The 11th Hour

Real Estate Broker/Owner with Rulnick Realty, Inc.
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 is at 489,000.  We are scrambling to get the 51 page fax ready to go to Litton Loan Servicing with a stop order.  This is what I am attaching to the fax with the relavent borrower information.





Wish me luck.

Monday Morning Update: I called Litton as soon as they opened.  They have stopped the foreclosure sale for 11:00 a.m. and placed a 30 day hold pending review of the short sale offer.  This is a big "Whew".  I am actually going to take time for myself and go for a walk this morning. My next job will be getting the offer accepted.

Two Weeks Later: Offer has been approved! Short sale accepted!

It's Wendy!It's Wendy!

Wendy Rulnick, Broker     Rulnick Realty, Inc.   1-877-487-9639 or 850-650-7883

Specializing in SHORT SALES and FORECLOSURE work-outs on the Emerald Coast of Florida:  Destin, Fort Walton Beach, Santa Rosa Beach, Niceville, Navarre, Crestview.


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 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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Brenda & David Wakeman
Russell Realty - Strongsville, OH

Good Luck Wendy.  Short Sales will work your butt off, but the satisfaction of helping someone out of a dire situation is worth it.



Jan 25, 2008 02:01 AM #1
Dave Woodson
Dave Woodson - Chesterton, IN
Not the Average Agent
Luck - dealt with a few short sales here.OMG I thought I was going to kill someone
Jan 25, 2008 02:05 AM #2
Endea Thibodeaux
Lanham, MD
Solar Energy Consultant, CDPE, CLHMS
I have the same problem however my offer has been in for 2 weeks and I am getting bounced around like a rubber ball.  No one will put me in touch with who needs to stop the sale.
Jan 25, 2008 06:17 AM #3
Frank Wible
Real Estate Services
Best of luck! If the house is under contract far under market value, you may be working hard for nothing. Make sure you show some recent solds in that area supporting your sale. Make them stand out on second page of that fax. If they see your offer $250K+ below balance, it will just get ignored unless it's made real clear that it sold at fair market value. I always put real big "OVER FAIR MARKET VALUE OFFER ENCLOSED" on the front page. Not that this is a great secret, but hey, when your running for the fence try anything!  :)  But, does not look good! :(
Jan 25, 2008 01:37 PM #4
Jeffrey Dolfinger
24/7 Realty Inc. - Poughkeepsie, NY
NRBA Member

They will never stop the sale, never, advise your client to find a bankruptcy lawyer over the weekend and to file a chapter 13 electronically to stop the sale.  Then take the electronic filing receipt and show up at the sale and hand it to the referee or sheriff.

This technique will by your clients the time they need.  If you do not do this they will lose their home.  They may lose it anyway but at least this way they ahve 1/2 a chance.  Email me for more info if you need more direction.

Jan 25, 2008 01:58 PM #5
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

UPDATE:  I called Litton at least 10 times Friday asking for updates on the sale date extension. I got a second offer, higher than the first, and the first went even higher. I could not speak directly to Loss Mit. I could only get updates from the phone rep. They emailed Loss Mit several times about the urgency.  I got Loss Mit's direct fax and sent BOLD faxes to delay the sale followed by the Seller's hardship letter. His home had been destroyed by Hurricane Ivan, he had to rebuild, his wife had a liver transplant,  his income was cut by one-third,  his checking account is overdrawn, his primary residence mortgage is three months behind.   Litton was supposed to close at 6:00- but no one answered the phone at 5:45 to 6:10.  I left exhausted. I was told the sale could be stopped even on Monday morning.  I'll be on the phone at 7:00 a.m.

Frank: Thank you for the great idea! The problem is there are really no comps to support the price.  There are about 60 waterfront homes in the area, and about eight solds in the last six months  with prices all over the place.  I could not even get a buyer interested until I finally reached the end price, dropping some ever day. I was told by a Litton rep that the offer did not seem bad.

Jeff: I will let my Seller know your idea immediately. I am afraid, however, he will not take action.   He sounds clinically depressed and tells me how he feels his chest closing up and he cannot breathe and he is no longer himself.  I've asked him to get a lawyer recently and he has not. I will tell him anyway.  I was thinking of calling the bank attorney for the foreclosure Monday morning, too. I don't know what else to do.

 Thank you all for your help.

Jan 26, 2008 04:00 AM #6
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"
NEW UPDATE!  I just checked my office voicemail for the first time today, Saturday.  There was a message from Litton Loss Mitigation confirming the offer price and asking how they could gain access for an interior inspection!   I returned the call and no one was there.  Maybe, just maybe, this means there might be a miracle? 
Jan 26, 2008 04:35 AM #7
Angela Mitchell
Innovations Realty Group - Atlanta, GA
Stay the course...and good luck.  This give me hope for the short sale offer I've been trying to get Saxon to approve since late October. 
Jan 29, 2008 02:07 AM #8
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland
Good luck.  I have a feeling you will get this done. Should be able to complete this with patience.
Jan 29, 2008 02:57 AM #9
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"
Thank you, Stella and Angela! Never give up!
Jan 29, 2008 01:33 PM #10
Clark Garrison
Taylor 1 INC - Atlanta, GA
"Loan Modifications"
Great Idea I hope it works out for you! In this business you have to try everything. Thinking outside the box can earn you mucho dinero! I'll have to try that one at the 11th hour.
Feb 01, 2008 04:57 AM #11
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"
Thank you Klarque! I still have not heard from the bank to do the appraisal, but I feel confident now.  The next hurdle will be the bank's price versus the buyer's price.  I have my comps lined up!  Wendy
Feb 01, 2008 05:01 AM #12
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