Bank of America cooperative short sales - Rulnick Realty

Emerald Lakes – Destin FL – Bank of America Coop Short Sale

Wendy Rulnick — Mon, 22 Jul 2013 18:27:21 +0000

Beautiful short sale home in Emerald Lakes, Destin Florida that is part of the Bank of America cooperative short sale program. 190 Wekiva Cove has a stylish floor plan with high ceilings, formal dining or extra sitting room adjacent to elegant foyer. Center isle kitchen with breakfast bar. Living room feels open with clerestory windows for lots of light. First floor master bedroom. Screened porch. Two big bedrooms upstairs with shared bathroom. Balcony over looks living room and dining area downstairs. Emerald Lakes is a few minutes away from the Gulf of Mexico beaches, Destin Commons and Silver Sands shopping.

What is the Bank of America Coop short sale program? Unlike many traditional short sales where there is no price determination until the servicer receives a contract, the Bank of America coop program offers a list price in advance. They will often pay an incentive to the seller to complete the short sale, too. I’ve recently received a short sale approval for another Emerald Lakes home where the seller was pain $5000 at closing. The Bank of America coop program also offers a waiver of deficiency upon closing.

Does your Destin Florida home qualify for this special program? Give me a call to discuss what type of short sale may be available for you.

190 Wekiva Cove, Emerald Lakes, Destin Florida is offered for $290,000.

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.

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4684 Windstarr, Sunsail, Destin FL – Short Sale Sold in 1 Day

Wendy Rulnick — Wed, 03 Jul 2013 20:28:58 +0000

This Destin Florida home in the Sunsail subdivision is under contract after one day on the market. 4684 Windstarr Drive was a Bank of America cooperative short sale. The Bank of America “coop” program is meant to help sellers who qualify with short sale receive a waiver of deficiency and often a cash credit at closing. This home in Sunsail was listed at a pre-approved price for $194,800. It went under contract in one day!

Do you qualify for a Bank of America cooperative short sale? Give me a call and I will help you apply. What have you got to lose? Maybe $5000 cash back.

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

SHOULD YOU SHORT SALE OR STAY CALCULATOR

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319 Wimico Ci, Emerald Lakes Destin FL – Short Sale APPROVED

Wendy Rulnick — Tue, 11 Jun 2013 14:24:12 +0000

This Emerald Lakes home at 319 Wimico Ci., Destin, Florida has been APPROVED for short sale by Bank of America. The home was in the Bank of America cooperative short sale program (COOP program). What does that mean? Bank of America offers an incentive to some homeowners to sell their home via short sale, sets a pre-approved list price, issues a waiver of deficiency for the balance of the loan, and often pays a cash incentive to the owner at closing. It’s sort of like Bank of America’s version of the HAFA program.

One of the frustrating things with the Bank of America COOP short sale program is the apparent delay in receiving a short sale approval. This Emerald Lakes property had a great offer on it in mid-March, very close to the pre-approved list price. Bank of America, however, ordered another appraisal and we waited for over six weeks for them to finally allow us to send them the contract. After all that time, they just issued the same price they had given us months earlier. It was a frustrating process, and there appeared to be redundancy.

In the end, however, the Emerald Lakes, Destin, Florida homeowner was very pleased that his short sale was approved. I currently have other COOP short sales in process, as well as HAFA short sales with Bank of America. If you have questions about short sales in the Destin area, give me a call.

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

SHOULD YOU SHORT SALE OR STAY CALCULATOR

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, HAFA, Bank of America Coop program and more. 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.

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Destin Bank of America Cooperative Short Sales

Wendy Rulnick — Sat, 19 May 2012 15:58:12 +0000

Bank of America Cooperative short sales are not always as “easy” or “fast” as they make them out to be. If you have received an offer to do a Bank of America cooperative short sale near Destin Florida, here is a sample of an actual file in process. As the short sale listing agent, I take most of the burden off my sellers, but the time line and make-work affects all the parties to the transaction.

First, some background. This Destin Florida short sale seller had a written offer from Bank of America to do a cooperative short sale, get cash back at closing and a waiver of deficiency about six months prior to contract date. As instructed, after listing the property, we faxed his documents to confirm he was participating. We soon received an offer for fair market value, which the seller accepted. What happened next?

3/2/2012 We initiated the new short sale in Bank of America’s online short sale platform, Equator.

3/5/2012 I call Bank of America’s third party coop processor at National Default Servicing (NDS) to inform them the file was initiated. I am informed they have CLOSED the file because the “form” had not been returned in time

3/5/2012 Call Bank of America to find out what is going on. I am informed the seller is approved for Cooperative short sale. They say the file is not with NDS, but with another company, AMS

3/6/2012 11:22 a.m. I finally reach AMS. They state they do NOT have the file, and tell me to call NDS (the first company)

3/6/2012 11:23 a.m. I call NDS again. They state they do NOT have the file (again) and state the seller is NOT eligible for COOP (short for Cooperative short sale). I call the Twitter Team at Bank of America, their escalation department.

3/8/2012 The Twitter Team calls me. I am told the seller emphatically CANNOT DO Cooperative short sale now, there has to be NO OFFER (remember, we have a contract)

3/14/2012 I get a call from NDS that they NOW have the file and the seller CAN do the COOP program if he wants to. (Can you believe this?) They suggest that the seller should still use this program as it will only take 10 days to get approved, much faster than a traditional short sale. (I am not making this up) I am instructed to get the file CLOSED with Bank of America and re-opened with NDS.

4/4/2012 I call NDS for an update and am told it will take 2-4 weeks for them to review “marketing” before I can even upload the contract (It is now one month after the property had a contract, remember?)… I cannot do anything with the existing contract on this property until that time has passed. (OK, “marketing”? I thought I sold it already?)

4/10/2012 I am asked for my “Marketing Plan” for this property. I reply, “Well, the property is
under contract, so maybe my marketing plan has already worked?”

4/16/2012 I get an email from the Cooperative Short Sale Negotiator. She tells me to set the “initial listing price” to $6000 LESS than the contract price. I tell her the property is already UNDER CONTRACT (as I’ve told them a dozen times) in our MLS, and that their investor will then LOSE $6000 by lowering the list price. I get this reply:

“Per the guidelines of the Cooperative Short Sale program, the property MUST be listed at the Bank approved price. Your buyer can simply lower their offer to listing price. You will not be able to submit your offer for review until we receive the MLS with that list price.” (I am not making this up)

Thus, we must re-activate the property, lower the list price, send them a copy of the MLS. After this, I had to change the list price back to what actually produced the contract, since doing otherwise would be an inaccurate picture of what price produced a contract to my association of Realtors.

One month later still, I get more automatic requests to LOWER the price in the MLS, although this Destin property is already sold, and no response from NDS again until I again escalate the file. Now, finally, we are finally on the path to short sale approval, and the buyer is amazingly still on board.

So, the bottom line is, if you get an offer to do a Bank of America cooperative short sale, be prepared to go through this sometimes head-spinning process. Yes, you might get cash back in the end. But the challenges are, will you be able to keep your buyer through the process? Will your Destin short sale agent be able to maneuver through the maze at Bank of America? Do you have questions? Email me at itswendy@rulnickrealty.com

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 Florida short sale help

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Bank of America Cooperative Short Sale Forms

Wendy Rulnick — Wed, 16 May 2012 12:25:08 +0000

If you own a home or condo in Destin, Crestview, Navarre or Santa Rosa Beach Florida and are working with Bank of America to avoid foreclosure, you may have received some confusing information from them in the mail. One is a letter offering you to participate in the Bank of America cooperative short sale program. The other is a “Short Sale Third Party Authorization” where you will fill out your “Designated Representative” information. (That is the form about which I get the most calls). At this point, you’ve decided you want to do a short sale, and probably have gone through one or more attempts with Bank of America to modify your loan to no avail. They have offered you a special program where you can short sale your home and possibly get a cash incentive at closing (cooperative short sale). There are spots to fill in your your Designated Representative’s name, Company Name, State Licensing Entity and License Number. You do not need to fill that part in – just fill in your name, co-borrower’s name, property address, and loan number. You should sign the form. Here is where your big decision comes into play.

What do you do next? Decide which short sale real estate agent will best work with you and Bank of America in the short sale of your home or condo in Destin, Crestview, Santa Rosa Beach, Fort Walton Beach or Navarre Florida. How do you go about picking your agent? Start with a google search of agents in your town who are short sale agents. Read about them and their success rates. Call or email them with your questions. The questions they ask YOU will be one of the keys to how well they will work with you and Bank of America to result in a successful short sale on your behalf. Do you have questions now about Bank of America cooperative short sale, Third Party Authorization, VA Compromise Sale, FHA pre foreclosure sale, HAFA, HAP, Ginnie Mae short sales? Email me atitswendy@rulnickrealty.com Let’s work together to solve your situation, work through the maze at Bank of America, and help you move forward with your life.

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

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