One of my short sale sellers called me confused the other day.  We had his Santa Rosa Beach Florida home under contract as a short sale.  The mortgage holder, Bank of America, had approved the sale recently, and we were moving toward closing.

“Why is Bank of America still sending me letters threatening foreclosure of my Santa Rosa Beach home?” he asked, “They’ve approved the short sale!”

Why would they?  I emailed Bank of America to get their official response. Here is what they said:

“If the loan is delinquent and has entered the foreclosure process it continues, if a sale date occurs while we are working on the short sale we can request postponement from the investor but there is no guarantee of approval. ”
 

What does this mean?  “Sale date” means foreclosure sale date.  Bank of America says they don’t stop the foreclosure process automatically if a short sale is approved.  Well, why not? Here is why: What if the buyer’s loan is denied? What if the buyer doesn’t close? What if the seller changes his mind? There are a lot of reasons why a short sale, or any property, might not close.  If Bank of America stopped their foreclosure process for every instance of short sale approval (or even short sale contract), they would surely lose time waiting for a sale that might never happen.

What is the upside of Bank of America and their investor’s policy? They normally will postpone a foreclosure sale within a few days of short sale closing, but not always.

What should you, as a Santa Rosa Beach Florida homeowner, do when you are facing foreclosure?  There are many options available. You can ask your lender for a loan modification, forbearance or a repayment plan.  If that is not possible, and you cannot keep your home, there are different types of short sale programs you might be able to use, for example: HAFA, FHA Preforeclosure, Bank of America Co-Op, VA Compromise Sale and many more.  Be sure to consult with a Florida real estate attorney and hire a Santa Rosa Beach short sale agent.  You may be able to avoid foreclosure, and rebuild your financial position and your life more quickly than you think.

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

Santa Rosa Beach Florida Real Estate

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Santa Rosa Beach Real Estate Blog

The post Why Are They Foreclosing on My Santa Rosa Beach Home — I Have A Short Sale Contract? first appeared on Rulnick Realty.

 
This Town of Santa Rosa short sale home has great potential for the handyman! Don’t let the boarded up windows scare you! The inside features cream colors, vaulted ceiling and archway between columns, adding pizzaz. The master suite has a his and her walk-in closets and double vanity in the master bath. There is huge laundry room/pantry off the kitchen.

The home is missing its central air conditioning unit, and needs some broken windows repaired.  There are no kitchen appliances, but there is a water heater.  Buyer is responsible for turning on utilities for any inspections. Come look with an open mind, and find your gem in the making!

20 4th St. N, Santa Rosa Beach FL is a short sale listing, offered at $69,900.  All contracts for purchase are subject to short sale lender approval.

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

Santa Rosa Beach FL Short Sales & Pre Foreclosure Help.

Read Wendy’s Santa Rosa Beach FL Real Estate Blog

The post Don’t Let This Santa Rosa Beach Short Sale Scare You! first appeared on Rulnick Realty.

Lovely short sale home for sale at 486 Calle Escada, Santa Rosa Beach Florida.  All brick, featuring 9-10 foot ceilings, open, custom floorplan. Eat-in kitchen next to large pantry space. Living room with fireplace, double French doors with transom windows open to large covered patio. Split bedroom floorplan. The master bedroom is a “suite”, with huge walk-in closet. Roof with dimensional shingles, gutters. Escada is a quiet circle street and subdivision tucked away, yet well-located. Shopping at Grand Boulevard, Baytowne Wharf, Silver Sands nearby. Glorious Emerald Coast beaches a few minute drive!

486 Calle Escada, Santa Rosa Beach FL short sale – offered at $189,900

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

Santa Rosa Beach FL Real Estate

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Santa Rosa Beach Real Estate Blog

The post 486 Calle Escada, Santa Rosa Beach Florida – Short Sale first appeared on Rulnick Realty.

I have a house listed for sale in the Mack Bayou area for $187,100.  The sellers had purchased the home as an investment property but were no longer able to cover the mortgage, as rental rates have decreased on the Emerald Coast.  The home needs work- carpet, paint, etc, and has about six tenants living in it.  After four months of gently lowering the price, and still no offer, we were sitting below what typical market value might be. 
Lucky for us, we got an offer for $185,000!  The first time home buyers were SO excited and loved the home.  Per my recommendation, and since it was Countrywide, their agent structured the contract for a 120 day short sale approval timeline, the buyers put down earnest money, and we eliminated closing costs we know Countrywide won’t usually pay.  The package was submitted.

A few weeks later, I found out during my bi-weekly phone call to Countrywide, that the file was “closed” due to “insufficient offer”. I was dumbfounded.  Yes, the offer was a bit below some of the competition, at about $195,000- $200,000, but not low enough that the file should be “closed” and not even countered.  I did two things.  I contacted a negotiator who had helped me in the past, and I called the short sale department again.  The representative was very helpful, and listened carefully as I explained my bewilderment at the file being closed.  She gave me her email address and I sent in my comps indicating the price was not that far off. I sent the same to the negotiator. A few days later, I got a call from Countrywide.  They told me the file would be re-opened, and suggested the buyers increase their offer by $5000.  We did it.

A couple weeks later, the Countrywide Phase II negotiator told me the offer was still too low, “Could the buyers come up by another $10,000, to match the appraisal?”  The buyers said “no”.  The negotiator said the investor also might require a promissory note, or it would be declined anyway.  I told him the couple had no money, were self-employed and barely getting by.  I also had their primary residence for sale as a short sale.  He said he would submit the package as is and see what the investors would do.

One week later – APPROVED!

In summary, do not give up if you have a strong case. I could have said “OK” when Countrywide told me they closed the file.  I could have put the home back on the market, and waited for six months for another offer.  The buyers would have lost their home.  The sellers may have gone into foreclosure. Countrywide would have gotten even less in the future.  So don’t let the negotiator close the file or close the door on your sale!  Submit a strong offer, one that YOU can justify.  Tell them to let the investor decide.  You may be pleasantly surprised.

The post Santa Rosa Beach Florida Short Sale – Success Story first appeared on Rulnick Realty.