Bank That's Never Done a Short Sale

Real Estate Broker/Owner with Rulnick Realty, Inc.

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 and second lienholder that I had placed the seller's property on the market seeking a Short Sale.  I caused a stir when I called Eglin Federal, and asked what their standard Short Sale procedures were.  I got a clue when the customer service rep asked me what a Short Sale was.  I explained it briefly, then asked to be transferred to their Loss Mitigation department.  She didn't know what that was, so I was placed on hold and eventually transferred to the mortgage department.  This time I was not placed on hold, but could hear the conversation in the background, "She is NOT authorized on this account!  She said she is calling for Loss Mitigation?".  I could tell that was an unfamiliar term.   Finally, an authoritative-sounding woman got on the phone and said she was in charge of the real estate department at the bank.  I explained what I was doing, and she confessed, "We have never had a Short Sale, maybe we've just been lucky."   I would say!  She told me she was not sure what to do in this situation, and asked if the first usually loses money, too?  I told her always! (Well, almost).  Anyway, I offered her my assistance and told her the procedures most of the big banks use, and even emailed her my checklist for sellers and my short sale website.

Three months later, when I finally got an offer on the house, and presented to EFCU, I was told they "Will NOT do Short Sales."

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

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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, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years.  She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her clients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.

All Rights Reserved. *Bank That's Never Done a Short Sale* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice.  The information provided is for educational and informational purposes only.  It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information

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

Wendy Rulnick, Broker/Owner Rulnick Realty, Inc.

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

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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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Sean Allen
International Financing Solutions - Fort Myers, FL
International Financing Solutions

HHHmmm, Interesting.....but I'm not surprised if they are only working with military personel, especially officers. Good Luck.

Sean Allen

Apr 07, 2008 10:30 AM #1
Lenn Harley
Lenn Harley,, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I'm curious to know if a credit union can even, by charter, agree to a short sale.  They are subordinate to the first.  I wonder if they can accept a mitigation of a note. 

It gets curiouser and curiouser.

Apr 07, 2008 10:35 AM #2
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Sean & Pilar,  Thank you.  I have a good feeling about this one....

Lenn,  She said "We'll work with them" so it sounded promissing thus far... 

Apr 07, 2008 10:51 AM #3
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate
It sounds like they are lucky and it may not be the last one they see or deal with.
Apr 11, 2008 07:50 AM #4
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"
Gene,  I agree. I am hoping they'll refer business to me down the line, perhaps some real estate owned.
Apr 11, 2008 08:21 AM #5
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