The post Sandpiper Cove Studio Condo #8111, Destin FL – Short Sale first appeared on Rulnick Realty.
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Lovely Sandpiper Cove Destin Florida studio short sale condo #8111 overlooking pool toward the front end of the complex. Easy walk to the private Gulf of Mexico beach access. This first floor unit is fully furnished. Murphy bed makes the floor plan very convenient. Large front porch and a rear deck overlooking one of the five pools. Beach front includes Rick’s Sandtrap restaurant and 1100 feet of white sand with beach chairs available. Sandpiper Cove has a marina on Destin Harbor. Watch the boats and lights at night from another on-site restaurant, Louisiana Lagniappe. There are six tennis courts, a nine hole golf course, three hot tubs and of course, ducks!
Sandpiper Cove, Unit 8111, studio condo, Destin Florida short sale – offered for $87,900
“It’s Wendy… It’s Sold!”
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]
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]]>The post 4684 Windstarr, Sunsail, Destin FL – Short Sale Sold in 1 Day first appeared on Rulnick Realty.
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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: [email protected]
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.
The post 4684 Windstarr, Sunsail, Destin FL – Short Sale Sold in 1 Day first appeared on Rulnick Realty.
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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: [email protected]
Destin 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, 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.
The post 352 Sailfish Dr., Rushlin Park, Destin FL – Short Sale first appeared on Rulnick Realty.
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Chase just approved this Destin Florida townhome for short sale. The process was a challenge. There were past due association fees and a judgment recorded in Walton County. In Florida, a property cannot be sold unless liens and judgments are paid or “released” at closing. Here is how we tackled the short sale:
1. Chase. The Chase part of the short sale was pretty straightforward. The negotiator was difficult to reach, and I attempted calling her several times over the course of a few weeks. When I finally spoke with her, she told me her files had doubled in the last two months and Chase was behind processing their short sales. The best way to reach her was by fax. After making contact, Chase approved the file fairly quickly. It pays to be pleasant on the phone, by the way!
2. The Judgment. In order to close on the Destin Florida short sale, the title agent needed a partial release from the creditor. The creditor agreed to the release in exchange for a small cash contribution from the seller.
3. The Homeowner’s Association. There were about $16,000 in past dues owed. Chase would pay half. Would the association agree to settle for less? I asked the seller to contact the association directly and mention Florida Statute 720.3085. It stipulates:
Notwithstanding anything to the contrary contained in this section, the liability of a first mortgagee, or its successor or assignee as a subsequent holder of the first mortgage who acquires title to a parcel by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due before the mortgagee’s acquisition of title, shall be the lesser of:
1. The parcel’s unpaid common expenses and regular periodic or special assessments that accrued or came due during the 12 months immediately preceding the acquisition of title and for which payment in full has not been received by the association; or
2. One percent of the original mortgage debt.
Given that $8000 was more than a year back dues, I thought the association would be delighted to “settle” and get a new paying owner. They were.
If you are contemplating a Destin Florida short sale to avoid foreclosure, be sure to contact an attorney and an experienced Destin Florida 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: [email protected]
Destin Short Sales & Pre Foreclosure Help.
Read Wendy’s Destin Real Estate Blog
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Sometimes when you think you are “done” with Destin short sale negotiations, you are not done! A short sale has many steps. There are several “layers” of negotiations. I am going to use my recent sale of a Destin Florida condo as an example. The property had two mortgages, both with Chase. It was an investment property.
Negotiation #1: The Contract. Contrary to some beliefs, not just “any” contract should be sent in to the short sale lender (also called servicer). Why? Because sending in too low an offer would lose marketing time for the seller if the offer was not approved. Countering early and getting a positive response from the buyer also indicates more sincere interest in sticking with the sale. Patience comes into play at this step. The buyers offered $275,000. We countered the price and terms to be more “approvable”. The buyer agreed to $290,000 after deliberating for several days. Getting the price right from the beginning saves time later, as it probably won’t be countered by the short sale lender. And this one wasn’t.
Negotiation #2: The Homeowners Association. This Destin Florida short sale condo had two associations. The dues were many months behind, not uncommon in my part of Florida. Chase would only pay $1,500 toward dues totaling $12,000, since there were no liens filed. If there were liens filed by the association, Chase would have paid them. (Hint). Sometimes HOAs will reduce their balance and “settle” for less. These associations would not. After much negotiation, they finally agreed to release their liens with a partial cash contribution and promissory notes from the seller.
Negotiation #3: The Senior Lien Deficiency Waiver. The dreaded “deficiency” is the balance still remaining on the note after the proceeds are applied from the short sale. (Not all short sales result in the lender settling for the funds received at closing. They may seek the outstanding balance from the seller via a deficiency judgment after closing, or with a note, etc. agreed to at closing). We asked if it could be waived in full. The Chase Senior lien saw that the seller had a real hardship, as he was in the building industry. His income was negligible and he was unable to pay the mortgage, plus any rental income could not sustain the payments. The negotiator asked if the seller could contribute anything in cash at closing, and write a second hardship letter explaining that he would be unable to pay the deficiency. (Hint) The seller agreed to contribute $3000 and his deficiency was waived in full.
Negotiation #4: The Junior Lien Deficiency Waiver: The Chase Junior Lien initially
issued approval with a $5000 contribution from the Senior Lien. They did not, however, waive the deficiency. We went back to ask what it would take. At first the negotiator asked for 50% of the balance, or about $50,000. After we talked and he saw that the Chase equity line was used for items other than “toys”, he said the lowest he could take was 25% of the balance, $25,000. I discussed this with the seller. Fortunately, the seller had detailed notes of his previous Chase conversations, where they had offered to settle for $12,000 a year ago. I put the seller directly in touch with the negotiator, who dug through the file, found the old offer, liked the guy, and agreed. (Big Hint: Do not be afraid to allow the seller to speak directly with the negotiator!)
Through much negotiation this story ended in success for my Destin short sale seller. It wasn’t easy, and it wasn’t pain-free. The seller never once denied his obligation, he sought all possible solutions, and he can now move forward with his life.
Each short sale has a different story. There are many layers of negotiation, and many possible endings. If you are facing foreclosure in Destin Florida, and are seeking an experienced Destin short sale agent, let’s see if we can write a success story for you.
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: [email protected]
Destin Short Sales & Pre Foreclosure Help.
Read Wendy’s Destin Real Estate Blog
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This Destin Florida condo at 4030 Dancing Cloud Ct was just approved for short sale by Bank of America.
It was an interesting journey selling this Indian Lake condo unit. Over a year ago, Bank of America had a contract with a much higher purchase price. They approved the sale, but the buyer’s lender, also Bank of America, appraised it for less. Bank of America’s short sale department refused to lower their approved value, so the sale fell through.
Fast forward one year later. The condo is now worth almost half. We get a new contract for about $50,000. Bank of America takes an extra month to move the short sale into the HAFA program (Home Affordable Foreclosure Alternatives). After sixty days, they determine the seller does not qualify. They finally issue approval as a traditional short sale.
Meanwhile, the past due association fees have added up to almost $20,000. Luckily, the association agreed to settle for half, which was paid by the buyer.
If you are trying to avoid foreclosure in Destin Florida, consult an attorney and hire an experienced Destin 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: [email protected]
Destin Short Sales & Pre Foreclosure Help.
Read Wendy’s Destin Real Estate Blog
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Sometimes you only hear the end result of a short sale being approved. Here is the background story of a Bank of America – Destin Florida short sale approval:
Sept 2 – I list a Destin short sale home for $237,900 – difficult to price, with some pending comparable sales higher, and some Destin foreclosures lower. I started on the high end of the scale, with the intent to reduce in thirty days if we didn’t get a contract. After that point, I would reduce the price weekly, or more often, depending on my daily price analysis.
Sept 12 – We get a low offer – for $210,000. Since some comps were far higher, I advised seller not to take this offer, but to counter. The philosophy is to send a contract to Bank of America that will likely be approved. Even though you might think $210,000 is not that far off, I know my market place. If the buyers will not come up to a higher price now, why waste time taking the home off the market to see what Bank of America says later? Let’s find out. Seller counters at $230,000.
Sept 20 – Buyer backs away, but finally returns. Twenty days after listing home is under contract for $225,000, with interest of buyer evident (key in short sale approval process).
Sept 22 – File is uploaded into Bank of America Equator system.
Sept 27 – Bank of America says seller signature on authorization does not match his signature on original loan. We send in letter of explanation from seller that his signature slant changes. Apparently, this explanation is accepted.
October – Appraisal ordered, more financial information from seller requested. Proof home has been on the market for sixty days is requested. It was only twenty days! I tell negotiator, “We got a lucky buyer shortly after listing”. Apparently, this explanation is accepted.
November 2 – Bank of America asks seller for $23,000 – or 10% of the deficiency balance that won’t be covered by the short sale, to be paid as cash from seller at closing. Negotiator says a lesser amount would work, but only 10% would waive any future deficiency
November 3 – Seller agrees to pay $3000.
November – Bank of America asks for new bank statements, new HUD, addendum to contract with closing date change. Negotiator says seller cash contribution is low, and file might be rejected by investor.
November 17 – Short sale approved.
If you are considering short sale as an alternative to foreclosure, contact an experienced Destin Florida 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: [email protected]
Destin Short Sales & Pre Foreclosure Help.
Read Wendy’s Destin Real Estate Blog
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Chase has approved the short sale of 1 Pine Ridge Trace, Destin Florida.
Details?
Senior Lien: Chase Home Finance
Balance: $185,000
Junior Lien: JP Morgan Chase Bank
Balance: $25,000
Sale price: $90,000 appr
For you sleuths who like to analyze investors, this one was Freddie Mac. The mortgage also had a sub-investor pool who utilized MGIC for credit enhancement. Basically, MGIC was the mortgage insurance company for this group of investors. MGIC only allowed $500 to the JP Morgan Chase junior lien.
The interesting thing about this process was that Chase Home Finance communicated strangely with JP Morgan Chase. Even though they are part of the same company, they had me act as a go-between to relay information, get each other’s email addresses and move the process along. A good word of advice when you are dealing with any Chase division as both the senior and junior liens- initiate the process with each division separately. It may speed up your approval time.
Bottom line – this Destin Florida short sale was approved in 36 days.
If you are considering short sale to avoid foreclosure, consider hiring an experienced Destin 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: [email protected]
Destin Short Sales & Pre Foreclosure Help.
Read Wendy’s Destin Real Estate Blog
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This beautiful condo unit at The Palms in Destin Florida was just approved for short sale.
Lender: Bank of America
Payoff: $324,000
List Price: $124,000
Notes: Bank of America initially rejected the buyer’s offer of $100,000. They countered $119,000 in Equator, the bank’s online negotiating platform. The buyer would not come up in value. Instead of simply clicking “no” i.e. rejecting the bank’s counter-offer in Equator, I called and emailed the negotiator to find a solution. Otherwise, the file might have been closed. The seller also agreed to participate in the loss with a cash contribution.
Result? Approved!
If you need to short sell your condo in The Palms, in Destin Florida, contact an experienced Destin 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: [email protected]
Destin Short Sales & Pre Foreclosure Help.
Read Wendy’s Destin Real Estate Blog
The post The Palms, Destin Florida – Short Sale Approved first appeared on Rulnick Realty.
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Very chic Pine Ridge Trace townhome with modern, edgy decor in the heart of Destin Florida. This short sale home has slate floors punctuated by vividly painted rooms. Kitchen has urban feel with stainless countertops, peek-through cabinets, bright pendant lights over breakfast bar. Kohler fixtures and cast iron sink, newer appliances. Master bath has travertine floors, frameless shower, mahogany vanities, marble vessel sink. Newer carpet in bedrooms. Recently painted rear deck, overlooking fenced yard. This two bedroom Destin short sale is an end-unit with private side entrance, and parking for two vehicles.
Offered at $90,000.
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: [email protected]
Destin Short Sales & Pre Foreclosure Help.
Read Wendy’s Destin Real Estate Blog
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