short sales: Is Early Occupancy OK for Short Sales? - 05/20/11 05:22 PM
Move in without closing first? Whoa! I just got an offer on a Destin Florida short sale listing with an early occupancy clause. The buyer wants to move into the property before closing and short sale approval. Is that a good idea? One of the negatives of short sales is the waiting time for the buyers during the short sale process. It could take 60-120 days for a short sale approval, then another 30 days for the buyer to close. Some buyers “bail” because they get wandering eyes or are tired of waiting so long. The solution for some … (175 comments)
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short sales: So, You Have A “Cash” Offer for My Short Sale Listing? - 03/23/10 03:34 PM
Being a short sale listing agent in Destin, Florida, each week I receive offers on my listings. At least once a week, I hear the same thing from the buyer's agent:
“I have a CASH buyer for your short sale listing! He can close immediately.”
OK, then what are you expecting from me? And the short sale lender? Do you realize that a CASH offer makes NO DIFFERENCE to the short sale lender? Do you know where your offer goes? To the bottom on the pile. (With the 20,000 other offers in queue.) Bank of America does not … (12 comments)
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short sales: Short Sale Sellers - If You Want to Avoid Foreclosure - "You" Must Participate - 03/18/10 06:33 PM
After this last week of trying to help short sale sellers unload their upside-down properties, I’ve experienced a whole range of assistance. Or not.
1. Seller will not return four phone calls and two emails asking if they can do a $1000 cash contribution to dispose of a $150,000 mortgage. Not even an acknowledgment.
2. Seller will not upload info into Equator, after being under contract for four weeks
3. Seller finally faxes listing agreement and short sale documents to us sent to him six weeks ago.
4. Seller has not sent us the last two paystubs, after being under … (48 comments)
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short sales: This Is The Short Sale Department, How May I Help You? - 11/28/09 11:09 AM
Ring ring ring ring. Thank you for calling Short Sale. For priority service, please enter your 10-digit account number followed by the pound sign.88302720572#Please enter the last four digits of your social security number followed by the pound sign.4306#That number is not found. One moment please."Hello. This is Loss Mitigation, what is your account number?"88302720572"Thank you, and your name?"Wendy Rulnick, listing broker - authorized."Let me find your authorization... OK, I have it. The borrower's name?"Joe Miles III"Mailing address?"12 Kemp Court, Onedon, IL 34003"Thank you. We have on file a home telephone of 307-368-7110."I don't have that number."We also have 307-993-0204. … (15 comments)
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short sales: Do You Tell The Short Sale Lender "Buyer Walked"? - 10/17/09 09:33 AM
Karla Leahy started an interesting discussion on www.ShortSaleSuperstars.com. She asked "Do you inform the short sale lender when you no longer have an offer?"
From what I’ve seen the thought process behind not divulging the buyer walked is:
1. The lender will complete an appraisal or BPO that will speed up the next approval
2. The seller’s pre-qualification may be completed and ready for the next attempt
3. With some lenders, you can sneak in a substitute buyer
Bottom line, it “saves time” for the next buyer, the one you hope closes.
BUT-- IS IT RIGHT TO NOT DISCLOSE THE BUYER WALKED? Why should the … (79 comments)
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short sales: Should You Take Low-Priced Short Sale Listings? - 09/14/09 02:45 PM
I just got an approval on a $30,000 short sale in Crestview Florida. The listing side of the commission is $900, less a 25% referral fee, so that totals $675. To top it off, this is the second contract I had to work on the property. The short sale lender, ASC, rejected the first offer of $30,000 six months ago. This time they took it. But it was the same amount of work, two times over. And we all know that short sales are about five times as much effort as a traditional sale.
“Wow”, you say, “How … (23 comments)
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short sales: State of Florida: Don't Charge More Than Your "Standard" Commission on Short Sales! - 08/12/09 06:34 PM
Are there "standard" commissions? Apparently, the State of Florida thinks there are. The Florida Association of Realtors recently asked the Office of Financial Regulation for clarification of Florida Statute 494.00296 which sets guidelines and restrictions for those who "modify loans". Apparently, FAR had a concern that its Realtor members who help with short sales might need to comply with the extra disclosures required by the new law. The response by the State of Florida is stunning: "A real estate licensee's commission must be the standard commission for the area. The commission could not be set higher or split more favorably with another … (18 comments)
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short sales: Can You Find What Is WRONG With This Short Sale Story? - 07/05/09 10:10 AM
One of my agents wrote an offer on a short sale last week in Destin Florida. She is quite experienced, never complains, but came to talk to me about the situation. Here is a recap:1. Two days after forwarding her offer, the listing agent said he had not yet presented it to the seller.2. The listing agent said the house was already under contract, although the buyer was trying to cancel. One of the divorced sellers agreed to sign the cancellation, but the other ex-spouse would not. 3. The listing was still “active” in the MLS, with no mention … (24 comments)
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short sales: Short Sale Basics. Let the Class Begin!!! - 06/08/09 01:52 PM
I am excited to announce that Broker Bryant and I will be launching a Short Sale Webinar starting June 27 - for all to learn and grow.... Broker Bryant has been sharing his thought-provoking and information-packed blog for years, and he never fails to delight his many followers. We are teaming up on this project to educate YOU and share our knowledge. Take it away, Bryant!
Via Bryant Tutas-Tutas Towne Realty, Inc:
Hi folks. Did you know I have been giving away free information on Active Rain for three years? Just about everything I know about Real Estate I have shared and have never asked for anything … (6 comments)
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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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short sales: "Rude and Crude" - Nordon Collection Services - 05/04/09 06:26 PM
I've been holding off on writing this. I even started a week ago and deleted it. But now I have "had it"- with Citifinancial and Nordon Collection Services (NCS), that is. The story has gone on for a few months. Citi is the junior lien holder on a Crestview, Florida home for sale. The property is a "short sale" and Countrywide/Bank of America is the senior lien holder.
Several months ago, Citi sent their $40,000 equity loan to NCS for collections. (By the way, try not to let your short sale sellers let a junior lien go to collections.) When we obtained a fair-market offer … (14 comments)
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short sales: Bankruptcy and Short Sale: Case Study - 04/26/09 12:44 PM
I have a home listed for short sale in Fort Walton Beach, Florida. The property was a primary residence, and the seller lost his job and relocated to another state to find work. He is also in the midst of divorce proceedings. During the listing period the seller was advised by his attorney to file for bankruptcy. Subsequently, we received an offer for the property. During the time period, the seller was unclear about the status of his property.
I called Citi, the short sale lender, to find out if they would entertain a contract even though the seller … (93 comments)
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short sales: LOCK CHANGES ARE KILLING THE SHORT SALE BUSINESS - 02/13/09 02:55 PM
Since I wrote my last blog post about BANKS CHANGING LOCKS on short sales I have had three more cases of lock changes. Today it was on an $850,000 home in a secure gated subdivision on 30-A in Santa Rosa Beach, FL. In fact, just yesterday we received an offer on the property. The home is currently on a rental program and is regularly and well-maintained. We found out about the lock change when the seller's rental company went to change the air conditioner filters today. There was a note on the door warning that the property had been secured, … (60 comments)
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short sales: Short Sale Pricing: The "X Factor" - 01/14/09 07:30 AM
Yesterday I received a phone call from a competitor in my Destin Florida real estate market. The agent had a short sale condo listed in the same building as I did, and questioned why my list price of $260,000 was $40,000 less than his unit. He asked, "Is that price approved by the bank?" I told him no, as most short sale lenders do not pre-approve prices. He then asked if I truly thought I could get it approved, as he was hesitant to "chase" my price and match or beat it with his listing. I thought about that, and … (24 comments)
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short sales: Bank That's Never Done a Short Sale - 04/07/08 05:20 PM
Much of my Emerald Coast real estate market is both resort and military. There are at least three air force bases in the Destin-Fort Walton Beach area, so I do a lot of real estate business with military members. One of my Mary Esther Short Sale sellers used a local air force credit union, Eglin Federal Credit Union, for his second mortgage/home equity line. Well, I almost fell off my chair today when I found out I was the "FIRST" request they have ever had for a Short Sale. I have since learned they will NOT do short sales.
I was making my standard call to notify the first … (5 comments)
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short sales: 2508 AVENIDA DE SOL, NAVARRE FL 32566 - 02/27/08 07:21 AM
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Navarre, 30-A, Seagrove Beach, Fort Walton Beach, Crestview, Niceville, Mary Esther, Shalimar, Sandestin, Seaside, Watercolor, Bluewater Bay, Freeport, Inlet Beach, Gulf Breeze, Eglin AFB, Santa Rosa Beach. 1-877-487-9639
http://www.shortsaleforeclosurehelp.com/
http://www.rulnickrealty.com/
… (0 comments)
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short sales: 2211 BERGREN RD, GULF BREEZE, FL 32563 - 02/26/08 05:53 PM
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, Navarre, 30-A, Seagrove Beach, Fort Walton Beach, Crestview, Niceville, Mary Esther, Shalimar, Sandestin, Seaside, Watercolor, Bluewater Bay, Freeport, Inlet Beach, Gulf Breeze, Eglin AFB, Santa Rosa Beach. 1-877-487-9639
www.ShortSaleForeclosureHelp.com
www.RulnickRealty.com
… (2 comments)
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short sales: The 11th Hour - 01/25/08 09:52 AM
Friday: I took over a short sale listing by referral two months ago. I found out about three weeks ago that a sale date had been set for MONDAY JANUARY 28. I have been dropping the price like a fall from a skyscraper, and finally got an offer LAST NIGHT. The price had to be lowered from 799,900 to 539,900 over the course of the last several weeks in order to get one offer. This is a waterfront home on the sound in Mary Esther. Remodeled, over 3000 square feet, in-ground pool, granite, wood floors, fireplace in the master bedroom. The offer … (12 comments)
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short sales: Warning: Countrywide and PMI Short Sales - 01/24/08 09:37 AM
Watch out if you are working a Countrywide short sale with PMI! There is some funny stuff going on... I've been working a Countrywide short since October 2007, with a Countrywide second on it. There have been the usual delays, appraisals, counteroffers, request for seller's medical receipts, then a denial in early December. About a week later, the buyer re-wrote his offer to the terms Countrywide wanted. Yesterday, after more delays with "re-opening the file", ordering new appraisals, etc. I was informed by the negotiator that the second mortgage had been "released" to the AIG United Guaranty, the PMI company. She … (21 comments)
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short sales: Another "Short" Day - 01/22/08 08:30 AM
My goal today is to get an approval, any approval. I have 7 short sale sides pending, the oldest was submitted on November 13. I have two buyers threatening to walk. One is on a Countrywide- that closing has been extended 30 days and the selling agent said the buyers are going to start looking for another home if they don't close by Friday. The Countrywide negotiator told me on December 19 that he would have FINAL approval the next week. Well, guess what? I called him the next week, and he was on vacation! Now he has not returned two … (5 comments)
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