Destin Florida Short Sales & Real Estate

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.

54 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • August 30 2010 06:45PM

How Much WON’T You Pay To Avoid Foreclosure?

The other day I had a seller refuse to contribute to the loss on her short sale. Her home was $100,000 upside down, and she had been trying to short sale for two years. She told me she absolutely did not want a foreclosure on her record.

During negotiations with Bank of America, the mortgage insurance (MI) company requested the seller pay $3000 to offset some of the $100,000 loss. When they pulled the seller's credit report, they saw she had taken out another loan after she initially defaulted on her mortgage. This is what triggered the request for cash contribution . This is not an uncommon request.

At first, the seller agreed to pay the $3000 to get her short sale approved. All was well.

Or so I thought. A day later, she changed her mind. You see, she had read up on the internet and knew better - she would not pay a dime and they should cover the whole loss.

I told her the short sale would be denied if she did not contribute the $3000. This was about the third round of negotiations. The investor and MI company had done their analysis, and without the contribution, they would simply foreclose. This was not a bluff.

The choice was clear. Invest $3000 for a short sale or invest nothing and get a foreclosure.

If you're curious what a Bank of America denial letter looks like, here you go....

Bank of America short sale approval

* Situation altered to protect identities.

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

69 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • August 26 2010 06:11PM

Regions Approves Waterscape Short Sale, Okaloosa Island Florida

Waterscape Condo for sale

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

Okaloosa Island Short Sales & Pre Foreclosure Help.

Read Wendy's Fort Walton Beach Real Estate Blog

5 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • August 25 2010 01:39PM

Sometimes You Can Be "Too Good" At Sales

Salesmanship

I got "sold” by a good salesman the other day. Yep, buying a pair of sneakers. It was at a fancy outlet mall, and a big national brand. I tried on the sneaks, and they felt a little uncomfortable. The salesman, quite personable, said "You’ll get used to them” and that they were the "best sneakers he ever wore”…. He seemed knowledgeable about shoe construction and foot mechanics. So, with a little knot of hesitation, I took his word for it and bought the sneakers.

Wrong! They hurt. After a few days of attempting to wear them, they would not even fit. The salesman was just TOO good. He had "sold” me-- I didn’t buy. Now I won’t go back to that store again nor ever buy a pair of that brand shoes.

What does this mean to the real estate salesman? Sometimes you can be TOO GOOD at "selling” – what people don’t want.

Some examples of being "too good” when selling to a buyer?

Convincing them it’s the "house for them”, even though they might barely qualify for the mortgage.

Commenting that "the home just needs a little work” to make it perfect, when they aren’t handy.

Saying they’ll "get used to the commute”, even though they complain about gas prices.

Telling them "It’s a great buy!” despite knowing they don’t love the home.

Now everyone normally has some minor objections when they are making a buying decision. It’s part of the customer’s "gut check” process and we all do it. But when you KNOW you are "selling” versus helping them overcome their own objections, you’re headed for disaster.

In the end, what is the outcome? Deals fall through. That’s right. The buyers really didn’t want the home. They found an out. It might be the home inspection. It might be their mortgage qualifications suddenly change. Or they might walk. You see, they didn’t choose to make the purchase, the salesperson pushed them.

The same thing can happen with sellers who don’t really want to sell. They list high. They don’t cooperate. They default, too. The salesman was just too good and "sold” them on listing.

So if you are suave, charming and have a silver tongue, keep it in check. Listen to the customer. Don’t sell them what they don’t want. You may make less "sales", but will certainly have more "closings".

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

44 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • August 13 2010 07:08PM

Destin Florida Condo Sales - Bouncing Back Yet?

Destin Florida Condo Sales 2010

The Deepwater Horizon Oil Spill was on April 20. One can see the corresponding number of Destin Florida condo sales dropped in May through July.

In April there was a year-high of 80 Destin condo sales.

In July there were only 27 Destin condo sales.

The good news is the oil leak correction is well under way. The Destin Florida condo market is showing a positive response, with 66 new units under contract in July.

It will be interesting to watch the bounce in Destin condo sales, as the permanent oil well-fix is in sight.

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

5 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • August 06 2010 05:11PM

How "Instant Messaging" Can Help Your Team

Do you have a real estate team? Is communicating difficult between so many phone calls? When you are on the line, and an important message comes in, how do they let you know without interrupting?

"IM"

IM stands for "Instant Messaging". It is direct communications between users over the internet via text. Some popular IM software for computers includes Windows Live Messenger, AIM Messenger, and Yahoo Messenger. I use Windows Live... well, because I always have.

Instant Messaging Each of my team members has a log-in id, and I can have private communications with several at once, or invite "others" to the message window. This is very convenient, as I can notify my team of important info quickly. In the morning before I get to the office, my team IM's me any messages, and I IM back any action needed. Or, if I am on the phone, they can IM me that someone has stopped in to see me, or an important call is waiting. Since my office is upstairs, and my team is downstairs, this is even more useful. No shouting necessary.

You can also get creative with IM. You can share photos. For example, I was picking out a table for the office, and sent the photo through IM to my assistant to get her "instant" thoughts. You can also send voice clips.

If you want to have "fun" (much needed in real estate), you can send emoticons to express yourself and you can change your avatar hairstyle and clothes, even adding a cup of coffee and backgrounds. I know it sounds silly, but it adds some levity to the day.

Instant Messaging

Anyway, if you haven't tried IM, check it out. You might find you cannot live without it.

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

7 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • August 04 2010 05:35PM

Do You Really LIKE People?

Salesmanship

If you are selling real estate, or anything for that matter, one of the keys to success is liking people. Well, it’s more than just “liking” -- it’s being “interested” and “curious”. I am not talking about faking it. We’ve all dealt with these salespeople before. They say the perfunctory "Hello", then cannot wait to get to the close and get you out the door. If you really “like” people, they can tell.

It's important to show others we are sincerely interested in them. That engenders trust and it's just a good thing.

Here are "like" questions:

1. Do you ask how they are? Or just start talking?

2. Do you know what they do for work? People are usually proud of what they do.

3. Did you hear a bird or a funny noise in the background on the phone, and ask “What is that?”. What a great opportunity to open someone up.

4. Do you hear their voice croaking and ask if they are feeling ok? Or did you go into your script?

5. If they said were going on a trip, did you even ask about their vacation, or just say “When will you be back”?

6. Do you know WHY they want a big yard? Do they garden? Or did you just add it to the list?

7. Do they have kids, how old?

8. What do they do for fun?

9. You saw the sports memorabilia in their office, did you razz them about their team?

10. Why are they moving out of state, is it for family or the weather? That’s nice.

Do you get the picture? People like dealing with people who like them, who are real. They can spot phony. If you're an introvert or extrovert, it doesn't matter. Liking people is what matters. Give "curious" a try, warm up and open up, too. Enjoy.

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

70 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • July 23 2010 06:31PM

Wells Fargo Approves Sandestin Florida Short Sale in Magnolia Bay

Sandestin short sales

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 Short Sales & Pre Foreclosure Help.

6 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • July 20 2010 04:00PM

Filing a BP Oil Claim? Good Luck!

BP Oil Spill

BP Oil Claims? Not fun! Many real estate agents have been affected by the BP Oil Spill in the Gulf of Mexico. So far, I’ve had three contract cancellations with- "Reason: Oil". Why? A high percentage of Destin Florida real estate buyers count on rental income from the condos or homes they plan to buy near the beach. Everyone knows that vacation bookings are down in Destin and South Walton County due to the national media attention to tar balls and potential oil coming ashore. Although the tar balls are cleaned up pretty quickly, and I haven’t personally seen any, I can understand how someone 1000 miles away may prefer to vacation elsewhere to play it safe. That is the main reason buyers might be hesitant to complete their purchases. Hopefully, the progress on capping the well will calm some of the fears of real estate buyers who want Destin, Sandestin and Santa Rosa Beach Florida properties.

Anyway, back to my claims fun. The rumors abound about what BP will or won’t do with regard to paying real estate agent claims. These include: only paying claims for properties located within one “block” of the beach, only paying brokers, only paying salespeople, not paying listing agents, or not paying real estate agent claims at all. I don’t know if any of this is true. But I had to try.

I started by calling the BP claims office and briefly relayed the stories of my three cancelled contracts. I was asked for my address and social security number, and was told “someone would call me back”. About a week later a “Mr. Roy” from BP left me a message. I returned the call and was put on hold, listening to the countdown like in a deli, “You are caller number 32” and so on. Finally, a live disinterested person answered and I asked for “Mr. Roy”. He said, “He will call you back”, then hung up before I could utter one word!

When Mr. Roy called me back he asked for all the information I had already provided. They had my address completely incorrect in their system, which frightened me. He finally said, “Oh, I have the wrong file”. I had to repeat spellings of my city, Miramar Beach, and my name twice. That was not comforting either. Mr. Roy told me I would need three years tax returns, a copy of my social security card, a copy of my driver’s license ("I'm not trying to be being cute", he said, "But copied so we can TELL who you are."), and my profit and loss for the year. I told Mr. Roy, I was not filing for supplemental income, I was filing for three specific business claims. Then he said I did not need to provide the profit and loss.

OK, can you see how I was starting to feel a bit concerned? I should trust BP with my confidential information, such as social security card, driver’s license, etc., when they mix up files from the beginning and employ people who cannot spell? Worrisome to say the least. BP Oil Spill

That is why I decided to hire an attorney. Today I met with him, and produced a package that any short sale agent would be proud of. 6” thick of labeled, numbered and clipped documents. For each claim: listing agreement, HUD, legibility contract, signed contract, cancellation statements and cover sheets. The attorney was wowed and thought I could file the claims myself and save some money. I told him I would rather have him deal with BP for me. Wouldn’t you?

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