Destin Florida Short Sales & Real Estate by Wendy Rulnick: Florida: Santa Rosa Beach

This Church Street home in Santa Rosa Beach Florida was originally purchased as a short sale in 2009.  For the second time, it is being sold as a short sale, just approved by J.P. Morgan Chase. The mortgage was backed by Ginnie Mae, and was a USDA loan, which offers  mortgages to rural areas throughout the U.S. 

Lender: Chase
Mortgage Type: Ginnie Mae USDA
Balance: appr $220,000
Junior Liens: none
Sale Price appr $200,000
Seller Cash Contribution: -0-
Seller Promissory Note: -0-
Deficiency: none

Although Chase's short sale approval letter did not specifically address a waiver of deficiency, the Chase negotiator quoted me USDA loss mitigation guidelines, which state there is no pursuit for the balance of the unpaid note.  I researched online and found the following information about USDA loans sold as short sales, which the USDA calls "pre foreclosure sales" or "PFS":

"A borrower who successfully sells the property securing the loan using the PFS option is relieved of the mortgage obligation. The borrower shall not be pursued for deficiency judgments by either the Servicer or the Agency."

Other things to note about USDA short sales - you must have a hardship, and be at least 31 days late on your mortgage payment or facing "imminent default". For more information about Ginnie Mae or USDA short sale help in Santa Rosa Beach, Florida, email me at itswendy@rulnickrealty.com

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

Santa Rosa Beach FL 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. 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. 

326 Cullman Avenue in Grove by the Sea just sold as a short sale. The Santa Rosa Beach Florida property needed significant work, but was located in a prime subdivison near Seaside, Watercolor and the Gulf of Mexico. Grove by the Sea has two community pools and a tennis court. There is a lovely walking trail highlighted by nature, and children's play area.  What I like most about Grove by the Sea is its respect for trees.  The neighborhood was not cleared out, and many natural elements were retained to give a feeling of privacy to the cottage style homes.

Five homes sold in Grove by the Sea in 2011.  Prices ranged from $315,000 to $429,900. Homes currently for sale are listed from $350,000 to $540,000.

326 Cullman Ave, Santa Rosa Beach FL sold for $315,000.  

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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

Santa Rosa Beach FL 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.

This was one of the most unusual short sales I've ever gotten approved.  It all started when an investor with a PNC mortgage called me about his property in Santa Rosa Beach Florida. He had purchased the new construction home sight-unseen seven years ago in the Town of Santa Rosa.  It was in a small subdivision with nine other homes, all identical floor plans.  The current owners of these houses had been presented with an "investment" opportunity at a hotel event.  They were told they could buy these new construction homes and "flip" them for a profit when they were finished. They were also told there would be no payments due, just their credit used to buy these homes. (This is a mortgage fraud RED FLAG). Of course, no mortgage payments were ever made. The construction was never completed. Contractors were not paid. Only some of the homes even had a certificate of occupancy. All of them needed substantial work to finish. They had been abandoned and boarded up for several years. They were purchased for about $400,000 each, and now were worth around $50,000 each. 

When this seller called me and told me about the situation, I contacted the other owners who were in the same predicament.  They each listed with hopes to obtain short sale approval. Luckily, we got an offer for all ten homes from one buyer.  The buyer obtained professional bids to bring all the homes up to code and into move-in condition. The repairs were approximately $10,000 to $40,000 per home. I negotiated back and forth between the sellers, PNC and the buyer’s agent until we reached agreeable terms and short sale approval last week. 

PNC is issuing each seller a 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

Santa Rosa Beach FL 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

This Grove by the Sea home near Seaside Florida in Santa Rosa Beach was just approved for short sale.  Located in a subdivision of mostly larger homes, this property needed work.  The air conditioner did not function, there was some water damage to the floors, and the landscaping was a jungle.  Bank of America had two mortgages on the property, and it had to be sold twice before final approval.  Here are the details:

Senior Lien: Bank of America  - $350,000
Junior Lien: Bank of America - $280,000
Sold Price: $319,900 appr
Cash Contribution: $2500
Promissory Note: -0-

Originally under contract several months ago with the final buyer, Bank of America countered the price significantly higher.  The buyer withdrew his offer, and the property was placed back on the market.  After the valuation expired, the price was reduced again to market value. The same buyer made another offer. This time, Bank of America accepted it.  They originally asked the seller for a cash contribution and promissory note, which is common nowadays with investment short sales.  The seller agreed.  When the final approval was issued, Bank of America removed the promissory note, and issued a full waiver of deficiency.

If you are considering short sale to avoid foreclosure, consult an attorney and an experienced Santa Rosa Beach short sale agent.

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

Santa Rosa Beach Florida Real Estate

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

 
We just sold a fabulous home in popular Bungalows at Seagrove Beach. Located in Santa Rosa Beach, Florida, not far from Seaside and Watercolor, this well-thought out subdivision has a pool, and is just steps to the beach. The short sale home, set on a lake, was under contract in less than a week, and had multiple offers.  It was in great condition, other than necessary mold remediation that was estimated at $5000.

Bank of America was the short sale lender. The sale was approved with no deficiency to the seller, who provided a small lender required cash contribution.  

198 Somerset Bridge, Bungalows at Seagrove Beach, sold at full price for $159,000.

If you need to sell your Seagrove Beach property to avoid foreclosure, consult an experienced Santa Rosa Beach short sale agent.

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

Santa Rosa Beach Florida Real Estate

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

Read Wendy's Santa Rosa Beach 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. 

One of my short sale sellers called me confused the other day.  We had his Santa Rosa Beach Florida home under contract as a short sale.  The mortgage holder, Bank of America, had approved the sale recently, and we were moving toward closing.

"Why is Bank of America still sending me letters threatening foreclosure of my Santa Rosa Beach home?" he asked, "They've approved the short sale!"

Why would they?  I emailed Bank of America to get their official response. Here is what they said:

"If the loan is delinquent and has entered the foreclosure process it continues, if a sale date occurs while we are working on the short sale we can request postponement from the investor but there is no guarantee of approval. "
 

What does this mean?  "Sale date" means foreclosure sale date.  Bank of America says they don't stop the foreclosure process automatically if a short sale is approved.  Well, why not? Here is why: What if the buyer's loan is denied? What if the buyer doesn't close? What if the seller changes his mind? There are a lot of reasons why a short sale, or any property, might not close.  If Bank of America stopped their foreclosure process for every instance of short sale approval (or even short sale contract), they would surely lose time waiting for a sale that might never happen.

What is the upside of Bank of America and their investor's policy? They normally will postpone a foreclosure sale within a few days of short sale closing, but not always.

What should you, as a Santa Rosa Beach Florida homeowner, do when you are facing foreclosure?  There are many options available. You can ask your lender for a loan modification, forbearance or a repayment plan.  If that is not possible, and you cannot keep your home, there are different types of short sale programs that might work for you, for example: HAFA, FHA Preforeclosure, Bank of America Co-Op, VA Compromise Sale and many more.  Be sure to consult with a Florida real estate attorney and hire a Santa Rosa Beach short sale agent.  You may be able to avoid foreclosure, and rebuild your financial position and your life more quickly than you think.

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

Santa Rosa Beach Florida Real Estate

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

Read Wendy's Santa Rosa Beach 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. 

If you are looking for a Santa Rosa Beach Florida home with lots of pizzaz, this is it!  834 Church St., in Pleasant Acres is a "wow" house! Very impressive upon entry, with expansive columned living room, crown moulding, richly colored wood floors and transom windows. The kitchen has granite counters, stainless appliances, convection oven and bright window over the sink. There is a built-in desk/workstation next to the big eat-in area. The master bedroom has a large private balcony, with an enormous, luxurious master bathroom. There is another large balcony for the other two bedrooms, and deck overlooking the woods.  This Santa Rosa Beach home on Church St. is a few minute drive to public beach access on the Gulf of Mexico.  There is a Publix and Walmart nearby, as well as upscale shopping on Grande Boulevard and Destin Commons.

834 Church  St. South, Santa Rosa Beach FL short sale home

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

Santa Rosa Beach Florida FL Real Estate

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

Read Wendy's Santa Rosa Beach 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. 

 
This Town of Santa Rosa short sale home has great potential for the handyman! Don't let the boarded up windows scare you! The inside features cream colors, vaulted ceiling and decorative archways between columns, adding pizzaz.  It has tile kitchen floors, and a breakfast bar, with a huge laundry room adjacent. The master suite has two walk-in closets and double vanity in the master bath.

This Santa Rosa Beach FL home was purchased brand new in 2006, and never occupied.  The home is missing its central air conditioning units (both inside and out), and needs some broken windows repaired.  There are no kitchen appliances, but there is a water heater.  Buyer is responsible for turning on utilities for any inspections. Come look with an open mind, and find your gem in the making!

20 4th St. N, Santa Rosa Beach FL is a short sale listing.  All contracts for purchase are subject to short sale lender approval.

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

Santa Rosa Beach FL Short Sales & Pre Foreclosure Help.

Read Wendy's Santa Rosa Beach FL 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. 

You'll love life in this classicly styled Seagrove Beach short sale duplex condo on the south side of 30-A! "Aerie" is an exceptional, rare 5-6 bedroom, 3 story condo beachside, with gulf view in a gulf-front complex. Outstanding Gulf views from third floor master bedroom suite. The large private pool serves only 5 condo units, and is right outside your door! The beach is steps away, offering you a playground of sugar white sand and emerald waters. The main living area features wood laminate floors in the kitchen, living and dining areas. The kitchen has granite countertops and stainless steel appliances. A wonderful balcony off the master suite on the Gulf side. The ground floor is tiled and has a family room (or sixth bedroom)with kitchenette - perfect for coming in off the beach. This Seagrove Beach short sale condo is unique!  Walk to area shops and restaurants or take the nearby bike path to the adjoining community of Seaside.

Seagrove by the Sea, 4192 Hwy 30-A, Unit A, Santa Rosa Beach FL

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

Seagrove Beach FL Real Estate

Seagrove Beach Short Sales & Pre Foreclosure Help.

Read Wendy's Seagrove Beach FL 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. 

This lovely Escada short sale home at 486 Calle Escada, Santa Rosa Beach Florida just sold. The home had 9-10 foot ceilings, open, custom floorplan, living room with fireplace, double French doors with transom windows open to large covered patio.  The master bedroom was a "suite", with huge walk-in closet. The Escada subdivision in Santa Rosa beach is a quietly tucked away, close to Scenic Hwy 30-A, but near all the vibrant shopping at Grand Boulevard, Baytowne Wharf and Silver Sands.  Sacred Heart Hospital on the Emerald Coast is nearby, as well as Gulf of Mexico Beaches off 30-A in South Walton County. 

This Escada, Santa Rosa Beach FL home sold for $170,000 as a short sale.

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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

Santa Rosa Beach 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.