Destin Florida Short Sales & Real Estate by Wendy Rulnick

Crestview Florida 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.

3 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • July 09 2011 11:43AM

Hot Topics in Short Sales with Broker Bryant - a Free Teleseminar at SWS

Hear Bryant Tutas, my www.ShortSaleSuperStars.com partner, talk about, what else? Short Sales! Hurry and register. The wonderful Jennifer Allen will be interviewing him tomorrow in a Free Teleseminar. Register below!

Via Jennifer Allan, Author of Sell with Soul (Sell with Soul):

It's been a year and a half since we had Broker Bryant Tutas in the SWS Virtual Studio to talk about one of his favorite(?) subjects - the short sale! We're definitely past due to have him back on to update us on what's new and exciting(?) in the wonderful(?) world of the short sale.

Broker Bryant is the co-founder of the Short Sale Superstars network (www.shortsalesuperstars.com) which has a membership of several thousand real estate agents who want to master the art of the short sale to serve their clients who desperately need their help. It's free to join, so check it out.

And come to the show prepared to ask questions! Broker Bryant loves to share his knowledge spout his opinions so let's give him that opportunity and maybe even see if we can't stump him a time or two! (I doubt it, but it'll be fun to try).

Seriously - this will be a show for YOU - to answer your burning questions about the short sale process and hopefully help you improve your odds of seeing that short sale to closing. Not only so that you enjoy your paycheck, but also to earn the undying love and support of your grateful sellers.

Join us?

THE DETAILS

Date: Saturday morning, November 13th, 2010
Time: 8am Pacific / 9am Mountain / 10am Central / 11am Eastern
Duration: 60 - 90 minutes
Equipment Needed: Nothing fancy - just a phone and/or computer
Cost: Free, but you must register, below

REGISTER FOR THE SHOW HERE

What's all this about
Selling with Soul?
Download a digital copy
of SWS absolutely free!

8 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • November 12 2010 06:25PM

I Got My Job Back! What Do I Owe You?

Crestview Florida short sales

Yesterday I got an unexpected call. My Crestview Florida short sale seller has some good news! He had originally contacted me because his Fort Walton Beach company was downsizing. He had no choice but to relocate when they moved his position to another part of the state. His wife had also lost her job.

This Crestview Florida seller listed his property as a short sale, because he could not rent out his house to cover the mortgage payments. He also did not have funds to cover the mortgage balance if he sold, since the property was worth far less than the original purchase price. I had his house for sale for two months, and did my normal extensive online marketing.

When he called me he said his company was sending him back to Crestview! He missed the Fort Walton Beach area and would be able to move back to into his home. He had to settle up with Wells Fargo, his mortgage holder, because he was several payments behind due to his move. He told me he knew he owed me because of my time and expenses involved in marketing his house.

“What do I owe you?” He asked.

I told him, “Nothing! Just remember me next time you need to sell”. He said of course he would, since I was the first one he thought of when he listed! I was just happy for this rare story. A job saved, a family back home, and a foreclosure avoided.

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 Short Sales & Pre Foreclosure Help.

Wendy is a short sale and pre-foreclosure and HAP 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.

80 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • October 12 2010 02:07PM

How Often Should You Call the Short Sale Listing Agent?

Buying short sales

If you are a short sale buyer’s agent, it can often be frustrating waiting for any scrap of information for your buyer. After all, it might be three to five months before you get short sale approval. You don’t want to lose your buyer. It’s best to give them as much information as possible so they feel part of the process.

But just how often should you call the listing broker to check for status? I get a wide variety of buyer’s agents selling my Destin Florida short sales.

Agent Mellow: He might contact me once a month to find out how the short sale is progressing.

Agent Never: He never contacts me during the approval process. I will send him updates, but if I don’t, he’ll just be “surprised” when I forward the final approval.

Agent Antsy: He emails me almost every day. Any word? Is the appraisal back? Do you have approval? Etc. Etc.

Agent Even: He calls or emails about every week or two. He is on a program. He might check in more often if his buyer asks. But he tells his buyer in advance how often he’ll provide an update. This is the guy to emulate.

If you are a buyer’s agent and sell one of my Destin short sales, feel free to email me once a week. Don’t call on Monday - it is the highest volume call day for short sale lenders. Thursday or Friday is a good day. Prepare your buyer about the short sale process. Let them know how often you’ll be getting updates.

Work as a team with the listing agent and keep your buyer in the loop. That way, everyone will be cool and prepared when you finally get approved!

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

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.

51 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • September 28 2010 04:08PM

More Short Sale Myths

Short sale myths

It is scary how much misinformation there is about Short Sales. I am in the midst of negotiating an offer on one of my Destin Florida short sales. I told the buyer’s agent the seller will be counter offering.

1. The buyer’s agent was shocked, “Counter Offer!? The seller cannot counter offer. That is up to the bank!”.

Wrong. A seller still owns the property until the title transfers. A seller has the right to counter offer, accept or reject any offer. The approval of the seller's lienholder is a contingency of the contract. (The August 2010 issue of the Florida Realtor Magazine states that “The approval of the seller’s lender is a contingency much like a contingency for the buyer’s obtaining financing.” ) I explained that the seller did not want to send in the “low short sale offer and waste time”.

2. The buyer’s agent then asked me, “Does the seller’s lender know that the home is on the market as a short sale and did they pre-approve it?”

Again, “no” and “no”. These are common questions from buyer’s agents. I answered that I didn’t know if the seller told Bank of America his home was on the market. And it was not pre-approved. Sure, there are some HAFA or HUD Pre-Foreclosure sales where the sellers and price are approved in advance, but that does mean the contract terms offered would be approved in those cases, anyway. The buyer’s agent then said I could not market the home as a short sale if the lender did not know about it.

Wrong again! A home is listed as a short sale when the list price is not sufficient to pay off the liens in full at closing. (Of course, if it is a small lender, find out if their policies allow short sales before proceeding.)

3. Finally, to justify the low offer, the agent said, “Lenders accept 80% of value as a short sale”. BUZZZZZZZZ. Nope. There is not set percentage of value that each lender or servicer will accept for a short sale. It depends on the investor for each loan. Any percentage is based on the net to the lender anyway, not the contract price.

If you are new to short sales, study up. Join www.ShortSaleSuperstars.com, a plethora of short sale knowledge. Learn, know and grow!

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

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.

10 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • September 13 2010 05:28PM

Do You Have Time To Waste? Then Send In That Low Short Sale Offer!

Do you think you’re sneaky? Sending in a purposefully low offer to the short sale lender? You just want to find out "what” price they want so you can get a "real” offer later, right?

Most short sale lenders don’t authorize a list price in advance. This presents a quandary to the short sale listing agent. Instead of watching the market and keeping an eye toward what the lender might approve, they send in a low-ball offer. One that will likely NOT be approved. This method may even be encouraged by the seller to find out what the bank really wants.

Let’s say the home is worth $350,000, but the buyer offered $250,000. "Send it in! Let the bank decide! Then at least we’ll have a value!” is the common mantra. Why is this a problem?

Your short sale seller probably has to take his home off the market while the lender processes the low offer. At least that is required by my Emerald Coast Associaton of Realtors MLS. Your seller is losing marketing time while the lender analyzes the offer you know won’t be accepted. One month, two months, three months off the market? All the while, your seller is getting ever closer to foreclosure.

After ordering a Broker Price Opinion or appraisal and establishing a value, the short sale lender will probably deny the short sale or counter offer, since the buyer’s price was far too low. If there is a counter offer, the buyer, never intending to pay market value, walks.

Result? Your seller is now stuck with a 90 day valuation or even a six month valuation, if it’s a VA compromise sale. "Yea!" -- You have a price the bank will accept. "Boo!"-- Your real estate market is still declining. You are now STUCK with this price you "helped” generate for months to come, because lenders do not order new valuations for every offer.

What is the key to getting a short sale approved ? Watch your market. Scan the comparable listings. Price accordingly. Get a strong offer for fair market value, a buyer willing to wait and an earnest money deposit. And get your short sale approved!

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

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.

16 comments • Wendy Rulnick "Its Wendy!" Destin Florida Short Sales • September 10 2010 06:46PM

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