There were a few twists to this Fort Walton Beach short sale story. The property was a triplex and there were three loans on it. All were with Regions Mortgage. All were Fannie Mae backed loans.  One problem was that the Okaloosa County Property Appraiser said the Triplex was one property, not three.  Regardless of what the property appraiser said, Fannie Mae, wanted three contracts to review. So we had to break the original contract into three.  Regions Mortgage stated they were waiting for Fannie Mae to respond for “months” to our file.  Regions did not always return emails and phone calls promptly, but they did, however, provide me with the direct email addresses of their negotiators.  This is always helpful. Some lenders, such as Suntrust, do not provide negotiator contact information at all.  Another interesting note – Regions accepted electronic signatures. Bank of America would not accept electronic signatures on a Fannie Mae short sale I recently completed with their company, stating that Fannie Mae’s electronic signature guidelines were too onerous.

Finally, in January, after a small counter offer, and the buyer countering back, we had an approval from Fannie Mae via Regions Mortgage.   Or three, that is!  This property is scheduled to close within the next few weeks.  The seller received a full waiver of deficiency.

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 help

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 Fort Walton Beach Regions Bank – Short Sale Approved first appeared on Rulnick Realty.

Short sale multi-family unit for sale in Fort Walton Beach Florida. A triplex, this property at Birch Avenue consists of three attached townhomes, each with 2 bedrooms, 1.5 baths and 928 square feet for a total of 2784 square feet. Each unit has a private fenced court yard. Handyman will love this part – it needs work!  You may want to replace the carpet, cabinetry, windows and and modernize! What are the current rents? Uni A- $500 , Unit B- $600 Unit C- $500, for total yearly gross income of $19,800. There is off road parking for six cars. This is a Regions Bank short sale with no other lienholders.  It’s hard to find a multi-family unit in the area with such an attractive price.  Birch Avenue is located just off Beal Parkway and Highway 98.

17 Birch Ave., Fort Walton Beach FL – multi-family – offered for $179,700

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

The post 17 Birch St., Fort Walton Beach, FL – Triplex first appeared on Rulnick Realty.

This gorgeous home off 30-A in Santa Rosa Beach Florida has been approved as a short sale.  Located in Lakeside at Blue Mountain Beach, next to Redfish Village, this home was architect-designed with two master bedrooms and many upscale finishes. 

First Mortgage:  Regions –  balance about $750,000

Second Mortgage:  Bank of America – balance about $85,000

Sale Price:  about $375,000

Terms:  Regions forgave about $350,000, but added $75,000 deficiency balance to another Regions-mortgaged property owned by the same seller.  Bank of America settled for $9000, most of it paid from the proceeds of the sale. 

If you are considering short sale to avoid foreclosure, hire an experienced Santa Rosa 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

Santa Rosa Beach FL Real Estate

The post Lakeside at Blue Mountain Beach, Santa Rosa Beach FL – Regions Short Sale first appeared on Rulnick Realty.

Regions Mortgage speedily approved a Waterscape condo for short sale in Fort Walton Beach, Florida.  This Okaloosa Island condo was decorated with luxury in mind. The kitchen had granite counters, undermount sink, stainless steel appliances.  The bunk room was an added bonus. Waterscape has two pools, two hot tubs, waterfall and impressive work-out center.

This Waterscape unit had a Regions mortgage of about $450,000.  The sale price was about $260,000.

How did Regions approve this short sale in just two weeks?

– Complete package submitted to lender
– Strong fair market value offer

If you are considering selling your Okaloosa Island condo to avoid foreclosure, contact an experienced Fort Walton Beach real estate agent who specializes in short sales.

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

Okaloosa Island Short Sales & Pre Foreclosure Help.

Read Wendy’s Fort Walton Beach Real Estate Blog

The post Regions Approves Waterscape Short Sale, Okaloosa Island Florida first appeared on Rulnick Realty.

I received final approval from GMAC and Regions for this pending Destin Florida short sale in Crystal Shores. This unique Destin Florida home at 4495 Ocean View Drive, had a challenging short sale approval process. 

The GMAC Broker Price Opinion came in much higher than the contract price.  I submitted a counter-analysis of my own, which they accepted, proving the buyer’s price was fair.  Meanwhile, Regions did not know which department handled this particular short sale. Then GMAC would not complete their approval process, after three months of negotiating, until they had Regions letter in hand.  

It sounds like a lot, but it was only a few months of wrangling.  In the end, it worked. 

Another Destin short sale approved. Closing July 12. 

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 Crystal Shores Home Approved as Destin Florida Short Sale first appeared on Rulnick Realty.

Regions Bank has approved a Destin Florida short sale in the Sterling Shores condo complex. This unit was in a spectacular setting with views of Gulf of Mexico and luscious pool and landscaping! This smartly decorated unit with breezy balcony provides perfect vacation home to enjoy Destin Florida. Sterling Shores offers a 4300 square foot lagoon pool, workout room, clubhouse, seasonal snackbar, movie theater, wireless internet. Walk to Gulf of Mexico Destin beach across the street.  Great restaurants are adjacent!

This Sterling Shores short sale was approved in about 90 days.  The offer was based on the list price of $169,900.

Should you wish to sell your Destin Florida condo, be sure to contact an experienced Destin 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

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.

The post Regions Bank Approves Destin Florida Short Sale – Sterling Shores Condo first appeared on Rulnick Realty.

What a swift approval for this Santa Rosa Beach Florida short sale home in Driftwood Estates, the Mack Bayou area!  In fact, Chase approved the short sale in about three weeks!  Regions, the junior lien holder, took four weeks. Details:

Home:  66 Driftwood Point Rd., Santa Rosa Beach FL 32459

Original Purchase Price: $464,000 in May 2008

Sales Price:  appr $230,000

Terms:  Chase accepted the offer as “settled”.  Regions, always more difficult, asked for a $100 per month promissory note to pay back 60% of their balance of $25,000.  The note will be re-adjusted in a year.

Seller:  Delighted!

I put this home under contract in four days.  The seller almost didn’t list because she thought there was no time to beat the foreclosure.  I thought otherwise.

Consider hiring an experienced Santa Rosa Beach Florida short sale agent if you are facing foreclosure, and get your property sold.

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 Driftwood Estates, Mack Bayou, Santa Rosa Beach FL Short Sale – Sold & Approved FAST first appeared on Rulnick Realty.

Regions Mortgage has approved a short sale in Holley by the Sea, Navarre, Florida.  Regions has branches primarily in the South and Midwest.  I have found they like to negotiate back and forth on short sales, more so than other lenders.  They normally want a cash contribution, promissory note, or both, and prefer to move their liens onto other of the borrower’s real estate assets.  Regions has gotten some press lately as one of the few lenders who is yet to repay TARP funds to the U.S. Treasury, as well as federal charges against its subsidiary, Morgan Keegan & Company.  Regions is fighting those charges.

They did recently approve this short sale in Navarre, Florida.

Property:  Single family home in Holley by the Sea

Mortgage:  Regions – balance about $210,000

Offer:  about $150,000

Cash Contribution:  $22,000
 
Notes:  Remainder of balance moved as collateral to another property

Regions short sales are not always the easiest, but they can be accomplished. If you need to avoid foreclosure, and do a Holley by the Sea, Navarre, Florida short sale, consider hiring an experienced Navarre 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

Navarre Florida Real Estate

Navarre Short Sales & Pre Foreclosure Help.

Read Wendy’s  Navarre Real Estate Blog

The post Regions Approves Holley by the Sea, Navarre FL Short Sale first appeared on Rulnick Realty.

First Mortgage:  Bank of America, balance $1,300,000

Second Mortgage: Regions, balance $100,000

Sale Price:   $850,000 appr

Bank of America Approval Terms:  $40,000 promissory note, $30,000 cash contribution

Regions Approval Terms:  $15,000 cash contribution

Number of Bank of America negotiators:  5

Number of Regions negotiators: 2

Number of Times Bank of America erroneously closed file:  3

Number of Emails sent:  298

Number of Phone call made: 114

Number of Months for Approval:  8

Seller Relief at Closing:  Priceless

It’s Wendy!

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

Destin Real Estate

Destin Short Sales & Pre Foreclosure Help.

www.ShortSaleSuperstars.com for agents

Read Destin 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

The post Santa Rosa Beach Short Sale Approval: Priceless first appeared on Rulnick Realty.