Artsy decor and lively colors set the tone in this Crestview Florida short sale home at 521 Risen Star in Steeple Chase. Features include much tile and wood laminate flooring, stainless appliances in kitchen, tiled backsplash. Open floor plan with great room. Screened porch overlooking lush koi pond, above ground pool, fire pit for magical evenings. This Steeplechase home has upgraded bathroom vanities, his and hers master baths, upgraded light fixtures. Sitting room can be used as fifth bedroom.  This Crestview Florida home is a south of I-10 for easy commute to Eglin Air Force Base, and Destin Beaches and shopping.  It is a short sale.

Offered at $197,900.

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

Crestview Florida Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Crestview Florida Real Estate Blog

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I received this note today from a Crestview Florida short sale seller.  Her recent VA Compromise Sale was approved by Bank of America. The Crestview home closed last week. 

Hello Wendy,

You were the best thing that could’ve happened in my life at the time, and I am very grateful for your professionalism and dedication to my situation. I don’t believe this process could have happened more smoothly had it been any other agent handling my short sale. I will most definitely recommend you to any/everyone, and call on you again anytime I may need your assistance.

You are appreciated more than know.

Thank you again and God bless you always,
Dee Dee

The kind words from this Eglin AFB VA Compromise Sale seller are what puts the “ooomph” in my day.  It is why I love helping Crestview Florida short sale homeowners.

Thank you, Dee Dee!

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

Crestview Florida Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Wendy’s Crestview Real Estate Blog

The post Crestview Florida VA Compromise Short Sale Seller- Puts “Ooomph” In My Day first appeared on Rulnick Realty.

I received this note today from a Crestview Florida short sale seller.  Her recent VA Compromise Sale was approved by Bank of America. The Crestview home closed last week. 

Hello Wendy,

Thank you again and God bless you always,
Dee Dee

The kind words from this Eglin AFB VA Compromise Sale seller are what puts the “ooomph” in my day.  It is why I love helping Crestview Florida short sale homeowners.

Thank you, Dee Dee!

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

Crestview Florida Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Wendy’s Crestview 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 Crestview Florida VA Compromise Short Sale Seller- Puts "Ooomph" In My Day first appeared on Rulnick Realty.

Two questions always come up when I help with VA Compromise Sales:

1.     How will a VA Compromise Sale affect my credit?

To get a direct answer, I called the Veterans Affairs Regional Office in St. Petersburg (telephone 1-888-611-5916), which covers the state of Florida.  They told me VA Compromise sale is reflected as “settled for less” on credit reports.  “Settled for less” is a common reporting for short sales, as well.  The exact number of points that your credit will be affected depends on your complete credit picture.    Remember, if you missed payments, that will also show up on your credit report.

2.    Will I be able to get a VA loan again if I do a Compromise Sale?

Yes, if you pay back the entitlement that was not paid back to the VA at the sale. Specifically, the Veterans Administration says: Should VA agree to pay the difference between the sales proceeds and the total debt to complete the compromise sale process, the portion of the homeowner’s entitlement used to guaranty this loan will remain tied up until VA is reimbursed in full.

In fact, I am working with a Veteran now who re-paid his entitlement after a compromise sale, in order to get a VA loan again, because the rate and terms were more favorable.  But remember, there are other types of mortgages that will be available to you, if you are unable to seek another VA loan.

If you are a service member or Veteran near Eglin AFB, Hurlburt Field, Duke Field or Whiting Field, and think you might need to do a VA Compromise Sale, short sale or use the HAP program, call me at 850-650-7883.  I can help. 

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

itswendy@rulnickrealty.com

Read  Wendy’s Real Estate Blog

The post How Will a VA Compromise Sale Affect My Credit? first appeared on Rulnick Realty.

The Emerald Coast of Florida has a high military population with both active duty and retired air force personnel.  Eglin Air Force Base is located in Fort Walton Beach, and Hurlburt Field is in Navarre, Florida.  Duke Field and NAS Whiting Field are nearby.  We will be seeing an increase in short sales for GI borrowers when they must relocate during their PCS moves (permanent change of station).  VA Short Sales are called “Offers in Compromise“, “Compromise Claims” or “Compromise Sales”.  The VA may accept a Compromise Sale if the cost to the VA is determined to be less than that of foreclosure.

The VA website says: “If the borrower is unable to sell the property for an amount that is greater than or equal to what he/she owes on the loan, including closing costs, VA may pay a “compromise claim” for the difference in order to allow the private sale to go through. The borrower can sell the property to a buyer who gets his/her own financing or to a buyer who wants to assume the loan. However, with a compromise assumption, the lender does have to agree to have the amount of its guaranty reduced by the amount of the claim payment. In order to be considered for a compromise sale, several factors must be considered.”

VA Compromise Sale Factors:

1. You may only sell the home for fair market value.

2. The closing costs must be “reasonable and customary”.

3. You must have a valid financial hardship such as loss of income, relocation, death of breadwinner, etc.

4. There should not be a second mortgage on your property, unless it is “insignificant”.  If so, you might ask the junior lienholder to release the lien and convert it to a personal note.

5. You should ensure your sales contract is “contingent and/or subject to the approval of a VA compromise sale.”

If you have a VA loan, and need to do a “Short Sale” or “Compromise Sale”, here is what you must do to begin the process:

1. Contact you lender to see if they are an approved VA Servicer Loss Mitigation lender and/or contact the VA regional office servicing your loan directly.

2. Fill out a financial status report form provided by your lender or the VA.

3. Complete a letter of request.

4. Complete a Compromise Agreement Sale Application. You can get this form from the VA or the approved lender.

Final Important Points:

1.  Your lender does not have to agree to a Compromise Sale.

2.  For VA loans originated on or before December 31, 1989, you might have to sign a promissory note at closing agreeing to repay VA for the deficiency remaining after the property is sold.

3.  An experienced Short Sale Realtor should guide you through the sales process, help you determine fair market value and prepare your package for submission to your lender or the VA.

For more information, contact your VA Regional Loan Center.

The post VA Short Sale Guidelines first appeared on Rulnick Realty.