short sale, period. When I talked to them I mentioned the diagnosis of kidney cancer, wondering how this woman could keep up with her payments. I also asked, "Why would your company not consider a short sale in this economy?" I was told they had "not given any subprime loans, they were well-capitalized, and when they lent money, they expected to get it paid back". I said, "So you'd rather foreclose?" They said "Yes".

I then got a call from another party at the bank, who reiterated they don't do short sales. I mentioned I would write about the situation in my national blog. I was told "I caution you not to do that."

Well, guess what? I am writing about it.

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 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.

All Rights Reserved. *Peoples First Denies Short Sale - Despite Cancer Diagnosis* 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.

BOFA Issues 2 Contradictory Approval Letters!

I just had a Bank of America short sale closing for a home near Destin, FL. BOFA issued TWO different approval letters for the same junior lien:

1. Approval Letter Emailed:
Bank of America agrees to accept $1000.00 in certified funds as payment in full of the loan. Upon the Bank's receipt of the payment of $1000.00, the Bank will report the account to the credit bureaus as "Settled", with the explanation "Account legally paid in full for less then the full balance.": In addition, the Bank will be reporting the amount of the debt forgiven to the Internal Revenue Service as required by the Revenue Reconciliation Act of 1993.

2. Approval Letter Mailed Separately to Seller - (Dated Same Date as Above Letter)
Bank of America agrees to accept $1000.00 as payment towards said loan. Upon receipt of $1000, Bank will release the lien and charge off the remaining debt as a collectable balance. Our recovery department will be in contact with you to make arrangements on this balance. Will report the account to the credit bureaus as "charged off", and show the balance remaining owed to Bank of America.

The bank insisted the sellers sign both letters. If BOFA tries to collect on this balance, certainly the sellers can show evidence by the first approval letter that BOFA stated the loan was forgiven. To say the least, Bank of America's behavior is mystifying.

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 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.

All Rights Reserved. *"BOFA Issues 2 Contradictory Approval Letters!"* 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.

Conversation with a Citi Negotiator

I've written a few blog posts about Citi short sales in the past. One, Citi Rep Says Market Didn't Cause Price Decline and another Is Citi Mortgage Getting Nice? Well, I've just had a situation regarding a Santa Rosa Beach FL short sale that I must relay.

First Mortgage: Everhome

Second Mortgage: Citi Mortgage

First Offer: Buyer walked after three months

Second Offer: Buyer gets relocated to another state last week!

Status: Citi had approved the second offer to close within 30 days and Everhome issued approval DAY OF buyer's withdrawal

Update: Wendy gets replacement contract from new buyer, exact terms, within 3 days

Everhome: Delighted! Seeking investor approval for new buyer

Citi: New Rep, "Sassia", was assigned to replace previous negotiator

Wendy: Leaves upbeat message on Sassia's voicemail: "Hello, this is Wendy Rulnick, authorized on account 7878722, borrower- Smith. Buyer had out-of-state job offer last week, withdrew. I have an identical substitute offer, no changes in terms, ready to close within 30 days. I'll fax you the replacement contract and HUD."

Sassia: Calls and leaves a message on Wendy's voicemail: "Please call me reference borrower Smith."

Wendy: Calls Sassia back. Gets voicemail. Leaves identical detailed message regarding substitute offer. Finally Sassia calls back and gets Wendy live.

Sassia: "What is going on with Smith?"

Wendy: Relays exact detailed message that was left twice on her voicemail.

Sassia: "This has been going on a long time, since July. Two buyers have walked. Why?"

Wendy: Repeats exact information about job relocation of buyer.

Sassia: "Don't bother faxing me anything! I don't know what the previous negotiator did, I do things differently. I will need approval in writing from the first within 48 hours or I will CLOSE THE FILE."

Wendy: "I am sure the first is imminently getting a replacement approval. It might take a few more days."

Sassia: "I will give you until Friday. I have too many files on my desk. If I don't have the approval by then, you will have to start the process all over. Good-bye."

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.

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Santa Rosa Beach FL Home For Sale

76 Harborview Dr. E, Santa Rosa Beach FL

Oooohhh Ahhhhh Ooooh! This is a fine Santa Rosa Beach FL home in the Mack Bayou area. Wood floors, 9′ high ceilings on both first and second floor, solid surface counters. Open floorplan, porches add to cottage airs. Impeccably kept and decorated. Fireplace. Wonderful master bedroom with sitting area. Second floor balcony accessed by two bedrooms. This is not a cookie-cutter home, but an elegant residence! More pluses: plentiful under-stair storage, playhouse in fenced yard, security system. Short Sale subject to seller’s mortgage holder’s approval. $199,900

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.


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. Wendy sells houses, condos, townhomes and lots.


Call Wendy Rulnick 850-650-7883 ext 204
email itswendy@rulnickrealty.com

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Is Citi Mortgage Getting Nice?

I have a short sale in process for a Santa Rosa Beach FL home. The offer is around $200,000- fair market value. The first mortgage holder, Everhome- is owed $325,000. The second mortgage, Citi Mortgage, is owed $90,000.

Two months ago, I had another offer on the property. The buyer walked after waiting for approval for three months. The hold-up was Everhome. Citi had granted approval. Their terms at the time were $3000 from the first, and $16,000 paid back from the seller over 84 months at 0 percent interest.

Take Two: I now have a new buyer for this Santa Rosa Beach house. The approvals are going much more quickly this time. Three weeks after submitting the short sale package, Citi has again granted approval. Terms: $3000 from the first and NO PROMISSORY note! I don't know why and don't want to ask. Maybe they "forgot". Maybe the negotiator likes me because I asked him about his cold. Maybe Citi realizes the market value of the house is less than the offer (I found out it appraised for $10,000 less than the contract price from Everhome). Maybe Citi is getting reasonable. Maybe they are just getting nice.

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

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

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 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 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 sells houses, condos, townhomes and lots.

All Rights Reserved. *Is Citi Mortgage Getting Nice?* 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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Subscribe to It's Wendy's Blog by Email

Short Sales? Don't Ask Whitney Bank

I have Short Sale lot listing in Santa Rosa Beach, Florida. Values in that market area have dropped 50% for vacant land. There is about a ten-year inventory for sale. That means, at the current rate of sales, it would take ten years for all the lots to sell. My Short Sale seller's income has declined such that he can no longer afford mortgage payments on his land. His lender is Whitney Bank. We submitted an offer to Whitney for the full Whitney-appraised value, half of what is owed on the lot. Guess what? They will not do Short Sales. They will never forgive a deficiency. Here is a quote from Whitney Bank's letter to my seller:

-Contract Offer Response for Lot 2, Main Street
Dear Mr. Jones:
Whitney does not do short sales as satisfaction of debt. Rather, Whitney's release of the mortgage will be executed on the express condition that Whitney is reserving its rights to collect the deficiency. The net sales proceeds derived from the proposed sale of the collateral would be applied towards the outstanding loan and you would still be responsible for the balance of the loan whereby we would attempt to restructure it under a workout repayment plan acceptable to the Bank based upon receipt of current personal financial information.
Respectfully,
Special Credits Department - Central Gulf Coast Region

So, know- if you are going down the Short Sale path with Whitney Bank, you will be liable for the entire deficiency.

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.

Specializing in real estate 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. 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. *Short Sales? Don't Ask Whitney Bank* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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