I just got an amazing approval on a Crestview Florida VA Compromise Sale from BB&T!  You know the Veterans Administration requirement that the net proceeds of the sale be no less tham 88.13% of the appraised value? And the requirement that the VA Compromise Sale appraisal is firm for six months? This was a breakthrough approval that was about $25,000 less than 88.13% of the appraised value!  How did I achieve this?

First, some background. The Crestview Florida home on a few acres needed work. There were signs of a previous roof leak and rodent damage. This was detailed in a home inspection report for a buyer who had “walked”.  His offer was the one that triggered the VA liquidation appraisal that was ordered by BB&T.  I had noted the problems in the MLS, including a copy of the inspection report with the buyer’s permission. These facts were apparently ignored by the VA appraiser.

After three months, and excellent communication with the BB&T negotiator, I precariously lowered the price. Yes, LOWER than what would net the holy 88.13%. She said she was a firm believer in doing anything you could to help the military servicemember and she would fight for an approval even if we were low. (Go BB&T!) Finally, an offer came in.  To support our case of lower value, I provided the negotiator with a report of all the feedback from showings, such as:

5/16/2013 There seems to be quite a bit of water damage to the ceiling in the front bedroom. This buyer is retiring and does not want to “fix anything up”. I don’t think we will be writing an offer

4/29/2013 the house smells like animal pee and it’s strong. This turned the buyer off and he’s looking elsewhere. I’ve shown this house twice now and it does not show well. Not sure what can be done other than sealing the floors and putting in new carpet.

4/18/2013 their concern is the roof it appears there is an active leak and erosion

In addition, I provided a copy of the previous buyer’s home inspection. The BB&T rep sent that along with the contract, HUD, buyer pre-approval and home inspection to the VA. She said the VA tech replied “Rodents! This cannot be good!”.  72 hours later, the VA Compromise Sale was APPROVED.

Many short sale lenders don’t assign a “permanent” negotiator like BB&T to a VA Compromise Sale. This direct line of communication and caring were critical in getting the approval. What can you do if you are dealing with any other lender, such as Bank of America or Wells Fargo, who are much more immutable about VA Compromise Sales? Give me a call!

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It’s Wendy!

The post Crestview Florida VA Compromise Sale Netting UNDER 88.13% first appeared on Rulnick Realty.

A Niceville Florida lot sold, approved for short sale and closed in 30 days? How common is that? Not very! Yet, we had a successful sale of this Villa Tasso lot on Robert Ave., Niceville, Florida in just that time!  Here are the statistics:

Mortgage Holder:  BB&T

Original Purchase Price: $60,000

Purchase Year: 2005

Current Market Value: $20,000

Short Sale Approval Time: 3 weeks

Deficiency Judgment: Waived

Seller Contribution: None

My suggestion to anyone who needs mortgage assistance with BB&T in the Niceville Florida area is to contact them as soon as you have a problem. BB&T is one of the short sale lenders who will assign a specialist to you in advance, and give you financial paperwork to get the ball rolling.  Their process is much quicker than other lenders, for example, Bank of America, Wells Fargo, Citi and Chase. After the seller hired me, I sent my authorization to the contact he already had. We communicated by email. The lot went under contract in about a week.  I forwarded the contract, HUD, last year of bank statements (an unusual short sale request) to BB&T.  It was approved in lightning speed!

If you have a Niceville Florida property to sell as short sale, be sure to contact a Niceville short sale agent who can guide you through the process.

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

Niceville 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 Sale, FHA HUD pre-foreclosure sale, HAPmilitary 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

The post BB&T Approves Villa Tasso, Niceville FL Short Sale in 2 Weeks first appeared on Rulnick Realty.

This was a speedy approval for a vacant land short sale in Sound Hammock, Navarre Florida.  The waterfront lot, on Santa Rosa Sound, had one mortgage.  Here are the details:

Mortgage Holder:  BB&T

Original Purchase Price: $475,000 in 2005

Mortgage Amount: $430,000

Sales Price: $85,000

Cash Contribution Required: Yes

Short Sale Deficiency: Waived

This short sale, obviously, was a huge loss to the investor – over $350,000 when including closing costs. Since it was an investment property, a vacant lot, we expected BB&T to ask the seller for a cash contribution or promissory note, or both.  They did. Originally, BB&T accepted the seller’s offer of $9000 to completely waive any further deficiency. Before closing, however, BB&T re-contacted us and offered to reduce the cash contribution to $6000 and credit the buyer extra closing costs for a quicker closing. Hurray!  All parties agreed. The total time for approval – thirty days.

If you have a BB&T mortgage and are considering short sale, contact an experienced Navarre short sale agent.  Questions? Email me at itswendy@rulnickrealty.com

It’s Wendy!

The post BB&T Approves Navarre Florida Short Sale in 30 Days first appeared on Rulnick Realty.

Here is what happened:  

Property:  Investment condo  – Fort Walton Beach FL

Seller Hardship:   Loss of Income

Lender:   BB&T

Original Purchase Price:    $640,000

Mortgage Balance:   $550,000

Contract Price:   $380,000

Submitted: 6/22

Approved: 6/24

Conditions: $30,000 promissory note negotiated directly between seller and BB&T

The key to this quick approval was both the lender and the package.   Unlike many other lenders, BB&T will start a dialogue directly with the homeowner prior to the short sale listing.   They assign a negotiator in advance.   They do not suggest a list price.   BB&T did not order an appraisal, either, so they must rely on internal valuation models.   The package I sent had no missing items, and the buyer, price and terms were strong. 

After I received the approval, I called the buyer’s agent, a wonderful lady with whom I have worked before.   She could not believe it, since we allowed over 90 days for lender approval in the contract.  She was stunned. She said:

“Wendy….    Wendy….   Wendy…   Oh my!… I don’t usually drink, but I think I’ll have a Margarita”.

I told her “Have two!”

It’s Wendy!

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

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The post Fort Walton Beach FL Short Sale Approved in 2 Days first appeared on Rulnick Realty.