This home at 2009 Bob White Ct., Quail Run, Mary Esther Florida just sold. It was a VA Compromise Sale, which is a type of short sale. Located near Hurlburt Field and Fort Walton Beach Florida, the home had appeal for military buyers, investors and renters for commuting to base. This Mary Esther home had one mortgage lien from Midland Mortgage.   After we sent in the short sale package, they ordered a VA appraisal. The property appraised for $100,000.  In order to meet VA guidelines of proceeds being at least 88.13% of appraised value, there was a counter offer to the buyer to increase the purchase price by about $6000.  The buyer agreed.  The VA Compromise Sale was approved in 60 days and sold for $96,300.  The veteran homeowner received a waiver of deficiency.

I’ve sold many VA Compromise Sale properties along the Emerald Coast of Florida. It is very rewarding to help current and former military members avoid foreclosure.

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

www.itswendy.com

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, 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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This short sale home at 497 Managua Way, Mary Esther Florida, is under contract as a VA Compromise Sale with a PHH mortgage.  Mary Esther, located near Navarre’s Hurlburt Field and Fort Walton Beach’s Eglin Air Force Base, is a military community that offers access to the beaches of the Gulf of Mexico, boating, golf, shopping and major airports.  This property backed up to Eglin reservation for privacy.

What is a  VA Compromise Sale? It is the Veteran Administration’s version of a short sale.  One important point about a VA Compromise Sale is that you must have a hardship. What is a hardship? It could be PCS (permanent change of station), divorce, job transfer, medical expenses, death of a breadwinner, unemployment, reduction in pay and more.

With a VA Compromise Sale, a portion of your VA entitlement won’t be available for a future home purchase unless you reimburse the Veteran’s Administration. You may still have sufficient entitlement remaining to buy another home with a VA loan, however. You can find out by calling the VA directly.  Another point is that your credit will be affected with a VA Compromise Sale. It may be recorded as “settled for less”. Your FICO score could drop 50-200 points.  It may take you a couple of years to rebuild your credit.

More questions?

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

Fort Walton Beach 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.

The post 497 Managua Way, Mary Esther FL – VA Compromise Sale Pending first appeared on Rulnick Realty.

This Citi Bank VA Compromise Sale in the Kenwood area of Fort Walton Beach Florida is now under contract.  641 Country Club should be sold and closed in about four months.  VA Compromise Sales with Citi Bank are processed like all other lenders. Citi Bank is the servicer of the Veterans Administration mortgage, so abides by VA Compromise Sale guidelines.

Here are guidelines for a VA Compromise Sale:

1. You may only sell the home for fair market value.

2. The closing costs must be “reasonable and customary”.

3. You must have a valid financial hardship such as loss of income, relocation, death of breadwinner, PCS etc.

4. There should not be a second mortgage on your property, unless it is “insignificant”. If so, you might ask the junior lienholder to release the lien and convert it to a personal note.

5. You should ensure your sales contract is “contingent and/or subject to the approval of a VA compromise sale.”

Important Points:

1. Your lender does not have to agree to a Compromise Sale.

2. For VA loans originated on or before December 31, 1989, you might have to sign a promissory note at closing agreeing to repay VA for the deficiency remaining after the property is sold.

3. Wendy Rulnick will guide you through the sales process, help you determine fair market value and prepare your package for submission to your lender or the VA.

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

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 Fort Walton Beach Citi Bank VA Compromise Sale – On Way to Sold first appeared on Rulnick Realty.

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The post 641 Country Club, Kenwood, Fort Walton Beach VA Compromise Sale first appeared on Rulnick Realty.

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

The post Crestview and Navarre Florida VA Compromise Sale – New Relocation Assistance first appeared on Rulnick Realty.