Darling Wells Fargo short sale home in Frangista Beach, Miramar Beach Florida is on its way to “sold”!  58 Los Angeles Street is one street back from Scenic Highway 98 and the Gulf of Mexico with private beach access. There is a big, chilling wrap-around porch and a patio area. Inside find a warm and delightful floor plan with wood floors in the dining and living rooms. This home feels sunny and happy. There is a three car carport/covered area under the home for parking. Frangista Beach, near Destin Florida, is a lively beach community close to a huge variety of shopping and dining.

This was going to be a “Just Listed”  post, but we are under contract already – in just one day!

58 Los Angeles Street, Miramar Beach Florida – Wells Fargo short sale – offered for $293,000.

Thinking about selling your Frangist Beach property? Give me  a call at 850-650-7883

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

Destin Short Sales 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 Frangista Beach, Miramar Beach FL – Wells Fargo Short Sale – Sold in 1 Day first appeared on Rulnick Realty.

Wells Fargo just approved this short sale at The Oaks condo complex in Niceville Florida.  The approval time was less than 60 days, despite Wells Fargo’s taxing use of the Equator short sale processing system.  Here are the details:

Mortgage Holder: Wells Fargo

Balance: appr $190,000

Sales price: appr $82,000

Waiver of Deficiency: yes

Seller contribution: yes

This Oaks condo in Niceville was an investment property. Often, a short sale seller will be asked to “contribute” to participate in the loss when that is the case.  The seller agreed to contribute about $1200, which was negotiated down from Wells Fargo’s initial request.  The seller received a full waiver of deficiency, meaning, Wells Fargo and the investor on the loan would cancel the rest of the debt, and not seek to collect the balance.

If you need to short sale to avoid foreclosure, contact an experienced Niceville short sale agent.

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 The Oaks Niceville Florida Short Sale Approved first appeared on Rulnick Realty.

I just received approval for a Wells Fargo short sale in the Bayou Subdvision, Fort Walton Beach Florida.  The approval was a swift 30 days, but the journey getting there was strange.  Here is a summary

9/29 – Short Sale package faxed to Wells Fargo

10/5 – Broker Price Opinon completed

10/22– Negotiator asks for $1000 cash contribution from seller.  Seller asks if buyer can pay this fee, negotiator says “YES”. Buyer agrees to reduction in buyer credit.

10/23– Revised Settlement Statement (HUD) sent to Wells Fargo increasing their net by $1000 by reducing buyer credit

10/24– Negotiator says “unacceptable”, seller must pay this fee (even though she said buyer could pay this fee earlier).

Seller says he’ll pay the $1000, but asks if he will get still deficiency judgment on the remainder of the loss?  Negotiator says “YES”.  Seller was then going to cancel  the contract.  I advised seller Wells Fargo’s standard approval letter does not seek a deficiency, so let’s proceed and see what we get.

10/30– Short sale approved – no deficiency  

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 FL Real Estate

We got the result we wanted. but it sure was a strange journey!

If you are considering short sale to avoid foreclosure, consider hiring an experienced Fort Walton Beach short sale agent.

The post Wells Fargo Approves Fort Walton Beach Short Sale – Swift and Strange first appeared on Rulnick Realty.

Wells Fargo, formerly Wachovia, has approved a Magnolia Bay townhome in Sandestin Florida as a short sale.   The unusual part of this short sale was that the senior mortgage holder, Bank of America, was not “short”.What does this mean?  The sales price of the property was more than enough to pay the balance on the Bank of America mortgage. That is an unusual situation in Sandestin Florida and vicinity.  Most short sales in the market area are “upside down” on both mortgages.  Usually, the senior lien holder will pay a paltry sum to the junior lien holder to “entice” them to release their lien and allow the sale.  In this case, Wells Fargo was satisfied with about one-third of its balance, and approved the short sale.

Hint:  If you are negotiating with a junior lien, consider offering a cash contribution.  They may then approve your short sale as “settled”.  It will be reflected on your credit report, but you will be done with them.  As always, consult 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 Florida Real Estate

 Sandestin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

The post Wells Fargo Approves Sandestin Florida Short Sale in Magnolia Bay first appeared on Rulnick Realty.

This home at 213 Concert Court in Hammock Bay, Freeport Florida, has been approved to close as a short sale. 

Purchase Price:  $170,000 appr

Wells Fargo mortgage balance:   $230,000 appr

Chase mortgage balance: $60,000 appr

Factors:  Wells Fargo delayed their approval process until the junior lien, Chase issued their own approval.  Chase delayed their approval due to reorganizing internal departments.  Chase also got aggressive with a settlement demand from the seller, which took time to negotiate.

Reminder:  Consider keeping your second mortgage or equity line current if you are doing a short sale.  If you don’t, your file may be sent to a debt collection agency, or to the lender’s charge-off department.  You can still do a short sale, but the creditor may not be as lenient.

If you are trying to avoid foreclosure, consult an attorney and an experienced Freeport Florida 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

Freeport Florida Real Estate

Freeport Florida Short Sales & Pre Foreclosure Help.

Read Wendy’s Freeport Florida Real Estate Blog

The post Wells Fargo and Chase Approve Hammock Bay Short Sale, Freeport Florida first appeared on Rulnick Realty.

I recently got a Mary Esther Florida short sale approved by

Property:  Owner occupied home in Mary Esther Florida

Market Value:  $130,000

Senior Lien:  Wells Fargo – VA loan  – $190,000

Junior Lien:  HSBC –  $40,000

Getting the VA compromise sale approved by Wells Fargo was the easy part of this short sale.   Getting approval from HSBC, the junior lien, was a different story.  HSBC had farmed out its collection efforts to a company called Professional Recovery Services.  After months of waiting for a response on short sale approval, PRS finally claimed that HSBC would not allow a short sale because the borrower had filed for bankruptcy a few years ago.  I was asked to provide documentation that the HSBC lien was not included in the bankruptcy.  I did, but PRS said HSBC still refused to look at the short sale, claiming “a bankruptcy is a bankruptcy”.

Undeterred, I contacted HSBC directly, emailing several representatives until I was directed to a negotiator in the bankruptcy department.  Apparently, I had contacted the right person, as he said he would help with the short sale approval. First, though, he needed me to provide a Broker Price Opinion of the property’s value.  I used my Multiple Listing Service to do a detailed market analysis and faxed in the form.  The HSBC negotiator, although polite enough in scripted English, had a problem with my document.

“This is not a Broker Price Opinion” he said, “It says Comparative Market Analysis”. 

“It’s the same thing.  A comparative market analysis is the same thing as a BPO”, I told him incredulously, “What do you want me to do, re-label it?”

PAUSE

 “It looks like a CMA.  I need a Broker Price Opinion done by a Broker” He choked out.

“I am a Broker.  Fine, I will re-label the form with ‘BPO’ and fax it back to you.”

“Thank you, it has been my pleasure speaking with you”, he read from his script.

I re-entered my data onto another form, labeled it ‘Broker Price Opinion’, and faxed it back to HSBC.  The next day I called in.

“You are approved.  It has been my pleasure working with you”.

It’s Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

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: itswendy@rulnickrealty.com

The post I Need a Broker Price Opinion- This is a Comparative Market Analysis! first appeared on Rulnick Realty.

Sale Price:  $50,000 appr

Faxed short sale package:  November 16

Received Approval:  November 24

Approval Time: 8 days

Promissory Note: None

Cash Contribution:  None

Sales Factors: Complete short sale package, realistic offer price, legitimate hardship, serious buyer.

If you need to sell your home as a short sale in Seaside, Seagrove Beach, Watercolor or Rosemary Beach, Florida, it is best to hire an experienced short sale agent.

It’s Wendy!

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

Seagrove Beach Real Estate

Seagrove Beach, Seaside, Watercolor Short Sales & Pre Foreclosure Help.

Read Short Sale 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 Wells Fargo Approves Short Sale Near Rosemary Beach Florida- In Eight Days! first appeared on Rulnick Realty.