Destin Short Sales- Emerald Coast Florida Real Estate

What does a Bank of America Equator approval look like?  Here is the happy email I got regarding a Destin short sale on Saturday:

What was the key to getting this short sale approved? Tenacity AND creativity.  Bank of America's Equator system rejected this offer of around $165,000 as "insufficent" about five times.  It was fair market value.  In fact, it was a little over what other units in The Palms condo project  in Destin Florida were selling for.  Finally, we gave up and just entered $1,000,000 as the offer price.   Amazingly, Equator let us continue the short sale process without rejecting the offer.  (We corrected the price in the next "step".) Bank of America sent out an appraiser, and voila!  It turns out the offer was "fair market" (just like I said).  File approved.

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. 

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Yesterday I went for my morning walk, on a route not travelled for two years in my neighborhood of Crystal Beach in Destin Florida.  As I approached the end of a side street, low and behold- that HOUSE was still for sale!!  No way!  I did a double take, saw there was yet another real estate sign in the yard.  What was this- the fourth Realtor? When I went home, out of curiosity, I checked the listing history of the house.  It has been for sale since 2005.  That’s right- over four years.

What is going on here?  Why hasn’t this house sold?

Here is a list of possible reasons:

1.       The street is busy- it is overpriced for the location.

2.       The home is jammed on a little lot- it is overpriced for the lot size.

3.       The home is overbuilt for the neighborhood- it is overpriced compared to the others.

4.       The price was reduced too slowly- behind the rest of the market.  Hmmm… still overpriced.

5.       The sellers and all 4 agents think it is worth too much- it is overpriced.

6.       No one is buying- yes they are, but they are buying at the right price!

The bottom line is always the price.   You can hire the most brilliant real estate agent in the world, you can have the best-kept home in the neighborhood, you can have the most sought after location in town, you can have more advertising than every other home for sale.   But no matter what you do for marketing, no matter what agent you hire, no matter what you think your home is worth- it is not going to sell if it's not priced right. 

It's Wendy!

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

Search All Destin Florida Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate 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, Destin short sale agent, 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.   Wendy is a short sale and pre-foreclosure specialist and has been featured in Kiplinger Personal Finance Magazine and Florida Realtor Magazine.

The "Bimini House" in Crystal Shores, Destin Florida says "Come on in and have some fun!" with its cheerful tangerine exterior and plethora of porches. This Destin short sale home will make you smile at the happy colors and breezy decor. First floor features wood floors, open dining room, high ceilings and fireplace. The kitchen is a country delight with pass-through, eat-in space, transom windows and overlooking the heated pool. Second floor master bedroom is large and luxurious with private wrap balcony and its own fireplace! Third floor has wrap balcony with access from two more bedrooms and peak of gulf view. The carriage house has two bedrooms, kitchen and rec room. The main house is 3331 square feet and the carriage house about 500 square feet, per seller.  There are a total of 6 bedrooms and 5.5 bathrooms. Crystal Shores is a two minute walk to the Gulf of Mexio beach and near numerous shops, Destin Commons and more!

Destin short sale offered at $489,000.

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. 

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Bank of America Approves Destin Short Sale Condo:  Pays Past Dues

Sometimes you get lucky! 

Subject Property:  Destin short sale condo on the harbor

Short Sale Lender:  Bank of America

Mortgage Balance:  $1,200,000.00

Sale Price:  $490,000.00 appr

Seller Cash Contribution: -0-

Seller Promissory Note: -0-

Past Due Association Fees Paid by Bank of America:  $25,235.67

Notes:  I wrote a previous post about short sale condos and association dues becoming the “Next Generation of Junior Liens” because so many homeowners cannot afford to pay them. As this down real estate economy progresses, more and more owners will become delinquent on their condo or association dues. The past-due balances will build to incredible amounts, just like the one I have outlined. The short sales submitted for approval will have greatly reduced payoffs to the mortgage holders when adding in the obligation to pay these dues.

In Florida, if the short sale lender does not agree to pay these costs, there is an argument for the condo association to accept less.  Florida statutes only require a payment to the condo association of the past six months in arrears if the unit is foreclosed, twelve months if it is a homeowners association.  (This is a tip for negotiating Florida short sales.)

In my lucky Destin short sale, we boldly asked for all the past condo dues to be paid- a whopping $25,000!  Bank of America did not blink.  (Rather, the secondary market investor on the loan did not blink.)  Deal approved.  Give it a try.

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 who want to Learn, Know and Grow.

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. 

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The Palms of Destin is what everyone raves about!  You can own this almost-new Destin short sale condo and be in the middle of all the excitement! Pool, tennis?  Beach, drinks?  You can have it all!  Unit is close to Henderson Beach and the Gulf of Mexico for swimming and sunning! The contemporary Palms project includes huge lagoon pool, children's pool, waterfall, tennis, basketball. Love coffee? "The Beach Trader" is on-site for your cup of Starbucks. Finally, Traders Vics is the place to go for cocktails. Your unit is sleek and stylish, has granite counters, 9' ceilings. Association dues covers wireless internet and utilities.

This Destin short sale is offered at $173,900.

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. 

Own this fabulous central Destin short sale condo at The Palms! You can pick your choice of on-site fun or pop over to Henderson Beach and the Gulf of Mexico right across Emerald Coast Parkway! The contemporary Palms project includes huge lagoon pool, children's pool, waterfall, tennis, basketball.

Love coffee? "The Beach Trader" is on-site for your cup of Starbucks. Finally, Traders Vics is the place to go for cocktails. Your unit is sleek and stylish, has granite counters, 9' ceilings. Association dues covers wireless internet and utilities.

This Destin short sale is offered at $149,700.

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. 

About a year ago I wrote about People's First Community Bank in "Short Sale Denied - Despite Cancer Diagnosis".  My seller's husband had kidney cancer, and her financial situation had become tenuous.  She could no longer afford the payments on her lot near Destin Florida.

I worked to help her do a short sale to avoid foreclosure. When we sent in the contract, People's First told me they "do NOT do short sales, period".  I called them and reiterated the diagnosis of kidney cancer, wondering how this woman could keep up with her payments.  I also asked, "Why would your company not consider a short sale in this economy?" I was told they had "not given any subprime loans, they were well-capitalized, and when they lent money, they expected to get it paid back".  I said, "So you'd rather foreclose?"  They said "Yes". When I told them I would write about the story in my blog, they warned me not to.

Today it was announced that the federal Office of Thrift Supervision has closed People's First.  A few weeks ago the bank was notified by OTS for Prompt Corrective Action because they were deemed “significantly undercapitalized”.   Basically, a bank’s capitalization rating has to do with its percentage of capital, like cash, as compared to its risk-based assets, such as mortgage loans. According to the FDIC: ”Well Capitalized” means a total risk-based capital equal to or greater than 10 percent, “Adequately Capitalized"  is a risk-based capitalo ratio equal to or greater than 8 percent.  People’s First capital ratio has been reported at 2.55.

My question is, could Peoples First's policy of refusing any short sale been part of its downfall?  If the bank insisted on foreclosing and repossessing properties, wouldn’t that have added to its risk-based assets?  If they had allowed short sales, wouldn’t their percentage of risk-based assets have been decreased?

 
Finally, wouldn’t allowing short sales have helped them live up to their motto, “The Best Bank in the Neighborhood”?

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 Realtors

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". She serves: 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.

Spacious Destin short sale home,1227 Quail Ridge, on cul-de-sac in Quiet Wood subdivision with half-acre lot! Improvements include tile in main living areas, granite counters in kitchen, roof new in 2004 with dimensional shingles. Inground pool with new paper filter, gazebo.  Gazebo with red and white grapes, orange, lemon and fig trees.  This Destin short sale property needs some work, but with a pool, large lot and great location, this home has unbeatable features!

Offered at $199,900

It's Wendy!

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

Search All Destin Florida Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate 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, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property 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.   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.

This Destin condo in St. Martin Beachwalk Villas is centrally located on the beach side of highway 98, you can walk to Big Kahuna's Water Park, Mellow Mushroom Pizza, the grocery or convenience store if needed. A short board walk takes you to Sugar Sand Beaches and Emerald Waters of the Gulf of Mexico. This Destin condo will make a great vacation rental or a place to call home with 3 bedrooms, 2 baths and a split floor plan. The living area and master bedroom open to the balcony overlooking the community pool and a peek of Gulf Views from the Balcony and south windows of the unit. St Martin Beachwalk is a quaint Beach Community for a vacation or your home. It is also located 10 minutes from Destin Commons, Henderson Beach, and golf galore!

Offered at $199,900.

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

This townhouse on Durango Road, Holiday Isle in Destin Florida has been approved as a short sale.  It is on a canal on Destin Harbor with a dock.  It needed significant work due to an active water leak.

Lender:  Washington Mutual, now Chase

Mortgage Balance:  $359,000 appr

Sale Price:  $195,000 appr

Approval Time:  5.5 Months

If you need to sell your home as a short sale in Destin or Sandestin, 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 Destin Short Sale 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 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, and has had her short sale articles appear in Florida Realtor Magazine.Call Wendy Rulnick, to list and sell your property 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.