Destin Florida Real Estate – Short Sales – Foreclosures

Bank of America just approved the short sale for Island Princess Unit 310 on Okaloosa Island, Florida. It took a longer-than normal 4.5 months.  And we’re going to have a hard time complying with the closing requirements….
The approval letter date: yesterday.  

 The closing deadline:  today.

  Enough said.

 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

 Fort Walton Beach Florida Real Estate

 Fort Walton Beach Short Sales & Pre Foreclosure Help.

 Read Wendy’s Fort Walton 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 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.

The games we short sale agents must play!  Here is a perfect illustration about why short sale lenders should not rely on one value, called a Broker Price Opinion (BPO), to decide if an offer is the right price.

1.  I list a Fort Walton Beach Florida short sale at what I believe is close to market value-  $89,900.  I’ve been doing this for awhile, so my philosophy is to price where other comparable properties will support this value, using recent sales, competition, pendings and expireds. 

2.  I receive an offer in the $80,000s.  The seller and I discuss that this is likely in range of what the BPO agent will come up.  Seller accepts offer and I forward short sale package to Bank of America.

3. Bank of America orders their BPO.  I receive a counter offer, stating BPO value is $124,000.  Gee, I must have really missed pricing right here!  Off by 30%! Buyer walks.

4. I raise the price to $124,000.  Aahhhhh, only for a short time.  I know the BPO is only good in this case for 90 days (not a VA compromise sale).  Of course, no one looks at the house.  I slowly lower the price.

5.  90 days are up!  I reduce the price back down to what it originally was, actually a bit less, since our market has now dropped.

6.  PRESTO!  New offer in the $80,000s.

7.  I send the short sale package to Bank of America.  I pray they don’t get the BPO value wrong again.

8.  We are in luck, the mighty BPO agrees with the contract price this time!  I am blessed! Short Sale approved in the $80,000s.

Meanwhile, Bank of America spent more on legal fees.  I spent more on marketing. And the seller hurtled four months closer to foreclosure.  Let the short sale games continue.

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

Fort Walton Beach Florida Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Fort Walton 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 HUD FHA short sale at 800 Wild Oak, Destin Florida, was approved by Bank of America in 13 days!  Why? How? What?

Why?  The seller was proactive!  He contacted Bank of America early when he was unable to pay his mortgage.  When a modification did not work, he applied for the HUD Pre Foreclosure Sale Program.

How?  When my Destin seller contacted me,  he provided me with the HUD Approval to Participate form, indicating a starting list price. 

What? I obtained a full price offer for the seller in one day.  I ensured the contract was written without closing costs HUD won’t pay.  They will only pay reasonable seller’s costs, (with the exception that if the buyer’s loan is FHA, they will credit 1% towards buyer costs).

 In fact, the Bank of America short sale negotiator emailed me:“I wanted to inform you I have never received a HUD (settlement statement) that was this clean. Thank you so much!!! It definitely makes my job easier!” 

Additionally, because I sold this seller’s home so quickly, he qualified for a HUD seller credit of $1000. That’s the incentive HUD pays if the property sells within 3 months of application (reduced to $750 thereafter).

If you have a Destin Florida home with FHA HUD mortgage, and you are unable to make your mortgage payments, contact your lender right away.  Consider a HUD Pre Foreclosure sale, and be sure to contact an experienced Destin HUD 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

 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.

Do you think landscaping doesn’t make much difference in the curb appeal of a home?  Think again!  Look at the two photos below of a Fort Walton Beach Florida home I have listed for sale.

“Before”

“After” 

Isn’t the difference in the “Before” and “After” photos are striking?  In the Fort Walton Beach market area, this curb-appeal change may bring the homeowner $5,000 – $10,000 more in sale price.  The investment?  Only a few hundred dollar for wood chips and cleaning the exterior siding.  Sure, if this home already looked good, and just a few flowers were added, it might help with “salability”, but not so significantly dollar-wise.  But what if a home lacks any landscaping pizazz, and has perhaps overgrown bushes, weeds, and no obvious attention?  That’s when the return-on-investment can be huge.

Finally, buyers’ first online impressions can make or break the decision to see your home at all.  The more buyers who want to view your property – the more quickly it will sell. Since about 90% of buyers search for Fort Walton Beach Florida homes online, you need to pay attention to curb appeal!

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

Fort Walton Beach Florida Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Fort Walton 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 home at 801 Loblolly Bay Drive was just approved by Saxon Mortgage as a short sale. 

Original Saxon Mortgage balance:  $300,000 appr

Sales Price and Current Market value: $194,000 appr

Time for Approval:  35 days

This Driftwood Estates short sale was also approved a couple of months ago by Saxon for a different purchaser.  The previous buyer defaulted on the contract and lost his earnest money deposit.  Even though the second buyer submitted an identical offer, Saxon had to go through its approval process all over again.

How is this Saxon short sale reported to credit bureaus?

If you need to sell your Driftwood Estates home as a short sale to avoid foreclosure, consider hiring an experienced Santa Rosa Beach 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

Search Santa Rosa Beach Florida Homes for Sale

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.

I was stunned and delighted to receive this email from a Bank of America VA short sale negotiator:

Hey Wendy,

I was able to push through the approval much faster than normal.  You have been very good to work with so wanted to do what I could to get it approved.       Thanks!

WOW!  It was exactly 30 days after sending in the short sale package to Bank of America, that my Crestview Florida listing was approved.  It was a VA Compromise Short Sale, so those must be faxed in versus using Equator.  I did have luck on my side, as the property had an existing VA appraisal that was still in effect from earlier this year.  (In case you didn’t know, VA appraisals for compromise sales are good for six months.) And I knew exactly what net Bank of America needed to make the sale happen.  We did not load up closing costs for the short sale lender to pay.  Why waste time and submit something you know will be kicked out?

To be honest, I think this negotiator liked my responsiveness.  He preferred to communicate by email, and I whip out responses so fast it can be shocking.  I guess he liked that, too.

Anyway, next time you are negotiating your short sale- it’s something to think about.  Are you “Good to work with?” And is that the key to short sale approvals?

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

Crestview Florida Real Estate

Crestview Florida Short Sales, VA Compromise Sales & Pre Foreclosure Help.

Read Wendy’s Crestview 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 Santa Rosa Beach Florida home was just sold – for full price – in 114 days.

This Woodland Bayou home, in the Mack Bayou area, featured a guest house and lake setting.  Adding to the appeal, there was also an in-ground pool, screened porch and Florida room.  The lot, at almost one acre, was a true find in South Walton County, with Emerald Coast beaches, shopping and major medical facilities just minutes away. 

916 Don Bishop Rd., Woodland Bayou - just sold for $239,900.

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

Search Santa Rosa Beach Florida Real Estate

Santa Rosa Beach Florida Short Sales & Pre Foreclosure Help.

Read Wendy’s South Walton 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.

Like privacy? This Holley by the Sea short sale home on large lot is for you! 6776 Perch Rd., Navarre Florida has special features, including: new wood laminate floors thoughout the house in livingroom, dining, bonus room and hallway, new deck, dishwasher and stove. Tiled kitchen with center isle and storage underneath. Dining area with French doors to rear. Bonus sitting room or office off kitchen. Lovely covered tiled front entrance with columns. This Navarre short sale home has an oversized back yard with privacy fence. Holley by the Sea, in Navarre, Florida is a short drive to Hurlburt Field, and Navarre Beach.  Holley by the Sea has a recreation center with gym, 3 pools, 8 clay tennis courts, basketball courts, and handball courts.  Also offered are baseball, aerobics classes, campgrounds and private beach and pier.

6776 Perch Rd., Navarre Florida 32566 – short sale – offered for $143,900.

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

Navarre Florida Real Estate

Navarre Short Sales & Pre Foreclosure Help.

Read Wendy’s Navarre 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.

Do you think you’re clever? Do you think you’re gonna save a bundle and make a steal on a Destin Florida foreclosure?  Are you skipping the real estate agent (ha ha – save on the commission) and saying “fuhget about” using an attorney?  Please don’t make the mistake one of my friends just did.  He bought a Destin Florida foreclosure at the courthouse steps and it’s all downhill from here.

Today I got a call from, I’ll call him Kyle, to desperately and quickly sell a Destin property.  The disaster story unfolded…. (Why didn’t he call me before he did this?  I don’t know!  But it’s too late.)

There is a $10,000 association lien on the Destin house he just bought at auction.  HE DIDN’T KNOW! Not only that, there are $300 per month association fees due – that he is now responsible for. HE DIDN’T KNOW!!!  Now Kyle is in trouble.  The association is demanding he pay up or they will take legal action to get their money.  Of course, he did not budget for an extra $300 in monthly expenses to cover association fees. And past due monies are from the PREVIOUS DEFAULTING OWNER, not Kyle (but now it’s his problem). 

What did Kyle do wrong?  How do I begin?  When you buy a home at the courthouse steps, the court is not going to do a title search for you!  Okaloosa County Florida says that is your problem.  They even have a WARNING on their website:

BUYER BEWARE! All properties are sold “AS IS”.  Bidders are responsible for conducting their own research as to the property being sold, its location or condition, the condition of any structures or fixtures thereon, its marketability, potential uses, zoning, or whether any other potential liens or other defects in title that may exist.

Guess what?  Kyle messed up.  Big time.  He did not consult an attorney.  He did not research the Destin subdivision.  He did not conduct a title search to make sure there were no liens.  Too late.  He owns the property.

Now I have to sell it. Quick.

If you are buying a Destin Florida foreclosure – remember this:  Do your homework.  Hire an attorney.  Hire a title agent.  Consult with a Destin real estate agent who specializes in foreclosures.

Don’t make the same mistake. 

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.