Rulnick Realty welcomes Donna Gentle as sales associate in Destin Florida.  Originally from Miami,  Donna has been involved in the real estate and construction industries since 1987. She has been sales and project manager for new construction, and led sales teams for new home developments.  She previously sold real estate in Cape San Blas and with the St. Joe Company in Port St. Joe.  Donna holds both a Florida and Georgia real estate license.  She has been recognized for sales excellence on many occasions, and is proficient in the analysis of markets, project management and contract negotiations. Intepersonal skills and work ethic contribute to her success in client satisfaction, which is her highest priority.  Donna currently lives in Niceville Florida, and has a dynamic, fun loving personality.  She has participated as a volunteer for Plein Air charity events. One of her true joys is her grandchild! Donna is excited to be part of the Rulnick Realty team, and wants to help you with all your real estate goals in Destin and along the Emerald Coast.

 Cell (850) 533-6051

Office (850) 650-7883
donna.gentle@rulnickrealty.com

www.rulnickrealty.com

The post Donna Gentle Joins Rulnick Realty in Destin Florida first appeared on Rulnick Realty.

Larry Hughes has joined Rulnick Realty in Destin Florida as Buyer Specialist. Licensed as a Realtor in 2003, he is experienced throughout Okaloosa and Walton counties. Larry is a Graduate of the Realtor Institute and very methodical in his business of finding the perfect property for his clients.

As a licensed Florida state-certified residential contractor, Larry has built custom homes full time for several decades. He knows homes, commercial properties, condominiums and land. He has the diligence to assist first time buyers, as well as the experience to represent savvy investors. 

A 21 year Destin resident along with his lovely wife, Larry has energy and enthusiasm to spare. Still a boy at heart, he loves cars, motorcycles and boats. Woodworking, fishing, music and amateur guitar are additional passions.

Email larry.hughes@rulnickrealty.com

850-650-7883 ext 208 

Rulnick Realty, 12889 Emerald Coast Pkwy Ste 107-A, Miramar Beach FL 32550

The post Larry Hughes Joins Rulnick Realty, Destin Florida first appeared on Rulnick Realty.

Hello All!  Today was a great day.  I was back in my Destin real estate office for the first time since a minor back surgery!  Of course, I worked from “home” for the past week, but I didn’t like it.  I know everyone has an opinion and preference when it comes to working from home or the office.  The office is for me.  Today I felt FREE!!

Here is why I prefer working from the office:

1.   No home distractions. I am currently writing this blog post from home (I left the office early since I still have my stitches) with Conan my cat sitting on my arm.  Micah is meowing for food, and Sasha is panting to eat, too. 

2.   Business atmosphere. Other professionals to mingle with at the office.  I enjoy my team.

3.   Get out of the house!  I cannot be cooped up in one place all day.

4.   Official “start and stop” to my day.    I do work from home in the morning and evening a little, but it’s sort of “bonus” hours that I can shut off whenever I want.  In the office, I am always “on”, which I love.

5.   Total mind focus for creative energy bursts.

I realize others may have a special office or room at home where they can be quite productive.  I could set that up, too.  Do I want to? No way!  Even though I went in today in my sweatpants and ball cap, it didn’t matter.  I was rejuvenated.  To each his own.  Happy New Year!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

The post I Was "MIA", Now I’m Back! first appeared on Rulnick Realty.

Yesterday I went for my morning walk,

What is going on here?  Why hasn’t this house sold?

Here is a list of possible reasons:

1.       The street is busy– it is overpriced for the location.

2.       The home is jammed on a little lot– it is overpriced for the lot size.

3.       The home is overbuilt for the neighborhood– it is overpriced compared to the others.

4.       The price was reduced too slowly– behind the rest of the market.  Hmmm… still overpriced.

5.       The sellers and all 4 agents think it is worth too much– it is overpriced.

6.       No one is buying– yes they are, but they are buying at the right price!
The bottom line is always the price.   You can hire the most brilliant real estate agent in the world, you can have the best-kept home in the neighborhood, you can have the most sought after location in town, you can have more advertising than every other home for sale.   But no matter what you do for marketing, no matter what agent you hire, no matter what you think your home is worth- it is not going to sell if it’s not priced right. 

It’s Wendy!

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

Search All Destin Florida 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

The post That House Is STILL For Sale? 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.

This central Destin home in the Indian Oaks subdivision is a show-off! Bright, clean and surprisingly spacious! Living room with fireplace and cathedral ceiling. White kitchen with tile floors and pass-through. Oversized master bedroom. Fenced back yard with patio. Bent Arrow and Indian Oaks are three minutes from Destin Harbor, Harborwalk Village, the luckiest fishing in the world, the Gulf of Mexico and Crab Island.  What more could you want? Short sale subject to seller’s mortgage holder’s approval.  Offered at $127,900.

It’s Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

The post 209 Bent Arrow, Indian Oaks – Destin Florida Short Sale first appeared on Rulnick Realty.

EXAMPLE #1: Santa Rosa Beach Florida Short Sale

   “ Please be advised, that before we discuss the closing costs you have to talk to the sellers regarding contribution to mitigate the loss.

  The reasons:

 * FICO in the high 700, never late on any account, continue to make payments on all credit cards

 * good deposits

 * good income on tax returns

  Requested contribution: Promissory note of 12,000, payable in 8 years, 125 per month, 0 interest.”

   EXAMPLE #2: Destin Florida Short Sale

  “Seller is currently paying off a car at 453.00 per month and several credit cards paid on time, Seller is getting deposits of 3000 and 2500 every other weeks on her bank accounts. I’m sure she can afford 333.33 per month.

 The note is 0% interest for 5 years at 333.33 per month.  There is no way we are releasing the liens debts over 684K without the seller contribution.”

 Both of these examples show how financial information is scrutinized by the short sale lender.   Apparently, good credit, few delinquencies and regular income make the seller a candidate for contributing to the shortfall. In other cases, the lender, servicer, or mortgage insurance company may request a contribution due to its loss amount or policy.   It is best to prepare your seller in advance.

  Join Wendy Rulnick and Broker Bryant in our next Short Sale Basics Webinar, July 11, 11:00 a.m. Eastern.  We’ll discuss Seller Hardship and have fun dissecting Financial Worksheets.

It’s Wendy!

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

Search Destin Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

The post Why Short Sale Lenders Ask for Promissory Notes – Destin FL first appeared on Rulnick Realty.

Brainstorming solutions is one of my favorite parts of negotiations.  Here is what I found:

Florida Statutes, Section 718.116  states:

The liability of a first mortgagee or its successor or assignees who acquire title to a unit by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due prior to the mortgagee’s acquisition of title is limited to the lesser of:

1.  The unit’s unpaid common expenses and regular periodic assessments which accrued or came due during the 6 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. The provisions of this paragraph apply only if the first mortgagee joined the association as a defendant in the foreclosure action. Joinder of the association is not required if, on the date the complaint is filed, the association was dissolved or did not maintain an office or agent for service of process at a location which was known to or reasonably discoverable by the mortgagee.

 In my case, there are about two years past due in condo fees.  I have asked the association to agree to a compromise to accomodate the short sale.  Basically, if the condo goes to foreclosure, they will only be paid 6 months dues by the senior lienholder. 

If they could reduce the balance owed in any amount to allow the short sale to occur, then the association will gain by:

1.  Immediate income to fund a project already in financial need

2.  More than the minimal 6 months past due that a foreclosure action will pay them – at some later date

3.  A new owner who will certainly be paying his dues on an ongoing basis, providing immediate cash flow

By agreeing to a lesser amount to allow the short sale, that does not mean the association will not pursue the homeowner separately for the balance owed.  But a compromise can allow the short sale process to take place,both benefitting the condo project’s financial position, and helping the homeowner solve his dilemma.

 It’s Wendy!

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

Sign up for “SHORT SALE BASICS FOR REALTORS” Webinar

starting June 27 – comprehensive, practical knowledge

taught by Wendy Rulnick and Bryant Tutas

Destin FL Real Estate  

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

The post Destin Condos – Short Sales Hurt by Past Due Condo Fees first appeared on Rulnick Realty.

Subject:  2047 SF Home in Paradise Retreat, Destin Florida

Mortgage: Aurora Loan Services – $400,000

Fair Market Value:  $217,000

Amount Forgiven:  $183,000

Timeline:  26 Days from Fax to Approval

Key to Success:  Strong contract, reasonable closing costs, committed buyers, complete and thorough package

The post Destin FL Home Approved for Short Sale by Aurora Loan Services first appeared on Rulnick Realty.

I have read many of your articles regarding Destin real estate and  short sales.  I have made an offer to buy a short sale in October and we are still waiting.  The house is brand new, it’s listed for $799,000.  The builder owes over $700,000.  The house is not finished, it needs countertops, appliances, driveway, painting, finish hardwood floors, etc.  Approximately $100,000 is necessary to complete house.   A home 2 doors down just sold for $540,000.  This new house is the nicest house in the development but definitely not worth $800,000.    In our opinion even though it is the nicest house it probably is still not worth more than $600,000 to $650,000 that’s if it was completed.

I originally offered $500,000 but now want to reduce my offer to $450,000 since it needs $100,000 to fix up and the Destin real estate market is still falling.  The negotiator is assigned and they will do an appraisal or BPO within 30 days.  I feel $450,000 is fair given the changing market. Do you know typically how much Countrywide will go below market value, especially on an unfinished house?

Thanks,

Joe

Hi Joe,

Countrywide will not “really” go much below market value.  They will rely heavily on the Broker Price Opinion (BPO) or appraisal, as I wrote in ‘Short Sale Pricing: The “X Factor”‘ and will want close to that figure. Their calculations will depend on who the end-investor is on the loan, and those specific requirements.  For example, if the loan has mortgage insurance (MI), they might want the “Net Proceeds” to be 91% of appraised value sometimes! One thing you cannot control is the BPO or appraisal, but you can inform the party doing the appraisal of cost estimates to finish the house.  That may help keep the end figure realistic.

If you reduce your offer now, Countrywide might close the file.  That will depend on the negotiator.  Sometimes Countrywide relies on a valuation they have in their system already, and if the offer is below it, they will just cancel the file.  Then you will have to start all over, and again risk the file being cancelled because you are too low.

Your concerns make sense and are valid.  If you think you are overpaying for a property, I’d use caution.  Best of luck.

The post Destin Real Estate Buyer’s Short Sale Concerns first appeared on Rulnick Realty.