In real estate, there is only one “Boss”. That is YOU! After years as a traditional real estate company, Rulnick Realty is offering a new plan. This is the “Boss” plan, for real estate agents who are independent, experienced and smart.  It’s for those Destin, Niceville, Fort Walton Beach, Crestview and Santa Rosa Beach Florida agents who are entrepreneurs. You don’t need a Boss. You are the Boss!

What you get:

100% commission less transaction side fee $295

Your own leads from your own listings

What you don’t get:

Floor time (unless you want it)

What it costs:

$295 per month

This enterpreunerial program is not for everyone. If you don’t want a monthly fee of $295, stay with a traditional plan.  If you are ready to earn more, it’s time for you to be your own “Boss”!    

Questions?  Call Wendy Rulnick, Broker/Owner 850-650-7883

The post Destin Florida Real Estate Agents – Who is the “Boss”? YOU Are! first appeared on Rulnick Realty.

The Destin Florida  couple called me after they had run out of options.  The wife’s income had been cut in half, and the husband had been laid off from two different jobs in the past year.  They had three children– and their dream home.  The house was custom built, and they had put a lot of thought into the details.  The husband showed off his hand-hewn railings, the Palladian windows, the unique floorplan.  The wife was proud of how spotless it was, despite the three teenagers and dog.  It was breaking their hearts to come to this.

They were three months behind on their mortgage.  No job in site.  They had spotless credit.  This was the point of giving in.  Their bank would make no arrangements to help them out.  They had no choice.  The only option they found was to do a short sale.  The couple could no longer stay in their beautiful home, and were going to move out of state to seek work.  Florida has one of the highest unemployment rates in the country, at almost 11%. 

I listed their Destin home as a short sale.  Immediately the calls came from agents with buyers eager to see this stunning property.  For two months, we marketed it and entertained showings.  Each time the couple was eager for feedback.  “How can we make it nicer?” they always asked.

Finally, the news came.  I had to take the home off the market.  Forget about the short sale!  The husband got a job!  It paid more than his previous job!  They would be able to catch up on their payments and keep their house.  I was excited for them and happily withdrew the home for sale.

Sadly, this is the first such story I have had since the Destin short sale market began.  Most of my sellers have had to move out of state looking for work.  Perhaps, though, this is the start of a new trend, and more homeowners will be able to find jobs and keep their property.  I will be at their service either way.

It’s Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

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

Email Wendy: itswendy@rulnickrealty.com

The post My Best Destin Short Sale – And It Never Happened! first appeared on Rulnick Realty.

Sterling Shores is an exciting condominium complex across from the Gulf of Mexico.  This Destin short sale condo is smartly decorated, with breezy balcony to watch the ocean blue and the 4,300 square foot lagoon pool.  Complex offers 4300 square foot lagoon pool, workout room, clubhouse, seasonal snackbar, movie theater, wireless internet. Walk to beach across the street, and restaurants next door on “Restaurant Road”,  Gratzi’s, Back Porch, Ruth’s Chris Steakhouse and more! 

This Destin short sale is offered at $239,900.

It’s Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Sandestin Real Estate Blog

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

Email Wendy: itswendy@rulnickrealty.com

Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  She and co-founder Bryant Tutas have developed short sale agent training.

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The post Sterling Shores Condo, Destin Florida Short Sale first appeared on Rulnick Realty.

Realtor Cooperation

Remember the “old” days of selling real estate?  When competitors didn’t talk?  When agents put themselves on pedestals?  When they bragged about listings and sales?  Or thought they had a “niche” no one could touch?  Those days are over.  The market has changed.  Many real estate agents have been knocked down a peg or two, or left the business.  In the “old” days, some agents wouldn’t deign to show listings under certain price ranges, like under $300,000 or $200,000.  Or they just limited themselves to certain towns- they wouldn’t drive 25 minutes to show “regular” properties.

Now, no one is “too good”.  Everyone in this new economy has been affected by the down real estate market, job losses, home devaluations.  And, I must say, they are a lot nicer for it.  There is a new camaraderie, a humbling.  In my last year of selling real estate on the Emerald Coast of Florida, I have made many new friends.  We talk, share and discuss the market.  We help get each other’s listings sold.  I don’t mean from my office at Rulnick Realty, I mean from other COMPANIES in Destin and throughout the Panhandle.  I regularly have conversations with other brokers about short sales, our multiple listing system, market statistics and ethics.  I field phone calls from agents with questions about their own short sales- ones I have nothing to do with.  In fact, many agents have referred short sale listings to me, or even their own properties for sale.

Yesterday, I closed on a listing referral I received from Mark A. DeSalvo of Newman-Dailey Resort Properties in Destin FL.  He emailed me: “Great job! And you got the full asking price. You are the best.”  Mark’s office is one street over from mine, and he sent a short sale listing to me.

Just this week, I sent a referral to Jimmie Greer, of Destin Beach Realty, for someone who was looking for a resort rental in Destin.  I also received an email from an agent at Re/Max Paradise Properties in Destin asking for advice on her short sale.  I listed a referral from Marno Wilson of JW Watts Properties for a Fort Walton Beach condo.  I contacted Jayme Nabors, a commercial broker with NBI Properties, to send him a Niceville Florida business listing referral of one of my own sellers (no fee asked). That was just this week. This story has been repeated dozens of times in the past year.

There really is enough business to go around, as I wrote in How I Helped My Competition – On Purpose.  On the Emerald Coast alone, there are over 13,000 listings for sale.  I just hope this attitude of kindness and sharing can continue after the market normalizes.  Although we are competitors, as Mark DeSalvo said to me:

 “All us agents should be working toward the same goal of making the customer happy. It’s a fun business when we have co-operation. It’s what makes the world go around.”

It’s Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

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

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent,to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.  

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The post New Era of Real Estate Agents – Will It Last? first appeared on Rulnick Realty.

Most of us have read the Treasury Department’s new Homeowner Affordability and Stability Plan

After reading the plan, with details to be unveiled on March 4, I want to know- “How will the plan affect Short Sales? ” Most of the plan is focused on aiding homeowners whose primary residence is at risk of foreclosure.  Not everyone will be helped by this plan.  Some of those who won’t may include homeowners with loans not guaranteed by Fannie Mae or Freddie Mac.  Many have lost jobs or have lost so much income they would not qualify. Other owners may have rental properties that cannot be sustained.  In my area on the Emerald Coast of Florida, military families from Eglin Air Force Base or Hurlburt Field are required to relocate to change bases.  These airmen often keep their past residence as a rental property.  Now they are losing tenants.  Why?  Many unsold homes go on the rental market.  Thus rental rates have declined significantly due to the oversupply of these properties.  They can no longer cover their mortgage payments. There are also investors who were not “flippers”.  They might have saved their whole lives to buy a condo in Destin, to find that the resort-rental market has declined by 35%.  There is no aid to them in the plan. Many areas in Florida and other parts of the country have economies that depend on tourism and the resort industry.  Those who will not be assisted by the plan will have to resort to their best alternative, a short sale, or worse, foreclosure.

The Treasury Department states the Homeowner Affordability and Stability Plan will be effective because it will, among other things, limit “the Impact of Foreclosure When Modification Doesn’t Work: Lenders will receive incentives to take alternatives to foreclosures, like short sales or taking of deeds in lieu of foreclosure. “

 In my opinion, to receive incentives to approve short sale, banks must be required to:

• Shorten approval time frames to 30 days
• Require second mortgage holders to accept a set amount, such as $3000, to release their lien
• Consider incentives for approving investment properties that meet certain criteria, as mentioned above
• NOT report a “charge off” or “settled for less” to credit reporting bureaus

Further, I believe all who have had short sales should have credit reports revamped to remove the negative impact of the event. If they don’t, perhaps only 10% of borrowers might qualify for a loan at the best rates! If the government is “intervening” at all, then do it right.  Thus far, the banks have done little to reduce the backlog of short sales and free up credit.  If they are just given an “incentive” without definitive guidelines, then we might expect to see more of the same.

The post Destin Real Estate and Homeowner Stability Plan first appeared on Rulnick Realty.

Rulnick Realty announces that Jeff Corl has joined the company.  Jeff has been a Realtor® in the Destin Florida area since 2005 and has worked with properties from Navarre to Inlet Beach to North Walton County.  Most recently he worked to acquire 160 acres in the North part of Florida’s Panhandle for developers to create a Planned Use Development and will work with them to bring the homes and commercial property to market.

Prior to that Jeff was a corporate vice-president for a Fortune 500 telecommunications company.  He currently is on the Board of Directors, serving as vice-president, of the Beach House Condominium and the Treasurer of St. Andrew’s By-the-Sea Episcopal Church.

Wendy Rulnick, Broker, says “Jeff’s thorough analyses of properties and buyer opportunities will bring value to his clients.  We are thrilled to have him join our Destin real estate office.”

You may reach Jeff Corl at 850-650-7883 or toll free 1-877-487-9639.

Rulnick Realty, Inc.

The post Rulnick Realty Adds New Real Estate Agent in Destin Florida first appeared on Rulnick Realty.

Wendy Rulnick, Destin Florida real estate broker, was recently interviewed by Kiplinger Personal Finance magazine.  In the February 2009 edition, Kiplinger describes foreclosure avoidance and short sales.  Some of Rulnick’s Destin real estate clients, who recently participated in a short sale, had their story told.  The homeowners plight unfolded from buying at the top of the Emerald Coast real estate market to their mortgage interest rate hike and personal job loss.  Rulnick helped the sellers complete a short sale on their home, which cancelled about $100,000 in mortgage debt.

The Kiplinger article stresses “Short sales are best conducted by an experienced real estate agent who can negotiate the obstacles imposed by lenders or investors.”  Rulnick provided much of the information regarding the short sale process to the reporter.  The story is “Fighting a Foreclosure”.

The post Kiplinger Magazine: Wendy Rulnick Helps Destin "Short Sale" Sellers first appeared on Rulnick Realty.

Getting a Short Sale listing? It is always prudent to ask the seller the typical qualifying questions- “What is your hardship?”, “Do your expenses exceed your income?” “Do you have cash funds to cover the deficiency?” But these preliminary inquiries may not be enough.  Here are some more probing questions you need to ask the Short Sale seller:

1. Are you “sure” you don’t have a second mortgage on the property?  Or two? Even by an individual?

2. Who owns those mortgages?  Please provide your most recent statement.

3. Do you have an IRS tax lien on the property?

4. Do you have a County, City or State lien that affects the property?

5. Is there a judgment against you in the county where the property is located?

6. Are there any other liens on the property?

You don’t want to find out after three months of bank negotiations that there is an undiscovered lien the Short Sale lender will not pay.  They normally will not pay a lien unrelated to the property itself.  That is, the lender will usually cover past due homeowners association fees,  mechanics liens and nuisance fees to a second mortgage holder, but  not others.   Finding out a seller “forgot” about his home equity line will delay and possibly cause your approval to be denied.  Finding out there is a $40,000 judgment that must be paid off will guarantee a lost sale.  Similarly, an IRS lien will be very difficult to dispose, and it’s something that needs to be addressed before listing the property and even attempting a Short Sale. You will have invested in marketing time and expense, negotiated for hours, used up office resources and worst of all, delayed or ruined a buyer’s home purchase.  To lessen the chance of a “surprise”,  ensure the seller signs a document stating his answers to the above questions at the beginning of the listing.  Better yet, have the seller pay $75 or $100 for an official title search.  Always order a payoff from each lender– you might find out they are not even the lienholder. If you don’t do it now, later may not be good enough.

The post Short Sales: Undisclosed Liens Will Ruin Your Sale first appeared on Rulnick Realty.

When I wrote “When is a Contract NOT a Contract?” it stirred up over 40 comments and some controversy.  The crux of the matter is that many Destin Florida listing agents are accepting more than one “primary” contract on a Short Sale listing.  There is a prevalent belief in the Emerald Coast real estate market and others, that a contract is “not” a contract despite being signed by both buyer and seller, until the bank approves the price and short sale. Thus, the thinking goes, the Short Sale seller is not truly obligated to the buyer who wrote the offer, and can simply sign multiple contracts with parity.  Because of this misconception, many buyer’s agents also think release and cancellations are not needed when buyers “walk” prior to bank approval.  Also, the practice of accepting more than one “primary” offer is likely a disservice to sincere buyers who are subjected to auction-type handling of their offers.  There may be legal ramifications, as well.

I have since tracked down a definitive answer from the Florida Association of Realtors staff attorneys, as written in Florida Realtor Magazine, September 2008.  The following is from the Legal Q&A that appeared on page 9 of the magazine.  It clearly reinforces the fact that a Short Sale contract is a “contract” and that the seller should only sign another contract with a “Back-Up” clause attached.

Legal Hotline

Contracts
Q I have a fully executed FAR9 Residential Sale and Purchase Contract along with the FAR SSA-2 Short Sale Addendum to Purchase and Sale Contract. We are still within the time period in which the seller may obtain the lender’s approval of the short sale, and now another buyer has made what is arguably a better offer. May the seller sign the second contract?A The seller may sign a second contract but should do so only as a backup contract with the appropriate backup contract addendum attached. If using a FAR contract, use addendum P(1) from the FARA-9 Comprehensive Addendum. Of course, the FAR SSA-2 Short Sale Addendum should also be used.

Here is the link http://www.floridarealtors.org/FLRealtorMagazine/2008/September/0908LegalHotline.cfm

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Maravilla #4404, Destin FL Condo

The post Maravilla #4404, Destin FL Condo first appeared on Rulnick Realty.