Destin Florida Real Estate – Short Sales – Foreclosures

This home at 213 Concert Court in Hammock Bay, Freeport Florida, has been approved to close as a short sale. 

Purchase Price:  $170,000 appr

Wells Fargo mortgage balance:   $230,000 appr

Chase mortgage balance: $60,000 appr

Factors:  Wells Fargo delayed their approval process until the junior lien, Chase issued their own approval.  Chase delayed their approval due to reorganizing internal departments.  Chase also got aggressive with a settlement demand from the seller, which took time to negotiate.

Reminder:  Consider keeping your second mortgage or equity line current if you are doing a short sale.  If you don’t, your file may be sent to a debt collection agency, or to the lender’s charge-off department.  You can still do a short sale, but the creditor may not be as lenient.

If you are trying to avoid foreclosure, consult an attorney and an experienced Freeport 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

Freeport Florida Real Estate

Freeport Florida Short Sales & Pre Foreclosure Help.

Read Wendy’s Freeport Florida 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.

Yesterday I received this email from a potential Rosemary Beach, Florida real estate buyer.

Dear Wendy Rulnick:

 We found you on the web. We were set on looking for a home between Rosemary Beach and Grayton Beach south of 30A. Our question is, how do you feel the long term impact of the oil spill will affect the area? 

 Thank you, ”Unsure”

Dear “Unsure”,

I sincerely think it is a big unknown.  Obviously, there will be knee-jerk reactions at first should the oil hit our area on the Florida Panhandle.  Buyers will be concerned because there is no definitive answer, and may put off real estate purchases.  Thus, it might create more downward pressure on pricing.  I think those who really love the 30-A, Rosemary Beach area in South Walton County, Florida, will still seek those communities. There are economic and area improvements coming due to the new Northwest Florida Beaches International Airport in Panama City.  Another area-wide community-booster is Eglin Air Force Base’s new F35 Joint Strike Fighter training program.

 Meanwhile, BP tells us they will do whatever they need to keep our beaches beautiful.  It is a top priority locally and at the state level.  Governor Crist is fully involved.  Walton County has both a protection and restoration plan.

Let me know if you want to find a home in Rosemary Beach, Grayton Beach or 30-A.  I have a team of highly trained buyer specialists, and will put you in good hands.

Sincerely yours,
Wendy Rulnick, Broker

Rulnick Realty, Inc.

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

Rosemary Beach Florida Real Estate

Rosemary Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Grayton 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.

Today I received a call from a potential Destin Florida short sale seller, timid to speak with me.  Why?  She had been told by the previous real estate agent she contacted, that listing her home was not worth her time!  Why? It seems this property was worth under $100,000 and would be “a lot of work”.  The poor seller, who lost her job, told me she was hesitant to even contact another agent, thinking no one would help her. I told her, “Sure, a short sale is a lot of work, but this is what I do.”  I then explained the process of gathering documents, pricing, follow up and time involved in a short sale.  I concluded with, “Of course, I can help you.”  She was almost stunned into silence.

Conversely, I’ve had sellers contact me with Destin luxury properties that were once valued at almost $2,000,000.  They tried to hold on to their investment condos or homes and waited until they were well into the foreclosure process before they started a short sale.  Why?  Because they could not admit they needed help and thought something “might change”.  They drained almost everything from their savings and retirement plans to make payments.  These sellers waited until it was almost too late for short sale assistance. 

Bottom line - don’t wait and don’t hesitate if you are falling behind in your mortgage payments or are about to!  It doesn’t matter if your Destin Florida property is worth $60,000 or $1,000,000, you can be helped.  It doesn’t matter if you are upside down by $100,000 or $500,000, you can be helped. 

If you have one real estate agent tell you, “It’s too complicated”, “You are too close to foreclosure” or “It cannot be done” don’t give up.  If you have one agent tell you, “You are not worth my time” or “The loss is too great”, don’t listen. There is help for you to avoid foreclosure. Think about your future. Make another call.  The next one might be the right one. 

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.

Census Bureau workers are regularly calling and asking my office for confidential information about Destin Florida properties we have listed for sale.  They are getting sneaky, too.  I’ve instructed my office not to answer confidential questions on behalf of any of our sellers.

Yesterday one of my team was threatened by a Census Bureau worker that she would be “personally penalized” for not answering questions.  They said, “Not your office- YOU will be penalized!”  I am serious.

How sneaky are they becoming? The Census Bureau worker calls for me, will not say what the call is regarding and leaves a first name.  Of course, my team is alerted that this is probably not a legitimate business call.  We call back, and they start on the census questions, “Is the home occupied or vacant?”  (Gosh, can’t they look in the window?) When we don’t answer their questions, they start to get pretty ornery.

Why won’t we answer confidential questions?  How do I know if this caller really works for the Census Bureau?  How do I know it is not a thief or scammer?  How do I know if my seller would choose to answer these questions?  Do I have permission to? I don’t, therefore I won’t.

Would you?

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.

Are you one of the many Americans recently affected by financial woes?  Have you missed payments, racked up your charge card, gone through a short sale, foreclosure or bankruptcy?  As a result, your credit score has probably dropped, maybe substantially.  If so, there is a great resource that may help you rebuild your credit.

MyFico.Com is a website recommended by my favorite financial guru, Suze Orman.  MyFico will allow you to monitor your score and will send you email alerts whenever your score might be affected, for example:

1.  You increase your balance on your charge cards (higher overall debt)

2.  You apply for a car loan or other installment debt (credit inquiries)

3.  You get the car loan (higher debt)

4.  You pay late

5.  Your credit card company lowers your limit (balance to available credit ratio)

By monitoring your score, you will be more conscious of how you can improve it.  You can even set a target score – to alert you when you reach your goal.  For example, if your score is 650 and your goal is 700- you will get an alert when you reach it! The other great thing MyFico does is offer a simulator to see how your score will change if you take specific action, like pay $10,000 down on your overall credit, or pay on time for five months. 

What can you do to improve your score?  Pay down credit cards, pay your bills on time and don’t take on new installment debt.  The more consistent you are with taking those actions, the quicker your score will improve. MyFico offers a 30 day free trial.  If you sign up, the fee is $9.95 a month or $99.95 per year. 

To get an annual free credit report, also consider the official Federal Trade Commission site www.annualcreditreport.com.   You can get a report once a year from the three credit reporting bureaus, Experian, Equifax and Transunion.

Watch your score and be aware of your spending.  Your credit will improve… maybe sooner than you think!

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

www.ShortSaleSuperstars.com for real estate agents

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.

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Gorgeous Windswept Estates short sale home in Freeport Florida set on golf course. Unique architectural touches, curved designs, archways, dramatic foyer and entrance highlighted with columns. Huge kitchen with extra long counterspace with more cabinets above for plenty of storage, banquet area. Wood laminate floors, high ceilings, corner angled fireplace. Formal dining room with French doors. Spacious screened porch accessible by living room and master bedroom. This golf course home has a great view of the 3rd hole and green. Windswept Dunes golf course is on 700 acres, and is noted as the longest course in the Florida! Windswept amenities include: clubhouse with a pool, tennis courts, volleyball area, and a playground.  Added feature: electronic pet fence!

This Windswept estates short sale home is offered at $197,900

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.

    This beautiful home at 610 Adams Drive, Crestview Florida was just approved for short sale by GMAC. 


Mortgage Type:  FHA /HUD

Approved Price:  $115,000

Approval Time:  108 DaysSince this was an FHA/HUD short sale, special procedures had to be followed.  The seller was required to write a letter explaining why the home was vacant.  FHA short sales typically require the owners to occupy the property.  In addition, because of the HUD short sale guidelines, the approval stated the sellers would receive $1000 upon closing.

Sales notes: 

Do you need to sell your FHA-insured home as a short sale?  Here is the updated summary of requirements for HUD Short Sales, also called “Pre-Foreclosure” Sales:

1. You must be delinquent 31 days or more at the time of sale.
2. You must list the property with an un-related Licensed Real Estate Broker
3. You must actively market the property for four months (up to six).For the first 30 days of marketing, the short sale lender (mortgagee) may only approve offers that will result in a minimum net sale proceeds of 88% of the “as-is” appraised Fair Market Value (FMV). During the next 30 days of marketing, the lender may only approve offers that will result in minimum net sale proceeds of 86% of the “as-is” appraised FMV. For the rest of the marketing time (60 days), the lender may only approve offers that will result in minimum net sale proceeds of 84% of the “as-is” appraised FMV.
4. The property must be an owner-occupied, except for cases of job transfer, death, divorce, job loss
5. There should be written proof of your decrease in income showing inability to pay the mortgage, job loss, etc.
6. HUD will pay up to 1% of buyer’s mortgage as part of closing costs if the new mortgage is also FHA, plus reasonable “seller” costs
7. HUD allows 6% Realtor commission
8. HUD will not pay for Home Warranties, points or lender’s title insurance
9. You must get approval to participate in the HUD Pre-Foreclosure Sale Program in advance
10. Upon acceptance into the program, you will be given Approval To Participate Form which will outline program restrictions

Here are details of the HUD Short Sale (Pre-Foreclosure) Sale Program.  Remember, these guidelines apply to FHA-insured loans only, and there may be some latitude in those requirements.  These guidelines are subject to change.

HUD Frequently Asked Short Sale Questions

For more information contact the HUD National Servicing Center. Contact me to help you with your short sale.

It’s Wendy!

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

Crestview Florida Real Estate

Crestview Short Sales

Read Wendy’s Short Sale 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, to list and sell your home or condo 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.   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.

Did you know that almost 1 in 4 Florida home loans are delinquent?  Even though most of my real estate business in Destin Florida is short sales, this news has stunned me.  According to an article by the Miami Herald, 23% of Florida mortgages, or 807,000 of 3.5 million loans are in foreclosure or have late payments by a month or more.

So, if you live in Destin, Niceville, Fort Walton Beach or Navarre Florida, look up and down your street.  If you are out buying groceries in Crestview or Santa Rosa Beach Florida, look at the people in line with you. 

Your neighbors, co-workers, gym buddies, friends and aquaintances are part of this group of homeowners who are hurting.  They have lost jobs or income.  They may not tell you, but how can they not be affected?  You do know someone who is behind in their mortgage, don’t you?

Or maybe it is you?  Don’t be ashamed, and please don’t be afraid.  There is help for you to avoid foreclosure or avoid losing your home.  You are not alone. 

Your first step, if you are in financial trouble, is to contact your mortgage lender.  Your lender may be able to:

Modify your mortgage terms for lower payments by extending the length of the loan

Reduce your mortgage interest rate

Temporarily suspend payments

Allow missed payments to be paid back over time

Decrease your total mortgage amount

If you cannot keep up with your bills contact the Consumer Credit Counseling Service or the National Foundation for Credit Counseling.  Groups like CCCS help people with debt management.  They may be able to arrange a plan with your creditors to lower monthly payments and save a dire financial spiral.  Organizations that work with consumers to manage debt usually charge a small monthly fee, but only if there is capacity to pay.  

If you have already been served a complaint for foreclosure on your Destin, Niceville or Santa Rosa Beach property, it is not too late to see if your lender can help you.  If not, seek legal counsel and consider your alternatives.

Finally, a “short sale” may spare you from foreclosure and allow you to sell your home for market value, even if that is less than your mortgage balance.  A short sale is better for your future financial future than foreclosure, and you may be able to buy another home in two years or even less.  Many lenders allow this option.  But don’t wait until it is too late. 

Take action and pick up the phone today. Be “pro-active”, and take care of yourself, your family and your future. 

It’s Wendy!

Wendy Rulnick, Broker, Short Sale Specialist

Rulnick Realty, Inc

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.

As a Short Sale Specialist on the Emerald Coast of Florida, I sometimes run into a situation where a property cannot be saved from foreclosure.  Either the seller contacted me too late, or the property combined with the market was so fraught with problems, that a sale could not be obtained.  Luckily, we can often save a property from foreclosure right up to the sale on the courthouse steps.

I recently had a townhouse listed for sale in a gated subdivision in Destin, Florida.  The property was encumbered with association fees of $800 per month.  In my area, that is outrageous for a non-waterfront property.  In fact, to overcome objections to such high fees, the list price had to be lowered substantially, and then the numbers still did not make sense to a typical purchaser. 

Well, the day before the foreclosure sale we got a contract on the property.  My team scrambled to get it to the short sale lender, in this case, EMC.  They failed to cancel the foreclosure in a timely manner, and despite efforts to rescind the sale, they let it stand.

A few days later I got a call from the “new” listing agent, who let me know she had received the assignment from EMC.  Without hesitation,  and without being asked, I sent her all my information on the property.  I sent her details on the new association fees, the contact numbers for the association, and the name, telephone number and email address of the agent who wrote the offer.  I also emailed the buyer’s agent directly to let him know he should contact the new broker, so perhaps he could make his deal work.

I gave it my all.  I wish the new listing agent and the buyer’s agent the best.  And I hope they succeed.

It’s Wendy!

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

Search All Destin FL 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.

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1. You must be delinquent 31 days or more at the time of sale.
2. You must list the property with an un-related Licensed Real Estate Broker
3. You must actively market the property for four months (up to six).For the first 30 days of marketing, the short sale lender (mortgagee) may only approve offers that will result in a minimum net sale proceeds of 88% of the “as-is” appraised Fair Market Value (FMV). During the next 30 days of marketing, the lender may only approve offers that will result in minimum net sale proceeds of 86% of the “as-is” appraised FMV. For the rest of the marketing time (60 days), the lender may only approve offers that will result in minimum net sale proceeds of 84% of the “as-is” appraised FMV.
4. The property must be an owner-occupied, except for cases of job transfer, death, divorce, job loss
5. There should be written proof of your decrease in income showing inability to pay the mortgage, job loss, etc.
6. HUD will pay up to 1% of buyer’s mortgage as part of closing costs if the new mortgage is also FHA, plus reasonable “seller” costs
7. HUD allows 6% Realtor commission
8. HUD will not pay for Home Warranties, points or lender’s title insurance
9. You must get approval to participate in the HUD Pre-Foreclosure Sale Program in advance
10. Upon acceptance into the program, you will be given Approval To Participate Form which will outline program restrictions

Here are details of the HUD Short Sale (Pre-Foreclosure) Sale Program.  Remember, these guidelines apply to FHA-insured loans only, and there may be some latitude in those requirements.  These guidelines are subject to change.

HUD Frequently Asked Short Sale Questions

For more information contact the HUD National Servicing Center, your lender, and an experienced Short Sale Specialist.

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

Search Destin Florida real estate and vicinity.

Short Sale Pre Foreclosure Help.

Destin Real Estate Blog.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.  Call toll-free  1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2009 By Wendy Rulnick. All Rights Reserved.  *How to Sell Your HUD Short Sale Home * Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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