Lot 127 Villa Lago in Sandestin, Florida resort,  just sold! The Baytowne Loop parcel was a short sale with Bank of America.  The listed price for this Villa Lago lot was $65,500. The sale price was $65,000. The property had some past due association fees.  Bank of America paid about $8,000 of the past due fees. The buyer contributed about $2000.  The homeowners associations reduced their final balances due to allow the closing and also to settle in full.  There were two HOA’s in this case – Villa Lago Homeowners Association and the Sandestin Master Association.  I find homeowners associations normally work with sellers in a short sale situation. Why would they reduce the amount of their bill and settle for less?  First,  according to Florida Statutes 72.3805:

Notwithstanding anything to the contrary contained in this section, the liability of a first mortgagee, or its successor or assignee as a subsequent holder of the first mortgage who acquires title to a parcel by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due before the mortgagee’s acquisition of title, shall be the lesser of:

1. The parcel’s unpaid common expenses and regular periodic or special assessments that accrued or came due during the 12 months immediately preceding the acquisition of title and for which payment in full has not been received by the association; or

2. One percent of the original mortgage debt.

What does this mean? That if a Florida property is foreclosed on, the foreclosing entity is only liable to pay an amount equal to the lesser of one year’s association dues or one percent of the borrower’s mortgage debt.  If they get anything more than this amount, as in a short sale where the lender pays part of the balance (and possibly the homeowner and the buyer), they might be pleased and accept it as settlement, instead of waiting for the owner to get a new buyer or pursuing the balance further legally.

Second, an HOA might settle for less than their full balance due so that they will get a new “paying” owner.  If not, they may have to wait months or maybe years for a regular payee.

If you are thinking of selling your Sandestin Florida property, and need a Sandestin short sale specialist, give me a call.

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

Sandestin 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 Just Sold Villa Lago Lot 127, Sandestin Florida Short Sale 32550 first appeared on Rulnick Realty.

This Villa Lago Sandestin Florida building lot  -127 Baytowne Loop, was for listed for sale and on its way to “SOLD”.  It went under contract in little over 90 days.  Villa Lago is a small community in gated Sandestin, with prime golfing available at the Baytowne Golf Course, greens, lake and canal views. You can walk to Baytowne Wharf, dine at fine restaurants, take advantage of tennis, fitness, beach, shopping, bay and more with many memberships available in this resort community. Villa Lago is a non-rental neighborhood with villa style homes. Architectural guidelines for Villa Lago (attached or ask your Realtor) state: All residences shall be two-story construction and have a minimum of 1605 square feet and a maximum of 3100 square feet.

Offered at $65,500, this Villa Lago, Sandestin short sale had multiple offers. The sale is pending final approval from Bank of America.

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

Sandestin Short Sale Agent and Listing Broker

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.

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The post Listing Under Contract – Sandestin FL – Villa Lago, 127 Baytowne Loop first appeared on Rulnick Realty.

This unique short sale home at 2932 Pine Valley, in the Burnt Pine subdvision of Sandestin just sold.  It was built for privacy, surrounded by woods and nature on all sides. The contemporary, stylish Burnt Pine home had tall ceilings, cherry floors and monumental windows showcasing the surrounding forest. The kitchen had granite counters and drop lights. The living room, dining room were impressive, with 14′ celings, surrounded by light. Outside find interesting walkways, decks, stone patios, planter boxes, pergola, pond and places to meditate. Two driveways, one for side-entry garage, the other for guests, and a standing seam metal roof were other features.

Burnt Pine in Sandestin is well-located and opens a Burnt Pine homeowner to a world of amenities.  Sandestin is home to shopping at Baytowne Wharf, the beach, pools, tennis, health club, walking trails, and of course, golf.

2132 Pine Valley Dr., Burnt Pine, Miramar Beach FL 32550 – just sold for $530,000, as a high dollar loss short sale.

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

Sandestin Short Sales & Pre Foreclosure Help.

Read Wendy’s Sandestin Real Estate Blog

The post 2932 Pine Valley, Burnt Pine Short Sale, Sandestin FL – Just Sold first appeared on Rulnick Realty.

Do you think your mortgage is “too upside down” to do a short sale? Think again. Many Sandestin Florida homeowners bought houses and condos with loans over a million dollars in 2004-2007. Today, those property values might worth one-half of their original purchase price. With such high dollar losses and faced with financial difficulty, many of these homeowners don’t think they have a chance at a short sale.Heck, even some real estate agents question me before showing my Sandestin listings.They say:

“I checked public records.You have that property listed at a BIG loss from the original mortgage amount. Can you even get the short sale approved?”

What? The loss amount?Why are you asking me that question? Any loss amount can be approved – if the other ingredients in the short sale are right.Some of those ingredients are: copies of bank statements, tax returns, paystubs, hardship letter, fair market value offer. Wait!This all sounds like a standard short sale!Hmmm…. well, it is!For example, I just received approval on a Bank of America short sale listing in the Burnt Pine subdivision of Sandestin Florida. The original mortgage was over one million dollars, and the net proceeds from the short sale to the lender will be about $490,000. It will be $530,000 less than the mortgage balance.Did the short sale process take longer?Yes, but not much more than the standard time frame.Did the seller participate in the loss? Yes, the seller agreed to a small promissory note and a cash contribution.Did Bank of America waive its right to seek a deficiency judgment? Yes, it did.

How did we succeed getting approval for this high dollar loss Destin Florida short sale?The same way we get other short sales approved.Complete documentation, a strong contract, a serious seller and tenacious follow up

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 850-650-7883 or 1-877-487-9639

Email Wendy: itswendy@rulnickrealty.com

Sandestin FL Short Sales & Pre Foreclosure Help.

The post You Can Sell Your High Dollar Loss Sandestin Short Sale first appeared on Rulnick Realty.

Wells Fargo approved the Elation, Sandstin Florida short sale in less than 45 days.  The unit was under contract in 45 days.  The investor for the mortgage was Fannie Mae, who settled for the net short sale proceeds and waived the right to deficiency judgment.

If you need to sell your Sandestin FL condo to avoid foreclosure, be sure to contact an attorney and an experienced Sandestin 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

Sandestin FL Real Estate

Sandestin Short Sales & Pre Foreclosure Help.

Read Wendy’s Sandestin Real Estate Blog

The post Elation Sandestin Short Sale Approved by Wells Fargo first appeared on Rulnick Realty.

Enjoy the amazing Bay views and nature preserve from this Elation short sale condo in Sandestin Florida! You will find calming colors of the ocean throughout. The short sale unit offers a spacious area to relax and spend time resting up from a day at the Gulf of Mexico beach. Luxurious decor. Dive into the Grand Sandestin pool, or chill out at the “Solstice Club” with bar, grills and more. This Elation short sale condo comfortably accommodates FOUR with king sized bed and a queen sleeper sofa. Eat, dine, shop and enjoy nightlife at the Village of Baytowne Wharf, and steps to the Baytowne Conference Center.  Sandestin also offers top golf, tennis, the beach, gyms and more. Elation is in a quiet corner of the resort, and offers the utmost in refinement in the heart of Sandestin.   

9800 Grand Sandestin Blvd, Elation # 5720 – short sale offered for $74,900.

 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 Elation #5720, Sandestin Florida – Short Sale Condo first appeared on Rulnick Realty.