Island Green Sandestin, Florida – Citibank Luxury Short Sale Approved

Sandestin short sale

This lovely home in Island Green, an elegant neighborhood within the community of Sandestin Resort, Miramar Beach, Florida, was just approved as a short sale.  Listed at almost $900,000, the luxury property went under contract in little more than 30 days.  Only the junior lien, Citi, was a short sale.  The following documents are typical of what is required for a short sale approval:

  1. Letter of authorization to allow me to speak on behalf of the owners to the bank
  2. Hardship letter outlining why a short sale is requested (some examples of hardship are job loss, death of breadwinner, medical expenses, mortgage payment re-set, relocation, divorce, etc.)
  3. Uniform Borrower Assistance form, which is a detailed financial worksheet itemizing expenses, income and assets of the owner
  4. Proof of income, for example, paystubs, profit and loss statement, alimony, child support, retirement income, social security income, pension, unemployment compensation
  5. Tax returns and/or IRS Form 4506T allowing the lienholder to obtain the specified tax documents from the IRS
  6. Bank statements– all savings, checking account statements typically for last 60 days, or longer, often kept up-to-date throughout the short sale approval process
  7. Supplement hardship documentation, such as medical bills, divorce decree, military PCS orders, etc.
  8. Payoff statements from other lienholders, such as the payoff from senior, junior liens or homeowners association liens
  9. Preliminary Closing disclosure (CD) or settlement statement (HUD) using the anticipated closing date
  10. Listing agreement
  11. Contract for purchase
  12. Proof of funds for buyer of short sale, either a pre-approval letter for a loan, or bank statement or letter from bank stating cash funds are available

This luxury Sandestin Florida short sale was approved in about 90 days and is scheduled to close in October.  The short sale approval letter from Citibank came without the requirement to pay back any deficiency. Note: there may be tax consequences of a short sale, since the IRS may view the forgiven debt as income. Always consult with your tax advisor and attorney when considering a short sale.

How can I help you with short sale?

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

www.shortsales-emeraldcoast.com

Wendy Rulnick, Broker, sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.

Bank of America DOJ Settlement – Avoid Short Sale – Foreclosure – Crestview FL

Bank of America Department of Justic settlement

If you have a Bank of America mortgage and are facing foreclosure, part of your principle may be forgiven if you qualify for the Bank of America – Department of Justice SettlementThis settlement was negotiated between Bank of America and DOJ to make reparation for past lending practices, primarily for prior Countrywide and Merrill Lynch mortgages.  Certain Florida homeowners will qualify for mortgage modifications, principal forgiveness, forbearance, or extinguishment of their home equity lines of credit.

I just had such a success story with a Crestview Florida home seller whose Veteran’s Administration (VA) mortgage was reduced by over $60,000, or 25% of the balance, as part of this program. He was notified of the opportunity during an attempt at VA Compromise Sale (type of short sale) of his Crestview home.  We had just received a contract for purchase, when the DOJ settlement offer came from Bank of America.  They proposed that he enter a trial mortgage payment period at a reduced interest rate and succeed at making payments for three months. Even though this was a stretch for him since he was in a VA Compromise Sale situation, we figured out that at the new principle balance, he could sell his Crestview home and actually make a profit!  He accepted the offer from Bank of America, and we changed the terms of the purchase and sale agreement to remove “short sale” and add a contingency for the successful completion of loan modification and principle reduction.  The buyer was more than happy to wait the 90 days, as that is about how long a short sale would have taken and the risk of approval was far less than with a short sale.  (I was happy to have less of a headache, too, without all the short sale paperwork!)

The question came up – “Could the seller actually put his property on the market and receive an offer during the DOJ Settlement trial modification period?” The answer was “yes” from Bank of America.  Sellers who receive this offer might be struggling to make their mortgage payments and have actually stopped making them, contemplating foreclosure or short sale.  This DOJ Settlement with Bank of America is a financial windfall for these sellers because it will  significantly boost their financial situation.

Do you qualify for the Bank of America – Department of Justice Settlement in Florida? You will need to call Bank of America at 1-877-488-7814 and ask them. If not, there may be other solutions for you to avoid foreclosure, reduce the impact on your credit, and possibly save your home with a different type of modification, or by doing a short sale.

Questions?

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy:
itswendy@rulnickrealty.com

Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach. 

How to Sell Faster and For More Money – List – Sale – Price Ratio

List Price Real estate vs Sale price

Time and again, I’ve seen sellers reject a first and often “fast” offer on their property.  What a mistake.  Here is how to get a better list-to-sale price ratio, and sell faster and for more money.

Here is a typical scenario I am talking about:

1. Home is listed at $640,000.

2. An offer comes in three days later for $590,000.

3. The seller responds with $635,000.

4. After a little negotiating, the buyer goes  to $600,000 and the seller $632,000.

5. No contract

This scenario usually happens when the list price is too high.  If the list price were closer to market value, the offer would probably be higher. For example, market value for this property listed at $640,000 was really $610,000.  If the seller had listed for $619,900, the buyer may have come in at $610,000 or more! And the house would have been SOLD. Instead, it will sit on the market for months. The seller “may” lower his price, little by little, with nudging from his agent. Eventually, months later, it may sell for $590,000.

Real estate questions?

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach.

Pointe of View, Miramar Beach FL Short Sale Sold

Pointe of View Sandestin

 

Pointe of View unit 634 in Miramar Beach Florida just sold.  This property at 200 Sandestin Lane was a one bedroom unit on the third floor. The Pointe of View complex has a pool, and is minutes away from shopping at Baytown Wharf and Destin Commons, Sandestin Resort, the beaches of the Gulf of Mexico and Sacred Heart Hospital on the Emerald Coast.   The unit was attractive for an investor because there was a tenant already in place.  The current rent of $690 would be offset by the monthly condo fee of $154 as a standing expense, but was still a pretty good return for the sale price.

This Pointe of View condo in Miramar Beach was a one-lien short sale with Flagstar Bank. During the middle of the short sale, Kondaur Capital Corporation took over the servicing of the loan. This short sale was approved with a waiver of deficiency to the seller.

200 Sandestin Lane, #634, Pointe of View, Miramar Beach Florida sold for $61,500.  

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Miramar Beach Florida Short Sales & Pre Foreclosure Help.

Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  She has helped sellers along the entire Emerald Coast sell their primary residences or investment properties.

Eglin AFB VA Compromise Sale – Cash Back

Eglin AFB VA Compromise Sales relocation credit

Are you an Eglin AFB service member who has PCS orders, and your current home is upside down in its mortgage value? If so, and you have a VA mortgage loan, you could be eligible for a $1500 relocation credit from the Veterans Administration after selling with a VA Compromise Sale.  What exactly is a VA Compromise Sale? It’s a type of short sale for VA backed loans.  A short sale is a real estate transaction where the sale price of a property does not generate enough proceeds to pay off the mortgage debt.  For example, let’s say you bought your Crestview home in 2009 and took out a $180,000 loan.  Today, however, your home is worth only $140,000.  You find out you have PCS orders from Eglin AFB and don’t want to rent out the property and become a landlord, but you cannot afford to continue the mortgage payments after you move. In this case, there would not be enough proceeds to pay off your mortgage – it would be “short”. If the lender accepts “less” than the full amount and releases its lien from the property, that is considered a short sale.  A VA Compromise Sale is specifically geared toward VA mortgages.

One of the benefits of a VA Compromise Sale is that you can get a $1500 relocation credit if you occupied your home at the time of sale. Here is the Veterans Administration circular and extension of the credit through January 1, 2016. If you have questions or need to sell as a VA Compromise Sale or short sale, give me a call!

VA Relocation Assistance Cash Back

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine” for her assistance to short sale sellers and is co-founder of Short Sale Superstars.  She sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach. 

811 Overbrook Dr., Fort Walton Beach FL Short Sale Approved

Overbrook Fort Walton Beach short sale

 

This short sale at 811 Overbrook Dr., Fort Walton Beach Florida was just approved! Here are the details:

Senior Lien (first mortgage): PNC

Balance: $120,000 appr

Junior Lien (second mortgage): Bank of America

Balance: $90,000 appr

Market Value:  $190,000 app

This short sale was only “short” to the junior lien, Bank of America. What does that mean?  If a home sale nets more than a senior lien’s balance, they are paid in full, therefore they are not “short”. The junior lien will get whatever leftover proceeds there are after paying the senior lien and other closing costs, such as title insurance, commission, pro-rated taxes, state transfer taxes, etc.  In many cases, the junior lien in this type of transaction gets a substantially higher payment than a regular short sale, where typically all liens are short. In a normal short sale, the senior lien will pay the junior lien a standard amount, such as 10% of their balance or a HAFA amount of $8,500.00, for example.

This Overbrook subdivision, Fort Walton Beach Florida, short sale netted Bank of America about $50,000, with which they were quite happy.  They approved the sale in 45 days.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy:
itswendy@rulnickrealty.com

Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach. 

3744 Lexa Court, Gulf Breeze FL – VA Compromise Sale Approved

Gulf Breeze VA Compromise Sale

This VA Compromise Sale in Gulf Breeze Florida was just approved. Here are the details for this VA short sale at 3744 Lexa Ct. in Victorian Village:

Senior Lien (mortgage): Citi

Balance:  $166,000 appr.

Junior Lien (mortgage): Citi

Balance: $2000

Market Value: $169,000 appr.

Time for Approval: 60 days

This was a CitiMortgage VA Compromise Sale that I was processing at the same time as another one with Citi in Crestview Florida, so it was like a race! They were both approved in about 60 days and I found the Citi military short sale team easy to work with.  Citi’s system includes starting a short sale file with a “processor” who gathers financial and contract paperwork and orders the appraisal. Financial paperwork required from the borrower includes last two years tax returns (signed and dated), hardship letter, PCS orders if that’s the reason for hardship, bank statements, proof of income, financial worksheet, IRS 4506T and more.  We also had to provide the listing agreement, preliminary settlement statement, third party authorization, contract and buyer’s pre-approval letter.  We speedily provided everything that was required and it took about 45 days for the file to get to the actual negotiator. At that point, the VA liquidation appraisal was back and the value was good, meaning the net proceeds from the sale were at least 85.05% of the value, which is required for a VA Compromise Sale.

You might ask why this was a “short” sale, since the market value was almost the same as the mortgage balance? The sale is still “short” because the “net” proceeds were less than the mortgage balance.  Costs to close include pro-rated taxes, Realtor commission, title insurance, documentary stamps on the deed, any buyer credit, and payment to the junior lien. In this case, the sellers chose to pay off the junior lien ahead of time.

The Gulf Breeze VA Compromise Sale in Victorian Village was under contract in three weeks after receiving multiple offers.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 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.

4818 Young Rd., Crestview FL – VA Compromise Sale Approved

Coronado Village Crestview VA Compromise Sale

This VA Compromise Sale in Coronado Village, Crestview Florida, was just approved.  Here are the details of this short sale at 4818 Young Rd.:

Senior Lien (Mortgage): Citi

Balance: $148,000 appr.

Junior Lien: none

Market Value: $89,000 appr.

Time for Approval: 7 weeks

This Crestview VA Compromise Sale with Citi Mortgage went very smoothly! One of the keys to getting this Coronado Village property approved was a good VA liquidation appraisal, because the net proceeds from the sale had to be at least 85.05% of the appraised value.  If the proceeds were not enough, the contract would have to be renegotiated or the VA Compromise Sale could be denied.  So that the value was not overinflated, I ensured the VA appraiser had a copy of the roof repair bid that had been obtained by the buyer.  He took that into consideration when coming up with a value.

If  you have VA Compromise Sale questions for your property in Crestview, Fort Walton Beach, Navarre or Destin Florida, send me an email or give me a call.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy:
itswendy@rulnickrealty.com

Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach. 

 

3293 Pitcher Plant Ci., Pensacola FL VA Compromise Sale Approved

Pensacola VA Compromise Short Sale

This Pensacola Florida VA Compromise Sale at 3293 Pitcher Plant Ci. was just approved.  The short sale lender was Chase and the process was lengthy. Here are the details:

Senior Lien: Chase

Original Mortgage Balance: $262,000 approximately

Loan Type: VA (Veterans Administration)

Junior Lien: none

Market Value: $180,000 approximately

Time for approval: 120 days

This Pensacola Florida VA Compromise sale had a few hurdles before it was approved. First, a little background…. A VA Compromise Sale is a short sale where the mortgage is guaranteed by the Veteran’s Administration.   To ascertain the value of the property, the VA will perform a VA Liquidation Appraisal. This appraisal is valid for six months, and the net proceeds from a purchase and sale agreement must be at least 85.05% of the appraised value.  This property had an initial appraisal done in January for another contract, but that buyer walked.  The appraisal was still valid in May when the next contract came in. By the time Chase got around to sending the file to a negotiator, the liquidation appraisal was about to expire at the end of July. They forgot to order a new appraisal and had to send the VA Compromise Sale back to their “processing” department where we were required to begin the process anew. This caused about a six-week delay in the approval process. The next issue occurred when the new appraised value was for $220,000, far more than the market value of $180,000.  To contest this valuation, I challenged the VA directly with other comparable sales and a contractor’s repair estimate of almost $20,000.  The VA speedily reduced their appraised value and the VA Compromise Sale was approved.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy:
itswendy@rulnickrealty.com

Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach. 

Green Tree, USAA Approve Crestview FL – Eglin PCS Short Sale – Beaver Creek

Green Tree PCS short sale Crestview Florida

This Green Tree and USAA short sale in the Beaver Creek subdivision, Crestview Florida, has been approved for short sale and closed today. The home at 127 Mill Pond Cove, had a senior lien serviced by Green Tree and was a Fannie Mae loan.  The junior lien was USAA.  In this case, Permament Change of Station (PCS) orders from Eglin Air Force Base was the reason for short sale. PCS orders are considered an acceptable hardship by Fannie Mae, who announced this year that there would be no cash contribution or promissory note required from the PCSing seller if the home was purchased before June 20, 2012 and had been a primary residence.

This Crestview Florida short sale was initially counter offered by Fannie Mae via Green Tree at a price much higher than the contract price.  I challenged the valuation through Fannie Mae’s Homepath website by providing comparable sales that supported the original offer.  One week later, Fannie Mae agreed to lower the price after reviewing my data.

This home at 127 Mill Pond, in Beaver Creek, Crestview Florida, sold for $120,700.

Here is the Fannie Mae bulletin that addresses the short sale PCS hardship and seller contribution.

Fannie Mae PCS Short Sale Update

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy:
itswendy@rulnickrealty.com

Wendy Rulnick, Broker, is co-found of www.shortsalesuperstars.com has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach.