destin short sales: Destin Florida Condos: New Lending Restrictions Will Drive Down Prices - 01/30/09 10:09 AM

Today I got a call from an agent whose buyer is purchasing one of my short sale condos in Destin Florida.  The buyer has excellent credit, a pension plan and is a retired Air Force officer.  He is buying a vacation condominium that he loves on the Emerald Coast, and putting 10% down.  Well, guess what?  He just lost his financing.  10% condo loans are going away.   Here are two disturbing bulletins I received from Florida lenders today
Countrywide:   "Purchasing a condo with 10% is almost gone.  We can't get mortgage insurance on them and now if the condo has … (18 comments)

destin short sales: Q&A From Destin Short Sale Buyer - 01/23/09 09:21 AM
Wendy,
I have read quite a bit of your articles regarding Destin real estate and area short sales.  I have made an offer to buy a short sale in October and we are still waiting.  The house is brand new, it's listed for $799,000.  The builder owes over $700,000.  The house is not finished, it needs countertops, appliances, driveway, painting, finish hardwood floors, etc.  Approximately $100,000 is necessary to complete house.   A home 2 doors down just sold for $540,000.  This new house is the nicest house in the development but definitely not worth $800,000.    In our opinion even though it is the … (14 comments)

destin short sales: Don't Let IRS Tax Liens Stop Your Short Sale - 01/21/09 05:11 AM
 
Do you have an IRS Tax Lien on the property you are trying to sell?  Is your property's market value less than your mortgage payoff?  If so, you are in a short sale situation, and a federal tax lien may cause your lender to deny your sale.  Why?  If, for example, your home is worth $200,000, your mortgage payoff is $250,000 and your tax lien is $20,000, there would not be enough funds to pay the IRS.  Your mortgage holder will not pay these taxes for you.  The good news is that the IRS is trying to make it easier for … (16 comments)

destin short sales: Kiplinger Magazine: Wendy Rulnick Helps Destin "Short Sale" Sellers - 01/08/09 06:24 AM

Wendy Rulnick, Destin Florida real estate broker, was recently interviewed by Kiplinger Personal Finance magazine.  In the February 2009 edition, Kiplinger describes foreclosure avoidance and short sales.  Some of Rulnick's Destin real estate clients, who recently participated in a short sale, had their story told.  The homeowners plight unfolded from buying at the top of the Emerald Coast real estate market to their mortgage interest rate hike and personal job loss.  Rulnick helped the sellers complete a short sale on their home, which cancelled about $100,000 in mortgage debt. 
The Kiplinger article stresses "Short sales are best conducted by an experienced … (20 comments)

destin short sales: Short Sales: Undisclosed Liens Will Ruin Your Sale - 01/05/09 09:45 AM

Getting a Short Sale listing? It is always prudent to ask the seller the typical qualifying questions- "What is your hardship?", "Do your expenses exceed your income?" "Do you have cash funds to cover the deficiency?" But these preliminary inquiries may not be enough.  Here are some more probing questions you need to ask the Short Sale seller:
1. Are you "sure" you don't have a second mortgage on the property?  Or two? Even by an individual?
2. Who owns those mortgages?  Please provide your most recent statement.
3. Do you have an IRS tax lien on the property?
4. Do you have … (10 comments)

destin short sales: Florida Short Sale Contracts Are "Contracts" - 12/29/08 09:01 AM

When I wrote "When is a Contract NOT a Contract?" it stirred up over 40 comments and some controversy.  The crux of the matter is that many Destin Florida listing agents are accepting more than one "primary" contract on a Short Sale listing.  There is a prevalent belief in the Emerald Coast real estate market and others, that a contract is "not" a contract despite being signed by both buyer and seller, until the bank approves the price and short sale. Thus, the thinking goes, the Short Sale seller is not truly obligated to the buyer who wrote the offer, and can simply … (25 comments)

destin short sales: 22 Questions To Ask The Short Sale Lender - 12/27/08 01:39 AM
Are you at a loss for words with the Short Sale lender?  Here are some questions to pose when you check in on your Short Sale transaction status.  Even if you've asked some of these questions before, you may want to ask them again, and repeat certain questions on each call.  Many times, you'll elicit a different answer or discover a problem that may help you get your approval more quickly.
1. Have you received our package?
2. Is anything missing from our package?
3. Has the loan been submitted as a short sale (or "referred" with Countrywide)?
4. Has a negotiator been assigned?
(57 comments)

destin short sales: "Top 10" Worst Short Sale Lender Awards - 2008 - 12/20/08 03:32 AM
In my experience selling short sales in the Destin-Fort Walton Beach, and Emerald Coast FL real estate market, the following lenders are honored with the "Worst Short Sale" lender awards of 2008:
#1 Peoples First - Florida's Community Bank - Denies Short Sale Despite Cancer Diagnosis
#2 Eglin Federal Credit Union - will not do Short Sales
#3 Whitney Bank - will not do Short Sales, but releases lien and seeks deficiency
#4 Vanderbilt Mortgage - claims will not do Short Sales, but will look at a price pulled out of the air
#5 RBC Centura:  Taking Cars in Short Sales?
#6 … (23 comments)

destin short sales: Short Sale Denied - Despite Cancer Diagnosis - 12/19/08 06:19 AM
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)

destin short sales: BOFA Issues 2 Contradictory Approval Letters! - 12/16/08 10:15 AM

I just had a Bank of America short sale closing for a home near Destin, FL.  BOFA issued TWO different approval letters for the same junior lien:
Approval Letter #1 (Emailed):
Bank of America agrees to accept $1000.00 in certified funds as payment in full of the loan.  Upon the Bank's receipt of the payment of $1000.00, the Bank will report the account to the credit bureaus as "Settled", with the explanation "Account legally paid in full for less then the full balance.":  In addition, the Bank will be reporting the amount of the debt forgiven to the Internal Revenue … (5 comments)

destin short sales: BOFA Issues 2 Contradictory Approval Letters! - 12/16/08 08:25 AM

I just had a Bank of America short sale closing for a home near Destin, FL.  BOFA issued TWO different approval letters for the same junior lien:
1.  Approval Letter Emailed:
Bank of America agrees to accept $1000.00 in certified funds as payment in full of the loan.  Upon the Bank's receipt of the payment of $1000.00, the Bank will report the account to the credit bureaus as "Settled", with the explanation "Account legally paid in full for less then the full balance.":  In addition, the Bank will be reporting the amount of the debt forgiven to the Internal Revenue … (12 comments)

destin short sales: 90 Legion Park Lp, Destin FL Home for Sale - Short Sale - 12/14/08 03:48 AM

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 itswendy@rulnickrealty.com
Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years.  She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer … (5 comments)

destin short sales: When is a Contract NOT a Contract? - 12/13/08 02:55 AM
Is a contract NOT a contract when it is signed by both buyer and seller?  Again and again, buyers are walking from short sale offers with no penalty, sometimes encouraged by their selling agents.  Here are two emails below from agents in the Destin- Navarre Florida area whose buyers simply backed out of short sale offers after three months of negotiations:
   "Yes it is a long time and they do understand the contract but they are not obligated to the contract until the bank responds."
  "It was contingent upon the banks acceptance of the offer and the bank did not accept … (44 comments)

destin short sales: Short Sale Offers- Is This a New Trend? - 12/08/08 10:29 AM
In the past ten days, I've had agents call me with "verbal" offers on three of my short sale listings.
Property:  House in Navarre FL   List price $114,000...verbal offer $70,000
Property:  Condo in Sandestin FL  List price $580,000...verbal offer $500,000
Property:  House in Niceville FL  List price $199,900... verbal offer $120,000
Is this a trend?  In each of these cases, the selling agent said the buyer absolutely would not or was not qualified to go higher than the verbal amount.  I wonder then why these agents were showing properties to buyers that were up to 60% higher the maximum price buyers were willing … (30 comments)

destin short sales: Indian Lake Unit 351, Destin FL 32541 - Short Sale - 11/21/08 12:17 AM

Indian Lake Unit 351, Destin FL Condo
1 BR 1BT 920SF  Built 2004 $98,900
Delightfully decorated unit. Wonderful ground floor access with two outside entrances, one from patio and one from large covered exterior hallway. Very open floorplan lives "big". Owner has upgraded with grand farmer sink, top of the line LG washer and dryer with 7 year warranty, added shelving. Electric bills as low as 36-80 per month! Cable t.v. included with two HBO channels! Extra storage closet off patio. Access to pool, fitness room, bbq. Fabulous location for shopping, beach. Short sale subject to seller's mortgage holder's approval. … (4 comments)

destin short sales: Ariel Dunes - Destin FL Condo - Short Sale - 11/18/08 11:27 PM

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 itswendy@rulnickrealty.com
Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy Rulnick, Broker and Realtor, has been selling real estate for almost 20 years.  She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer … (2 comments)

destin short sales: Wendy Rulnick, Destin FL Realtor, Interviewed Re: How To Avoid Foreclosure - 11/18/08 09:51 AM
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)

destin short sales: Short Sale Seller: "I Just Want OUT!" - 11/16/08 03:31 AM
I recently listed a Short Sale condo for sale in Destin Florida.  The property had been converted from apartments a few years ago.   It is a one bedroom, 920 square foot ground floor unit.  There are 32 units for sale in the complex.  The condo fees are a whopping $225 per month. The last and only recent sale was for $115,000 back in June.   My seller, whom I'll call "Ms. Samuel", paid about $170,000 for the property in December 2005.  We put it on the market for $98,900.  You can see the challenges in selling it. 
Anyway, while I was at … (31 comments)

destin short sales: Why I Negotiate My Own Short Sales - 11/07/08 01:45 AM
In the last couple of days I've been approached by two Destin FL sellers who wish to do Short Sales.  After explaining the Short Sale process, I explained what items I would need.  When I got to "financial worksheet" etc. I was stopped in my tracks.  These sellers told me that their attorney said not to turn over any information, that he would be handling the short sale negotiations.  I immediately told the sellers that I will only take the listing if I handle the entire transaction including bank negotiations.  Why?
To take on a listing in this market, and any … (63 comments)

destin short sales: SHORT SALE BPOs “Teaching to the Test” - 10/30/08 08:51 AM
One of the biggest hang-ups in selling Short Sales is dealing with BPO values.  Frankly, I find BPO prices tend to swing just under list price.  This is why I call it "teaching to the test".  Except in this case, the BPO agent uses the list price as a guide, and usually discounts it a bit.  (Not all BPO agents do this-- I know many are quite experienced.)  But human nature would tend to make a rule-bound valuation method error-prone, because it does not allow for "big picture" analysis.  For example, I have a Short Sale listing in Mary Esther Florida.  … (12 comments)

 
Wendy Rulnick, "It's Wendy... It's Sold!" (Rulnick Realty, Inc.)

Wendy Rulnick

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

Destin, FL

More about me…

Rulnick Realty, Inc.

Address: 12889 Emerald Coast Pkwy., Ste. 107-A, Destin, FL, 32550

Mobile: 850-259-0422

Author Bio: Wendy Rulnick, Rulnick Realty, Real Estate Broker in Destin Florida and all surrounding towns

The market. Smart sellers. The Emerald Coast of Florida.


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