Sunsail, Destin FL – Bank of America Short Sale Approved

Sunsail Destin Florida short sale

This home at 4684 Windstarr Dr., Sunsail, Destin Florida was approved for a Bank of America cooperative short sale (COOP short sale).  This Bank of America short sale program is for borrowers who don’t qualify for the Home Affordable Foreclosure Alternatives Program (HAFA) or other short sale programs, such as VA Compromise Sale and FHA HUD pre-foreclosure short sale.  This short sale was almost entirely through the approval process of about 90 days, when the first buyer walked.  Amazingly, I re-sold the Sunsail Destin Florida home in a day, and the second time the approval was swift – within one month. The bonus to the seller is that he will receive a waiver of deficiency and a $5000 Bank of America coop incentive check at closing. Applicants are eligible to receive up to $30,000 to do a coop short sale.  How do you know if you qualify? Call Bank of America at 1-866-880-1232.   Do you have questions about how to short sale your Destin Florida hom? Give me a call.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Destin Florida short sale specialist

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

Quail Run, Destin FL – Bank of America Short Sale Approved

Destin VA Compromise Sale

 

This Destin Florida VA Compromise short sale at 1014 Airport Rd., in the Quail Run subdivision, was approved in just six and half weeks. Here are the details of the short sale approval:

Mortgage: Bank of America

Mortgage Balance: $177,000

Market Value:  $137,000

Notes:  Bank of America does not process VA Compromise Sales through Equator. You must fax in a short sale package to 1-866-808-5050.  To initiate a VA Compromise Sale, the seller must call Bank of America first at 1-800-669-6650 and request a short sale through his “Customer Relationship Manager”.  We found this to be the lengthiest part of the approval process. The seller had to repeatedly call Bank of America to get his short sale activated.  After the file was moved out of the initial department and assigned to a short sale negotiator, the process went rather quickly.  A VA liquidation appraisal was ordered and returned within about a week. A Bank of America VA Compromise “Welcome” package was sent to the seller for his signature. His financial documents were analysed.  The net proceeds were found to have met the VA Compromise requirement. Twenty days later, the Destin VA Compromise sale was approved.

Bank of America VA Compromise Sale process

VA Compromise Sales Questions and Answers

VA Compromise Sale Net Calculation Just Changed

“It’s Wendy… It’s Sold!”

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Destin Short Sale Specialist

SHOULD YOU SHORT SALE OR STAY CALCULATOR

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

Crestview FL Nationstar – Bank of America – HAFA Short Sale Approved

Nationstar Crestview short sale

This Pinnacle Point short sale in Crestview Florida was just approved by Nationstar Mortgage and Bank of America with the HAFA program.  Here are the details:

Senior Mortgage: Nationstar (was service released by Bank of America)

Balance: $161,000 appr

Junior Mortgage: Bank of America

Balance:  $38,000 appr

Current Property Value: $130,000 appr

This HAFA short sale approval was a lengthy process. We started in April with Bank of America as the senior lien (mortgage), but they “service released” the file to Nationstar mortgage about two months after we started the short sale. This was unfortunate, as Bank of America was about to approve the file when it was moved to Nationstar. (Read “My Bank Changed in the Middle of My Short Sale, Now What?“) Nationstar stated they would not waste time, but use all the previous documents that had been provided to Bank of America. This was not the case. Almost four months later, the short sale was finally approved by both Nationstar and Bank of America. Because it was HAFA (Home Affordable Foreclosure Alternatives) short sale, the seller will received a monetary incentive at closing and a waiver of deficiency.

“It’s Wendy… It’s Sold!”

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Short Sale Help for You

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

My Bank Changed in the Middle of My Short Sale, Now What?

Nationstar short sales

Oh no! You are in the middle of a short sale and you get the dreaded message from Bank of America, “We are service releasing your loan.” What does this mean and what do you do?

First, here is some background.  When you make your mortgage payment to Bank of America, Wells Fargo, Chase, etc., did you know that they are likely just the “administrator” of your loan?  Unless they hold the note “in house”, they are only your loan “servicer”. They collect your payment, manage your escrow account, pay the taxes and insurance, and send the proceeds to the owner (also called the investor) for your loan, for example, Freddie Mac or Fannie Mae. Of course, they collect a fee for providing this service. (Here is a great article from the Federal Trade Commission that explains mortgage servicing.)

When servicing is moved to another company, for whatever reason, you have to be notified in writing 15 days before the transfer. Your Realtor will probably be notified before you, if you are in the middle of a short sale. Sigh! All the paperwork you have completed for Bank of America will probably have to be resubmitted or new forms filled out for your new servicer, even if you are promised otherwise. Here is a sample letter from Nationstar mortgage after they took over servicing of a Bank of America loan during a short sale. Note they state “We will pick up where they left off and have all your documentation.” Well, they might, but we had to send in about six more forms and a Broker Price Opinion for this Destin Florida area short sale.  It’s a pity because it was almost approved at Bank of America prior to going to Nationstar. My advice if your short sale is getting “service released”? Be patient.

Nationstar Short Sales New Servicer Letter by Wendy Rulnick

 

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Destin Short Sale Agent

SHOULD YOU SHORT SALE OR STAY CALCULATOR

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

Sandestin Villa Lago Short Sale Approved by Bank of America

Sandestin short sale agent

Villa Lago Lot 127 Baytowne Loop, Sandestin Florida has been approved for short sale by Bank of America. This was a lengthy approval time frame, but we got it done!

Here are the details:

Original purchase price: $300,000 appr

List price: $65,000 appr

Mortgage holder: Bank of America

Seller Contribution: $8000 appr

Waiver of Deficiency: yes

This one of my longer recent Bank of America short sales. They clocked in at almost six months from contract to approval. I had to escalate the file a few times via Bank of America’s Twitter Team. It did receive attention, as a Vice President called me to follow up. The Bank of  America negotiator worked hard to reduce the seller’s cash contribution to get him a waiver of deficiency. This was negotiated down from over $20,000 to about $8,000. The Sandestin homeowners association and Villa Lago homeowners association also reduced their balances to make this sale happen, but Bank of America paid over $10,000 in dues to complete the transaction. The buyer contributed a little toward the HOA balances, as well.  In the end, the seller was delighted. This Villa Lago property on Baytowne Loop should close in a few weeks.

If you are thinking of selling your Sandestin Florida property as a short sale or a traditional sale, contact Wendy Rulnick at 850-650-7883.  I can help you navigate this interesting market.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Search Sandestin Real Estate Free

SHOULD YOU SHORT SALE OR STAY CALCULATOR

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

1306 Limestone Creek Cv., Swift Creek, Niceville Florida Short Sale

Swift Creek Short Sale

Gorgeous Swift Creek short sale home with large flat yard with magnificent landscaping. This home is a great price for the  Swift Creek neighborhood,  and for the large flat uncommon lot, you should snap it up! The open concept floor plan makes the home feel light and airy. There are three living areas that flow together. The kitchen has granite counters with large breakfast bar and stainless steel appliances. The master bath features a separate shower, soaking tub and large vanity space. Enjoy his and hers closets. The heated and cooled Florida room is a great place for relaxing with the double set of French doors that lead out to the new enormous TREX deck. This pergola covered deck is oversized and perfect for BBQ’s and parties. This home is built with concrete block construction and steel frame interior making it green before it was popular. This feature provides year round comfort in the home and in your wallet with reduced electric bills. . Quiet wooded lots, huge swimming pool and recreation areas including walking trails and fishing pond. Easy access to all 3 bases… HURLBURT, EGLIN & DUKE. Short drive to beaches and recreation areas…

One lienholder lender, Bank of America will make this short sale easy to process.

1306 Limestone Cv., Swift Creek, Niceville Florida – offered for $399,900

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Read Niceville Short Sale Success Stories

SHOULD YOU SHORT SALE OR STAY CALCULATOR

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, military PCS, HAFA, Bank of America Coop program and more.

Bank of America Clarifies Short Sale MLS Policy

Bank of America short sale MLS policy

Bank of America has issued a clarification bulletin to their previous email which stated all short sale listings must stay “Active” in the MLS until they are approved.  Is this enough? Although they state the listing broker and the seller control the marketing, they are still implying listings that state “cash offer” only may not be approved.

Bank of America did not address points in their previous email which specified how to fill out the MLS and prohibited stating “appointment” only.  What do you think?

Here is what the bulletin said:

The following information is to revise and provide additional clarity on the Multiple Listing Service (MLS) Requirements message that was sent on Feb. 11, 2013.

 

  • Listing the property on the MLS is not a new requirement in the short sale process and has always been a component of our fraud review.
  • The listing requirement demonstrates that the property was listed on the open market and the offer received represents an open market transaction.  We recognize that listing status classifications may differ by locale and are subject to local or regional MLS requirements.  Brokers should follow MLS requirements at all times. MLS statuses such as Back Up, Contingent or Pending may be acceptable.  Ensuring that the listing remains on the MLS until an approval letter is issued will help you show that the property was on the open market.
  • How the property is marketed is a decision determined by the Seller and Listing Agent, however, caution should be exercised in using terms like “cash offers only”or “property is ineligible for financing”.  This kind of verbiage can be considered an attempt to exclude a financed buyer and lead to a delay in processing the short sale.  All offers are subject to investor approval and are reviewed on a case by case basis.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Bank of America Short Sale Policy – Trying to Control MLS?

Bank of America Short sales

The recent Bank of America Short Sale agent update that was emailed out today states:

  1. Your Bank of America short sale listing must be “marketed in the MLS” as ACTIVE until an approval letter is issued.
  2. How you are to fill out your MLS fields in a general manner and specific manner.

 

Many MLS rules and even some State laws may disallow keeping short sales “active” on the market after the seller has accepted an offer. The Florida Association of Realtor says a short sale contract is still a contract. In fact, my local MLS. the Emerald Coast Association of Realtors in Florida, has a rule that even short sale properties that have “offers” (unsigned by the seller), that are sent to the short sale lender (don’t do that), must be removed from “active” MLS status, and placed into “pending” or “contingent” status.
When I initially read the email I thought it was intended for REO agents (where Bank of America is the seller), not short sale agents. I was mistaken. I think this latest effort by Bank of America is overstepping. Certainly, there are valid points, such as, it is wise not to state a short sale is “pre-approved”. But the email edict seems to also be micro-managing short sale agents and potentially is contrary to some State laws and MLS rules. The property is still owned by the seller. Third party “approval” does not equal “seller” status.
Here is the body of the email from Bank of America:

Exclusively for: | Wendy RulnickForward a Friend
Short Sale Customer/Agent Care
1.866.880.1232
8 a.m. – 10 p.m., Mon. – Fri., ET

9 a.m. – 5:30 p.m., Sat., ETbankofamerica.com/shortsaleagent

Short Sale Agent Update


February 11, 2013
In our continued effort to ensure acceptable and fair marketing activity for all short sales, this is a reminder that Bank of America requires all properties to be listed on the Multiple Listing Service (MLS).The property must have been listed prior to the acceptance of an offer. All offers must be submitted by the buyer subsequent to the listing date, and the property must be marketed on the MLS until a short sale approval letter is issued. Any property not listed on the MLS may experience processing delays, and/or the Short Sale file may be declined.

The following actions can help prevent processing delays and/or file declines.

  •  List the property on the MLS and include all basic property detail, including: 

    • Number of beds/baths, square footage, lot size, year built, location, interior features, etc.
    • All known property information used to market the property to prospective buyers.
    • Alternative language such as “unknown” or “unavailable” should be used – instead of leaving fields blank – when you encounter certain property characteristics that may be unknown via public record (e.g., Property taxes, deed information, and other fees).
  • Ensure the MLS remarks and/or comments do not reflect unacceptable language such as: 

    • “Do not disturb homeowner, property not available for viewing”
    • “Bank has already approved the short sale”
    • “Cash offers only”
    • “Preapproval through listing agent lender only”
  • Ensure the listing status is current and active on the MLS until a short sale approval letter is issued

Per investor guidelines, additional documents may be required and will be communicated, as applicable, by the Short Sale Specialist.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Destin Short Sale Agent

SHOULD YOU SHORT SALE OR STAY CALCULATOR

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, includingVA Compromise SaleFHA HUD pre-foreclosure saleHAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

Port Dixie, Shalimar Florida Bank of America Short Sale

DSCN0813

Shalimar’s Port Dixie area has  a new Bank of America short sale home listed at 32 9th St. This is   in pre foreclosure status and needs an immediate offer. The home has a unique and fun floorplan on a huge lot. Updates include recently replaced kitchen countertops, new tile in the bedrooms, kitchen and den. The living room and parlor have laminate flooring. Formal dining area. This floor plan has two living rooms or a bonus room with bar. Screened porch overlooks big lot, which goes all the way back to rear street for great access and variety of possibilities.  This Shalimar Port Dixie location is great for Eglin AFB and Hurlburt Field commutes!

32 9th Street, Port Dixie neighborhood, Shalimar Florida – priced in the 1teens.  Call or email for current pricing.

Shalimar Florida Bank of America short sale

Shalimar Florida Bank of America short sale Shalimar Florida Bank of America short sale Shalimar Florida Bank of America short sale Shalimar Florida Bank of America short sale Shalimar Florida Bank of America short sale

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Destin Short Sale Agent

SHOULD YOU SHORT SALE OR STAY CALCULATOR

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

Amalfi Coast, Miramar Beach FL Fannie Mae Approved Short Sale

Building and Grounds

It was an interesting run to “APPROVED” and “SOLD” for this Amalfi Coast Unit B114 short sale condo in Miramar Beach, Florida.  The condo had one Bank of America mortgage and the investor on the mortgage was Fannie Mae.

Initially, the property was enrolled by Bank of America into their cooperative short sale program with a set list price. After I received a good offer that become a “contract” just 60 days later, I found out that it had mistakenly been entered into the “Coop” program.  Bank of America had delegated the servicing of this loan to a third party company, REDC, with whom I did the negotiating.  I got a terse “rejection” on the file even after some counter offering of price and a request for seller contribution.  I could not get a good explanation as to “why” the file was rejected so that I could solve the problem.

Give upThe seller said to me, “Well, thank you, we tried.”. “Tried?”, I replied, “I am not done yet.”  When something is wrong, it’s wrong. I knew this Fannie Mae short sale should have been approved.  I wasn’t going to be “done” until it was approved.  I emailed Fannie Mae executives directly.  I received no reply or even acknowledgment (hey, aren’t they a government agency?).  My next step was to escalate this file to the Bank of America Twitter Team (technically called their “Social Media” team).  I explained that the seller should have had an approval based on the new FHFA Fannie Mae guidelines that had been announced in November 2012. His hardship was one of the automatic approvals listed. The Twitter rep understood!

The file was pulled from REDC, the third party vendor, and I was assigned an ace Bank of America negotiator who “got it”.  We worked the file, and he re-submitted to Fannie Mae. Result? Approved.

The seller was thrilled. The buyer, who was working with another agent, even dropped me off a bottle of champagne (first time that’s ever happened in my career). The Bank of America negotiator told me that his reward was helping people. That meant a lot.  I feel the same way.

Do you have a Fannie Mae Bank of America short sale property in Miramar Beach or Destin Florida? Give me a call. I don’t give up until it’s done!

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Destin Short Sale Agent

SHOULD YOU SHORT SALE OR STAY CALCULATOR

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.