Destin Short Sales- Emerald Coast Florida Real Estate

 

Are you addicted to your computer?  If you are not blogging, are you surfing the internet?  Or are you updating your Facebook page, tweeting, sharing, emailing or texting?  Do you read the news on your iPhone or Blackberry, and flip from app to app, too?

If you’re like me, your two hands are critical to what you do.  All day.  For hours at a time.  Have you noticed the following symptoms getting more and more of your attention?

1. Do you wake up in the middle of the night because your hands or fingers are numb? Or even your whole arm?

2. In the morning, do your wrist hurts?

3. Does your coffee cup shake in your hand?

4. Is your penmanship starting to look like a doctor’s?

5. It is harder for you to open a jar without banging it with a spoon?

6. Do your fingers feel tight or swollen?

7. Does it hurt to type?

If so, you may be developing Carpal Tunnel Syndrome, where the median nerve in your hand may be pinched from swelling and cause your symptoms.  I found that out when I spoke to my neurosurgeon's Nurse Melanie about a week ago.  Carpal Tunnel Syndrome can be caused by repetitive motion, like typing on your keyboard all day. (It can also be caused by genetics, such as a narrow carpal tunnel).  Right now, I can barly gt out the ltrs….. 

What can you do before resorting to surgery?  Here are some tips from the Mayo Clinic:

1. Try wearing a wrist splint during the day and at night

2. Switch to an ergonomic keyboard, mouse and desk arrangement

3. Take non-steroidal anti-inflammatory (NSAID) drugs like Advil

4. Get cortisone injections

5. Take breaks from constant typing (Yeah, I wish)

Your next step may be surgery to release the ligament pressing on the nerve. Nurse Melanie told me it is a 30-minute procedure with a two-week recovery where you cannot lift anything with the affected hand.  The good news though- you can still type!

 

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

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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. 

 

I just received an approval on a Crestview Florida short sale.  Not just any short sale, but on a VA Compromise Sale.  When a U.S. veteran has a VA guaranteed mortgage loan, and sells his home in a hardship situation for less than the mortgage balance, there will not be enough to pay back his VA entitlement.  That is called a VA Compromise Sale or Offer in Compromise.  In that case, when working with Bank of America, you won't see the dreaded "Deficiency" approval letter, where they "reserve the right to pursue a deficiency".

 Here is the approval letter for a Bank of America VA Compromise sale:

If you need to do a VA Compromise sale or use the HAP program in Crestview, Niceville, Destin, Fort Walton Beach or Navarre, Florida, you should contact an experienced real estate agent.  In fact, I am thinking of one right now :)

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     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

Short Sales, HAP and Offers in Compromise - Pre Foreclosure Help.

Read Wendy's Real Estate Blog

Subscribe in a reader

Subscribe to It's Wendy's Blog by Email

This spacious Mack Bayou short sale home in Santa Rosa Beach, Florida has an open floorplan concept.  The living, breakfast area and kitchen are all combined for great gatherings. This home has a formal dining room and grand entry, with a beautiful stair case. Holographic fireplace with heat and fan built in.  Five bedrooms, yes "FIVE" and over 2400 square feet.  This Mack Bayou short sale home is ten minutes from the Gulf of Mexico beach, Grand Boulevard, Sandestin and Destin Commons.

Offered at $194,900.

It's Wendy!

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

Santa Rosa Beach FL Real Estate

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

Read Santa Rosa Beach Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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. 

 

$70,000 below asking price? 20% off? Those must be the magic numbers, because they are the types of offers I have been getting on some of my Destin Florida short sale listings.  For example and illustration, I have a Destin short home listed in at $420,000.  The two most recent comparable sales were $430,000 and $425,000.  The buyer’s agent presents me with an offer for $350,000. Hmmmm…  will the short sale lender accept $350,000?  I doubt it.

There are “magical” numbers floating around the internet that short sales sell for 82% of list price, or 80% of market value, or 85%.  You get the picture.  I can tell you right now- except for certain HUD and other short sales, there is no standard “percent off” that will guarantee you can buy that property for x amount off.  I can tell you this- what mostly works is…. drum roll…  market value (or pretty darn close!)

Remember, each short sale, whether it is serviced by Bank of America or Wells Fargo or Chase, likely has a different secondary market investor.  The secondary market investor, for example, Merrill Lynch, Bank of New York, etc., for the particular mortgage loan,  will have different criteria for what it desires to agree to a short sale.  There is no “one size fits all”.

Don’t forget to take into account that the investor does not just look at the contract price.  They look at what they will net at closing.  So after paying some closing costs, such as real estate commission, state conveyance tax, doc stamps on deed, tax prorations and past due homeowners association dues, the investor might only net $300,000 on that $350,000 offer.  Are you getting the picture?  In addition, if they do use a standard “percent off” calculation for certain short sales, they are not going to use the list price.  They are going to use their independent appraised value- which might be higher than the list price.

So if you are going to offer an amount substantially lower than market value for a short sale, be prepared.  You’re either going to end up paying closer to market value or you're not going to get the home.

It's Wendy!

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

www.ShortSaleSuperstars.com for real estate agents

Read Wendy's Destin 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. 

Subscribe in a reader

Subscribe to It's Wendy's Blog by Email

 

  

 

I have been negotiating a short sale offer for a Destin Florida condo for about a week.  Today I received the following email from the buyer's agent:

"Here is my buyer’s final offer for the condo.

 

Purchase Price - $150,000

 

$50,000 at closing, $50,000 in 12 months and the other $50,000 in 24 months.

 

Seller to pay all closing costs 

 

Seller to pay 6 months of condo dues

 

He would like an answer by 2pm on Monday."

Enough said.

 

 

 

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

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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. 

 

                                                                                                                            

 

It was almost a year ago that Bank of America approved a short sale on one of my Destin Florida condo listings.  The sale price at the time was $260,000. The sellers owed $410,000 on the unit.  Bank of America approved the short sale requiring the sellers do a cash contribution of $16,000 towards the loss at closing.  Why? Because the sellers were paying two other mortgages on time and they had jobs and regular income.  

Unfortunately, the property did not close. The buyer defaulted after approval because he wanted to buy another condo. 

Six months later I found a new buyer.  The Destin condo market had declined further, so the sale price was  much lower.  Five months later still, I got the short sale approved by Bank of America.  Although little has changed with the seller's circumstances, the investors on this loan were much more lenient the second time around.

Property:  Destin Florida condo

Ownership type:  Investment

Sale Price:  $211,000  (one year ago- approved price was $260,000)

Mortgage Balance:  $410,000

Cash from seller: -0- (one year ago- $16,000 cash contribution was required)

Promissory note from seller: -0-

Needless to say, the sellers are delighted.  The question remains, though, why were the investors more lenient with short sale approval terms the second time around?  Not only did they accept $50,000 less – they required no cash contribution from the seller.  This may mean investors are loosening up their approval guidelines in general, cutting their losses and moving forward.  It may be good news for homeowners in trouble who are considering a short sale.

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

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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. 

Subscribe in a reader

Subscribe to It's Wendy's Blog by Email

 

 

Curious what will happen to your credit score after a short sale?

 

The answer is… it depends.  How many mortgage payments did you miss?  How much debt do you have?  What is your outstanding balance to available credit ratio?  What is your overall payment history?  Your “point” impact will be calculated by FICO based on these and several other criteria.  Here is an actual example of how a short sale affected my Destin short sale seller’s credit score.

 

Property:  Destin short sale condo – investment property (not owner occupied)

 

Lender:  Aurora Loan Services

 

Number of Missed Mortgage Payments:  23

 

Short Sale Reporting:  “Settled for Less Than Full Amount”

 

Previous Credit Score: 745

 

“During Short Sale” Credit Score:  646

 

Credit Score 30 Days After Short Sale: 732 687 and 679 (from the three credit bureaus, Equifax, Transunion and Experian)

 

My Destin short sale seller was amazed that his credit score seemed to shoot right up after his short sale was complete.  This is not always the case. The bottom line is – you won’t know how your score will change until you complete your short sale.  But don’t be dismayed, you CAN start to rebuild your credit immediately.  And don't be suprised if your financial future is brighter than you think.

 

It's Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

www.ShortSaleSuperstars.com for agents

Read Wendy's Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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. 

Subscribe in a reader

Subscribe to It's Wendy's Blog by Email

If you have not joined yet - now is the time.  www.ShortSaleSuperstars.com

 

    

 

Are you an Eglin AFB or Hurlburt Field airman PCSing soon?  If you own a home, have to sell, and owe more than your property is worth, there may be help available so you can avoid a foreclosure or even a short sale.  The U.S. military Homeowner Assistance Program (HAP) may help you by covering most of the loss to your mortgage holder.

These are the basic qualifications for HAP:

1.  You must be PCSing more than 50 miles
2.  You purchased your home or entered into a contract to buy it before July 1, 2006
3.  It was your primary residence (not a rental)
4.  Your orders were between February 1, 2006 and September 30, 2012.
5.   Your home must have declined at least 10% in value.  (That should not be in problem in the Eglin AFB and Hurlburt Field market). 

HAP may cover 90% of your loss from your original purchase price, with you bringing the difference to closing when you sell your homel  If you apply for HAP and are moving from Eglin AFB, Hurlburt Field, Duke Field or Whiting Field, here is part of an email you may receive from the HAP Savannah District:  

 

         " We cannot estimate or pay benefits until you have provided all requested information, are determined eligible, and have sold your home or have it under contract.  You are encouraged to send in the information we request since we cannot determine your eligibility without it.The government acquisition option for... applicants involves the government purchasing your home and selling it immediately to your buyer in a subsequent transaction.  This option is for those who cannot afford to close without it.  You are advised to make every effort to sell your property at the highest reasonable price under current real estate market conditions.

        Please note we will require a fully signed HUD-1 Settlement Statement from when you bought your home.  Please send this document for inclusion in your file.If you listed major improvements in your application, you must provide receipts for these items if you would like them to be considered.  Current guidance is that the Prior Fair Market Value is the purchase price, but it is anticipated that there may be an adjustment for improvements in the final guidance.  Improvements and receipts must be in accordance with the guidelines established in IRS publications 552 & 527 (http://www.irs.gov/)."

The great news about this HAP guideline, is that your monetary assistance may be based on your cost plus improvements, not just your initial purchase price.  This means, HAP may cover more of the loss to your mortgage holders - so YOU will have to bring less funds to closing to cover the difference. 

If you plan on selling your home for a PCS from Eglin or Hurlburt in Navarre, Destin, Fort Walton Beach, Niceville, Crestview or Mary Esther,  Florida, contact a real estate agent who specializes in the HAP program.  Don't let your home go to foreclosure!

It's Wendy!

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

Eglin AFB and Hurlburt Field Real Estate

Short Sales & Pre Foreclosure Help.

Read Wendy's Emerald Coast Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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. 

Subscribe in a reader

Subscribe to It's Wendy's Blog by Email

 

If you haven’t heard recently, Bank of America short sales are getting even… well, weirder.  Their new plan is to implement an online system where real estate agents and borrowers can upload their own short sale information.  It sounds great-- and it would be--if it worked.  OK, you might have heard one or two success stories, but I can tell you from practical experience, until this system is refined your Bank of America short sales might take… longer! 

The new system is called Equator, formally REOTrans.  It is really a jerry-rigged uploading site that is also used for foreclosure (REO) offers to Bank of America. Here is my experience with it so far.

Day 1:  I fax in my package to Bank of America for a new Destin short sale

Day 7:  I call in to confirm the fax was received, as it takes Bank of America several days to recognize new faxes.  No, and they cannot find my loan number.  There is no such loan number!  Huh?  I call my seller.  She says the loan number was changed in the past week.

Day 10:  After faxing in a new authorization, I call Bank of America (BOFA) back with the new loan number.  They said they changed the loan number because this file is going to their new online system, Equator.  They instruct me to upload my short sale package online.  My seller must also call in to get her own special password to use the system and upload her own financial documents.

Day 11:  My seller calls BOFA during the day from work.  She is on hold over one hour and transferred twice.  During her hold time, she emails me “Still on hold, but they ‘look forward to talking’ with me soon’”.  After she completes her call she tells me “I cannot believe this is what you deal with all day”.  She forwards me her password so I may upload all her documents for her.  This means, all the tax returns, bank statements, financial worksheet, paystubs, etc.  Each document must be scanned into our computer system as a separate file so we can upload them when asked.

Day 12:  We try to access Equator with my seller’s password.  Login fails.  No luck.  

Day 13: We log in under my agent id.  Here we upload our authorization and answer questions about the offer.  Non-invasive questions like, “What is the buyer’s birth date?  What are the first five digits of the buyer’s social security?” 

FINALLY, we get to the offer amount.  Let’s use $160,000 as an example.  OFFER REJECTED – insufficient.  HUH?  The last sale in this Destin condo complex was $150,000.  So, why is our $160,000 offer insufficient?  Who can I talk to?  The machine?  I call Bank of America and they repeat, the system says “insufficient”, didn’t I get a rejection email?  “From generic.negotiator@bankofamerica.com”, I told  them.  Well, that is who you should email, I am told by the BOFA rep.  "You are kidding, I am to email the “generic” negotiator?"  The rep says, "Yes, that email is checked by different negotiators all day".  OK, who am I to question the authority of Bank of America?  I email generic.negotiator@bankofamerica.com (like an idiot) and of course the email address is invalid.

Day 14: Today.  Plan B.  I’ll let you know how it goes.  And I wish you better luck with Equator.

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

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. 

Subscribe in a reader

Subscribe to It's Wendy's Blog by Email