When doing an HUD (also called FHA) Pre Foreclosure sale, you can get the sale price approved in advance.  Your seller should apply to his lender to see if he qualifies. Doing this at time of listing or before, you can really speed up the approval of a contract.  You see, by getting the short sale lender the seller financial documents and request to participate, they will order an appraisal. That value is shared with the seller and the listing agent.

In this case, Bank of America took four months to send the HUD package to the seller after application.  It took them almost four more months to issue an “Approval to Participate“.  By that time we already had a contract submitted that more than covered the appraised value.

This lengthy process with Bank of America’s HUD PFS program may have been an anomaly.  My advice to short sale listing agents and sellers, is to apply as soon as you know you want to go forward with the program.  This will save you valuable time when you finally get a buyer.

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 HUD Pre Foreclosure Sale Approved in DeFuniak Springs FL first appeared on Rulnick Realty.

This HUD FHA short sale at 800 Wild Oak, Destin Florida, was approved by Bank of America in 13 days!  Why? How? What?

Why?  The seller was proactive!  He contacted Bank of America early when he was unable to pay his mortgage.  When a modification did not work, he applied for the HUD Pre Foreclosure Sale Program.

How?  When my Destin seller contacted me,  he provided me with the HUD Approval to Participate form, indicating a starting list price. 

What? I obtained a full price offer for the seller in one day.  I ensured the contract was written without closing costs HUD won’t pay.  They will only pay reasonable seller’s costs, (with the exception that if the buyer’s loan is FHA, they will credit 1% towards buyer costs).

 In fact, the Bank of America short sale negotiator emailed me:“I wanted to inform you I have never received a HUD (settlement statement) that was this clean. Thank you so much!!! It definitely makes my job easier!” 

Additionally, because I sold this seller’s home so quickly, he qualified for a HUD seller credit of $1000. That’s the incentive HUD pays if the property sells within 3 months of application (reduced to $750 thereafter).

If you have a Destin Florida home with FHA HUD mortgage, and you are unable to make your mortgage payments, contact your lender right away.  Consider a HUD Pre Foreclosure sale, and be sure to contact an experienced Destin HUD 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: itswendy@rulnickrealty.com

 Destin FL Real Estate

 Destin Short Sales & Pre Foreclosure Help.

 Read Wendy’s Destin Real Estate Blog

The post HUD Approves Destin Florida Pre Foreclosure Short Sale – in 13 Days! first appeared on Rulnick Realty.

Lucky you! This home at 800 Wild Oak Ave. has an approved price for FHA HUD Pre Foreclosure short sale in Kell-Aire Gardens in Destin Florida! Dramatic home with cathedral, big, angled windows for lots of light. Double sliders lead to screened porch. Large utility room to garage, lots of closets for storage. Needs updating, but there is some newer carpeting. The lot is quite large for Destin, over three-quarters of an acre!  Think of all you can do with it! Kell-Aire Gardens is in the heart of Destin Florida.  Find Destin Harbor 5 minutes away, and also great boating out on East Pass to the Gulf of Mexico.  Since the location at 800 Wild Oak Ave. is in West Destin, you can also zip right over to Eglin AFB or Hurlburt Field.  It’s rare to find a pre-approved price on a Destin short sale, but you’ve found it!

Offered at $172,000.

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: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

The post 800 Wild Oak Ave., Kell-Aire Gardens – Destin Florida Short Sale – HUD Pre Foreclosure Sale first appeared on Rulnick Realty.