Destin Florida Real Estate – Short Sales – Foreclosures

Are you an Eglin AFB or Hurlburt Field airman PCSing soon?  If you own a home, have to sell, and owe more than your property is worth, there may be help available so you can avoid a foreclosure or even a short sale.  The U.S. military Homeowner Assistance Program (HAP) may help you by covering most of the loss to your mortgage holder.

These are the basic qualifications for HAP:

1.  You must be PCSing more than 50 miles
2.  You purchased your home or entered into a contract to buy it before July 1, 2006
3.  It was your primary residence (not a rental)
4.  Your orders were between February 1, 2006 and September 30, 2012.
5.   Your home must have declined at least 10% in value.  (That should not be in problem in the Eglin AFB and Hurlburt Field market). 

HAP may cover 90% of your loss from your original purchase price, with you bringing the difference to closing when you sell your homel  If you apply for HAP and are moving from Eglin AFB, Hurlburt Field, Duke Field or Whiting Field, here is part of an email you may receive from the HAP Savannah District:  

         “ We cannot estimate or pay benefits until you have provided all requested information, are determined eligible, and have sold your home or have it under contract.  You are encouraged to send in the information we request since we cannot determine your eligibility without it.The government acquisition option for… applicants involves the government purchasing your home and selling it immediately to your buyer in a subsequent transaction.  This option is for those who cannot afford to close without it.  You are advised to make every effort to sell your property at the highest reasonable price under current real estate market conditions.

        Please note we will require a fully signed HUD-1 Settlement Statement from when you bought your home.  Please send this document for inclusion in your file.If you listed major improvements in your application, you must provide receipts for these items if you would like them to be considered.  Current guidance is that the Prior Fair Market Value is the purchase price, but it is anticipated that there may be an adjustment for improvements in the final guidance.  Improvements and receipts must be in accordance with the guidelines established in IRS publications 552 & 527 (http://www.irs.gov/).”

The great news about this HAP guideline, is that your monetary assistance may be based on your cost plus improvements, not just your initial purchase price.  This means, HAP may cover more of the loss to your mortgage holders – so YOU will have to bring less funds to closing to cover the difference. 

If you plan on selling your home for a PCS from Eglin or Hurlburt in Navarre, Destin, Fort Walton Beach, Niceville, Crestview or Mary Esther,  Florida, contact a real estate agent who specializes in the HAP program.  Don’t let your home go to foreclosure!

It’s Wendy!

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

Eglin AFB and Hurlburt Field Real Estate

Short Sales & Pre Foreclosure Help.

 Read Wendy’s Emerald Coast 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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I recently got a Mary Esther Florida short sale approved by HSBC, who always provide interesting twists to their short sales.  Here is the story:

Property:  Owner occupied home in Mary Esther Florida

Market Value:  $130,000

Senior Lien:  Wells Fargo – VA loan  - $190,000

Junior Lien:  HSBC -  $40,000

Getting the VA compromise sale approved by Wells Fargo was the easy part of this short sale.   Getting approval from HSBC, the junior lien, was a different story.  HSBC had farmed out its collection efforts to a company called Professional Recovery Services.  After months of waiting for a response on short sale approval, PRS finally claimed that HSBC would not allow a short sale because the borrower had filed for bankruptcy a few years ago.  I was asked to provide documentation that the HSBC lien was not included in the bankruptcy.  I did, but PRS said HSBC still refused to look at the short sale, claiming “a bankruptcy is a bankruptcy”.

Undeterred, I contacted HSBC directly, emailing several representatives until I was directed to a negotiator in the bankruptcy department.  Apparently, I had contacted the right person, as he said he would help with the short sale approval. First, though, he needed me to provide a Broker Price Opinion of the property’s value.  I used my Multiple Listing Service to do a detailed market analysis and faxed in the form.  The HSBC negotiator, although polite enough in scripted English, had a problem with my document.

“This is not a Broker Price Opinion” he said, “It says Comparative Market Analysis”. 

“It’s the same thing.  A comparative market analysis is the same thing as a BPO”, I told him incredulously, “What do you want me to do, re-label it?”

PAUSE

 “It looks like a CMA.  I need a Broker Price Opinion done by a Broker” He choked out.

“I am a Broker.  Fine, I will re-label the form with ‘BPO’ and fax it back to you.”

“Thank you, it has been my pleasure speaking with you”, he read from his script.

I re-entered my data onto another form, labeled it ‘Broker Price Opinion’, and faxed it back to HSBC.  The next day I called in.

“You are approved.  It has been my pleasure working with you”.

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

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 week I lost a dear friend to cancer.  I had known her for many years, but for two of those years we did not speak.  Why not?  For a silly reason and a silly misunderstanding.  We reconnected when I found myself seated in a restaurant booth next to her and her family.  She did not see me, but I recognized her voice immediately.  I felt joy in my heart when I heard her.  I called over the waiter and asked him to send a bottle of wine to her table.  When she got it, she exclaimed “Who sent this?”.  I turned around and greeted her.  I could see my overture was welcome and she and I planned an evening alone.  When we got together we talked about what happened and why we did not speak for two years.  It was simply a misunderstanding.  It never should have occurred.  Thank goodness we reconnected, as we always should have been friends.  In the last few years I did not see her much, but she and I had a good connection inside of us.

If there is someone in your life who used to touch your heart, don’t wait.  Don’t feud.  People come from different places and have different experiences and outlooks.  The problem may have nothing to do with you.  Forgive them and reconnect, before it is too late.

Wendy Rulnick

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.

It was around 5:00 and I was talking on the phone to another real estate agent.  She had some questions about one of my listings.  She said she might call me back later if she thought of anything else.  I said “I’ll talk to you in the morning.  I turn my cell phone off at 5:30.” 

“What!?” she replied, “How can you do that? I leave my phone on all night!  I’ve had buyers call me at 11:30 p.m.  I wish I could turn my phone off!” 

I told her, “You teach others how to treat you.  If you jump at 9:00 p.m., your customer will always expect you will be available then.  If you return the call in the morning, then they will understand you work during business hours.” 

Lately, there has been quite a fuss about always answering phone calls no matter what time.  Forget about your privacy.  Forget that you have a life and are a human being.  You are supposed to be an automaton if you sell real estate.  Definition of automaton: 

  automaton [ɔːˈtɒməˌtɒn -t^ən]n pl -tons, -ta [-tə]1. a mechanical device operating under its own hidden power; robot 

2. a person who acts mechanically or leads a routine monotonous life 

[from Latin, from Greek, from automatos spontaneous, self-moving] 

You know what? I am not an automaton.  I am not a robot.  I went on to tell this agent, “I would not be effective if I worked 24 hours a day.”  You see, I have peak hours of operation, being a living human being. My personal peak email hours are 8:00 a.m. to 5:30 p.m.  My peak talking hours are 10:00 a.m. to 4:00 p.m. My peak meeting hours are 11:00 a.m. to 2:30 p.m. You might be different.  If I represented my seller or buyer off-peak, I would be doing them a disservice.  

In twenty years of selling real estate, I have not once had a seller or buyer complain that I did not take their call at 8:30 p.m.  Bottom line, I think people respect you more if you respect yourself and your own time.  They won’t even question it. 

Give it a try.  It won’t hurt.  Maybe you will become more effective.  Maybe you will even gain part of your life back. 

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 

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.

Normally, we all recognize scam emails trying to swindle money. Typically, these mass emails claim to be foreign heads-of-state who want to deposit millions of dollars in YOUR bank account.  We hit the “delete” button and forget about them.  Well, my office was recently targeted for a more sophisticated real estate scam.  In this case, it was not just a mass email.  The culprit, “Dr. Chang Wong” filled out a detailed property search form that gave us pause:

NameAddress:  Dr. Chang Wong

Banshan County, Gongshu Dct, Hangzhou Zhejiang 310022

PriceRange:  $500,000.00USD to $900,000.00USD

Comments:  Dear Sir/Madam,

I am Dr. Chang Wong The Chief Financial Officer for Cnooc Limited, China. We are currently looking to buy a house in  any nice neighborhood for our Retering president of our company.

We are currently looking to buy a four (4) to six  bed rooms house with the price ranging from $500,000.00USD to $900,000.00USD and we would want to retain your lawyer in all the process buying the property e.g. documentation and payment. Please if you have properties with similar description please contact me as soon as possible so that we can make arrangement for the payment and all paper work. My client is willing to make a full payment of any choosing property. Please contact me at my email: changwong_cnooclimited@asia.com

I was not sure if this was a fake, so we initially treated the lead as real.  One of my team members sent Dr. Wong a list of homes, and he corresponded back by email.  He picked an $850,000 house in Santa Rosa Beach, Florida, and asked for names of attorneys to represent him.  Again, communicating by email, he picked one of the local law firms and wanted to solidify a contract.  All along, we were suspicious this might be a scam, but a bit optimistic.  Dr. Wong could be an international jet-setter that just buys homes without viewing them, right?

The next clue that Dr. Wong might be a scam-artist came was undeniable.  Read his email:

BUYER AND SELLER AGREE TO DEPOSIT $300,000.00 AGAINST THE PROPERTY, CHECK TO BE SENT BY STOCKBROKER. BUYER WILL ADD ADDITIONAL $200,000.00 TOTAL $500,000.00 THIS MONEY WILL BE USE TO BUY A NEW APPLIANCES FOR THE PROPERTY, ALL THE MONEYS IN THE LAWYER COMPANY’S TRUST ACCOUNT BUYER AND SELLER AGREE TO ALLOW THE LAWYERS TO DISPERSE MONEYS AT THE BUYERS REQUEST; A MINIMUM OF $300,000.00 MUST STAY IN THE LAWYERS COMPANY TRUST ACCOUNT UNTIL SAID TRANSACTION CLOSES. BUYER HERE BY REMOVE ANY ALL CONTINGENCIES ON SAID PURCHASE AGREEMENT

$500,000 for new appliances, Dr. Wong? With  a “check” from your stockbroker, not wired funds?  That some “bank” will verify as authentic? OK, hold on!   Dr. Wong, appliances might only cost $10,000!  Were you thinking the excess $490,000 would be wired back to you in REAL AMERICAN DOLLARS.  BUSTED!! 

The local attorney contacted the FBI, and we learned that Dr. Wong is really in Nigeria (where else?).  Further, there is nothing the FBI can do, since it is practically untraceable and overseas. 

 So, be warned.  I have since found Dr. Wong on other real estate sites, filling out forms and making inquiries.  Don’t be the one who sells him a house.

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 Bungalos at Sandestin home was just approved for short sale.  Sandestin is a subdivision in Destin, Florida in Walton County.  The home is scheduled to close within 30 days.

Lender:   Bank of America, junior and senior liens

Hardship:  Death of borrower partner

Mortgage Balance:  $405,000

Sale Price:  $310,000 approximately

Approval Time:  105 Days

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 FL Real Estate

Destin and Sandestin 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 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.

Bright, happy home at 42 Talon Way is a short sale located in quiet subdivision of Eagle Bay, in Santa Rosa Beach Florida. Wonderful outside spaces include front porch, patio and large balcony off master bedroom. Elegant landscaping with palm trees, brick pavered driveway. Impressive entry looking up to second floor. Ample great room with fireplace. Kitchen has granite counters and breakfast bar. This Santa Rosa Beach short sale home is near the local’s favorite, “Love Shack” restaurant with pool membership available.   10 minute drive to Grand Boulevard, Baytowne Wharf.  15 minutes to the beach, Destin Commons! Built in 2007, over 2100 square feet.

Santa Rosa Beach Short Sale Offered at $217,700.

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.

This East Pass Towers II  condo on Holiday Isle in Destin Florida is a stunner! You will have great views of both Destin harbor and the pass from two unique balconies! Upgrades galore including a spectacular kitchen for the gourmet – miles of granite counters for buffet line, baking or Top Chefing. All new appliances 2006, custom designed Kohler sink. Wetbar with bowl sink, silver leaf backsplash, silver leaf ice maker. Bamboo-look columns and bamboo floors (2006), designer lighting, pulls, faux paint add drama. Private master suite. Secondary bedrooms have separate doors to balcony. Tons of storage, pantry, shelving makes this Destin short sale condo more like a home.  Armour Screen brand hurricane protection ($10,000) for see-through protection from wind. East Pass Towers is located on the end of Holiday Isle.  This Destin short sale condo setting offers sparkling views of A.J.’s, harbor lights and the pass to the Gulf of Mexico.  Destin beach is at your feet, as this condo is right on the water! Destin short sale offered at $475,000

 When selling your Destin short sale property, hire an experienced short sale specialist.

“It’s Wendy!”  Wendy Rulnick, Broker, Rulnick Realty, Inc.

Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.

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

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 walk into a place of business.  The receptionist does not look up.  She is on the phone.  No matter what you do, you get no eye contact.  You stomp around and she finally hangs up.  No smile.  “How can I help you?”, she spurts out.  You tell her you are there for an appointment.  “Just a minute”, she instructs you.  After ten minutes, you are ushered in.

Has that ever happened to you?  Or worse?  How often do you check the “courtesy” systems for your own real estate business?  Here is a refresher:

1.  Answer the phone after two to three rings.  Anything more, and they might wonder if you are still in business.

2.  When taking a transferred call, don’t make the party repeat everything they already said to the first person! 

3.  Ask, “May I place you on hold for a moment?”

4.  When you telephone someone, don’t start into your conversation.  Ask if they have time to take your call.

5.  When emailing, repeat the subject line in the content of your email.  Many people gloss over the subject line, and they might not realize you are talking about “unit 2B, Marbella condominiums”!

6.  Are you on time?  If you are going to be late, do you call, even it is only five minutes?

7.  Do you make eye contact when they enter your office or during a conversation?

8.  Do you address people by name, but not so much that it sounds contrived?

9.  Do you thank people for their time, even a bank negotiator?

10.  Gentlemen, do you open the door for your female customer?

11.  When dealing with an angry client, after assisting, do you ask “Is there anything else I may help you with?”

12.  If you cannot give someone your full attention on the phone, do you ask if you can call them back so you can?

13.  If you cannot help someone, do you refer them to someone who can?

14.  Do you tell the truth? For example, it may be more than a minute wait!

15.  Do you respect others?

16.  When you make a mistake, do you confess, apologize and say you will correct the problem and do better?

17. Finally, do you treat everyone, not just your buyers and sellers, but vendors, agents, repair persons, employees, short sale negotiators, salespeople, etc., like your best customer?

Some of these ideas I’ve learned over the years.  Some I’ve found in my favorite customer service book,  “Delivering Knock Your Socks Off Service” by Kristin Anderson and Ron Zemke.   I highly recommend you read it and perhaps you might elevate your business.

Thank you for your time.

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