This short sale home near Eglin Air Force Base at 497 Managua Way, Mary Esther Florida, Colina del Oro, was just approved for a VA Compromise Sale!

Here are the details:

Mortgage Servicer (Senior Lien): PHH

Appr Balance:  $160,000

Junior Liens: none

Mortgage type: VA

Current Value: $104,000 appr

Time for approval: 95 days

VA Compromise Sales are an option for Eglin AFB PCS situations where the service member has to relocate to another base and is “upside down” in his mortgage.  The official “orders” are considered a short sale hardship. Here are the options available to the service member:

1. Rent out the home

2. Sell it as a short sale or VA Compromise Sale

3. Bring the cash difference to closing if available

4. Foreclosure

If you are an Eglin Air Force Base, Hurlburt Field, Duke or White Field service member who has PCS orders, call me to discuss your selling options.

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

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 Eglin AFB – PHH VA Compromise Sale Approved first appeared on Rulnick Realty.

Spiffy West of Hurlburt house for sale at 2011 Bob White Court, Quail Run, Mary Esther Florida. This Bank of America short sale home has cathedralled living room with tall, brick fireplace. Spacious kitchen. Separate formal dining room with chair rail. Large two car garage. It is over 1300 square feet with three bedrooms and two full bathrooms. Easy location for either Hurlburt Field or Eglin Air Force Base commutes, or jaunts to the beach! Yard needs some work.

2011 Bob White Court, Mary Esther FL – short sale – offered for $113,900

It’s Wendy!

The post 2011 Bob White, Quail Run, Mary Esther FL – Short Sale first appeared on Rulnick Realty.

Notice this sharp Mary Esther Florida home at 172 Miramar Street? It’s got style with cool windows, faux paint, cathedral ceiling and step down living room! The main living areas are tile and the bedrooms have wood laminate flooring. The corridor kitchen is bright with recessed lighting and tiled floor and has access to the outside, where you’ll find a covered patio. Another wow factor? The back yard is huge! My favorite feature? The “edgy” exterior look – a classic. Very convenient location near Santa Rosa Mall, the beach, parks, Eglin AFB and Hurlburt Field.

172 Miramar Street, Mary Esther Florida – short sale offered for $127,900

The post Mary Esther Florida Pre Foreclosure Off Hollywood Blvd. first appeared on Rulnick Realty.

Junior Lien: Florida SHIP Loan

Florida SHIP (State Housing Initiatives Partnerships) is a downpayment assistance program that is managed separately by each county in Florida.  Okaloosa County SHIP  forgave the entire balance of their $12,500 junior lien.  We accomplished the debt forgiveness by sending a hardship letter to the SHIP director for Okaloosa County.  Because the seller was a forced military relocation who PCSd from Eglin Air Force Base, they forgave the debt in full.  Don’t count on total forgiveness in other counties in Florida. Each request for a short sale is individually reviewed. 

Chase approved the VA Compromise Sale in one day.  They already had the seller’s financials and a VA Compromise Appraisal on file (good for six months).  The last buyer refused to increase her offer to meet the required net based on the appraisal.  The Chase negotiator said he would keep the file on his desk for me for thirty days – in case we got lucky with another buyer.

Guess what?  We got lucky!

If you need assistance with a VA Compromise Sale, Short Sale, SHIP loan or HAP PCS sale on the Emerald Coast of Florida, contact me.

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

Eglin AFB Short Sales & Pre Foreclosure Help.

Read Wendy’s Eglin AFB Real Estate Blog

The post Florida SHIP and Chase Approve VA Compromise Short Sale for Eglin Airman first appeared on Rulnick Realty.

This West of Hurlburt Field property, located in the greater Fort Walton Beach area, has a unique floorplan with large family room, plus formal tiled living with fireplace. The kitchen is center-isle, and there is a oversized, functional utility room/shop.

One year ago, Bank of America refused an offer for $112,000.  Their appraisal at the time came in for $132,000.  So, we played the game, raised the price, then slowly lowered it.  Well, the home just sold for $110,000…. APPROVED by Bank of America. 

If you need to avoid foreclosure and sell your home in Mary Esther Florida, contact an experienced Fort Walton Beach 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

Mary Esther Florida Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Fort Walton Beach Real Estate Blog

The post 2005 Bob White, Quail Run, Mary Esther Florida Short Sale – Sold first appeared on Rulnick Realty.

Greetings from your new Mary Esther Florida home in Wynnehaven Beach Estates! This Fort Walton Beach short sale is a great find.  Vaulted ceilings in living area with fireplace, tiled floors, eat-in kitchen, separate dining area. Relaxing oversized screened-in patio/sunroom. Large fenced yard with storage shed, corner lot. This Fort Walton Beach short sale home is close to Eglin Air Force Base, Santa Rosa Mall, and of course, the beaches of Okaloosa Island and Santa Rosa Sound.

Offered at $119,900

Search all Fort Walton Beach homes for sale.

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

Fort Walton Beach Florida Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Fort Walton Beach Real Estate Blog

The post 119 Palmetto, Wynnehaven Beach Estates, Mary Esther Florida – Short Sale first appeared on Rulnick Realty.

Offered at $123,000.

It’s Wendy!

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

Eglin AFB and Hurlburt Field Real Estate

Emerald Coast Short Sales & Pre Foreclosure Help.

Read Wendy’s Short Sale Blog

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

Email Wendy: itswendy@rulnickrealty.com

Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. 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. 

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The post 310 Evergreen, Hurlburt Field, Mary Esther FL- Short Sale first appeared on Rulnick Realty.

I recently got a Mary Esther Florida short sale approved by

Property:  Owner occupied home in Mary Esther Florida

Market Value:  $130,000

Senior Lien:  Wells Fargo – VA loan  – $190,000

Junior Lien:  HSBC –  $40,000

Getting the VA compromise sale approved by Wells Fargo was the easy part of this short sale.   Getting approval from HSBC, the junior lien, was a different story.  HSBC had farmed out its collection efforts to a company called Professional Recovery Services.  After months of waiting for a response on short sale approval, PRS finally claimed that HSBC would not allow a short sale because the borrower had filed for bankruptcy a few years ago.  I was asked to provide documentation that the HSBC lien was not included in the bankruptcy.  I did, but PRS said HSBC still refused to look at the short sale, claiming “a bankruptcy is a bankruptcy”.

Undeterred, I contacted HSBC directly, emailing several representatives until I was directed to a negotiator in the bankruptcy department.  Apparently, I had contacted the right person, as he said he would help with the short sale approval. First, though, he needed me to provide a Broker Price Opinion of the property’s value.  I used my Multiple Listing Service to do a detailed market analysis and faxed in the form.  The HSBC negotiator, although polite enough in scripted English, had a problem with my document.

“This is not a Broker Price Opinion” he said, “It says Comparative Market Analysis”. 

“It’s the same thing.  A comparative market analysis is the same thing as a BPO”, I told him incredulously, “What do you want me to do, re-label it?”

PAUSE

 “It looks like a CMA.  I need a Broker Price Opinion done by a Broker” He choked out.

“I am a Broker.  Fine, I will re-label the form with ‘BPO’ and fax it back to you.”

“Thank you, it has been my pleasure speaking with you”, he read from his script.

I re-entered my data onto another form, labeled it ‘Broker Price Opinion’, and faxed it back to HSBC.  The next day I called in.

“You are approved.  It has been my pleasure working with you”.

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

www.ShortSaleSuperstars.com for agents

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 I Need a Broker Price Opinion- This is a Comparative Market Analysis! first appeared on Rulnick Realty.

Here is an approval I just received for a Mary Esther Florida short sale property:

Deficiency… what deficiency?  My theory – they are leaving out the deficiency reference, but not “forgetting” about it!

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

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice.  The information provided is for educational and informational purposes only.  It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

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The post Bank of America Approval Letter- Version 2- What Deficiency? first appeared on Rulnick Realty.

We can see how human nature would dictate that an agent doing a BPO would use the current list price as a guide.  But in a declining market, the “current” value is truly only the “very current” value.  If the BPO value is good for six months or three months, it must be discounted accordingly.  BPO guidelines are often too rigid to account for the rapidly declining market.  Premier Asset Services (PAS), for example, asks for a recommended list price, and a “Quick Sale value that would result in contract within 30 days”.  Thinking that through, the “Quick Sale” price might likely be the ONLY recommended list price in a down market.  Otherwise, pricing the property for perhaps a 120 -180 day sale (usually applicable only in a “normal” market) would require even greater discounting and projecting an even steeper rate of market decline.  Further, PAS requires that sold comps be within 10% of likely sale price after making adjustments.  I can see how BPO agents may not come in with true market value with these convoluted and sometimes seemingly arbitrary restrictions.

The post SHORT SALE BPOs "Teaching to the Test" first appeared on Rulnick Realty.