This home in the Cherokee Bend subdivision was just approved for VA Compromise Sale and short sale.   2838 Tamiami Trail, Crestview Florida had two liens, Bank of America and Eglin Federal Credit Union.  The Bank of America mortgage was a VA guaranteed loan, and Eglin Federal was a home equity line of credit.

The one tricky part of this short sale, was that Bank of America did not want to issue approval until they had an approval from Eglin Federal.  Eglin Federal did not want to issue approval until they had approval from Bank of America.  How did I handle this?  Since Eglin Federal is a smaller bank, they were more willing to bend. They issued a “preliminary” approval that was enough to make Bank of America happy!

Agents should note that Bank of America does not currently process VA Compromise Sales online in Equator. You have to do it the old fashioned way – fax!

If you are considering short sale or VA Compromise Sale, be sure to hire an experienced Crestview FL 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

Crestview FL Real Estate

Crestview Florida Short Sales & Pre Foreclosure Help.

Read Crestview FL Real Estate Blog

The post Cherokee Bend, Crestview FL – Approved Short Sale by Bank of America and Eglin Federal first appeared on Rulnick Realty.

Very attractive home in Countryview Estates with in-ground pool home located south of I-10 in Crestview Florida. 1243 Ego Drive feels open and spacious with cathedralled living room and dining room. Living room has interesting plant ledges which add depth, and French doors which add panache. Kitchen with center isle, welcoming white cabinets and tile work above corner sink. Floors are wood laminate in living room and hallway, tile in kitchen and bathrooms. Master bath has double vanity, and two walk-in closets. This Countryview Estates, Crestview FL short sale home has a beautiful in-ground pool with whirlpool.  Located just a short drive to Eglin AFB and Destin Beaches!

1243 Ego Dr., Crestview FL 32536 – Countryview Estates short sale – $149,900

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Crestview FL Real Estate

Crestview FL Short Sales & Pre Foreclosure Help.

Read Wendy’s Crestview Florida Real Estate Blog

The post 1243 Ego Dr., Countryview Estates, Crestview FL 32536 – Short Sale with Pool first appeared on Rulnick Realty.

The market value of the Antioch Estates home was under $120,000, but the senior lien, Bank of America had a mortgage balance of about $150,000.  Through negotiations, we were able to get a waiver of deficiency for the remaining note, and Bank of America agreed to pay USAA $6000 out of the net proceeds. 

The junior lien, USAA Federal Savings Bank was more difficult.  That mortgage balance was around $80,000, and the $6000 offer from Bank of America was not acceptable to USAA to settle the account. 

Negotiations with USAA were lengthy, taking four days to respond to each request from the seller.  The USAA choices were: pay 75% of the loan balance to settle the account in full, or pay 25% of the balance at closing (almost $20,000), and continue to pay on a promissory note for the remaining note.  When I relayed USAA’s request to Bank of America, they almost closed the file due to the extraordinary junior lien demand.

With each increased offer to “settle” for cash from the Crestview short sale seller, USAA increased its minimum requirement to simply release its lien. (Originally, USAA stated they would release the lien for 25% of the outstanding balance.)  During negotiations, the “25%” grew to whatever the seller offered to settle (less than 75%). I questioned this, and was told USAA was trying to “minimize promissory note payments post-closing for the seller’s benefit”, if that was the seller’s end decision. Of course, that doesn’t make sense.  USAA was, in my opinion, just requiring as much as it thought was obtainable.  USAA is not the easiest short sale lender to work with, but with persistence, you can succeed.

If you are a Crestview Florida homeowner considering short sale to avoid foreclosure, consult an attorney and an experienced Crestview FL short sale agent.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Crestview FL Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Wendy’s Crestview FL Real Estate Blog.

The post USAA Approves Crestview Florida Short Sale first appeared on Rulnick Realty.

Wonderful roof lines give your Southview Estates, Crestview Florida short sale home appeal! 322 Ray Avenue is a roomy split-bedroom floor plan with cathedral ceilings and lots of light. The living room is open to dining area. Galley kitchen has a pleasing window over the sink and huge walk-in pantry. Two secondary bedrooms are spacious. Master bedroom has vaulted ceiling, walk-in closet. Fenced yard. Double decks to above ground pool. Roof new in 2005. Home needs some cosmetics, such as carpet cleaning and a little trim painting, but is a lovable home in a great Crestview FL location south of I-10 for easy commutes to Eglin AFB. Buyer can have the darling dining room set, sofas, and other furniture, too, to help set up your new household!  This Crestview Florida home is a VA Compromise Sale with one lienholder.

322 Ray Avenue, Crestview FL short sale – offered for $71,900

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Crestview FL Real Estate

Crestview Florida Short Sales & Pre Foreclosure Help.

The post 322 Ray Ave., Southway Estates – Crestview FL – VA Compromise Sale first appeared on Rulnick Realty.

                                                                                                                                                          

 One of my Destin Florida short sale sellers just emailed me:

“My wife and I appreciate everything you have done for us.  You were the first and only person we spoke with that actually did what they promised who weren’t trying to scam us.  You have really helped our family finally get through these last two years of misery and now we can get back on track and move on with our lives.”

Reading that gave me butterflies.  But the problem is- why would no other agent help this family with a short sale?  Their home was in a remote location, and at the time, they were current on their mortgage payments.  The husband’s job transfer was 50 miles away, and they were just making ends meet. Their short sale lender was Bank of America.  When I agreed to list their Destin home, they were very relieved.  We sold it as an FHA/HUD pre-foreclosure short sale.  There was a lot of paperwork involved, more so than the normal short sale, but we succeeded.

Just last week, a Santa Rosa Beach Florida short sale seller called me.  They, too, had agents reject helping them, because they had two liens on their home, Bank of America and Regions Mortgage. Apparently, the other agents thought two mortgages were too hard to get approved. One real estate agent who agreed to help them said they had to sign papers allowing an investor-type flip before even listing.  They felt very uncomfortable.  Coincidentally, one of my previous Freeport Florida short sale sellers was renting their home, and recommended me to them.  I fully anticipate getting their Santa Rosa Beach short sale approved.

There are other stories about sellers who are facing foreclosure, where no agent wanted to help.  They might say there are too many liens, the property is too close to foreclosure, or the mortgage is too upside down. 

If you are facing foreclosure on the Emerald Coast of Florida, don’t give up.  If you hear “no”, that your case is too hard for a short sale, don’t give up.  Even if you had a Lis Pendens filed, don’t give up. There is help available for you. Just ask.  

It’s Wendy!

Wendy Rulnick, Broker

Destin Short Sales & Pre Foreclosure Help.

The post If No Real Estate Agent Will Help You Short Sale, Don’t Give Up! first appeared on Rulnick Realty.