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!

VA Compromise Sales

Should You VA Compromise Sale?

VA Compromise Sale Questions and Answers

It’s Wendy!

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Citi Mortgage just approved this Cherokee Bend, Crestview Florida VA Compromise Sale.  An interesting and long process, we ended up selling this property to the second buyer.

This  Crestview Florida VA Compromise Sale took about four months to be assigned to a VA negotiator at Citi.  Countless documents were requested to be faxed and re-faxed. For example, seller pay stubs, bank statements and Citi’s “Workable Solutions Package” (their standard financial worksheet) had to be sent in multiple times. Citi would take days to acknowledge receiving the documents, or not. They were sent in by both my office and the seller, sometimes to Citi’s short sale email, which is host.citilinkdocs@citi.com.  Unfortunately, the initial buyer purchased another home during this short sale process.  Fortunately, we found a new buyer within a few days, and directly emailed the new contract and HUD-1 settlement statement to the VA Compromise negotiator at Citi, the same day he said he had to permanently close the file!  Happily, the new offer was within guidelines for VA Compromise Sale – the net proceeds exceeded 88.13% of appraised value.  We expect the property to close within 30 days.

Should you do a VA Compromise Sale?

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 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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This Antioch Estates home in Crestview Florida was just approved for VA Compromise Sale.  It was an unusually swift approval for a short sale!  Here are the details:

Mortgage Holder: BB&T

Original Balance: $205,000 appr

Current Market Value: $150,000 appr

Short Sale Deficiency: none

Time for Approval: 33 days

Reason for sale: Eglin AFB military PCS (permanent change of station)

Did you know that VA Compromise Sales don’t normally have deficiency judgments?  They will, however, exclude any unpaid entitlement from your future VA entitlement until you choose to pay it back. Here is the information from the  VA Home Loan Program:

“The VA guaranty, which protects the lender against loss, encourages the lender to make a loan with terms favorable to the veteran. But if you fail to make the payments you agreed to make, you may lose your home through foreclosure, and you and your family would probably lose all the time and money you had invested in it. If the lender does take a loss, VA must pay the guaranty to the lender, and the amount paid by VA must be repaid by you. If your loan closed on or after January 1,1990, you will owe the Government in the event of a default only if there was fraud, misrepresentation, or bad faith on your part.”

If you are contemplating VA Compromise Sale because you have a required PCS move from Eglin AFB, Hurlburt Field, or Duke Field, contact me to find out how this program can work for you – itswendy@rulnickrealty.com

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

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.   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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If you are a borrower with a VA home loan in Crestview, Navarre, Fort Walton Beach, Florida and surrounding towns, and are having trouble paying your mortgage, there is good news for you. The Veterans Administration recently announced a change to the VA Compromise Sale program.

What is a VA Compromise Sale?  Similar to a short sale, a VA Compromise Sale (also called VA Compromise Claim or Offer) is used when a VA borrower can no longer afford to make mortgage payments, must sell, and the mortgage balance is more than the what the property is worth.  If you qualify, you may sell your home at fair market value.  You will not be obligated to pay back the shortfall to your lender if got your loan after December 31, 1989.  (To use your full VA entitlement in the future to buy another home, you would have to pay the VA back its portion of the claim).

What is the new Veterans Administration announcement?  After you are approved for a VA Compromise Short Sale, you will now receive $1500 in relocation assistance at closing.  The Veterans Administration noted in its announcement that it wanted to be proactive in helping Veterans and competitive with the Home Affordable Modication Program.  They also noted that VA Compromise Sales leave homes in better condition than foreclosure, which is a cost-benefit to the loan servicer.

This new VA relocation assistance program ends on January 1, 2014.

If you are a VA borrower in Crestview, Navarre or Fort Walton Beach, Florida, and are trying to avoid foreclosure due to hardship, contact an experienced VA Compromise agent to help you.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 1-877-487-9639) or 850-650-7883 ext 204 to list your home.

Email Wendy: itswendy@rulnickrealty.com

Crestview, Navarre Florida Short Sales & Pre Foreclosure Help.

Read Wendy’s Crestview, Navarre Real Estate Blog

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PSCing to a new base?

When you are in this situation, you have six choices:

1.  HAP

2.  Short Sale

3.  VA Compromise Sale

4.  Rent Out Your Property

5.  Pay the difference owed out of your own pocket

6.  Foreclosure

If your loan was guaranteed by the Veterans Administration (VA), and the other options won’t work (obviously you don’t want a foreclosure), you can do what is called a VA Compromise Sale. This program is similar to a short sale, but the VA guarantees the payment of a portion of your mortgage to your lender.  The lender will handle the processing of your VA Compromise Sale and will use a VA appraiser to ascertain value of your property after they receive a contract.  If you meet certain criteria, and your net proceeds are at least 88.13% of the appraised value, your sale may be approved.

The most frequent question I get about VA Compromise Sales is: “Will the VA come after me for the balance?”

The answer is “NO” unless there was “fraud, misrepresentation, or bad faith”. 

Here is a quote from VA Home Loan Program:

“The VA guaranty, which protects the lender against loss, encourages the lender to make a loan with terms favorable to the veteran. But if you fail to make the payments you agreed to make, you may lose your home through foreclosure, and you and your family would probably lose all the time and money you had invested in it. If the lender does take a loss, VA must pay the guaranty to the lender, and the amount paid by VA must be repaid by you. If your loan closed on or after January 1,1990, you will owe the Government in the event of a default only if there was fraud, misrepresentation, or bad faith on your part.”

The other good news about a VA Compromise Sale (also called Offer In Compromise, Comprise Offer) is that you CAN USE YOUR VA LOAN AGAIN!  The caveat is that you must pay back what you owe the VA.  Crazy?  Not really.  Markets change, loan programs change and interest rates change.  A VA mortgage may be the best option for you again in the future.  At that time, you will have rebuilt your financial strength and may be able to pay back your entitlement.  I’ve had veterans do it!

If you need to do a VA Compromise Sale in Crestview, Navarre, Fort Walton Beach or Destin, Florida, give me a call.  I can help.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

HAP, Short Sales & Pre Foreclosure Help.

The post Crestview and Navarre Florida VA Compromise Sales: Will VA Pursue You for Deficiency? first appeared on Rulnick Realty.

I was stunned and delighted to receive this email from a Bank of America VA short sale negotiator:

Hey Wendy,

I was able to push through the approval much faster than normal.  You have been very good to work with so wanted to do what I could to get it approved.   🙂   Thanks!

WOW!  It was exactly 30 days after sending in the short sale package to Bank of America, that my Crestview Florida listing was approved.  It was a VA Compromise Short Sale, so those must be faxed in versus using Equator.  I did have luck on my side, as the property had an existing VA appraisal that was still in effect from earlier this year.  (In case you didn’t know, VA appraisals for compromise sales are good for six months.) And I knew exactly what net Bank of America needed to make the sale happen.  We did not load up closing costs for the short sale lender to pay.  Why waste time and submit something you know will be kicked out?

To be honest, I think this negotiator liked my responsiveness.  He preferred to communicate by email, and I whip out responses so fast it can be shocking.  I guess he liked that, too.

Anyway, next time you are negotiating your short sale- it’s something to think about.  Are you “Good to work with?” And is that the key to short sale approvals?

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 Florida Real Estate

Crestview Florida Short Sales, VA Compromise Sales & Pre Foreclosure Help.

Read Wendy’s Crestview Real Estate Blog

The post Is Being “Good to Work With” Key to Short Sale Approvals? first appeared on Rulnick Realty.

Artsy decor and lively colors set the tone in this Crestview Florida short sale home at 521 Risen Star in Steeple Chase. Features include much tile and wood laminate flooring, stainless appliances in kitchen, tiled backsplash. Open floor plan with great room. Screened porch overlooking lush koi pond, above ground pool, fire pit for magical evenings. This Steeplechase home has upgraded bathroom vanities, his and hers master baths, upgraded light fixtures. Sitting room can be used as fifth bedroom.  This Crestview Florida home is a south of I-10 for easy commute to Eglin Air Force Base, and Destin Beaches and shopping.  It is a short sale.

Offered at $197,900.

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 Florida Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Crestview Florida Real Estate Blog

The post 521 Risen Star, Steeplechase, Crestview, Florida – Short Sale Home first appeared on Rulnick Realty.

I received this note today from a Crestview Florida short sale seller.  Her recent VA Compromise Sale was approved by Bank of America. The Crestview home closed last week. 

Hello Wendy,

You were the best thing that could’ve happened in my life at the time, and I am very grateful for your professionalism and dedication to my situation. I don’t believe this process could have happened more smoothly had it been any other agent handling my short sale. I will most definitely recommend you to any/everyone, and call on you again anytime I may need your assistance.

You are appreciated more than know.

Thank you again and God bless you always,
Dee Dee

The kind words from this Eglin AFB VA Compromise Sale seller are what puts the “ooomph” in my day.  It is why I love helping Crestview Florida short sale homeowners.

Thank you, Dee Dee!

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 Florida Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Wendy’s Crestview Real Estate Blog

The post Crestview Florida VA Compromise Short Sale Seller- Puts “Ooomph” In My Day first appeared on Rulnick Realty.