Destin Florida Short Sales & Real Estate by Wendy Rulnick

I was flattered to have been recently interviewed by Kiplinger Magazine regarding the state of short sales.  The story, "Escape the Debt Trap" is in the February edition of the magazine.  It highlighted one of my Destin Florida real estate client's experiences in short sales of her properties in Destin and Santa Rosa Beach, Florida.  Angela Angelovic hired me to help her "short sale" three houses over the last few years, two investment properties and a primary residence.  She is now on her way to rebuilding her financial life, feeling "relieved." The Kiplinger article emphasized that one-fifth of U.S. homeowners are "upside down" in their home's market value versus mortgage balance, and that short sale is a strategy that can help free you from your debt "trap".  Also discussed were methods of reducing credit card debt, student loan debt and medical bills. The reporter, Pat Mertz Esswein, states "If you pursue a short sale, look for an experienced agent who knows the local market values, is familiar with lenders and their short sale process, and can zero in on patient buyers". 

She noted that most of my short sale approvals were obtained with waiver of deficiency.

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 Sale Help

www.RulnickRealty.com

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. 

Impressive Destin Florida short sale home in Emerald Lakes with plenty of individuality. Tucked away on the circle part of Wekiva Cove, this elegant home is a stand out. The interior, recently tiled and painted throughout, has 9-10' ceilings, and a unique layout. The kitchen has new modern cabinets, quartz countertops, stainless steel appliances, new pendant and recessed lighting. The living room has gas fireplace and is partially open to the kitchen to add spaciousness. The tiled Florida room is very cool and relaxing with ceiling fans.

Master bedroom is private, with its own door to back yard. Master bath has whirlpool tub, separate sit-down shower, and walk-in closet. Other features include: crown molding, security system, motion detector lights surround sound, hurricane panels for the whole house, new air conditioner. Emerald Lakes has a community pool and tennis court, access to seven lakes for great fishing, gated community in the heart of Destin. Nearby, you'll find shopping in Destin Commons, Baytowne Wharf, Grand Boulevard and Silver Sands. Of course, the Destin Beaches are a couple minutes away, too.

235 Wekiva Cove, Emerald Lakes, Destin Florida - Short Sale

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 FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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. 

Yes, you can get a short sale approval with Vericrest and Flagstar on your Amalfi Coast Condo in Miramar Beach Florida! 

The Destin Florida Amalfi condo was originally encumbered by a Carrington Mortgage as senior lien, and a Flagstar junior lien.  The mortgage servicing was switched from Carrington to Vericrest last year, and the Flagstar servicing went to Strategic Recovery Group (SRG).  The nuances of this Miramar Beach short sale provide some material to help you with future dealings with these companies:

Vericrest Financial.  The good: Vericrest is one of those short sale lenders (servicers) who will assign a negotiator to you, and keep the same one on the file until the property is sold. So you could have a contract that doesn’t work out, and go directly to the same negotiator next time you get a new one. This saves a lot of time.  Most short sale lenders (like Bank of America) require re-starting the entire short sale process, with new seller financials and hardship letter each time you submit a contract.  Then you must wait for the file to be “assigned”.  Not so with Vericrest. You get a “buddy” for the life of the short sale.

The bad: Vericrest has a not-so-fun “Agent Homework” worksheet that is eight pages long.

Strategic Recovery Group: The good: They answer the phone. 

The bad:  SRG tries to finagle settlements. For example, on this particular short sale, they doubled their settlement amount from $5,000 to $10,000, when they had previously approved $5,000.  I faxed them their prior approval, and they reverted to the original amount. So keep good records.

This was one of those Miramar Beach Destin Florida short sales that dragged on and had to be sold a "few" times before getting final approval. We were finally able to settle with each lienholder for no deficiency.  So the end result was a good one.

If you are considering short sale to avoid foreclosure, be sure to consult an attorney and an experienced Destin short sale agent.  We can write your success story together.

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 FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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. 

Chase just approved this Destin Florida townhome for short sale.  The process was a challenge. There were past due association fees and a judgment recorded in Walton County.  In Florida, a property cannot be sold unless liens and judgments are paid or "released" at closing.  Here is how we tackled the short sale:

1. Chase. The Chase part of the short sale was pretty straightforward.  The negotiator was difficult to reach, and I attempted calling her several times over the course of a few weeks.  When I finally spoke with her, she told me her files had doubled in the last two months and Chase was behind processing their short sales.  The best way to reach her was by fax.  After making contact, Chase approved the file fairly quickly. It pays to be pleasant on the phone, by the way!

2. The Judgment.  In order to close on the Destin Florida short sale, the title agent needed a partial release from the creditor.  The creditor agreed to the release in exchange for a small cash contribution from the seller.

3. The Homeowner's Association.  There were about $16,000 in past dues owed.  Chase would pay half.  Would the association agree to settle for less?  I asked the seller to contact the association directly and mention Florida Statute 720.3085.  It stipulates:

Notwithstanding anything to the contrary contained in this section, the liability of a first mortgagee, or its successor or assignee as a subsequent holder of the first mortgage who acquires title to a parcel by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due before the mortgagee's acquisition of title, shall be the lesser of:

1. The parcel's unpaid common expenses and regular periodic or special assessments that accrued or came due during the 12 months immediately preceding the acquisition of title and for which payment in full has not been received by the association; or

 2. One percent of the original mortgage debt. 

Given that $8000 was more than a year back dues, I thought the association would be delighted to "settle" and get a new paying owner.  They were. 

If you are contemplating a Destin Florida short sale to avoid foreclosure, be sure to contact an attorney and an experienced Destin 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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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. 

1220 Quail Ridge, in the Quiet Wood subdivision is  a great split floor plan home that lives large. This Destin Florida short sale home has beautiful slate and tinted concrete floors. The fireplaced living room opens into dining, kitchen and family room.Check out the unusual coffered ceiling that adds interest, as do the skylights in the kitchen and baths.  Large corner lot with privacy fenced yard with a gazebo for entertaining. Enclosed parking pad for your rv/boat or any other toys.

This Destin Florida short sale home needs some TLC, so bring your toolbox!

1220 Quail Ridge, Destin Florida short sale

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

Rulnick Realty, Inc.

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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. 

Lovely Miramar Beach Florida short sale townhome in Miramar Palms! This Batchelor's Button unit has hardy plank siding, metal roof and solid surface counters. Home has a first floor master suite with two bedrooms up. Relaxing front porch, second floor balcony, outside patio and shower. Community pool. Extra deep garage. This Miramar Beach short sale townhouse is just a few blocks from Gulf of Mexico beach and Pompano Joe's! Developer's unit.

84 Batchelor's Button Dr., #6, Miramar Beach Florida - offered for $197,000

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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.  

Chase has approved the short sale of 1 Pine Ridge Trace, Destin Florida.

Details?

Senior Lien:  Chase Home Finance

Balance:  $185,000

Junior Lien: JP Morgan Chase Bank

Balance: $25,000

Sale price: $90,000 appr

For you sleuths who like to analyze investors, this one was Freddie Mac. The mortgage also had a sub-investor pool who utilized MGIC for credit enhancement.  Basically, MGIC was the mortgage insurance company for this group of investors.  MGIC only allowed $500 to the JP Morgan Chase junior lien.

The interesting thing about this process was that Chase Home Finance communicated strangely with JP Morgan Chase. Even though they are part of the same company, they had me act as a go-between to relay information, get each other's email addresses and move the process along.  A good word of advice when you are dealing with any Chase division as both the senior and junior liens- initiate the process with each division separately.  It may speed up your approval time.

Bottom line - this Destin Florida short sale was approved in 36 days.

If you are considering short sale to avoid foreclosure, consider hiring an experienced Destin 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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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. 

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This HUD FHA short sale at 800 Wild Oak, Destin Florida, was approved by Bank of America in 13 days!  Why? How? What?

Why?  The seller was proactive!  He contacted Bank of America early when he was unable to pay his mortgage.  When a modification did not work, he applied for the HUD Pre Foreclosure Sale Program.

How?  When my Destin seller contacted me,  he provided me with the HUD Approval to Participate form, indicating a starting list price. 

What? I obtained a full price offer for the seller in one day.  I ensured the contract was written without closing costs HUD won't pay.  They will only pay reasonable seller's costs, (with the exception that if the buyer's loan is FHA, they will credit 1% towards buyer costs).

In fact, the Bank of America short sale negotiator emailed me:"I wanted to inform you I have never received a HUD (settlement statement) that was this clean. Thank you so much!!! It definitely makes my job easier!" 

Additionally, because I sold this seller's home so quickly, he qualified for a HUD seller credit of $1000. That's the incentive HUD pays if the property sells within 3 months of application (reduced to $750 thereafter).

If you have a Destin Florida home with FHA HUD mortgage, and you are unable to make your mortgage payments, contact your lender right away.  Consider a HUD Pre Foreclosure sale, and be sure to contact an experienced Destin HUD 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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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. 

Lucky you! This home at 800 Wild Oak Ave. has an approved price for FHA HUD Pre Foreclosure short sale in Kell-Aire Gardens in Destin Florida! Dramatic home with cathedral, big, angled windows for lots of light. Double sliders lead to screened porch. Large utility room to garage, lots of closets for storage. Needs updating, but there is some newer carpeting. The lot is quite large for Destin, over three-quarters of an acre!  Think of all you can do with it! Kell-Aire Gardens is in the heart of Destin Florida.  Find Destin Harbor 5 minutes away, and also great boating out on East Pass to the Gulf of Mexico.  Since the location at 800 Wild Oak Ave. is in West Destin, you can also zip right over to Eglin AFB or Hurlburt Field.  It's rare to find a pre-approved price on a Destin short sale, but you've found it!

Offered at $172,000.

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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.  

Bancorp South has approved a condo short sale in Harbor Plantation, Destin Florida. Bancorp South primarily operates in the Southeast. Bancorp South does not process short sales like the major lenders (Bank of America, Wells Fargo, etc).  Instead they rely on a local attorney who represents them and reviews comparable sales.  It removes many layers of processing. Here are the Destin short sale details:

Property:  Destin condo in Harbor Plantation

Mortgage:  Bancorp South - balance about $650,000

Offer:  about $325,000

Time for Approval:  40 days

Notes:  Bancorp South removes their lien at closing, but deals with the deficiency later

If you need to avoid foreclosure, and do a Destin, Florida short sale, consider hiring an experienced Destin 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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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. 

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