Destin Florida Short Sales & Real Estate by Wendy Rulnick

18 Bay Dr., NE, Elliotts Point, Fort Walton Beach FL - Short Sale - Needs Work

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Wed, 01 Feb 2012 13:42:45 -0500

Inviting Fort Walton Beach Florida home in Elliotts Point with water view across the street from Choctawhatchee Bay. Elegant hardwood floors draw you in, with enormous living and family rooms. More space for entertaining with the heated and cooled Florida room, and large screened porch. The kitchen is long with many cupboards, and has a breakfast bar open to the family room with gas fireplace. The back yard is deep and has an huge workshop that mimics the house. There is a greenhouse finished with a rock bottom is behind the workshop. The home needs substantial plumbing work and other repairs. This location is serene with many charming older homes. Eglin Air Force Base, Hurlburt Field are easy commutes. Okaloosa Island beaches are nearby.

18 Bay Dr., NE, Fort Walton Beach FL - Offered for $127,900 is a Bank of America cooperative 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

www.Shortsales-EmeraldCoast.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.

1425 Hickory St., Seminole, Niceville FL - Bank of America Short Sale

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Fri, 27 Jan 2012 15:08:22 -0500

Roll up your sleeves! This Niceville Florida pre foreclosure short sale home needs work, but with its openness, pool, guest cottage and large yard, you could make it fabulous. Originally built in 1945, it's had some upgrades since then, but needs cosmetic and mechanical attention. If you can replace the carpet and vinyl, and install a new air conditioner, you're on your way. The guest cottage has a small kitchen, living room and bedroom. The in-ground pool and lawn are the shining features, with a large patio and big fenced back yard.

This Niceville Florida home is in the Seminole area, and is a Bank of America short sale listing.

1425 Hickory St., Niceville Florida - offered for $79,900

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

Niceville Florida short sale help

USDA Chase Short Sale Approved - Santa Rosa Beach Florida

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Wed, 25 Jan 2012 18:39:19 -0500

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

Eglin HAP Question - Why Am I Bringing Money to Closing?

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Thu, 19 Jan 2012 17:33:32 -0500

One of the biggest sources of confusion I find with Eglin Air Force Base HAP sales from the seller comes at closing. First, if you don't know what HAP is - it's the Homeowner Assistance Program from the Department of Defense. It's designed to help military members who have permanent change of station orders (PCS), and are "upside down" in their home values, i.e. owe more on their mortgages than their property's market value. HAP will pay the mortgage deficit under certain circumstances, which helps the service member avoid the credit impact of short sale or foreclosure due to their mandatory relocation.

One of the stipulations of HAP is that the Eglin airman is current on his mortgage payments, taxes and association dues, or that is the extent to which the benefits apply. For example, if you were six months behind in your mortgage, HAP would not pay the amounts in arrears to satisfy your bank. You must. So what's the issue? Even service members who are "current" on their mortgage payments will normally owe a pro-rated amount of mortgage interest, taxes and maybe association dues at closing. Remember, mortgage interest is paid in arrears. If you have a payment due on March 1, that would cover the interest for the month of February, not March.

My last HAP seller asked me why he had a bill for almost $1500 at time of closing from the U.S. Government title agent. I told him it was probably his mortgage proration. He said, "But I made my mortgage payment!" I said, "Yes, but that covered the previous month." If your closing is mid-month, you would owe about two weeks worth of interest to your mortgage company, which will be collected by the title agent to pay your lender at closing. That goes for taxes and association fees, too.

Florida's property taxes are paid one year in arrears (not all states handle their property taxes the same way). That means that the tax bill for your Navarre, Niceville, Crestview, Fort Walton Beach or Destin property covers the previous year (arrears). If you close on September 1, for example, the buyer will still receive the tax bill for the time YOU owned the property during the past year. That wouldn't be fair, would it? So at time of closing, you have to reimburse the buyer the eight months to apply to the tax bill they will be getting at the end of the year. Yes, your mortgage company normally (but not always) escrows this amount in your total mortgage payment. You will get a reimbursement check after closing for any remaining balance in your escrow account. But for the HAP closing, you will owe the year-to-date taxes that are due. The same applies to homeowners association dues. The government won’t pay those on your behalf.

So what is a reasonable expectation for funds the Eglin service member might
need for closing? Set aside enough to cover one mortgage payment, and potentially, almost a year tax obligation. You probably will not need all of it, but be prepared “just in case”.

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

Lot 83, Grande Pointe at Inlet Beach, Santa Rosa Beach FL - Building Lot

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Mon, 16 Jan 2012 16:49:18 -0500

Gorgeous building lot #83 in elegant Grande Pointe subdivision in Inlet Beach. You will be enchanted with this neighborhood in Santa Rosa Beach Florida. Impressive entrance, community pool, "Amenities" pavilion with kitchen and community dock. Located on Lake Powell, east of Rosemary Beach, you will be near public beach access and miles of biking trails. Well-located for the South Walton 30-A lifestyle, the Panama City International Airport makes owning here convenient, too. Minimum home size 1450 square feet. This is a Regions Bank short sale listing.

Grande Point at Inlet Beach, Lot #83, Santa Rosa Beach FL - Offered for $33,900

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

303 N Holiday Rd., Holiday Shores, Miramar Beach FL - Short Sale Approved

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Thu, 12 Jan 2012 16:13:37 -0500

This home at 303 N Holiday Rd., Miramar Beach Florida was just approved for short sale. This was the second buyer for this home in Holiday Shores, as the first buyer defaulted (failed to close). There was only one mortgage holder. According to Bank of America, the property did not qualify for the HAFA program, so we did a traidtional short sale. Here are the details:

Lienholder: Bank of America

Mortgage Balance: $244,000 appr

Reason for Short Sale: Income reduction

Appr Sale Price: $175,000

Seller Cash Cont: -0-

Seller Promissory Note: -0-

Waiver of Deficiency: Yes

Time for Approval: 60 days

Notes: Bank of America initially asked the seller for a cash contribution. To obtain a waiver, we had the seller write an additional letter explaining why a cash contribution could not be made. This was uploaded into the Equator system and the Holiday Shores short sale was then approved.

If you need to short sale your Miramar Beach Florida home, consult with an attorney and an experienced Miramar 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

Miramar Beach Florida short sale help

Citi - VA Compromise Sale in Navarre Florida - Approved in 24 Days

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Fri, 06 Jan 2012 18:12:12 -0500

This home in The Meadows, in Navarre Florida was just approved as a VA Compromise Sale. The gorgeous 2008 property with in-ground pool and three car garage, went under contract in about 30 days. We prepared the VA short sale package for Citi Mortgage, faxed it, followed up and received approval for our seller in 24 days!

What is normally included in a simple VA Compromise Sale package?
Hardship Letter
Dodd-Frank Certification
Two years tax returns
Financial worksheet
Proof of Income
Bank Statements
Preliminary Settlement Statement
Listing Agreement
Buyer Proof of Funds
Contract (purchase and sale agreement)
Authorization to speak with listing broker

What are the benefits of a VA Compromise Sale?
The borrower will not have to pay back the shortfall (if there was no fraud, misrepresentation or bad faith when the loan was obtained)
There is currently a $1500 relocation bonus paid to the VA borrower at closing

What are the negatives of a VA Compromise Sale?
You cannot obtain another VA mortgage loan unless you pay back the government loss
Your credit will be reported as "Paid in full for less than the full balance"
You may owe federal taxes depending on current tax law and your total financial picture

One of the key differences between VA Compromise Sale program and traditional short sales is that you must have a hardship. Nowadays, so-called “strategic” short sales are more common, where the borrower no longer wants the property, has no financial hardship, so participates in the loss by contributing cash or agrees to a promissory note to obtain a short sale. This is not the case with a VA mortgage. You must be at risk of default, and not have your own cash available to contribute.

More questions about VA Compromise Sale? 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

Navarre Florida Short Sale Agent

Destin Florida Short Sale Agent in Kiplinger Magazine

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Wed, 04 Jan 2012 17:12:07 -0500

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

Fort Walton Beach FL, Ocean City Home - Sold in 60 Days

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Mon, 02 Jan 2012 13:20:58 -0500

This beautiful Fort Walton Beach Florida home, near Lowe's and Sam's, was sold in just over 60 days! Part of the appeal of 728 Hart Dr. was the fantastic remodeling, especially in the kitchen. Granite counters, tile backsplashes, new cabinets and new appliances were some of the upgrades. The home, built in 1987, was over 1700 square feet, and was impeccably maintained. The lot was about one-half acre, which is unusual for Fort Walton Beach, where most lots are smaller. Listed at $177,900, there were multiple offers.

728 Hart Dr., Fort Walton Beach sold for $170,000. The sellers contributed $5,500 toward buyer closing costs. Why is that important to know? When using this sale as a "comparable" sale to price other properties, the significant seller credit means, in essence, the home sold for $164,500. For example, if a homeowner with an identical property asked me what their home would sell for, I would not tell them $170,000 - that would be too high. I would suggest they keep in mind that relocating military buyers coming into Eglin Air Force Base, typically ask for seller credits to help pay closing costs. That must be kept in mind when anticipating net proceeds. I hope that makes sense to you. If not, send me an email and I will explain further.

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

Fort Walton Beach real estate

Fort Walton Beach short sale agent

1215 Thomason Dr., Pine Meadows, Fort Walton Beach - Bank of America Short Sale

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Fri, 30 Dec 2011 12:10:28 -0500

This is a fun home at 1215 Thomason Dr., with eclectic and enticing touches in Pine Meadows, Fort Walton Beach, FL. Some of the interesting elements are the arched pass-through from kitchen, repeating arch accent above kitchen entrance. Vibrant pendant lights above breakfast bar. Popping red tray ceiling, dining room with lively and inviting wall decor. Mostly tile and wood laminate floors. Big, fenced back yard with brick barbecue. New fence 2005. Air conditioner replaced within past 5 years. Seller repairing French door and installing new pedestal sink. Located in the Wright, Willow Bend area of Fort Walton Beach, this home is perfect for Eglin Air Force Base commuters. It is a Bank of America cooperative short sale.

1215 Thomason Dr., Fort Walton Beach FL - offered at $98,700.

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

Fort Walton Beach Florida short sale help

Regatta Bay, Destin Florida Short Sales Make Market

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Tue, 27 Dec 2011 14:42:00 -0500

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

Miramar Beach, Destin Florida Executive Office For Lease

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Tue, 20 Dec 2011 11:36:38 -0500

Furnished Destin office space for rent in Miramar Plaza with room for two to three employees or a generous single-person executive suite. Includes two-three new Hon desks and chairs and sound absorbing room divider. This large office has hall window and full glass door for open feeling, and is located in a contemporary commercial condo in Miramar Plaza on Highway 98, near Sandestin, just over the Okaloosa County line in Miramar Beach. Enjoy use of conference room with large flat screen monitor, storage space, and kitchen. Internet, wireless, electric, water, CAM fees included. Store front window with business directory lists your company name. All you need is your own telephone line. Share with professional real estate brokerage and appraisal company. Owner is licensed Florida real estate broker.

12889 Emerald Coast Parkway, Hwy 98 E, Commercial Space - $599 furnished.

Contact Wendy Rulnick, Broker Rulnick Realty 850-650-7883

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

4020 Indian Lake, Destin FL Condo Sold as Short Sale

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Fri, 16 Dec 2011 14:57:33 -0500

This bright two bedroom, two bath Indian Lake condo in Destin Florida just sold as a short sale. The unit was fully tiled and had a vaulted ceiling in the living room. There was a tenant in place, who was retained by the new investor buyer. The Indian Lake condo association offers amenities such as a community pool, gym, clubhouse, on-site leasing office, payground and BBQ areas. This sale was a Bank of America Co-op short sale, which means it was purportedly pre-approved. The process, however, took over 120 days, so use caution when purchasing or selling a Bank of America Co-op sale, if you think you will be able to close sooner.

4020 Indian Lake, Unit 371, Destin Florida sold for $61,801.

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

Destin Real Estate

Just Sold - Grove by the Sea, Santa Rosa Beach FL- Short Sale

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Wed, 14 Dec 2011 15:29:16 -0500

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

10 Home Santa Rosa Beach FL Subdivision Approved by PNC for Short Sale

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Mon, 12 Dec 2011 14:22:48 -0500

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