Destin Florida Short Sales & Real Estate by Wendy Rulnick

Your Destin Florida home is for sale as a "short sale". You're about $300,000 "upside down".  You just received an offer you feel is too low.  I agree - it is a waste of time to send a contract significantly lower than market value to your short sale lender. So you counter the buyer's offer, they accept, and you now have a contract. What happens next?

1. We send the contract with a preliminary settlement statement and all your financials to  your mortgage lender.

2. Your lender orders a Broker Price Opinion or Appraisal on your property.

If the appraisal comes back much higher than the contract price, the lender will counter the offer. The buyer can accept or reject that.  (Most of my short sales are approved because my pricing is pretty good, and I counsel my sellers to counter if the offer is too low.  However, the BPO agent or appraiser can ALWAYS have a different opinion. All a valuation is – is OPINION.  Once in a while, you get a dumb appraisal and you cannot get the offer together. You just put the house back on the market. The valuation is usually only good for 60-90 days, but sometimes 180 depending on your loan type.)

3. Your finances, hardship and loss amount are analyzed.

4. The short sale lender will then approve the sale as delegated authority for the investor or send it to the investor on your loan to approve. (Your lender is usually just the "servicer" for the investor, who reaps the benefits of your mortgage payments.)

5. In some cases, they ask the seller for a cash contribution or promissory note at 0% interest.  Sometimes both.  The figure is normally negotiable, but it’s best to be prepared for “something” in order to get a full waiver of deficiency. 

6. The short sale is approved.

7. The buyer finalizes his loan and closes.

The short sale approval process can take 60 to 120 days to complete, and require hundreds of emails, faxes and telephone calls to ensure success . This is a quick explanation - I hope it helps!

It's Wendy! 

Wendy Rulnick, Broker, Rulnick Realty

Call toll-free 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.

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

This Destin Florida home on 90 Legion Park Loop was just approved for short sale by PHH, who services Coldwell Banker Mortgage. 

Mortgage Balance:  $400,000 appr

Sale Price:  $185,000 appr

Faxed short sale package:  September 29 (final contract) AND April 24 (initial contract)

Received Approval:  November 19

Time for Approval:  Almost SEVEN months **

**Notes:  Original short sale contract (buyer walked) was submitted on April 24.  PHH/Coldwell Banker Mortgage never finalized approval on that submission.  Thus, the second contract faxed on September 29 was just a continuation of the initial process. For several months, PHH would rarely return my phone calls, emails or have any information as to status of this file.  This Destin short sale was finally approved, in all probability, because it was escalated due to imminent foreclosure sale. 

In conclusion, based on this experience and a similar one in process, PHH is still vying for top spot in "10 Worst Short Sale Lenders" of 2009.

If you need to sell your home as a short sale in Destin, Miramar Beach, Sandestin, 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.

Destin Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy's 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

Call Wendy Rulnick, to list and sell your home or condo on the Emerald Coast of Florida in 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.   Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.  Wendy has been interviewed by Kiplinger Personal Finance Magazine and Business Week magazine, as well as appeared in Florida Realtor Magazine.

This East Pass Towers II  condo on Holiday Isle in Destin Florida is a stunner! You will have great views of both Destin harbor and the pass from two unique balconies! Upgrades galore including a spectacular kitchen for the gourmet - miles of granite counters for buffet line, baking or Top Chefing. All new appliances 2006, custom designed Kohler sink. Wetbar with bowl sink, silver leaf backsplash, silver leaf ice maker. Bamboo-look columns and bamboo floors (2006), designer lighting, pulls, faux paint add drama. Private master suite. Secondary bedrooms have separate doors to balcony. Tons of storage, pantry, shelving makes this Destin short sale condo more like a home.  Armour Screen brand hurricane protection ($10,000) for see-through protection from wind. East Pass Towers is located on the end of Holiday Isle.  This Destin short sale condo setting offers sparkling views of A.J.'s, harbor lights and the pass to the Gulf of Mexico.  Destin beach is at your feet, as this condo is right on the water! Destin short sale offered at $475,000

When selling your Destin short sale property, hire an experienced short sale specialist.

"It's Wendy!"  Wendy Rulnick, Broker, Rulnick Realty, Inc.

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine".

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

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've received 3 Short Sales approvals on the Emerald Coast of Florida in past seven days. Here is the summary and the "key" to each approval, presented as "Problem" and "Solution".

Case #1

Destin FL condo

First Mortgage: Countrywide

Second Mortgage: DCS (MI company who bought Countrywide's second)

Problem:  Countrywide thinks value is $285,000, offer is $265,000

Solution:  Listing agent provides market narrative and market analysis proving the offer is good and "lucky"

Case #2

Niceville FL house

Mortgage: Aurora Loan Services - with Mortgage Insurance

Problem: MI company BPO agent uses incorrect square footage, overvaluing house

Solution: Listing agent catches error before BPO is complete, discovered by a "courtesy" follow-up call to BPO agent

Case #3

Destin FL house

Mortgage:  Citi Group

Problem:  Citi "accidentally" counters by $17,000 too low, buyer accepts the counter, Citi emails they "goofed"

Solution:  Listing agent proves to buyer Citi's revised counter is valid, based on market comps

Conclusion:  Each Short Sale was approved.

It's Wendy!

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

Search Destin Florida real estate and vicinity.

Short Sale Pre Foreclosure Help.

Read my Blog.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.  Call toll-free  1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *3 Short Sale Approvals - The Key to Each* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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