Destin Florida Short Sales & Real Estate by Wendy Rulnick: Florida: Destin

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. 

Regatta Bay, the gated golf course subdivision in Destin Florida, had 14 sales in 2011. Six were short sales and four were foreclosures, making distressed home sales the bulk of the market in Regatta Bay.  Who were the lien holders for these Destin homes?  Some of the short sale lenders were Flagstar,  Suntrust,  and Chase. The foreclosed homes that sold were owned by PHH Mortgage, Regions, Washington Mutual and First City Bank.  The incredible thing about the foreclosure sales was that one of the homes was never marketed as a short sale prior to foreclosure, another was only marketed for one month, one was marketed for six months but at a price far too high, and the last only for three months, with a 3 hour showing window available on some days of the week.  What does that tell you?  These foreclosed homes in Regatta Bay could have been successful short sales had they been marketed sooner in the foreclosure process and more aggressively. 

The average foreclosure timeline for Florida is now 749 days, the third longest in the U.S.  So, instead of using the ample time to short sale, these Regatta Bay homes were foreclosed on.  That could leave the owners open to deficiency judgments and at great risk to their financial well-being.

What is the best thing to do if you are a Regatta Bay homeowner and faced with the inability to pay your mortgage?  Immediately contact your mortgage holder for assistance. If that fails, consult with an attorney and an experienced Destin Florida short sale agent, who has successfully sold short sales with all the aforementioned lenders.

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

Destin Florida real estate

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.

“ We want to wait until after the Holidays to put our home up for sale.” Every year I hear that mantra from potential Destin Florida real estate sellers.  Well, guess what? So does everyone else. Here are three reasons why you shouldn’t wait to list your Destin home now, instead of January:

1.       Less Competition.  What’s that? When you sell your property, you are competing against all the other properties for sale that your target buyer is looking for.  For example, if you have a condo priced under $400,000, with more than 2000 square feet, all the other Destin condos with those criteria are vying for the same buyer.  If you have a single family home on the beach on Scenic Highway 98, all those other beachfront houses compete against yours. In December, there are far fewer for sale. In January, they come out in droves-- sellers who wanted to wait until “after the Holidays” to list. It happens every year.

2.       More Serious Buyers. True, you may have less showings and buyers in the market place in December, but they are typically more serious and “need” to purchase.  They are probably not tourists “just looking” in the Destin market.  After all, this is a busy time of year for buyers, too.  If they are looking at homes now, chances are – they’ll buy.

3.       What Better Time to Show Off Your Home?  Think mulled cider, the scent of pine cones and a plate of cookies left out for “Santa or the New Owners!”  I can hear White Christmas playing softly in the background, and see the ivy draped across your mantle.  And what could be more welcoming than a big wreath on your front door? 

As I tell potential sellers when they ask me, “When is the best time to list our property?”, my answer is always the same – "Now"!

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 Florida short sale help

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.

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

What do I love about this home I just sold on Wekiva Cove in  Emerald Lakes, Destin Florida? Hmmm.... It has style! Lots of it.  Not a standard floorplan, but interesting hallways, cathedral and raised ceilings and a great layout.  The kitchen is a stunner with contemporary cabinets, quartz countertops, eclectic lighting and stainless stell appliances. 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. 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.  What else?  Emerald Lakes has a community pool and tennis courts, access to seven lakes for great fishing, gated community in the heart of Destin.


235 Wekiva Cove was under contract in less than 30 days.  Listed at $264,700, it sold for $252,000 as a short sale.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

850-650-7883 ext 204

email itswendy@rulnickrealty.com

This Holiday Isle home in Destin Florida has been approved for short sale.   A large home at over 3000 square feet, and yards from the Gulf of Mexico, it was originally purchased for a million dollars in 2005.  Here are the short sale details:

Senior Lien: Vericrest Financial

Senior Balance: $845,000

Junior Lien: Specialized Loan Servicing (SLS)

Junior Lien Balance: $130,000

Contract Price: appr $450,000 - less than half the mortgage balances!

The Vericrest portion of this Destin short sale was processed on a software platform called Res.Net.  Similar to Equator, but not as user-friendly, Res.Net required me and my team to enter weekly "market" reports on the property detailing showings and market competition and sales.  At time of contract, we were required to actually upload our pre-ordered title work and provide details photos, similar to an appraisal or Broker Price Opinion.  The figures from the preliminary settlement statement (HUD-1) were entered into the system, but fields were not clearly labeled so it was difficult to figure out.  Even the Vericrest negotiator stated Res.Net was not user friendly to them, either, and asked me to directly email her several times instead of using the software.

Vericrest approved the short sale and agreed to pay SLS about $11,000 to release its lien.  Both lienholders issued a full waiver of deficiency.

Do you need to sell your Destin Holiday Isle home to avoid foreclosure? Be sure to contact an attorney and an experienced Destin short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty 850-650-7883 ext 204

www.rulnickrealty.com

itswendy@rulnickrealty.com

Have you been sitting on the fence about selling your Destin or Santa Rosa Beach Florida property as a short sale?  Now may be the time to act.  Bank of America has just announced that Florida sellers may be able to receive $5000 to $20,000 cash incentive at closing for completing a short sale.  There are existing Bank of America programs that pay sellers $1500 to $3000, but this move is unprecedented.  To qualify, you'll need to initiate your short sale prior to getting a contract on your Destin or Santa Rosa Beach home.

Apparently, Bank of America is enhancing its offerings to exceed federal HAFA guidelines, which currently suggest a $3000 relocation incentive to the short sale seller, and its own Co-op Program, which pays less.  They are only offering the incentive to eligible Florida sellers before they get a contract at this time, but hint at future program changes
 
Some loans don't qualify for the program - VA Compromise Sales, Ginnie Mae, FHA and USDA, lot loans and others. If you own a property in Destin, Sandestin, Santa Rosa Beach or surrounding towns, have a Bank of America mortgage and need to short sale, the time may be now. So get a Destin short sale agent on your side, and maybe get some cash. The deadline is November 30. 

Florida Enhanced Short Sale Relo Assistance

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.

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. 

Rulnick Realty welcomes Donna Gentle as sales associate in Destin Florida.  Originally from Miami,  Donna has been involved in the real estate and construction industries since 1987. She has been sales and project manager for new construction, and led sales teams for new home developments.  She previously sold real estate in Cape San Blas and with the St. Joe Company in Port St. Joe.  Donna holds both a Florida and Georgia real estate license.  She has been recognized for sales excellence on many occasions, and is proficient in the analysis of markets, project management and contract negotiations. Intepersonal skills and work ethic contribute to her success in client satisfaction, which is her highest priority.  Donna currently lives in Niceville Florida, and has a dynamic, fun loving personality.  She has participated as a volunteer for Plein Air charity events. One of her true joys is her grandchild! Donna is excited to be part of the Rulnick Realty team, and wants to help you with all your real estate goals in Destin and along the Emerald Coast.

Cell (850) 533-6051

Office (850) 650-7883
donna.gentle@rulnickrealty.com

www.rulnickrealty.com

This home in Emerald Lakes, Destin Florida, was just approved for short sale.  An uncommon scenario, it had three liens.  The first was an IndyMac mortgage, the second, a Bank of America home equity line, and the third, a judgment from another creditor. 

The seller’s attorney said the short sale could not be accomplished, especially with waiver of deficiency.  We succeeded, however.  Here are the details for this Emerald Lakes, Destin Florida short sale:

Original purchase price - $490,000 in 2005

IndyMac - balance - $350,000

Bank of America - balance -  $50,000

Judgment Lien - $40,000 Note: Judgments in Florida may attach to all the borrower’s Florida real estate, even if unrelated to the property or even if a homestead property

Sale Price - $260,000 appr

Notes: Since the property was owner-occupied, we asked IndyMac if they would consider the HAFA program, which is beneficial to sellers who are doing short sales, as it grants a waiver of deficiency. IndyMac said they were not participating in the HAFA program.  They referred their short sale processing to a company called Service Link.  Service Link kindly reduced the agents’ commissions by 1% and placed a 1% “service fee” on the settlement statement to pay themselves.  The file was approved with a small credit for buyer’s closing costs and waiver of deficiency.

Bank of America approved the short sale after initial numerous delays in “outreach” seeking participation  in the HAFA program.  The seller rejected HAFA twice by phone, as IndyMac would not participate. The file had to be re-initiated three times.  Bank of America waived deficiency for $2700.

The third lien, the creditor judgment, released its lien for $1000.

Total time for this short sale approval?  About 60 days.

If you are considering short sale to avoid foreclosure in Destin Florida, 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.

itswendy@rulnickrealty.com

www.RulnickRealty.com

www.ShortSales-EmeraldCoast.com

1-850-650-7883