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. 

Crestview Florida VA Compromise Sale Approved in Redstone

Crestview VA Compromise short sale

Another VA Compromise Sale was just approved in Crestview Florida! This house at 219 Limestone Ci. in the Redstone subdivision in Crestview, had a VA backed mortgage that was less than the market value. In this case, the Veterans Administration will often work with the military or retired military borrower and their mortgage lender, in this case, PHH Mortgage, to approve a sale for market value and forgive the deficiency.  The VA Compromise Sale is specific name for a VA short sale.  Note that the VA will appraise the property after there is a sales contract, not before. The net proceeds from the sale must be at least 85.05% of the appraised value. The net proceeds are what monies are left after all sales expenses are paid, for example, the title insurance, prorated taxes, state fees, like documentary stamps on deed in Florida, and Realtor commission.

If you are a service member or military retiree and you do a VA Compromise Sale, the portion of your entitlement used to obtain the mortgage won’t be available for a future VA loan unless you pay it back, but you may have remaining entitlement.  You can check with the VA Regional Office to get your specific entitlement figures. To find out more about doing a VA Compromise Sale for your Crestview Florida, Eglin Air Force Base and Hurburt Field area home, call me at 850-650-7883 ext. 204.

This home at 219 Limestone Ci., Crestview, Florida just sold for $122,000.

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. 

3 Keys to Getting Real Estate Sold in Destin Florida


Destin real estate

There are three key factors to getting real estate sold in Destin Florida, and believe it or not, they are not “location, location, location”. They are, however, pretty simple. It doesn’t matter if the property is in perfect condition or needs work, or where the property is located, or how old it is. The factors are the same.  Here are the keys to getting a home sold:

  1. PRICE: Let’s not gloss over number one. Even if your Destin area home is in great condition and gorgeous, if it’s overpriced, it’s not going to sell, or it’s going to have to wait for the market to “catch up” to the price. That means, if prices are going up 4% a year, hypothetically, and the home is priced 30% over market value, it may sell in a few years. If the home needs work, and it’s overpriced, it may not get a look or it could garner ridiculous offers. In that case, the seller may be positioned in the market so it’s not going to sell. If a property is in a poor location, such as near an industrial zone or next to high power lines, and the price doesn’t account for that, it’s not going to sell.  There is a right price for every property that will attract the right buyers, regardless of condition or location.  Priced incorrectly, a home may just “sit” there, or may help sell other properties. How’s that? Because agents may show the overpriced home, then show another home in the price range that is a better value. That helps sell the other property.  Should you price over market value at all? It depends. If the market is rising, you can be a little ahead. If you have a lot of similar competition, for example, a condo, or tract housing, and you want a faster sale, price a little under the market.  Every sale situation is different, so rely on a thorough market analysis and always gauge the market reaction after you are listed. If a property gets a lot of showings, but no offers, it’s probably overpriced. If a property barely gets a showing, it’s likely price.
  2. MARKETING: Another term for marketing is “exposure”. Who knows that the property is for sale? Everyone should!  The number one method for searching for Destin Florida real estate is online.  Your agent should be extensively marketing the property on the internet on a variety of websites and social platforms, like Google+, Youtube, Facebook, Twitter, Pinterest, Zillow, etc., and also doing custom blogging about your property.  One often overlooked part of marketing is feature presentation. The agent’s property description is key to creating interest.  They don’t have to write a book, and certainly should not exaggerate a property’s features, but they should do a write-up that is geared to whomever the likely buyer will be.
  3. NEGOTIATIONS: Finally, after all that work and marketing and showings, there is an offer. What your agent does right before and after is critical to your sale.  Things like being accessible to the selling agent,  (since the listing agent and selling agent are usually different), being polite and receptive without giving away your position are of utmost importance. Another critical negotiations skill is finding solutions to problems, instead of mentally moving on if a sales hurdle is presented. My motto is “Problem? Solution!” Does this make sense?

These are the three keys to getting real estate sold. There are many more details involved and this is an overview. There are ways to maximize your sale price, stir up interest and keep a closing from falling apart! If you would like more tips about how I sell property, 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. 

For Sale By Owners – 4 Tips to Property Disclosure in Florida

Destin For Sale by Owner Tips

Should you disclose problems you know about your Destin Florida “For Sale By Owner” home to a potential buyer?

What if it’s something simple, like a faucet that leaks or an outlet that doesn’t work? The answer is “YES”, you must disclose, and as follows:

From the Florida Supreme Court case Johnson vs. Davis: “….where the seller of a home knows of facts materially affecting the value of the property which are not readily observable and are not known to the buyer, the seller is under a duty to disclose them to the buyer.”

Here are quick bullet points from the Florida Association of Realtors legal hotline about disclosure:

1. Do you need have to make a disclosure about latent defects if you’ve never lived in the property, (like a condo or other rental)?  Yes.

2. Do you have to disclose a homicide, suicide or other death that occurred on the property? No. Under Section 689.25(1)(b), Florida Statutes, those are not material facts to the sale of a property.

3. If your house is sold “as is”, do you still have to disclose latent facts? Yes.

4. Do you have to provide a written property disclosure? No, you can either disclose orally or in writing. I suggest you make your disclosure in writing and have the buyer sign the disclosure, so you have a record.

In addition to disclosure, I advise my sellers to inform the buyer of previous repairs to a property, no matter how small. For example, if you replaced a plumbing line, installed a new motor to a hot tub, or repaired a garage door opener, disclose it.  It’s in your best interest, and the buyer will appreciate your honesty, too. The positive side of disclosure is that you can show how well you’ve taken care of your home through the years. On the other hand, if it’s a property that needs work, your disclosure will be appreciated as the buyer envisions his repair needs.

Happy Selling!

“It’s Wendy… It’s Sold!”

Wendy Rulnick, Broker,  Rulnick Realty, Inc. serving the Emerald Coast of Florida
850-650-7883 ext 204
email itswendy@rulnickrealty.com

P.S. For further concerns about Florida property disclosure, consult with an attorney.

Just Sold – Sandpiper Cove #8111 Holiday Isle Condo – Destin Florida 32541

Sandpiper Cove condo Destin Florida sold

This Sandpiper Cove #8111 condo just sold in Destin Florida on Holiday Isle. It was a first studio unit of 470 square feet, overlooking the pool. The front location put this unit within quick walking distance to the dazzling white beach on the Gulf of Mexico. Sandpiper Cove has a lovely, on-site restaurant called Louisiana Lagniappe at the Sandpiper Cove Yacht Club that is well-known to Destin locals.  There are actually many fantastic amenities that keep this Destin resort so popular. You can find nine-hole golf, six tennis courts, five swimming pools, a gorgeous marina, and a lagoon. On the deeded beach, there is another restaurant, Rick’s Sandtrap and 1100 feet of sand to build castles, set up a beach chair or take a swim.  This Sandpiper Cove condo sale was a Freddie Mac short sale with Citi Bank, with a second mortgage with Huntington.  It was speedily approved.

775 Gulf Shore Dr., #8111, Sandpiper Cove studio unit on Holiday Isle in Destin Florida just sold for $80,000.

Sandpiper Cove condo sold Destin FL Holiday Isle Sandpiper Cove condo sold Destin FL Holiday Isle Sandpiper Cove condo sold Destin FL Holiday Isle Sandpiper Cove condo sold Destin FL Holiday Isle DSCN2753

It’s Wendy… It’s Sold!

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

7 Tips for Negotiating Your “For Sale By Owner” Contract

tips for negotiating for sale by owner contracts

You’ve been trying to sell your For Sale By Owner property for a while, and finally, there is an interested buyer! In fact, you just finished showing your home and he’s standing in the foyer by the door.  He said he really likes your property, and you can tell that he has an air of excitement he is trying to hide…. What should you do?

Here are considerations for negotiating your sale:

  1. CLOSING:  You say, “Well, what’s next?” Now be quiet!!!!!!!! You have just asked the buyer a closing question. This is the moment of truth.  Do not say another word, just allow your buyer “think”.  This is a professional sales technique. (Many a sale did not happen due to the interruption of the buyer when he was about to say “yes”.) Good news! The buyer, after an unbearable full minute of quiet, says, “I would like to offer you $530,000 for your home”.
  2. GET IT IN WRITING:  The buyer just made a verbal offer. What does it mean? Nothing, really.  Anyone can just toss out a number, but until you get it in writing in the form of a contract, there is no agreement.  The thoughtfulness that goes into a written offer is much more than words at the door.  On a contract, the buyer will have to specify exact financing terms, inspection periods, earnest money amount, closing date, and so on.
  3. PRICE IS NOT EVERYTHING: If a buyer offers you your asking price, would you take it? For example, would you still do so if he wasn’t going to close until his house sold?  Or would you take slightly less from another buyer who didn’t have a house to sell? Just a thought!
  4. EARNEST MONEY: Would you accept the buyer’s offer if he gave you no earnest money deposit? If you do, and he decides to cancel for no reason, you will have lost valuable marketing time and have nothing to show for it. The buyer has no “incentive” to stay in the contract if there is no  earnest money deposit.  You, on the other hand, have a lot to lose.
  5. HOME INSPECTION:  Is the buyer accepting your home “as is”, or will he require you to make repairs? Will repairs be determined by a professional home inspector? What if you don’t agree with the findings, what happens next?  Is the buyer’s repair amount reasonable? Most contracts have a repair limit, a method to counter home inspection findings and a time frame to inspect.
  6. FINANCING:  You already obtained a pre-approval letter from the buyer from a local lender, correct? Make sure the time period to obtain financing and terms make sense. For example, you don’t want to allow the buyer 90 days to get a residential loan, that’s far too long.
  7. OTHER CONTINGENCIES: There is so much more that goes into an offer other than price. I suggest you review a sample contract in advance and familiarize yourself with it. Then you will be prepared for any possible contingency the buyer may come up with. Believe me, you may be surprised!

For more tips on selling your For Sale By Owner property or a sample contract, give me a call!

“It’s Wendy… It’s Sold!”

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