Senior Lien: Wells Fargo
Balance: $275,000
Junior Lien: Compass Bank
Balance: $115,000
Original Purchase Price: $485,000
Market Value: $290,000
Status: Short Sale Approved by both lienholders

Notes: Wells Fargo uses the Equator Platform for short sale processing. It is an online program where the short sale listing Realtor uploads seller financial documents, preliminary settlement figures and more for analysis by Wells Fargo. Other lenders share this platform, such as Bank of America and GMAC, but Wells Fargo’s requirements are more tedious.

This was my first short sale with BVVA Compass Bank, the junior lienholder. It was interesting. The institution’s personnel are pleasant. Their short sale policy, however, requires that the file be in their internal “charge off” department before they will negotiate any terms.  They will not speed up their internal timelines to process a short sale, without exception. It is not the case that they have a plethora of files, it is just their timeline, which can take months, and they stick to it. This caused a long delay in the process, as we had Wells Fargo approval in about 45 days.  Compass does its short sale processing through email, fax and phone, and it is fairly easy to get ahold of a human being. They appear to favor promissory notes and cash contribution combinations, but will negotiate.

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

Niceville Florida short sales

The post Windward Short Sale, Bluewater Bay Florida – Approved Compass Bank first appeared on Rulnick Realty.

Wells Fargo just approved this home in The Woodlands, Bluewater Bay, Niceville Florida, for a VA Compromise Sale.  A VA Compromise Sale is similar to a short sale. The process is not always “smooth”, and this one had a few issues, too.

The Problem:

VA appraised the home for more than the contract price. The buyer would not increase his offer to meet the VA required net proceeds of 88.13% of the appraisal.

Since the buyer would not pay more for the property, could the seller make up the difference? Normally, the answer is “no”.  VA frowns upon the seller bringing funds to closing, since a VA Compromise Sale is supposed to be a hardship situation.

The Solution:

We were allowed to go forward by providing a “gift letter” supporting seller bringing funds to closing that were “gifted”, not loaned, to meet the VA minimum net.

The good news for the seller was VA does not expect repayment unless they want to get a VA mortgage in the future, and the Wells Fargo HELOC waived any right to a deficiency through our negotiations.  The seller never missed a mortgage payment, which will minimize credit impact.  (Although VA is quoted as saying the borrower must be “behind”, that is not always the case.)

If you have a VA loan on a home in Niceville, Florida, are “upside down” in your mortgage, and need to sell, consider a VA Compromise Sale.  As always, consult with an attorney and an experienced Niceville FL short sale agent.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Read Wendy’s Niceviile FL Real Estate Blog

The post Bluewater Bay Florida Home Approved For VA Compromise Sale first appeared on Rulnick Realty.

Have you always wanted to live in Bluewater Bay, Niceville, Florida?  Imagine your new home on this wooded half-acre lot on cul-de-sac.  The Bluewater Bay short sale lot is within walking distance to Bay, marina, tennis and pool! Golf available, too! Niceville is only a ten minute drive across the Mid-Bay Bridge directly to Destin Beaches, Destin Commons and more. Buy this beautiful Lido Village lot now for your future Bluewater Bay home, or we can have a new home built for you!

Offered at $104,900.

It’s Wendy!

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

Niceville FL Real Estate

Niceville Short Sales & Pre Foreclosure Help.

Read Wendy’s 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

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 Lot 5 Capri Cove, Bluewater Bay Short Sale, Niceville, Florida first appeared on Rulnick Realty.

Offered at $99,800.

It’s Wendy!

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

Niceville Real Estate

Niceville Short Sales & Pre Foreclosure Help.

Read Wendy’s 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

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 Lot 17, Wren Way, Magnolia Forest, Niceville Florida – Bluewater Bay Short Sale first appeared on Rulnick Realty.

Just one of my normal days selling real estate and short sales in Destin, Florida…

 Buyer agent emails me to say buyer is “walking” if no response from Niceville short sale lender this week.

 Another buyer agent calls me to say buyer is “walking” by October 31 if no approval given on Destin short sale condo.

 Another buyer agent calls and emails me three times asking when the approved Bank of America Santa Rosa Beach short sale can close.

 Another buyer agent calls to ask if my seller will put $7000 in escrow for “as is” short sale for roof repair, HUH?

Bank of America emails me asking for all new financials and a revised settlement statement within two days, or they will close the file on a Sandestin short sale. 

 Two days before closing on Destin short sale condo, I am trying to obtain junior lien approval letter from Suntrust Bank.  They have been promising the letter for a month. 

 Seller emails me that an agent left the door unlocked after showing his property.  Seller is upset.

  Buyer agent for Fort Walton Beach short sale calls to ask for status on approval.

 On hold 40 minutes with PHH for Niceville Florida short sale.  I ask for supervisor of supervisor, as this short sale has been in process seven months.  I finally have to hang up after hold music gives me a headache.

 Checking on another Suntrust approval,  I am told no BPO or appraisal has been ordered after 60 days.  I ask “When” is it going to be ordered.  The rep tells me she would be a “rich woman” if she could answer that question every time it is asked.

 Checking on Aurora Loan Services short sale.  They say they have moved back all approval estimates by another 30 days.

 I let Navarre short sale seller know we cannot sell her property if we cannot show it. Tenant-occupied and every showing is denied.

 My computer starts typing on its own, repeating the same character ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, for ten minutes.  This is the third time in two weeks.  I am shut down!  I replace the mouse and it starts working again.

 I create a ten-point counter-offer addendum for Destin short sale seller to respond to an offer.

 Another buyer agent emails me buyer is walking if my Santa Rosa Beach short sale seller won’t agree to his bank’s demands for deficiency balance to be paid.

 Good email- Boeing relocation for Destin buyer (wow, non-short sale work)

 Get pre-approval letter for buyer for Fort Walton Beach commercial property.  Letter is dated 1999.  My seller is concerned.

 At the end of  the day, I tell my husband I am exhausted, as it was a bit stressful.  He says, “You wouldn’t have it any other way.”

 He is 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 “Day in the Life” of a Destin Short Sale Agent first appeared on Rulnick Realty.

Did you know that almost 1 in 4 Florida home loans are delinquent?  Even though most of my real estate business in Destin Florida is short sales, this news has stunned me.  According to an article by the Miami Herald, 23% of Florida mortgages, or 807,000 of 3.5 million loans are in foreclosure or have late payments by a month or more.

So, if you live in Destin, Niceville, Fort Walton Beach or Navarre Florida, look up and down your street.  If you are out buying groceries in Crestview or Santa Rosa Beach Florida, look at the people in line with you. 

Your neighbors, co-workers, gym buddies, friends and aquaintances are part of this group of homeowners who are hurting.  They have lost jobs or income.  They may not tell you, but how can they not be affected?  You do know someone who is behind in their mortgage, don’t you?

Or maybe it is you?  Don’t be ashamed, and please don’t be afraid.  There is help for you to avoid foreclosure or avoid losing your home.  You are not alone. 

Your first step, if you are in financial trouble, is to contact your mortgage lender.  Your lender may be able to:

Modify your mortgage terms for lower payments by extending the length of the loan

Reduce your mortgage interest rate

Temporarily suspend payments

Allow missed payments to be paid back over time

Decrease your total mortgage amount

If you cannot keep up with your bills contact the Consumer Credit Counseling Service or the National Foundation for Credit Counseling.  Groups like CCCS help people with debt management.  They may be able to arrange a plan with your creditors to lower monthly payments and save a dire financial spiral.  Organizations that work with consumers to manage debt usually charge a small monthly fee, but only if there is capacity to pay.  

If you have already been served a complaint for foreclosure on your Destin, Niceville or Santa Rosa Beach property, it is not too late to see if your lender can help you.  If not, seek legal counsel and consider your alternatives.

Finally, a “short sale” may spare you from foreclosure and allow you to sell your home for market value, even if that is less than your mortgage balance.  A short sale is better for your future financial future than foreclosure, and you may be able to buy another home in two years or even less.  Many lenders allow this option.  But don’t wait until it is too late. 

Take action and pick up the phone today. Be “pro-active”, and take care of yourself, your family and your future. 

It’s Wendy!

Wendy Rulnick, Broker, Short Sale Specialist

Rulnick Realty, Inc

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 Destin, Santa Rosa Beach Florida Foreclosure Help first appeared on Rulnick Realty.

 If something does not “add up”, be prepared for the following questions and requests:

1.   Why do you list a car payment expense, when your credit report shows it’s paid off?

2.   Why do you show credit card bills higher than what is on your credit report?

3.   How are you spending $6,000 a month on bills, when you have no income or savings?

4.   What was the $15,000 withdrawal from your bank statement last month?  Where did it go?

5.   What is $2000 per month “miscellaneous” expense? Please itemize this.

6.   Provide a copy of your bank statement from account XYZ, that was used to transfer funds into your checking account. 

7.   Provide a copy of ABC bank statement that you listed when you first bought the property.

8.   Why are you listing a mortgage expense from a house you have sold?

9.   What happened to the $70,000 capital gain from your last year tax return?

10. Why are your food expenses $1000 per month for a two-person household?

 Remember, be thorough and honest, or your short sale lender will let you know!

 It’s Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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

The post Short Sale Sellers: Don’t Fudge Your Financials! first appeared on Rulnick Realty.

Welcome to Swift Creek, one of Niceville Florida’s “nicest” communities.  Striking nature, tall trees, phenomenal homes entice you.  Swift Creek has parks, playgrounds, stocked ponds, fishing pier and nature trails.  There is a 3.7 mile walking/jogging course tor your enjoyment of the beautiful surroundings here. The community center has children’s play area, picnic tables, tropical bar, living room and kitchen for your parties.  Swift Creek has a neighborhood pool with outdoor kitchen, tennis courts and basketball half-court.

This gorgeous custom home at 242 Sweetwater Run has luxurious touches throughout. The entry is a “wow” with gleaming wood stairway, formal living and dining room. Kitchen opens to great room space with dramatic fireplace. You’ll love the enormous granite breakfast bar, center isle, Kitchenaid appliances, convection microwave and tile back splash.

First floor master suite opens to pool area, has sensual bath space with soaking tub and large walk-in jetted shower. Second floor living room for office, study or game room. Exterior offers lavish landscaping, pool with with 6′ jetted spa, set up for polaris, gas pool heater. Back doors alarmed, laundry room with basin sink, 2 a/c systems, central vac. It is concrete block construction. This Niceville Florida short sale home is over 3600 square feet, with 5 bedrooms and three-car side entry garage. 

Offered at $527,900.

It’s Wendy!

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

Niceville FL Real Estate

Niceville Short Sales & Pre Foreclosure Help.

Read It’s Wendy’s 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 242 Sweetwater Run, Swift Creek, Niceville FL- Short Sale first appeared on Rulnick Realty.

This home  at 1694 Valparaiso Blvd., in the Pinecrest subdvision in Niceville Florida, has just been approved for short sale!

Lender:  Suntrust – both first and second mortgage

Servicer: First American Loss Mitigation Services

Loan Type: Fannie Mae

Hardship:  Job Loss

1st Mortgage Balance:  $192,000

2nd Mortgage Balance:  $40,000

List Price: $149,000

Cancelled Debt:  appr $83,000

Time for approval:  75 days

To avoid foreclosure and sell your Niceville real estate as a short sale, contact an experienced real estate agent who specializes in short sales.

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It’s Wendy!

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

Niceville FL Real Estate

Niceville Short Sales & Pre Foreclosure Help.

Read Wendy’s 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 Niceville real estate: 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.

The post Suntrust Approves Niceville Short Sale first appeared on Rulnick Realty.

Are you enlisting me to help you sell your Short Sale?  I know you’ve been through a tough time of late.  I understand, and empathize.  I want to help you out of your situation with an upside-down mortgage, a need to sell your property, and a way to avoid foreclosure.  I will go “all out” to help you.  I will implement a 60-point checklist.  I will organize your documents.  I will call your lenders.  I will get you a written offer for your property, and prepare a package for approval that will be hard to deny.  During that time I will have made an average of 68 phone calls, sent dozens of emails, faxed a hundred pieces of paper and expended weeks of man-hours on your behalf.  I will do my part–  and if you are denied– it won’t be because of me.  But guess what?  YOU have to help.  I cannot do it alone.  So, before signing on the dotted line and hiring me to help you with your Short Sale, I need a commitment.  YOU, the Short Sale seller, promise and commit to the following:

You will return your listing paperwork to me within 3 business days.  That includes property disclosure, mold disclosure, condo disclosure, homeowners association or any other applicable disclosures.  I cannot represent your real estate properly without the same.

You will return your Short Sale documents to me within 3 business days.  This means your hardship letter, last two years tax returns, financial worksheet, letters of authorization, paystubs and bank statements as I require. If you don’t disclose your financial information, you are NOT going to get approved.  If I don’t have authorization to speak with your lender, I won’t be able to help you.

You will keep your house presentable to show.  Please move your truck for your photograph and close the garage door.  Please vacuum the dog hair.  Please pick up the clothes and dishes.

You will provide a key for access to your house.  I will install a lockbox. I cannot sell your home by “appointment” only.

You will not rent the property for one-year term, with no early termination.  I cannot get an investor to buy your property in this market with a one-year lease.

You will disclose any liens on your property.  You will not “forget” there is a second mortgage.  Or an IRS tax lien.  If you do, you are wasting your time, my time, your lenders’s time, the buyer’s time and the buyer’s agent’s time.

You will inform me of any paperwork you receive from your lender, especially a Motion for Summary Judgment.  I need to know how long we have to sell the property, or I cannot do my job.

You will not remove appliances.  You will not strip the oven, dishwasher, microwave and garage door opener.  This will lower your market value in such a way that your lender’s appraisal will not adequately reflect the damage, and your Short Sale may not be approved.

You will consult an attorney and/or accountant.  When I tell you that you need to consult a lawyer or tax specialist, you will not speculate.  When I tell you I am a licensed real estate agent and you have addressed an area outside my expertise, I mean it.

You will not “change your mind” in the middle of your short sale, or you will be prepared to pay a cancellation fee.  Changing your mind includes doing a deed-in-lieu of foreclosure, trying to modify your loan or filing bankruptcy.  If you do, you cannot expect my forthright efforts will have been for free.

You will not “change your mind” after you have signed a contract.  In doing so, not only will you incur a cancellation fee, you may be sued by the buyer for performance, damages and maybe more.  Consult with your attorney on that one.

You will respond to my emails and phone calls.  Please don’t hide from me.  I cannot move forward when you are missing, in denial or don’t know what you need to do.

You will take the Short Sale process seriously. When your lender, through me, asks for documentation, they mean it, too.  They won’t forget.  If you don’t provide the required documentation, they will deny your Short Sale and your file will be closed.

In summary, if you want to hire me to help you- I will perform.  If you want to succeed, you must perform.

The post Destin Short Sale Sellers: Commit to Get Your Home Sold first appeared on Rulnick Realty.