Destin Florida Real Estate – Short Sales – Foreclosures

If you are buying a home around Eglin Air Force Base or Hurlburt Field, you may want to know about HAP properties. HAP stands for Homeowner Assistance Program, and it is designed to help military service members sell homes with upside-down mortgages. 

For example, if you are looking at a Crestview Florida home where the military seller owes $250,000 on the mortgage, and the home is only worth $150,000 (very common), this might be a scenario where HAP could help.  If the seller qualifies, HAP will cover his mortgage loss at time of sale, and allow you to buy it without waiting for a “short sale”.

HAP, run by the Army Corps of Engineers, assists airmen who are PCSing (permanent change of station) with orders to a new base more than 50 miles away.  To qualify for the HAP program, the service members must generally meet these criteria:

1.    They entered into a contract to purchase their current home before July 2006.

2.    It was their primary residence when they got orders to move

3.    Their orders were between February 1 2006 through September 30, 2012.

4.    The property must have declined at least 10% in value.  (That should not be in problem in the Eglin AFB and Hurlburt Field market).

If you find a property in Crestview, Fort Walton Beach, Niceville or Navarre Florida that is specified as “HAP”, what does this mean to you?

1.     Your real estate contract should have language stating it is “contingent on HAP approval”.

2.    You should allow up to 90 days for approval.  The HAP processing time was about six months at the beginning of the year, but it is speeding up.  You may be approved quicker.

3.    HAP generally will pay competitive closing costs, perhaps 3% of the purchase price.  Be prepared that they may not agree with what you are asking.

4.    HAP wants fair market value for the property.  Do not expect to pay much less.  HAP will request the listing agent provide comparable sales data, and they will do an independent analysis, as well.

5.    Realize the Eglin AFB or Hurlburt Field service member will do the initial negotiations with you, and may not accept or may counter offer your proposal.

When it is time to close, HAP will do what is called an “Augmented sale” or “Government Acquisition”.  They will actually buy the property from the service member, then sell it directly to you. 

As you begin your home search in Crestview, Navarre, Niceville and Fort Walton Beach Florida, remember to check out HAP homes.  You may be HAPpy you did!

Eglin and Hurlburt Field HAP help

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 Crestview, Navarre and Fort Walton Beach FL Real Estate

Crestview, Navarre and Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s 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. 

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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.

From the wonderful lawn to the many improvements- this Fort Walton Beach Florida short sale home is easy to love! 225 Fliva Ave., in the Bayou Subdivision, has new hardwood floors, remodeled kitchen with custom cabinets, Corian counters, and all new lighting. That’s just a start. All windows have been replaced, new air conditioner and new paint! The exterior is brick, the street appeal is upscale.  Located in the Bayou Subdivision in the Cinco Bayou area, just a few minutes to Eglin Air Force Base, Hurlburt Field, or especially, the beaches of Okaloosa Island and Destin Florida. Make it yours!

225 Fliva Ave., Fort Walton Beach Florida – short sale  – offered for $155,000

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.

I received this note today from a Crestview Florida short sale seller.  Her recent VA Compromise Sale was approved by Bank of America. The Crestview home closed last week. 

Hello Wendy,

You were the best thing that could’ve happened in my life at the time, and I am very grateful for your professionalism and dedication to my situation. I don’t believe this process could have happened more smoothly had it been any other agent handling my short sale. I will most definitely recommend you to any/everyone, and call on you again anytime I may need your assistance.

You are appreciated more than know.

Thank you again and God bless you always,
Dee Dee

The kind words from this Eglin AFB VA Compromise Sale seller are what puts the “ooomph” in my day.  It is why I love helping Crestview Florida short sale homeowners.

Thank you, Dee Dee!

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 Short 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.

I just received an approval on a Crestview Florida short sale.  Not just any short sale, but on a VA Compromise Sale.  When a U.S. veteran has a VA guaranteed mortgage loan, and sells his home in a hardship situation for less than the mortgage balance, there will not be enough to pay back his VA entitlement.  That is called a VA Compromise Sale or Offer in Compromise.  In that case, when working with Bank of America, you won’t see the dreaded “Deficiency” approval letter, where they “reserve the right to pursue a deficiency”.

 Here is the approval letter for a Bank of America VA Compromise sale:

Crestview FL  32539

Dear

This letter will serve as our demand for payment and advised you that Bank of America and its Investors and/or insurers have agreed to accept a short payoff involving the above referenced property.  This demand should be used by Escrow and/or Title as our formal demand statement.  No additional statement will be issued.  This approval is exclusive to this offer only.  The conditions of the approval are as follows:

1. Loan to close no later than 04/28/10
2. Sales price to be $115,000.00
3. Seller to make a cash contribution of $0.00 to assist in the closing of the transaction.  This contribution will be in the form of certified funds to be deposited into excrow prior to closing.

 If you need to do a VA Compromise sale or use the HAP program in Crestview, Niceville, Destin, Fort Walton Beach or Navarre, Florida, you should contact an experienced real estate agent.  In fact, I am thinking of one right now  

It’s Wendy! 

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     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 

Short Sales, HAP and Offers in Compromise – Pre Foreclosure Help. 

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If you are a service member or Veteran near Hurlburt Field or Eglin Air Force Base, you may be considering a VA Compromise sale if you have a VA  loan.  A compromise sale (or offer in compromise) is when the Veterans Administration approves the sale of your home when your mortgage payoff is greater than the sale price, and there is not enough to pay back your VA entitlement.  You must have a hardship and need to sell.

Two questions always come up when I help with VA Compromise Sales:

1.     How will a VA Compromise Sale affect my credit?

To get a direct answer, I called the Veterans Affairs Regional Office in St. Petersburg (telephone 1-888-611-5916), which covers the state of Florida.  They told me VA Compromise sale is reflected as “settled for less” on credit reports.  “Settled for less” is a common reporting for short sales, as well.  The exact number of points that your credit will be affected depends on your complete credit picture.    Remember, if you missed payments, that will also show up on your credit report.

2.    Will I be able to get a VA loan again if I do a Compromise Sale?

Yes, if you pay back the entitlement that was not paid back to the VA at the sale. Specifically, the Veterans Administration says: Should VA agree to pay the difference between the sales proceeds and the total debt to complete the compromise sale process, the portion of the homeowner’s entitlement used to guaranty this loan will remain tied up until VA is reimbursed in full.

In fact, I am working with a Veteran now who re-paid his entitlement after a compromise sale, in order to get a VA loan again, because the rate and terms were more favorable.  But remember, there are other types of mortgages that will be available to you, if you are unable to seek another VA loan.

If you are a service member or Veteran near Eglin AFB, Hurlburt Field, Duke Field or Whiting Field, and think you might need to do a VA Compromise Sale, short sale or use the HAP program, call me at 850-650-7883.  I can help. 

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

itswendy@rulnickrealty.com

Read  Wendy’s Real Estate Blog

Call Wendy Rulnick, Broker, 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.