10 Home Santa Rosa Beach FL Subdivision Approved by PNC for Short Sale

By
Real Estate Broker/Owner with Rulnick Realty, Inc.

 

Town of Santa Rosa Short sales

 

This was one of the most unusual short sales I've ever gotten approved.  It all started when an investor with a PNC mortgage called me about his property in Santa Rosa Beach Florida. He had purchased the new construction home sight-unseen seven years ago in the Town of Santa Rosa.  It was in a small subdivision with nine other homes, all identical floor plans.  The current owners of these houses had been presented with an "investment" opportunity at a hotel event.  They were told they could buy these new construction homes and "flip" them for a profit when they were finished. They were also told there would be no payments due, just their credit used to buy these homes. (This is a mortgage fraud RED FLAG). Of course, no mortgage payments were ever made. The construction was never completed. Contractors were not paid. Only some of the homes even had a certificate of occupancy. All of them needed substantial work to finish. They had been abandoned and boarded up for several years. They were purchased for about $400,000 each, and now were worth around $50,000 each. 

When this seller called me and told me about the situation, I contacted the other owners who were in the same predicament.  They each listed with hopes to obtain short sale approval. Luckily, we got an offer for all ten homes from one buyer.  The buyer obtained professional bids to bring all the homes up to code and into move-in condition. The repairs were approximately $10,000 to $40,000 per home. I negotiated back and forth between the sellers, PNC and the buyer’s agent until we reached agreeable terms and short sale approval last week. 

PNC is issuing each seller a waiver of deficiency.

 

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy:
itswendy@rulnickrealty.com

Santa Rosa Beach FL short sale help

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States

Posted by

"It's Wendy... It's Sold!"

Wendy Rulnick, Broker/Owner Rulnick Realty, Inc.

Call Wendy Rulnick 1-850-650-7883 ext 204

email itswendy@rulnickrealty.com

www.rulnickrealty.com property searches and community info

 

Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.

Rulnick Realty

 

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Posts to Localism
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Rainmaker
3,132,754
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Wendy

I hope some people went to jail on this one. Now it's taxes paying for the sins of the past.

Good luck and success.

Lou Ludwig

Dec 12, 2011 11:44 AM #1
Rainmaker
3,788,181
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Wendy, what excellent work!  This was probably more effort than it shows on this blog.  Nice job!

Dec 13, 2011 12:17 AM #2
Rainmaker
486,739
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Lou - If not, the scammers should!

Gabe - Thank you!  It was long and grueling :)

Dec 13, 2011 06:49 AM #3
Rainmaker
325,164
Dawn Barrier
EXP REALTY - Las Vegas, NV
eXp REALTY Agent/Owner 702.812.4550

Wendy,

That is so awesome that PNC is issuing each seller a waiver of deficiency !!

 

Congrats!

Dec 14, 2011 04:33 AM #4
Rainmaker
462,949
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
CDPE

Wendy, Great work! that is quite an accomplishment. I hope they appreciate you.

Dec 17, 2011 03:04 PM #5
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Rainmaker
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Wendy Rulnick

"It's Wendy... It's Sold!"
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