emerald coast short sales: Seller Ruins Credit on False Short Sale Information - 05/22/09 10:06 AM
Yesterday I received a phone call from an elderly seller who wanted to do a short sale. She had bought a waterfront condo in Destin four years ago, and paid over $800,000. Today, the unit is worth around $350,000. Mrs. Seller told me she had three "friend" investors convince her to buy, who promised to help with the payments. She put down $50,000 and her son put down $75,000, but she took the mortgage in her name alone. She told me the "investors" bailed, and had never made one payment. Mrs. Seller said she had "had enough" so needed to do a short … (17 comments)
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emerald coast short sales: Short Sale Denied - Despite Cancer Diagnosis - 12/19/08 02:19 PM
I am writing about a very disturbing short sale situation. The property is a lot in Windswept Estates, a golf course community in Freeport, Florida. The mortgage is held by Peoples First, "Florida's Community Bank". After several months of price reductions on my seller's lot, we finally got a short sale offer of $29,900- fair market value. The mortgage balance is $183,000.
My seller's husband has just been diagnosed with kidney cancer, age 36. She herself has lost about half of her income in the past year, as assistant to a financial advisor and another part time job. Her charge card balance is around $60,000 … (22 comments)
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emerald coast short sales: "Sly" Short Sale Buyer - A Cautionary Tale - 11/23/08 11:49 AM
My story takes place in Destin, Florida. I have modified parts ever so slightly to protect identities, but I write this as a cautionary tale for short sale listing agents and short sale sellers.
I received an offer on one of my Destin FL short sale listings. It was a well-done contract with a fair price- $270,000- just slightly low, but in the realm of "workable" for acceptance by the short sale lender, Chase. The selling agent said the buyer was a single school teacher, and he provided a pre-approval letter with the offer. My seller was excited and signed the … (13 comments)
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emerald coast short sales: Wendy Rulnick, Destin FL Realtor, Interviewed Re: How To Avoid Foreclosure - 11/18/08 05:51 PM
Wendy Rulnick, real estate broker in Destin FL, has been interviewed by Kiplinger Personal Finance Magazine for an upcoming issue. The article will discuss "how to avoid foreclosure" specifically with reference to short sales. Wendy Rulnick, owner of Rulnick Realty on the Emerald Coast of FL, discussed short sales in depth, including hardships, investment property short sales, second lien holders, effects on military members, challenges in short sale approvals and more. Additionally, two of Rulnick's short sale sellers were interviewed by the magazine. The article will appear in the February 2009 issue.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick … (6 comments)
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emerald coast short sales: Foreclosure Vultures - 10/06/08 06:29 PM
I am truly sickened and disheartened by an offer received today on one of my Emerald Coast short sales. I will alter some basic information for the sake of confidentiality, but will tell you the key points of the story. My sellers, like many homeowners in the Destin Florida area, have lost more than half their income in the past couple of years. They are in sales, (and we know how that is going). They have a beautiful home they built in 2005. They also have three children. In the past year, one of the children was diagnosed with a serious … (16 comments)
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emerald coast short sales: Short Sales: What's The Hardship? - 09/28/08 09:59 AM
What are the hardships behind so many Short Sales? We've heard a few reasons on the news lately about why so many people can no longer afford their mortgage payments. We've heard mainly "Not qualified to buy the home in the first place" " Rate re-set to higher payment" "Scammed into getting mortgage". Well, in my area on the Emerald Coast of Florida, that's not what I am finding from my Short Sale sellers. I did a quick study of 61 active or recently sold Short Sales from Destin and Santa Rosa Beach to Navarre, Crestview and Fort Walton Beach FL. … (14 comments)
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emerald coast short sales: How To Keep Short Sale Buyer Agents Happy - 06/24/08 06:36 PM
Are you a Short Sale listing agent? If so, you know the importance of having those buyers hang in there for three, perhaps four months after submitting an offer to the Short Sale lender. It is critical to keep their selling agents in the loop with frequent updates, and a "team" approach to getting the sale approved. That way, there will be a higher chance that they inform their buyers and help them remain dedicated to the purchase.
One tool I that use is to ask the buyer's agent to contact me at least once a week with an update request and also … (14 comments)
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emerald coast short sales: Citi Short Sales- Less Forgiveness on Second Mortgage Debt? - 06/10/08 08:28 PM
Is CitiMortgage/CitiFinancial cracking down on Short Sale second mortgage approvals?
Citi Short Sale #1:
First Mortgage: Countrywide- $199,000
Second Mortgage: Citi- $20,000
Offer: $160,000 (fair market valve)
Seller: Divorce situation, no savings, job loss, new job out-of-state, separate households
Citi Says: Will not accept typical nuisance fee from Countrywide. "Don't waste your time unless seller pays $10,000 cash and another $10,000 in a promissory note. Hire someone to do a BPO". Their system shows a value of $215,000" (That is, I am to hire to third party).
Citi Short Sale #2:
First Mortgage: Saxon - $260,000. Saxon offers Citi $1000 and needs to … (18 comments)
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emerald coast short sales: 6545 LONGVIEW ST, NAVARRE FL 32566 - 03/06/08 07:51 AM
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, 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)
Call local 850-650-7883 ext 204
www.ShortSaleForeclosureHelp.com
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emerald coast short sales: 8078 Fourth St., Navarre, FL 32566 - 02/15/08 01:14 PM
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Call 1-877-487-9639
Specializing in SHORT SALES and FORECLOSURE work outs on the Emerald Coast of Florida: Destin, Fort Walton Beach, Navarre, Santa Rosa Beach, 30-A, Crestview, Niceville.
www.ShortSales-EmeraldCoast.com or www.ShortSaleForeclosureHelp.com
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emerald coast short sales: 87 Indian Woman Rd., Santa Rosa Beach, FL 32459 - 02/13/08 08:04 AM
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc
Specializing in SHORT SALES AND PRE-FORECLOSURES. Serving the Emerald Coast of Florida: Destin, Santa Rosa Beach, 30-A, Fort Walton Beach, Niceville, Navarre, Crestview. Call 1-877-487-9639 or 850-650-7883.
Email itswendy@rulnickrealty.com
Short Sale Help www.ShortSaleForeclosureHelp.com
Search www.RulnickRealty.com
… (0 comments)
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emerald coast short sales: RBC Centura: Attaching Cars in Short Sales? - 02/11/08 10:46 AM
Is RBC Centura taking cars in return for Short Sales? Or is this just a hard line they are giving their borrowers?
Scenario: Seller owes $360,000 on a lot he purchased in Santa Rosa Beach, Florida. He has drained savings to keep up with the payments, and has nothing left, short of his IRA retirement saving account.
Market: There is a 10 year inventory of lots for sale, and those in the subdivision are now listed in $140,000's. If his lot could even sell, there would be over $200,000 shortfall.
RBC Says to Seller: Yes, they will allow seller to do a Short … (24 comments)
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emerald coast short sales: 124 Leeward Dr., Destin, FL 32541 - 02/09/08 10:07 AM
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
SHORT SALE and PRE-FORECLOSURE assistance. Serving the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Crestview, Navarre. Call Wendy at 1-877-487-9639 or 850-650-7883.
Email for Short Sale assistance itswendy@itswendy.com
For Short Sale help go to www.ShortSaleForeclosureHelp.com
Search all Emerald Coast listings at www.RulnickRealty.com
… (2 comments)
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emerald coast short sales: Citi Rep Says "The Market" Didn't Cause Price Decline - 02/05/08 09:26 AM
Today's Mission: To prove to Citi short sale negotiator that market values have declined in my area.
Scenario: House with short sale offer for $225,000.
First Mortgage: Saxon - $258,000
Second Mortgage: Citi - $80,000
What Citi Negotiator Says: "How could value be so low?"
Wendy: "The market"
Citi: "Hmmph... I don't believe that market c*&p. I'll do my research"
Wendy: "There is a six year inventory of houses in the market area"
Citi: "We're not just taking $1000 or $3000 offer. I'll just let it go to foreclosure. I'll make this short and sweet. We'll just walk away and the first won't be able to accept … (17 comments)
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emerald coast short sales: Marbella Unit 1G, Destin, FL 32541 - 02/04/08 02:36 PM
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