Destin Short Sales & Real Estate Blog

Eglin AFB HAP Program Changes: GASP Ends (Government Assisted Private Sale)

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Thu, 09 Feb 2012 08:48:45 -0500

If you are an Eglin Air Force Base or Hurlburt Field seller thinking about HAP, (military Homeowners Assistance Program), you may not be aware that effective February 1, the GAPS (Government Assisted Private Sale) has ended. Since we are talking "military", there are a lot of acronyms, so I'll start with a quick explanation. HAP is the program run by the Army Corps of Engineers that was expanded to assists U.S. military service members who have Permanent Change of Station (PCS) assignments, with "upside down mortgages" avoid foreclosure or short sale. Basically, HAP will cover the shortfall (part of mortgage balance left over after net proceeds from sale) at closing if the service member qualifies for the program.

Formerly, there were three types of HAP sales: Government Acquisition, Private Sale, and Government Assisted Private Sale (GASP). Here is a quick, simplified explanation of each:

Government Acquisition: The U.S. will buy the subject property from the qualifying service member, and simultaneously pay off the mortgage balance not covered by the sale, selling the property to the buyer the service member found (normally through his Realtor).

Private Sale: The qualifying service member sells his home and covers the mortgage shortfall himself. The U.S. will reimburse the service member some time after closing. The reimbursement calculation is simplified as: 90% of your prior fair market value (your purchase price plus costs of improvements), add 7% for closing costs, then subtract out your new purchase price and mortgage payoff, plus any buyer credits and actual closing costs. Using this private sale method, some military members can recoup more of their lost equity, dollars they have actually used for downpayment or improvements, as compared to the Government Acquisition, which will just pay off the mortgage deficit. The caveat with Private Sale, is that you would have to cover the entire shortfall at closing, then “wait” for the U.S. reimbursement check. That process can takes weeks or months.

Government Assisted Private Sale (ended): Instead of waiting for your U.S. reimbursement check after a “Private Sale”, you were paid by the Government at closing. This program has ended, effective February 1, 2012, per my contacts at HAP. In fact, my latest HAP closing on January 31, was a GAPS, and we were told any extensions to the closing date would remove the seller from the program.

So, what does this mean to you, the Eglin AFB or Hurlburt Field airman? You still have two HAP options available, Government Acquisition or Private Sale. In any event, the good news is that if you need to sell your home, and qualify for HAP, you can avoid foreclosure, short sale or VA Compromise Sale, and keep your credit score intact.

Do you have questions? Email me at itswendy@rulnickrealty.com

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

Eglin AFB and Hurlburt Field VA Compromise, HAP, 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. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

Short Sale Epiphanies from Short Sale Superstars-It's Like a Lightbulb Went On!

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Tue, 07 Feb 2012 18:56:48 -0500

Thank you to Brenda Mullen, one of our Short Sale Superstars Advanced Training Members, for writing about her experience. If you haven't joined our site, know this - it's FREE. Bryant Tutas and I have agents, attorneys, buyers and sellers from across the country discussing and SOLVING short sale problems. Join today, and Learn, Know and Grow!

Via Brenda Mullen-ABR, e-Pro-210-807-0819 Selling San Antonio TX Area Real Estate (Keller Williams Realty):

Short Sale Epiphanies from Short Sale Superstars-It's Like a Lightbulb Went On!

So, I finally did it. I found myself in the position of having to learn about short sales.  I have avoided it for as long as possible, but...as luck would have it, I have a seller who I may need to help with a VA Compromise Sale. What is a VA Compromise Sale? It's VAs version of a Miltary Short Sale for those who purchased their home with a VA Loan.

Now, eventually I will be blogging about VA Compromise Sales because, quite frankly, I need to be the expert in this type of transaction as I am a Realtor® in one of the largest military areas and there is most certainly someone, somewhere around San Antonio Texas that can be helped with this type of transaction.  Not only that, I am retired Army (I know, I am always saying that--eye roll, but it's true), and I speak Army speak and should be helping my fellow Soldiers with this type of transaction.

The first person I contacted about this was Cindy Jones. Why? Well, if you read her posts, you can tell that she is the expert in her area of Northern Virginia on the VA Compromise Sale. Cindy has done plenty of VA Compromise Sales successfully and it is a perfect niche for her area as she is right by a large Army post, Fort Belvoir. She is also an avid supporter of our military. She was a wealth of information...but she kept saying..."it's just a basic short sale package"

Ummm, what? Since I have NEVER done a short sale...because as I said, I stayed away, I was, (am) at a disadvantage. Not only as a listing agent by the way, as a buyer's agent as well. I don't know how to help my buyer, buy a short sale.  In fact, I may end up inadvertently discouraging a buyer from buying one of those...well...because of all the things I have heard and thought. And, although Cindy is a great resource, I am quite sure she doesn't want to train little ole me on a Short Sale and even if she did, it takes a minute to do that.

So, the next place I went was to my buddy Ms. Charita Cadenhead who has done Short Sales. She in fact, likes doing them!  Yikes! But all of the things I heard...all of the things I thought!!! How in the world does anyone LIKE to do Short Sales?!  But I digress...she, (all excited...eye roll), said I need to take a class right away AND I most definitely needed to join Short Sale Superstars like RIGHT NOW...

And that is exactly what I did...(I am a good listener). Anyway, to make a long post, shorter...I joined and signed up for the Advanced Training. It took me a minute, because I wasn't sure if I should go take a designation class first and then go for the extra training or vice versa...I decided that if I need to know HOW to do a Short Sale, I might as well get it straight from the experts who do this everyday and have a successful career of helping many home owners successfully get a short sale and as many of you know Broker Bryant is that person.

Here is where the epiphany comes in.  Turns out, what I thought I knew about Short Sales...I didn't!!!  Talk about having a lightbulb turn on!! For example, I thought that when a buyer put in an offer for a short sale, that buyer may be competing with a ton of other offers that were sitting on the lender's desk. I thought that the lender decided which one was the best offer and then picked that one based on the best price for the lender (sort of like a foreclosure). I could not for the life of me figure out how this would benefit my buyer as it would hold up their earnest money for months with the potential of being told they weren't the winner of the offer.

Not true!! I KNOW RIGHT (I know I heard you all gasp)!!  I don't know...perhaps I am the only one who thought this...but for some reason I am thinking that I am probably not alone in this thought. Turns out that there is only one accepted contract that goes to the lender.  It may take a while to get an answer and the lender may come back with a counter, but there shouldn't be multiple offers. I had no idea...it's like a regular type sale...wow...whoda thunk it?

Anyway, turns out that joining Short Sale Superstars and taking the training is turning out to be a very good decision for me. I am learning a ton and I have the support of the forums when I have a question. Looks like I have been avoiding Short Sales for nothing...they may be a little more time intensive and lengthy, but looks like I have nothing to be afraid of...and I was.

So, if you are anything like me, avoiding Short Sales until someone drags you in kicking and screaming...join Short Sale Superstars and I highly suggest taking the Advanced Training so that you can learn how to do a Short Sale from start to finish from Broker Bryant and Wendy Rulnick. The training is easy to understand and if you join, you get instant access to them. It's a pretty good deal in my opinion and given that I need to learn this stuff so that I can better serve my clients, this is the next best thing to having a mentor right there by your side!

Brenda Mullen – San Antonio Texas Real Estate Professional

Selling a San Antonio Texas area home involves many steps and having an experienced  San Antonio  Texas Real Estate Agent by your side will make the transaction run a lot smoother. I would love to be your San Antonio Texas Area Real Estate Professional! I assist both buyers and sellers in the San Antonio Texas area with either the purchase and or sale of residential real estate.

As an Accredited Buyer’s Agent, I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home.

As your San Antonio Texas listing agent I am well versed on the local San Antonio Texas area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your home to be competitive in today’s market with an in depth comparative market analysis, and advice on staging. I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your San Antonio Texas area Realtor® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your San Antonio Texas area Realtor® is one of my truest passions, and “Helping You Find Home” is my number one priority.

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Brenda Mullen
Realtor®, ACRE®, ABR®, ePro®

Keller Williams Realty - Helping You Find Home
10999 IH-10 West Ste #175

San Antonio, TX 78230
210-807-0819
brenda.mullen@sbcglobal.net
http://www.findurwayhome.com

Check Your Security Clearance Before You Short Sale

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Tue, 07 Feb 2012 10:23:08 -0500

Do you hold a government position, are you in the U.S. Military or are you a Federal contractor? These and many other jobs often require a security clearance. If you are considering short sale or foreclosure, proceed with caution or your position may be at risk.

If you currently hold a security clearance, such as DOD “Confidential”, “Secret” or “Top Secret”, and work for the Federal Government, at Eglin Air Force Base or Hurlburt Field, you may already know a credit check is one of the standard procedures to obtain your clearance. A short sale, foreclosure, or deed in lieu of foreclosure, as well as missed mortgage payments, can all affect whether or not you retain your clearance.

“Why should I care?” you might ask, especially if you are not in the military. According to the Washington Post, over 850,000 Americans hold security clearances and one-third are NOT employed by the government. Also, those who hold security clearances are among the top wage earners in the United States. You don’t have to be a technocrat or engineer to require a security clearance. If you are a janitor, fire fighter, police officer, or administrator in a secure facility, for example, at an international airport, you may need a clearance.

Before proceeding with a short sale, I ask my potential sellers to check with their current or FUTURE security or personnel officer to find out how a short sale may affect their position. Even though many have received the “OK for short sale, but not foreclosure or deed-in-lieu of foreclosure”, a few have not. I recently had an airman from Fort Walton Beach Florida inquire about short sale. He told me his new position would be overseas with an international military group, representing the United States. I asked that he check with his security officer before proceeding with a short sale. The answer? “No way.” He would have lost his position if he had gone forward. Instead, he is going to rent out his property. (By the way, that potential seller had interviewed two agents, and I was the only one who mentioned this possibility.)

How about another “at risk” scenario? I had a former short sale seller apply for an overseas position in the Middle East as a U.S. contractor after short sale. All applications, interviews, etc., had been completed except for the credit check. The position was denied. Why? Short sale. I don’t want to frighten anyone away from short sale who needs a security clearance, as these are the less frequent outcomes. But, I want to put out a strong warning, consult your security officer before proceeding.

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

Niceville Florida Short Sale Help

18 Bay Dr., NE, Elliotts Point, Fort Walton Beach FL - Short Sale - Needs Work

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Wed, 01 Feb 2012 13:42:45 -0500

Inviting Fort Walton Beach Florida home in Elliotts Point with water view across the street from Choctawhatchee Bay. Elegant hardwood floors draw you in, with enormous living and family rooms. More space for entertaining with the heated and cooled Florida room, and large screened porch. The kitchen is long with many cupboards, and has a breakfast bar open to the family room with gas fireplace. The back yard is deep and has an huge workshop that mimics the house. There is a greenhouse finished with a rock bottom is behind the workshop. The home needs substantial plumbing work and other repairs. This location is serene with many charming older homes. Eglin Air Force Base, Hurlburt Field are easy commutes. Okaloosa Island beaches are nearby.

18 Bay Dr., NE, Fort Walton Beach FL - Offered for $127,900 is a Bank of America cooperative short sale.

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

www.Shortsales-EmeraldCoast.com

1425 Hickory St., Seminole, Niceville FL - Bank of America Short Sale

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Fri, 27 Jan 2012 15:08:22 -0500

Roll up your sleeves! This Niceville Florida pre foreclosure short sale home needs work, but with its openness, pool, guest cottage and large yard, you could make it fabulous. Originally built in 1945, it's had some upgrades since then, but needs cosmetic and mechanical attention. If you can replace the carpet and vinyl, and install a new air conditioner, you're on your way. The guest cottage has a small kitchen, living room and bedroom. The in-ground pool and lawn are the shining features, with a large patio and big fenced back yard.

This Niceville Florida home is in the Seminole area, and is a Bank of America short sale listing.

1425 Hickory St., Niceville Florida - offered for $79,900

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

Niceville Florida short sale help

USDA Chase Short Sale Approved - Santa Rosa Beach Florida

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Wed, 25 Jan 2012 18:39:19 -0500

This Church Street home in Santa Rosa Beach Florida was originally purchased as a short sale in 2009. For the second time, it is being sold as a short sale, just approved by J.P. Morgan Chase. The mortgage was backed by Ginnie Mae, and was a USDA loan, which offers mortgages to rural areas throughout the U.S.

Lender: Chase
Mortgage Type: Ginnie Mae USDA
Balance: appr $220,000
Junior Liens: none
Sale Price appr $200,000
Seller Cash Contribution: -0-
Seller Promissory Note: -0-
Deficiency: none

Although Chase's short sale approval letter did not specifically address a waiver of deficiency, the Chase negotiator quoted me USDA loss mitigation guidelines, which state there is no pursuit for the balance of the unpaid note. I researched online and found the following information about USDA loans sold as short sales, which the USDA calls "pre foreclosure sales" or "PFS":

"A borrower who successfully sells the property securing the loan using the PFS option is relieved of the mortgage obligation. The borrower shall not be pursued for deficiency judgments by either the Servicer or the Agency."

Other things to note about USDA short sales - you must have a hardship, and be at least 31 days late on your mortgage payment or facing "imminent default". For more information about Ginnie Mae or USDA short sale help in Santa Rosa Beach, Florida, email me at itswendy@rulnickrealty.com

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

Eglin HAP Question - Why Am I Bringing Money to Closing?

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Thu, 19 Jan 2012 17:33:32 -0500

One of the biggest sources of confusion I find with Eglin Air Force Base HAP sales from the seller comes at closing. First, if you don't know what HAP is - it's the Homeowner Assistance Program from the Department of Defense. It's designed to help military members who have permanent change of station orders (PCS), and are "upside down" in their home values, i.e. owe more on their mortgages than their property's market value. HAP will pay the mortgage deficit under certain circumstances, which helps the service member avoid the credit impact of short sale or foreclosure due to their mandatory relocation.

One of the stipulations of HAP is that the Eglin airman is current on his mortgage payments, taxes and association dues, or that is the extent to which the benefits apply. For example, if you were six months behind in your mortgage, HAP would not pay the amounts in arrears to satisfy your bank. You must. So what's the issue? Even service members who are "current" on their mortgage payments will normally owe a pro-rated amount of mortgage interest, taxes and maybe association dues at closing. Remember, mortgage interest is paid in arrears. If you have a payment due on March 1, that would cover the interest for the month of February, not March.

My last HAP seller asked me why he had a bill for almost $1500 at time of closing from the U.S. Government title agent. I told him it was probably his mortgage proration. He said, "But I made my mortgage payment!" I said, "Yes, but that covered the previous month." If your closing is mid-month, you would owe about two weeks worth of interest to your mortgage company, which will be collected by the title agent to pay your lender at closing. That goes for taxes and association fees, too.

Florida's property taxes are paid one year in arrears (not all states handle their property taxes the same way). That means that the tax bill for your Navarre, Niceville, Crestview, Fort Walton Beach or Destin property covers the previous year (arrears). If you close on September 1, for example, the buyer will still receive the tax bill for the time YOU owned the property during the past year. That wouldn't be fair, would it? So at time of closing, you have to reimburse the buyer the eight months to apply to the tax bill they will be getting at the end of the year. Yes, your mortgage company normally (but not always) escrows this amount in your total mortgage payment. You will get a reimbursement check after closing for any remaining balance in your escrow account. But for the HAP closing, you will owe the year-to-date taxes that are due. The same applies to homeowners association dues. The government won’t pay those on your behalf.

So what is a reasonable expectation for funds the Eglin service member might
need for closing? Set aside enough to cover one mortgage payment, and potentially, almost a year tax obligation. You probably will not need all of it, but be prepared “just in case”.

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

Lot 83, Grande Pointe at Inlet Beach, Santa Rosa Beach FL - Building Lot

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Mon, 16 Jan 2012 16:49:18 -0500

Gorgeous building lot #83 in elegant Grande Pointe subdivision in Inlet Beach. You will be enchanted with this neighborhood in Santa Rosa Beach Florida. Impressive entrance, community pool, "Amenities" pavilion with kitchen and community dock. Located on Lake Powell, east of Rosemary Beach, you will be near public beach access and miles of biking trails. Well-located for the South Walton 30-A lifestyle, the Panama City International Airport makes owning here convenient, too. Minimum home size 1450 square feet. This is a Regions Bank short sale listing.

Grande Point at Inlet Beach, Lot #83, Santa Rosa Beach FL - Offered for $33,900

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

303 N Holiday Rd., Holiday Shores, Miramar Beach FL - Short Sale Approved

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Thu, 12 Jan 2012 16:13:37 -0500

This home at 303 N Holiday Rd., Miramar Beach Florida was just approved for short sale. This was the second buyer for this home in Holiday Shores, as the first buyer defaulted (failed to close). There was only one mortgage holder. According to Bank of America, the property did not qualify for the HAFA program, so we did a traidtional short sale. Here are the details:

Lienholder: Bank of America

Mortgage Balance: $244,000 appr

Reason for Short Sale: Income reduction

Appr Sale Price: $175,000

Seller Cash Cont: -0-

Seller Promissory Note: -0-

Waiver of Deficiency: Yes

Time for Approval: 60 days

Notes: Bank of America initially asked the seller for a cash contribution. To obtain a waiver, we had the seller write an additional letter explaining why a cash contribution could not be made. This was uploaded into the Equator system and the Holiday Shores short sale was then approved.

If you need to short sale your Miramar Beach Florida home, consult with an attorney and an experienced Miramar Beach short sale agent.

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

Miramar Beach Florida short sale help

Citi - VA Compromise Sale in Navarre Florida - Approved in 24 Days

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Fri, 06 Jan 2012 18:12:12 -0500

This home in The Meadows, in Navarre Florida was just approved as a VA Compromise Sale. The gorgeous 2008 property with in-ground pool and three car garage, went under contract in about 30 days. We prepared the VA short sale package for Citi Mortgage, faxed it, followed up and received approval for our seller in 24 days!

What is normally included in a simple VA Compromise Sale package?
Hardship Letter
Dodd-Frank Certification
Two years tax returns
Financial worksheet
Proof of Income
Bank Statements
Preliminary Settlement Statement
Listing Agreement
Buyer Proof of Funds
Contract (purchase and sale agreement)
Authorization to speak with listing broker

What are the benefits of a VA Compromise Sale?
The borrower will not have to pay back the shortfall (if there was no fraud, misrepresentation or bad faith when the loan was obtained)
There is currently a $1500 relocation bonus paid to the VA borrower at closing

What are the negatives of a VA Compromise Sale?
You cannot obtain another VA mortgage loan unless you pay back the government loss
Your credit will be reported as "Paid in full for less than the full balance"
You may owe federal taxes depending on current tax law and your total financial picture

One of the key differences between VA Compromise Sale program and traditional short sales is that you must have a hardship. Nowadays, so-called “strategic” short sales are more common, where the borrower no longer wants the property, has no financial hardship, so participates in the loss by contributing cash or agrees to a promissory note to obtain a short sale. This is not the case with a VA mortgage. You must be at risk of default, and not have your own cash available to contribute.

More questions about VA Compromise Sale? Email me at itswendy@rulnickrealty.com

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

Navarre Florida Short Sale Agent

Destin Florida Short Sale Agent in Kiplinger Magazine

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Wed, 04 Jan 2012 17:12:07 -0500

I was flattered to have been recently interviewed by Kiplinger Magazine regarding the state of short sales. The story, "Escape the Debt Trap" is in the February edition of the magazine. It highlighted one of my Destin Florida real estate client's experiences in short sales of her properties in Destin and Santa Rosa Beach, Florida. Angela Angelovic hired me to help her "short sale" three houses over the last few years, two investment properties and a primary residence. She is now on her way to rebuilding her financial life, feeling "relieved." The Kiplinger article emphasized that one-fifth of U.S. homeowners are "upside down" in their home's market value versus mortgage balance, and that short sale is a strategy that can help free you from your debt "trap". Also discussed were methods of reducing credit card debt, student loan debt and medical bills. The reporter, Pat Mertz Esswein, states "If you pursue a short sale, look for an experienced agent who knows the local market values, is familiar with lenders and their short sale process, and can zero in on patient buyers".

She noted that most of my short sale approvals were obtained with 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

Destin Short Sale Help

www.RulnickRealty.com

Fort Walton Beach FL, Ocean City Home - Sold in 60 Days

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Mon, 02 Jan 2012 13:20:58 -0500

This beautiful Fort Walton Beach Florida home, near Lowe's and Sam's, was sold in just over 60 days! Part of the appeal of 728 Hart Dr. was the fantastic remodeling, especially in the kitchen. Granite counters, tile backsplashes, new cabinets and new appliances were some of the upgrades. The home, built in 1987, was over 1700 square feet, and was impeccably maintained. The lot was about one-half acre, which is unusual for Fort Walton Beach, where most lots are smaller. Listed at $177,900, there were multiple offers.

728 Hart Dr., Fort Walton Beach sold for $170,000. The sellers contributed $5,500 toward buyer closing costs. Why is that important to know? When using this sale as a "comparable" sale to price other properties, the significant seller credit means, in essence, the home sold for $164,500. For example, if a homeowner with an identical property asked me what their home would sell for, I would not tell them $170,000 - that would be too high. I would suggest they keep in mind that relocating military buyers coming into Eglin Air Force Base, typically ask for seller credits to help pay closing costs. That must be kept in mind when anticipating net proceeds. I hope that makes sense to you. If not, send me an email and I will explain further.

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

Fort Walton Beach real estate

Fort Walton Beach short sale agent

1215 Thomason Dr., Pine Meadows, Fort Walton Beach - Bank of America Short Sale

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Fri, 30 Dec 2011 12:10:28 -0500

This is a fun home at 1215 Thomason Dr., with eclectic and enticing touches in Pine Meadows, Fort Walton Beach, FL. Some of the interesting elements are the arched pass-through from kitchen, repeating arch accent above kitchen entrance. Vibrant pendant lights above breakfast bar. Popping red tray ceiling, dining room with lively and inviting wall decor. Mostly tile and wood laminate floors. Big, fenced back yard with brick barbecue. New fence 2005. Air conditioner replaced within past 5 years. Seller repairing French door and installing new pedestal sink. Located in the Wright, Willow Bend area of Fort Walton Beach, this home is perfect for Eglin Air Force Base commuters. It is a Bank of America cooperative short sale.

1215 Thomason Dr., Fort Walton Beach FL - offered at $98,700.

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

Fort Walton Beach Florida short sale help

Regatta Bay, Destin Florida Short Sales Make Market

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Tue, 27 Dec 2011 14:42:00 -0500

Regatta Bay, the gated golf course subdivision in Destin Florida, had 14 sales in 2011. Six were short sales and four were foreclosures, making distressed home sales the bulk of the market in Regatta Bay. Who were the lien holders for these Destin homes? Some of the short sale lenders were Flagstar, Suntrust, and Chase. The foreclosed homes that sold were owned by PHH Mortgage, Regions, Washington Mutual and First City Bank. The incredible thing about the foreclosure sales was that one of the homes was never marketed as a short sale prior to foreclosure, another was only marketed for one month, one was marketed for six months but at a price far too high, and the last only for three months, with a 3 hour showing window available on some days of the week. What does that tell you? These foreclosed homes in Regatta Bay could have been successful short sales had they been marketed sooner in the foreclosure process and more aggressively.

The average foreclosure timeline for Florida is now 749 days, the third longest in the U.S. So, instead of using the ample time to short sale, these Regatta Bay homes were foreclosed on. That could leave the owners open to deficiency judgments and at great risk to their financial well-being.

What is the best thing to do if you are a Regatta Bay homeowner and faced with the inability to pay your mortgage? Immediately contact your mortgage holder for assistance. If that fails, consult with an attorney and an experienced Destin Florida short sale agent, who has successfully sold short sales with all the aforementioned lenders.

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

Destin Short Sale Help

Destin Florida real estate

Miramar Beach, Destin Florida Executive Office For Lease

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Tue, 20 Dec 2011 11:36:38 -0500

Furnished Destin office space for rent in Miramar Plaza with room for two to three employees or a generous single-person executive suite. Includes two-three new Hon desks and chairs and sound absorbing room divider. This large office has hall window and full glass door for open feeling, and is located in a contemporary commercial condo in Miramar Plaza on Highway 98, near Sandestin, just over the Okaloosa County line in Miramar Beach. Enjoy use of conference room with large flat screen monitor, storage space, and kitchen. Internet, wireless, electric, water, CAM fees included. Store front window with business directory lists your company name. All you need is your own telephone line. Share with professional real estate brokerage and appraisal company. Owner is licensed Florida real estate broker.

12889 Emerald Coast Parkway, Hwy 98 E, Commercial Space - $599 furnished.

Contact Wendy Rulnick, Broker Rulnick Realty 850-650-7883

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

4020 Indian Lake, Destin FL Condo Sold as Short Sale

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Fri, 16 Dec 2011 14:57:33 -0500

This bright two bedroom, two bath Indian Lake condo in Destin Florida just sold as a short sale. The unit was fully tiled and had a vaulted ceiling in the living room. There was a tenant in place, who was retained by the new investor buyer. The Indian Lake condo association offers amenities such as a community pool, gym, clubhouse, on-site leasing office, payground and BBQ areas. This sale was a Bank of America Co-op short sale, which means it was purportedly pre-approved. The process, however, took over 120 days, so use caution when purchasing or selling a Bank of America Co-op sale, if you think you will be able to close sooner.

4020 Indian Lake, Unit 371, Destin Florida sold for $61,801.

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

Destin Florida short sale help

Destin Real Estate

Just Sold - Grove by the Sea, Santa Rosa Beach FL- Short Sale

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Wed, 14 Dec 2011 15:29:16 -0500

326 Cullman Avenue in Grove by the Sea just sold as a short sale. The Santa Rosa Beach Florida property needed significant work, but was located in a prime subdivison near Seaside, Watercolor and the Gulf of Mexico. Grove by the Sea has two community pools and a tennis court. There is a lovely walking trail highlighted by nature, and children's play area. What I like most about Grove by the Sea is its respect for trees. The neighborhood was not cleared out, and many natural elements were retained to give a feeling of privacy to the cottage style homes.

Five homes sold in Grove by the Sea in 2011. Prices ranged from $315,000 to $429,900. Homes currently for sale are listed from $350,000 to $540,000.

326 Cullman Ave, Santa Rosa Beach FL sold for $315,000.

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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

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

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Mon, 12 Dec 2011 14:22:48 -0500

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

Respect - One of Your Greatest Gifts to Others

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Wed, 07 Dec 2011 14:44:49 -0500

I was amazed the other day when I got a real estate listing from a service provider I know. I’m talking about someone like a repairman, UPS deliveryman, postal worker-- not in a business directly related to real estate.

He called my office to set an appointment to list his elderly parents’ property. When he came in, I thanked him and said I was “honored” that he had selected me. I truly was. He said, “You know I do work for dozens of Realtors on the Emerald Coast, but I know you are the right one." I thought about this. I had never mentioned real estate to him in all the years I knew him. But I had always asked him how he was, how his business was, discussed the weather and called him by his name. Why? Because I am interested in people. I never thought nor cared about getting "business" from being nice and never had an ulterior motive.

The reason I am writing this is because I know some people won’t even give eye contact to people they are not engaged with, like those who mow their lawn, fix their cable t.v., provide termite treatment, detail their car, or are secretaries to someone they want to see. They don’t look at them, don’t say hello, and certainly don’t shake their hand. That’s all wrong.

One of the greatest gifts we can give others is respect. If you acknowledge the people you encounter, and show them kindness and interest, you can make their day. I remember I shook an electrician's hand to introduce myself once. He almost fainted. My UPS lady loves talking with me, and I like hearing about her family. It makes me feel good, and I can see her glow, which is my reward. So, think about how you conduct yourself. I am not perfect, and surely can get moody sometimes. But I try to be my best self to others by acknowledging them, looking at them in the eye, and truly being interested. Don’t do it to get business, whatever kind of business you are in. Do it to show your humanity.

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

Destin Florida short sale help

Wendy has been licensed for over 20 years, and owns Rulnick Realty, Inc. She serves the entire Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

1987 Alfred Blvd. Marion Manor, Navarre Florida - HAP Home

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Mon, 05 Dec 2011 14:33:09 -0500

This sharp HAP home in Marion Manor, Navarre Florida, is just what you need to welcome the New Year. It sparkles! The living room, kitchen and breakfast area all have cathedral ceilings for an open feeling. The kitchen has breakfast bar, pantry, and plenty of cabinet and counter space, and is adjacent to tiled eat-in area. Master bedroom is oversized. Master bath features his and her vanities, separate garden tub and shower and two walk-in closets. Architectural touches include plant ledges and transom windows. Marion Manor is "West of Hurlburt" for good commuting to Hurlburt Field. It is also convenient to Santa Rosa Sound, with gorgeous sugary beaches, fishing and restaurants.

This Marion Manor home at 1987 Alfred Blvd, is listed for $177,900.

What is HAP? It's the Homeowner Assistance Program for military members who transfer (PCS) to new bases, to help them avoid short sale or foreclosure. In a nutshell, when the market value of an Eglin or Hurlburt Field area property is less than the mortgage balance, HAP will pay the shortfall for the servicemember.

Learn more about buying a HAP home.

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

Navarre Florida short sale help

3 Reasons to List Your Destin Florida Home Now

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Mon, 28 Nov 2011 16:16:59 -0500

“ We want to wait until after the Holidays to put our home up for sale.” Every year I hear that mantra from potential Destin Florida real estate sellers. Well, guess what? So does everyone else. Here are three reasons why you shouldn’t wait to list your Destin home now, instead of January:

1. Less Competition. What’s that? When you sell your property, you are competing against all the other properties for sale that your target buyer is looking for. For example, if you have a condo priced under $400,000, with more than 2000 square feet, all the other Destin condos with those criteria are vying for the same buyer. If you have a single family home on the beach on Scenic Highway 98, all those other beachfront houses compete against yours. In December, there are far fewer for sale. In January, they come out in droves-- sellers who wanted to wait until “after the Holidays” to list. It happens every year.

2. More Serious Buyers. True, you may have less showings and buyers in the market place in December, but they are typically more serious and “need” to purchase. They are probably not tourists “just looking” in the Destin market. After all, this is a busy time of year for buyers, too. If they are looking at homes now, chances are – they’ll buy.

3. What Better Time to Show Off Your Home? Think mulled cider, the scent of pine cones and a plate of cookies left out for “Santa or the New Owners!” I can hear White Christmas playing softly in the background, and see the ivy draped across your mantle. And what could be more welcoming than a big wreath on your front door?

As I tell potential sellers when they ask me, “When is the best time to list our property?”, my answer is always the same – "Now"!

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

Destin Florida short sale help

When You Are Wrong - Do You Admit It?

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Mon, 21 Nov 2011 14:33:43 -0500

I just admitted I goofed. It was something minor - a data field for a Destin FL Bank of America short sale. I accidentally entered the wrong property tax amount. Or, shall I say, I was doing too many things at once and should have checked my work. No harm was done, but the negotiator had to re-create the task so I could do it right. He didn’t say “You goofed, idiot!”. He just asked me to re-do it. I had two choices. I could have just done the task, or could have also admitted I had made a mistake. I did the latter. Here is my email:

“Got it! Sorry I messed up before! Happy Thanksgiving Week!”

This seems like a minor point, but it isn’t-- in negotiations or in real life. How does admitting you were wrong help? First, bringing your mistake out in the open, shows you are human. Acknowledging it shows you care. In negotiations, it can disarm the other party. It can bring them to your side, and create a connection. How so? Human beings are “rescuers”. They have sympathy. And if you admit you are wrong, it allows them to be wrong, too. Their defensive wall is taken down. Dale Carnegie says this in his classic book, “How To Win Friends and Influence People” - “When you are wrong, admit it quickly and emphatically.” He goes on to say, “You will never get into trouble by admitting you may be wrong. This will stop all argument and inspire your opponent to be just as fair and open and broad-minded as you are.”

Confess when you make a mistake, and watch what happens with the negotiator, the other agent, your seller or your spouse. In my case, the negotiator melted and emailed me back three times to discuss his cold, while working on my short sale approval.

Admitting you were wrong is the right thing to do.

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

Destin Florida short sale help

Wendy Rulnick covers the entire Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

Are You Serious About Short Sales?

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Sun, 20 Nov 2011 09:24:34 -0500

Broker Bryant and I are back at it- recording an in-depth course for you about short sales. What's the toughest part of a short sale? Negotiating junior liens? Bad BPO's? Promissory notes? Check out our new training on http://shortsalesuperstars.com/ today!

Via Bryant Tutas-Tutas Towne Realty, Inc:

Hi folks. Whether you like short sales, want to do short sales or want to avoid short sales, short sales are here to stay. Short sales are a major part of the market and in my opinion will become even more so. Lenders WANT to do short sales. A successful short sale cuts losses and keeps the lender from owning a declining asset.

This post is about taking control of the short sale situation from the get go, knowing what we are doing, preparing the Seller in advance of what to expect and being strong enough in our negotiation skills so we do not have to accept whatever bone the banks want to throw us.

Here are a few of my thoughts:

With a short sale we are submitting CONTRACTS, not offers, to the lenders. We are not asking them to accept an offer we are asking them to accept a "short" payoff so a contingency can be removed from the CONTRACT and the deal can close. Anyone who submits an offer to the lender to see if they will accept it does not know how to handle short sales and is wasting time and clogging up the system. Hopefully we have moved beyond this already.

The lender is NOT a party to the contract(s)(listing or purchase). They do not control the purchase price and the commission. They do have control over how much they are willing, or able, to accept as a payoff. If this payoff figure is too high then a solution needs to be found. The solution may be to have the seller sign a promissory note, raise the purchase price or lower the expenses of the deal(commission etc...). However, lowering the commission in the deal does not mean the seller is off the hook for paying the FULL commission as agreed in the listing agreement. They can bring cash to closing to pay the difference and/or they can sign a note to the Broker.

If the lender, investor or PMI company ask the Seller to sign a promissory note, a good short sale negotiator, will be able to negotiate the amount of this note downward or may even be able to make it go away. The PMI companies almost always ask for a promissory note to be signed when the seller can afford to make payments. Be prepared for it. If the Seller has funds in the bank, IRA, mutual fund and/or decent income chances are they will be asked to pay a promissory note. This should be ascertained at time of listing. Get a complete financial package from the Seller prior to listing the property.

Our job is to do the best we can to help qualified short sale sellers salvage their credit. It is the Sellers sole decision on whether or not to sign a promissory note. Their willingness to sign a note needs to be established at time of listing so we don't waste our time trying to help Sellers who are not willing to help us.

When a PMI company, Investor or Lender comes back requesting the seller sign a note I take it as an acceptance of my short sale request. Now all I have to do is negotiate the note. I have had a note request of $135,000 negotiated down to ZERO and one for $50,000 settled for $1,500 at closing. BUT the reason I was able to negotiate is because the Sellers truly could not afford to pay. Sellers who are doing a strategic short sale shold be prepared to contribute to the loss.

Commission should not be an issue in a short sale. A Broker/agent should know before listing the property what lender is being negotiated with and how much commission they will "allow" almost all are 5% to 6% if there are two Brokers...and 4% if there is only one Broker.

Folks, agents are getting screwed on short sales because they don't know what they are doing. Sellers are getting screwed because they are hiring these agents.

Short sales are serious business and need to be treated as such. Sellers need to seek legal and tax advice and then hire a Broker/agent that understands the process.

My biggest frustration is the lack of education of folks trying to handle these transactions. The public is being harmed and that goes against every thing being a REALTOR(R) stands for. Let's take the time, to learn what we need to know, so we can help folks get on with their lives. Let's all step up to the plate. Not only can we help people but we can get paid for doing so!!! Are you ready to get serious?

IF YOU NEED SHORT SALE TRAINING MAYBE WE CAN HELP

DISCLAIMER: I am a Florida Licensed Real Estate Broker. This article is my opinion based on years of experience and the laws of my State. All Sellers are urged to seek competent legal and tax advice. I am NOT qualified to give advice in those areas.

Are you under water on your Florida mortgage?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved

Customer Testimonials

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale

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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

"Never Gives Up" Describes Destin Short Sale Agent

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Fri, 18 Nov 2011 13:08:17 -0500

I am humbled when I receive kind testimonials from my Emerald Coast of Florida real estate clients. I just received the following survey responses from short sale sellers in Destin and Navarre Florida. One of the keys to a successful short sale transaction is to "never give up". I found it amazing that both of these sellers used the same phrases in their comments.

"Wendy Rulnick and her firm Rulnick Realty never gives up. They are the best realty professionals that I have worked with in the Southeast United States. It was perfect and truly professional."

Dan Curtis , Destin Florida

“Wendy and her staff did an exceptional job in getting my house sold short sale. Consistency, consistency, consistency is how I best describe Wendy. She did not give up. On a personal level she supported me and calmed my fears and anxiety.

To be able to give this kind of service reflects that Wendy enjoys what she does and is committed in doing ALL within her professional capability to make her clients satisfied. My recommendation is given freely and without hesitation to Wendy and her team to handle your real estate business”
Kay Cann, Navarre Florida

If you are looking for a real estate agent to represent you in a short sale, look for experience, confidence and tenacity. A Destin, Navarre or Santa Rosa Beach short sale is a long, complex transaction. Your real estate agent should never give up!

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

Destin Florida short sale help

Are You, the Agent, Responsible for Seller's Utilities and Lawn Care?

Wendy Rulnick "Its Wendy!" Destin Florida Short Sales (Rulnick Realty, Inc.) — Thu, 17 Nov 2011 15:20:49 -0500

Every once in a while I run into a situation where a Santa Rosa Beach FL short sale seller does not have the funds to keep their utilities on. Their yard is overgrown. They cannot pay for lawn care. When this is the case, what do you do? I know agents who pay for customer’s utilities, lawn and other maintenance on a regular basis. They may consider this part of their cost of doing business if they are in the short sale specialty. That is fine, but I stopped paying for these types of items years ago.

I remember the first time I “paid” for someone’s water turn-on as a favor. They were to reimburse me. Two bills later, they never did. Sometimes you get a clue at the beginning of a transaction. Is the seller slow to send in short sale paperwork? Is it a strategic short sale? These are the sellers who can afford to keep on utilities, but choose not to. They also may not be as committed to the sales process. I just ran into this situation with a lock change in Santa Rosa Beach Florida. The seller could not find his keys for an investment property he hadn’t seen in years. He felt the short sale lender should pay for the lock change. Would I step in and do it? No. Why not? There had been other “clues” about the seller’s willingness to cooperate. A serious and motivated seller is an integral part of the real estate sales process, short sale or not, and if that’s not the case, you probably shouldn’t take the listing.

So, what are some solutions to seller’s unwillingness or inability to maintain properties during the marketing period? In the situation where a vacant, improved property’s yard becomes overgrown, and we get complaints from neighbors, what do we do? We state in our listing agreement that our sign will be removed, since the neighbors innocently expect the real estate company to also be the property management company. In the case where the seller does not turn on utilities, we state in the MLS: “Buyer is to turn on utilities for any desired inspections”. Most buyers understand the seller is in a financial predicament, and agree to pay. I’ve only had one problem with this over the years. The buyer did not have the funds either. In that case, the seller agreed to reduce the earnest money requirement, and turn $100 back to the buyer for utilities. Problem solved.

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