Destin Florida Real Estate - Short Sales - Foreclosures

233 Loblolly Bay Dr., Driftwood Estates – Santa Rosa Beach FL Short Sale

It's Wendy! — Mon, 26 Jul 2010 21:49:28 +0000

Live big in this striking pre-foreclosure short sale home at 233 Loblolly Bay Drive in Driftwood Estates, Santa Rosa Beach Florida! Very high ceilings and open floorplan feel luxurious and welcoming. Kitchen is open to dining, living with electric fireplace and sitting area. Angled stairway punctuates the spaces.

Creamy paint, tile and carpet is the perfect backdrop for your decor. Kitchen has stainless appliances, magnificent refrigerator and generous counter space. This short sale home in Driftwood Estates has access to the community pool and playground. Located a few minutes to shopping at Baytowne Wharf, Grand Boulevard and the beaches of South Walton off 30-A.

233 Loblolly Bay Drive, Santa Rosa Beach Florida offered at $189,900

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

Santa Rosa Beach FL Real Estate

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

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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.

Wells Fargo Approves Sandestin Florida Short Sale in Magnolia Bay

It's Wendy! — Mon, 26 Jul 2010 21:01:48 +0000

Wells Fargo, formerly Wachovia, has approved a Magnolia Bay townhome in Sandestin Florida as a short sale. The unusual part of this short sale was that the senior mortgage holder, Bank of America, was not “short”.What does this mean? The sales price of the property was more than enough to pay the balance on the Bank of America mortgage. That is an unusual situation in Sandestin Florida and vicinity. Most short sales in the market area are “upside down” on both mortgages. Usually, the senior lien holder will pay a paltry sum to the junior lien holder to “entice” them to release their lien and allow the sale. In this case, Wells Fargo was satisfied with about one-third of its balance, and approved the short sale.

Hint: If you are negotiating with a junior lien, consider offering a cash contribution. They may then approve your short sale as “settled”. It will be reflected on your credit report, but you will be done with them. As always, consult an attorney and an experienced Sandestin 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

Sandestin Florida Real Estate

Sandestin Short Sales & Pre Foreclosure Help.

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How To Buy An Eglin AFB or Hurlburt Field HAP Home

It's Wendy! — Tue, 20 Jul 2010 14:59:29 +0000

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.

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Bank of America Short Sale – Lengthy Approval and Speedy Closing?

It's Wendy! — Fri, 16 Jul 2010 21:48:39 +0000

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.

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How Has Oil Spill Impacted Destin Florida Condo Sales?

It's Wendy! — Fri, 16 Jul 2010 21:25:52 +0000

You can easily track the effect of the BP Oil Spill on the Destin Florida condo market. The chart above shows number of condos sold in Destin, Miramar Beach and Sandestin Florida for the past six months. Notice sales increased from January, with only 44 units, to its high – 80 closed condominium sales in April.

The BP Deepwater Horizon Oil explosion was on April 20.

Destin condo sales dropped to 55 units in May, then only 42 sales in June. That’s almost half.

The market had been recovering, and the disaster had obvious implications in buyers’ decisions to purchase.

Today, July 15, BP announced that no oil is flowing into the Gulf of Mexico. Let’s hope their pressure test works, and the solution to this tragedy is at hand. Destin condo sales may see a rebound with this news. Time will tell.

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.

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310 Apple Drive, Southway Estates, Crestview Florida – Short Sale

It's Wendy! — Thu, 15 Jul 2010 16:36:49 +0000

Looking for a cheerful home south of I-10 in Crestview Florida? This Southway Estates short sale home fits the bill! 310 Apple Drive has an open floorplan, with your kitchen’s breakfast bar overlooking the living room. Bright kitchen has window over sink and center island. Sliding glass doors open to patio and fenced back yard. Neutral decor would welcome your artwork. Air conditioner two years new. This Crestview Florida short sale home has a suggested list price from the lender, GMAC.

310 Apple Drive, Crestview Florida – offered at $85,000

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

Crestview Florida Real Estate

Crestview Short Sales & Pre Foreclosure Help.

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Filing a BP Oil Claim? Good Luck!

It's Wendy! — Thu, 15 Jul 2010 16:15:09 +0000

BP Oil Claims? Not fun! Many real estate agents have been affected by the BP Oil Spill in the Gulf of Mexico. So far, I’ve had three contract cancellations with- “Reason: Oil”. Why? A high percentage of Destin Florida real estate buyers count on rental income from the condos or homes they plan to buy near the beach. Everyone knows that vacation bookings are down in Destin and South Walton County due to the national media attention to tar balls and potential oil coming ashore. Although the tar balls are cleaned up pretty quickly, and I haven’t personally seen any, I can understand how someone 1000 miles away may prefer to vacation elsewhere to play it safe. That is the main reason buyers might be hesitant to complete their purchases. Hopefully, the progress on capping the well will calm some of the fears of real estate buyers who want Destin, Sandestin and Santa Rosa Beach Florida properties.

Anyway, back to my claims fun. The rumors abound about what BP will or won’t do with regard to paying real estate agent claims. These include: only paying claims for properties located within one “block” of the beach, only paying brokers, only paying salespeople, not paying listing agents, or not paying real estate agent claims at all. I don’t know if any of this is true. But I had to try.

I started by calling the BP claims office and briefly relayed the stories of my three cancelled contracts. I was asked for my address and social security number, and was told “someone would call me back”. About a week later a “Mr. Roy” from BP left me a message. I returned the call and was put on hold, listening to the countdown like in a deli, “You are caller number 32” and so on. Finally, a live disinterested person answered and I asked for “Mr. Roy”. He said, “He will call you back”, then hung up before I could utter one word!

When Mr. Roy called me back he asked for all the information I had already provided. They had my address completely incorrect in their system, which frightened me. He finally said, “Oh, I have the wrong file”. I had to repeat spellings of my city, Miramar Beach, and my name twice. That was not comforting either. Mr. Roy told me I would need three years tax returns, a copy of my social security card, a copy of my driver’s license (“I’m not trying to be being cute”, he said, “But copied so they we can TELL who you are.”), and my profit and loss for the year. I told Mr. Roy, I was not filing for supplemental income, I was filing for three specific business claims. Then he said I did not need to provide the profit and loss.

OK, can you see how I was starting to feel a bit concerned? I should trust BP with my confidential information, such as social security card, driver’s license, etc., when they mix up files from the beginning and employ people who cannot spell? Worrisome to say the least.

That is why I decided to hire an attorney. Today I met with him, and produced a package that any short sale agent would be proud of. 6” thick of labeled, numbered and clipped documents. For each claim: listing agreement, HUD, legibility contract, signed contract, cancellation statements and cover sheets. The attorney was wowed and thought I could file the claims myself and save some money. I told him I would rather have him deal with BP for me. Wouldn’t 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.

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Wells Fargo and Chase Approve Hammock Bay Short Sale, Freeport Florida

It's Wendy! — Wed, 14 Jul 2010 17:51:29 +0000

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.

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How Many BPOs Does It Take To Get The Short Sale Price Right?

It's Wendy! — Wed, 14 Jul 2010 17:31:03 +0000

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.

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HUD Approves Destin Florida Pre Foreclosure Short Sale – in 13 Days!

It's Wendy! — Thu, 08 Jul 2010 21:39:15 +0000

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.

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