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.

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. 

 

Selling Short Sales in Destin Florida – Really Crazy or Really Good?

Destin short sale agent

Why do I do love helping Destin Florida short sale sellers? The letter I just received after a successful Miramar Beach short sale closing with two mortgages explains it all….
“Wendy,
Tim and I would like to express our sincerest gratitude in making a difficult situation of having to short sell our house as painless as it was.  You were so responsive, answering my questions almost immediately, holding my hand through panicky moments, and expecting the best of people like when you told me you chose to take people at their word when my lender (Green Tree) appeared to me to be dragging their feet.  We carry some guilt about doing a short sale, but it really was the only option, and you made the process easy.  When you listed the house, a Realtor in my office who had some very negative experiences with short sales said your Realtor is either crazy or really good.  You got her really good vote!  You made this process easy, actually up until now it was the easiest real estate closing we have had.
I really just want to thank you again, you were such a great help.  Feel free to use us as a reference.  There is one issue I take exception to, I wanted a picture of It’s Wendy, It’s Sold on our sign at the house!
Thank you!
Bonnie Coakley”
My Miramar Beach, Florida, seller received waivers of deficiency from both Citi Mortgage and Green Tree. In addition, we convinced Citi to accept a price $25,000 lower than originally approved due to some inspection issues.
Do you have to be crazy to be “good” in short sales? No, but you have to love them!
If you are thinking of short sale, be sure to explore all options with your lender, and contact an experienced Destin Florida short sale agent.

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

Miramar Beach Florida short sale help

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 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.

Holiday Shores, Miramar Beach FL – Short Sale Approved – Green Tree

Holiday Shores short sale
This Miramar Beach home at 897 Shore Drive was just approved for short sale by Citi and Green Tree. It was a beautiful home, so went under contract quickly (AND got a speedy approval).
Senior Mortgage: CitiMortgage
Balance: $285,000 appr
Junior Mortgage: Green  Tree
Balance: $60,000 appr
Current Market Value:  $180,000 appr
Days for Approval: 45 days total
Seller Contribution: -0-
Notes: Citi speedily approved this short sale in about 30 days. After the seller provided all the standard documents, including tax returns, IRS 4506-T, hardship letter, bank statements and proof of income, the file was assigned to a specialist.  Citi agreed to pay Green Tree $6000. Green Tree approved the file in a total of 45 days. Green Tree recovery department initially handled the file, and requested the seller schedule two payments, which is unusual in a short sale, but sometimes seen when the file is in “recovery”.  All in all, it was a very quick process from both Green Tree and Citi, and the seller has no deficiency judgment.
If you need to short sale your Miramar Beach Florida home, hire an experienced Miramar Beach Florida short sale agent.

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

Miramar Beach short sale help

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.

Bankruptcy and Short Sales: Case Study

court

I have a home listed for short sale in Fort Walton Beach, Florida.  The property was a primary residence, and the seller lost his job and relocated to another state to find work.  He is also in the midst of divorce proceedings.  During the listing period the seller was advised by his attorney to file for bankruptcy.  Subsequently, we received an offer for the property.  During the time period, the seller was unclear about the status of his property.

I called Citi, the short sale lender, to find out if they would entertain a contract even though the seller was going to file for bankruptcy.  Citi said, “Yes”, we could proceed, and he could still sell his property. Citi assigned the file to a negotiator, ordered the BPO, and requested further documents from my seller.

A few weeks later, Citi abruptly emailed me and said they could not take further action, as the house was now part of the bankruptcy proceeding.  I found it odd that initially Citi said to “go forward” with the short sale, then several weeks later mysteriously said they could not help.  I made numerous phone calls through the Citi phone loop, and finally got a department who told me that they needed an “order by the bankruptcy court” stating they could proceed.  So, I called my seller who called his attorney.  The attorney provided the contact information for the court-appointed Bankruptcy Trustee

I called the trustee, who was a magnificent help.  He said that since the property had no equity, the court did not want it- there was nothing to divvy up amongst the creditors.  He said that after the bankruptcy the property would go back to my seller, anyway, and he would be happy to help me and release it now.  So he is sending me paperwork to proceed with “Abandonment”of the property from the bankruptcy court.  If there is no objection to the abandonment within 15 days, the property will be free to short sell. Otherwise when case closes it will be deemed abandoned by law, anyway, and go back to my seller.  The trustee also mentioned that Citi could have asked for “abandonment” to continue foreclosure, and had started to do so, but had “dropped the ball”.  Perhaps that is why Citi initially started the short sale, then stopped in the middle. 

The happy ending is that the young lady who has been waiting to purchase her new home will likely be rewarded for her patience, and my seller will have prevented a foreclosure.

It’s Wendy!

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

Fort Walton Beach FL Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Fort Walton Beach Real Estate Blog

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.”

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.