Free Home Selling E-Books for Emerald Coast of Florida Residents


Getting ready to sell your Emerald Coast of Florida property? Get your free copy of my “Preparing Your House for Sale” booklet.  My advice ranges from light bulb moments (literally) to clutter and major remodeling projects (those may need a personal look).  I can email you or mail you the hard copy magazine.

Thinking of selling “by owner”?  That’s dangerous and I wouldn’t recommend it, however, if you do, I have a booklet packed with sincere advice on how to be a “FSBO” for you.  I’ll email or mail you a hard copy (or drop it off).

Finally, if you do want to list your Emerald Coast real estate, “Wendy’s Home Seller” booklet can be yours, free. Let me know what format you want, email or hard copy.

Do you want all three home selling booklets? Email or call me today, and I’ll get them to you!

 

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
itswendy@rulnickrealty.com

Crestview VA Compromise Short Sale Approved – 769 E Chestnut Ave.

This VA Compromise short sale was recently approved in Crestview, Florida.  If you are a veteran or active duty military stationed at Hurlburt Field, or Eglin Air Force Base, you may very well have a Veterans Association home mortgage loan.  If you are unable to make your mortgage payments and your home value is less than your mortgage payoff, there may be assistance available. Reasons for inability to make mortgage payments include: PCS to another duty station, death of a breadwinner, divorce, medical obligations, caretaker expenses, etc.  It’s also not uncommon for Eglin AFB service members to rent out their homes after PCS orders. When there are problems with tenants or the property itself, selling the home becomes a priority in order to avoid foreclosure. The solution for upside-down homes (mortgage payoff and selling expenses are greater than sale proceeds), may be VA Compromise Sale.

This property at 769 E. Chestnut Ave., Crestview, FL was challenging to sell. The main issue was a neighboring house with multiple barking dogs that put off many of the potential home buyers. To complicate matters, the loan was also transferred to a new servicer when an offer was received.  Originally with Chase Mortgage, the file was transferred to Carrington Mortgage Services.  After the offer was submitted, Carrington ordered a VA appraisal.  Interestingly, the buyer’s original offer price was raised at the buyer’s lender’s request. The buyer’s loan was also VA, and it was his second VA mortgage– the first was still active.  The minimum VA mortgage amount in those cases is $144,001.  This exceeded the VA liquidation appraisal value, and the required net proceeds of a minimum 84.05%, per VA guidelines. The short sale was approved.

If you are in a situation with a VA home loan in the Crestview, Fort Walton Beach, Destin, Freeport or Navarre areas, and need to sell, but your mortgage balance is higher than market value, give me a call.  We can explore VA Compromise short sale as an option.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, sells short sale, pre-foreclosure, REO and traditional real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.

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.

 

How Overpricing Your Destin Home Affects Your Bottom Line

 

Even though there’s a big buyer demand for homes in today’s low inventory markets in Destin, 30A and Niceville, it doesn’t mean you should price your home as high as the sky when you’re ready to sell. Here’s why making sure you price it right is key to driving the best price for the sale.

If you’ve ever watched the show “The Price Is Right,” you know the only way to win the game is to be the one to correctly guess the price of the item up for bid without going over. That means your guess must be just slightly under the retail price.

When it comes to pricing your Destin area home, setting it at or slightly below market value will increase the visibility of your listing and drive more buyers your way. This strategy actually increases the number of buyers who will see your home in their search process. Why? When potential buyers look at your listing and see a great price for a fantastic home, they’re probably going to want to take a closer look. This means more buyers are going to be excited about your house and more apt to make an offer.

If you look at the chart above you see how the market dwindles for highly overpriced homes.  If a house is overprice by 15% of market value, the buyers looking at it dwindle to 10%. If a house is priced just under market value, then there is a 75% – 90% buyer exposure.

When this happens, you’re more likely to set up a scenario with multiple offers, potential bidding wars, and the ability to drive a higher final sale price. At the end of the day, even when inventory is tight in the Destin, 30A and Niceville real estate markets, pricing it right – or pricing it to sell immediately – makes a big difference.

Here’s the other thing: homeowners who make the mistake of overpricing their homes will eventually have to lower the prices anyway after they sit on the market for an extended period of time. This leaves buyers wondering if the price drops were caused by something wrong with these homes when in reality, nothing was wrong, the initial prices were just too high.

Bottom Line

If you’re thinking about selling your home this year, let’s get together so you have a professional on your side to help you properly price your home and maximize demand from the start.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

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

 

VA Compromise Short Sale Under Contract – 118 Ferry Rd. NE, Fort Walton Beach Florida – 32548

This VA Compromise short sale is now under contract! 119 Ferry Rd., NE in Fort Walton Beach Florida is pending and awaiting short sale approval. What is a VA Compromise Sale? It is a type of short sale specifically for Veterans Administration or VA home mortgage loans. A short sale occurs when real property, such as a house or townhouse, is sold with proceeds (net sale amount) less than sufficient to pay off the mortgage or mortgages. A VA Compromise Sale follows these guidelines:

  1. You may only sell the home for fair market value
  2. The closing costs must be reasonable and customary
  3. You must have a valid financial hardship, such as loss of income, disability, divorce, etc.
  4. There should not be a second mortgage on your property in most cases
  5. You should ensure your sales contract is “contingent and/or subject to the approval of a VA Compromise Sale”

Note that VA Compromise Sales will affect the veteran’s remaining “entitlement” which is the benefit that allows them to obtain a VA mortgage.  The entitlement that was used to purchase the property will not be available for a future home purchase unless paid back. Often,  however, there is leftover entitlement that can be used for another VA mortgage. I’ve helped many veterans with VA Compromise short sales who were able to buy another home.  VA Compromise Sales are common near Eglin Air Force Base and Hurlburt Field in Fort Walton Beach, Crestview, Navarre, Niceville, Destin Florida and surrounding areas.

A possible benefit to a VA Compromise Sale is that you may be eligible for $1500 in relocation assistance. In most cases, this will be paid to you if your lender, also called mortgage or loan servicer, agrees and the net proceeds from the sale are at least 85.05% of the appraised value. Finally, a deficiency judgment is not typically pursued, where the VA or your lender will try to recoup their loss, unless your original VA mortgage was obtained prior to 1990 and no fraud, misrepresentation or bad faith were evident.

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, 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.

118 NE Ferry Rd., Elliotts Point, Fort Walton Beach FL VA COMPROMISE SHORT SALE

  Elliotts Point VA COMPROMISE SHORT SALE

Gorgeous VA Compromise Short Sale in Elliotts Point, Fort Walton Beach Florida. 118 Ferry Rd., NE has gleaming maple look wood floors in living room and dining rooms, very open floor plan with architectural sleekness.  Design includes kitchen with enormous pass through to dining and living area. Wood-burning fireplace and built-in shelves create focal point.  Large circular driveway.  This short sale home in Elliotts Point needs work, has active roof leaks and other issues, so CASH OFFERS ONLY CONSIDERED! This house cannot be financed with VA, FHA or most conventional loans. Easy commute to Eglin Air Force Base, Hurlburt Field and the beaches of Okaloosa Island and Destin.

118 Ferry Rd., NE, Fort Walton Beach Florida 32548 is a short sale offered for $167,500. Watch the virtual tour.

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, 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.

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.