Destin Real Estate Blog

HAP - HELP Eglin AFB and Hurlburt Field Airmen PCSing to New Military Bases!

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Sat, 18 Jul 2009 14:58:10 -0500

HAP, where are you?

HAP is the Homeowner Assistance Program for U.S. military members “who face financial loss” when selling their homes in order to PCS, or "permanent change of station" to a new base. In other words, if you are an airman stationed at Eglin Air Force Base, Hurlburt Field or any other base and you have “orders” to move and your mortgage amount is more than the current value of your home- HAP is supposed to help you. HAP was meant to help cover a significant portion of your losses so you can dispose of your real estate to PCS, even if you are upside-down in your mortgage, without facing foreclosure.

But what is HAP doing? I am sorry to say- NOTHING! Thousands of servicemen have applied for help and many have already relocated - with no financial assistance. I have written a series of posts with information every time I get updates about the HAP program. Each time I write a new blog, HAP changes its story and so far has done NOTHING to help upside-down Eglin AFB and Hurlburt Field airmen who are forced to relocate to new bases. On a previous blog I posted a link to the Department of Defense Directive that detailed the new HAP policy for PCS moves. When I checked the blog links about a week later- I found the information had been REMOVED from the HAP site. Further, the HAP site used to have an expanded FAQ (Frequently Asked Questions) section that answered many questions about the new PCS help. Those questions have been since REMOVED. But not before I quoted them in another post.

Our military members are good citizens and purchased homes when they moved to Eglin AFB or Hurlburt Field. Now, forced to PCS, they are faced with a choice:

1. Rent out their property, for an amount insufficient to cover their mortgage payment, due to declining rentals. Most military do not have enough to cover the shortfall.

2. Let the property go to foreclosure.

3. Do a short sale.

4. Bring money to closing to cover the loss- highly unlikely since most Fort Walton Beach, Crestview and Navarre Florida homes purchased in the last few years are $100,000 or more upside-down.

5. Wait for HAP while doing any of the above.

When HAP finally puts an assistance policy in place, these servicemen may get reimbursed part of the loss on their upside-down mortgages. But my question is- what good is a reimbursement after a lender has foreclosed or a short sale has been completed? By the time HAP starts working, it would be too late. There will already be a hit on the airmen’s credit. HAP representatives have suggested to me that the affected homeowner “borrow” an amount sufficient to cover the loss in a short sale, then wait for HAP funds. My question – "HOW can an airman who earns $50,000 borrow a $100,000 note to “cover” an upside-down mortgage?" He cannot.

HAP, you’ve got to help… NOW.

It's Wendy!

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

Emerald Coast FL Real Estate

Emerald Coast Short Sales & Pre Foreclosure Help.

Read Emerald Coast Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Broker/Owner Rulnick Realty, to list and sell your home or condo on the 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, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine".

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Short Sale Training Webinar....and a BIG announcement!!

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Fri, 17 Jul 2009 18:10:29 -0500

OK... The beans are spilled!

Via Bryant Tutas-Tutas Towne Realty, Inc:

Hi folks. OK so it's Friday again. Do you know what that means? It means.......time for me to sell product again!!! I'm sorry BUT I have to do it. TLW needs new shoes AND.....there are agents out there that really need help with their Short Sales.

I bet there are agents reading this post right now that want to do Short Sales but feel they are too much work. Or feel they won't get paid for their efforts. Well if that agent is you don't fear. Wendy Rulnick and I have designed our Short Sale Basics Webinar series just for you.

Short Sale Basics is a five part Webinar that walks you through a Short Sale Transaction from beginning to end. The best thing is that it's taught by two Real Estate Brokers that handle Short Sales all day long.

Wendy and I both handle our Short Sales ourselves from beginning to end. No outsourcing.

Short Sale Basics Session 3 is being taught tomorrow at 11am Eastern time. Tomorrow's session will teach you about:

Pricing the Short Sale

Short Sale Price Reduction Startegy

Marketing the Short Sale

Qualifying the Short Sale Buyer

Negotiating the Short Sale Purchase Contract

I know what you're are thinking "WOW!! Broker Bryant.. that's a ton of information." Well...yes it is. Not sure how Wendy and I are going to cover all of this in 90 minutes but we will. And if you can't keep up......it's being recorded!! That's right...we have all sessions available in MP3 format. You can load them on your iPod and listen on your own time.

YOU DO NOT HAVE TO ATTEND LIVE!!

But if you want to.....the cost for tomorrow's session is $27.00.

OR...you can purchase the entire course for only.....

$97.00

$97 is only good for two more weeks. Beginning August 1st the price is $297.00. That's right...$297.00 once the course is recorded.

Now here's the big announcement. I didn't tell Wendy I was mentioning this today but what the heck. I feel like spilling the beans. Wendy and I are launching www.ShortSaleSuperStars.com on August 1st. This is going to be the one place to go for all things Short Sale. ShortSaleSuperstars.com will be a site for all of us who do Short Sales to help each other and support each other.

You'll be able to find forms, documents, lender tips, phone numbers, top secret email addys, training materials and much much more. ShortSaleSuperstars.com will be an interactive business network for people that take Short Sales serious. Our goal is help each other become better so as a group we can make a difference.

People need smart agents. They need agents that can help them through these difficult times. So if you want to make a difference and.....you want to get paid for doing so....come join us. The membership fee is only $27 per month. It will be the best money you have spent in a long time. Short Sales can be very time consuming and aggravating but .....you do NOT have to go it alone.

If you are interested just cllick over to www.ShortSaleSuperStars.com and click on the subscribe button at the top. Become a part of this exciting new venture!!

Copyright © 2009 http://www.ShortSaleSuperStars.com | All Rights Reserved

Together We Can Make a Difference

1254 Ego Dr., Crestview FL - Short Sale - Countryview Estates

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Fri, 17 Jul 2009 09:21:55 -0500

1254 Ego Drive, Crestview FL

It's all about the yard at this Crestview Florida home in Countryview Estates. You will fall in love with the Japanese maple tree, asian benches, St. Augustine grass and enormous patio. Inside, wide open spaces in the dramatic living room open to dining. Kitchen is bright and big with center isle. Soothing master bedroom separate from secondary bedrooms. Huge master bath with two walk-in closets. Wood laminate floors give an upscale look. This excellent location is south of I-10 in Crestview, an easy commute to Eglin Air Force Base. 35 minutes to Destin beaches. Short sale subject to seller's mortgage holders' approval. Offered at $146,700.

It's Wendy!

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

Crestview FL Real Estate

Crestview Short Sales & Pre Foreclosure Help.

Read Wendy'sReal Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Broker/Owner Rulnick Realty to list and sell your home or condo on the 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, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine".

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Beware: Bank of America Now Wants Your Retirement Account

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Wed, 15 Jul 2009 19:23:00 -0500

Do you think your 401K is safe? Attorneys have told me in the past that short sale lenders won’t touch your retirement money. Guess what? FALSE! Today a Bank of America negotiator asked me to have my seller liquidate HALF his retirement account to get his short sale approved.

The seller has a $400,000 loss on a property in Santa Rosa Beach, Florida. We have been in the short sale process for four months. Today the negotiator said the file will not be approved unless he liquidates half his IRA for a $70,000 contribution. She said he has “some” income, although he has lost most of it because he is in sales…. His wife was laid off last week. There are no other funds. That is irrelevent to Bank of America. His wife's name is not on the loan.

I asked the negotiator, “Why would someone agree to give up half their retirement? They could refuse, then your company will have to pursue a deficiency judgment to try to get the $70,000 after a foreclosure .” She could not answer me, and I have yet to figure out the logic. $10,000, $20,000? OK, that makes sense. But half of someone’s retirement account? I can see how a seller might “roll the dice” and say “no” to the short sale, not give up $70,000, then wait and fight after a foreclosure. It might cost them $20,000 in attorney’s fees, but they might also save $40,000, not too shabby in this economy. I say if this is a trend, many sellers will take their chances with foreclosure.

What do you think?

It's Wendy!

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

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo on the 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, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine".

Westwinds - Sandestin Short Sale Approved

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Tue, 14 Jul 2009 08:53:43 -0500

Sandestin Florida - Short Sale Approved!

This 9th floor unit in the gulf-front Westwinds condo in gated Sandestin was just approved for short sale. Soothing jewel-like colors. Granite breakfast bar, inlaid tile backsplash, recessed lighting. Plush furnishings. Tile flooring. Gorgeous sights of beach, grounds, pool. Westwinds is on the south side of Hwy 98, with gulf-front amenities, restaurants, work-out facilities and shopping.

Sandestin in well-know for its Gulf of Mexico and Choctawhatchee Bay setting, Village of Baytowne Wharf and extravagant landscaping. Just five minutes away are more Destin Florida attractions- Grande Boulevard, Destin Commons and of course, Gulf of Mexico Beaches.

Listed at $589,000, Bank of America has accepted over $300,000 loss. The short sale approval took 90 days.

It's Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Wendy Rulnick is Broker/Owner of Rulnick Realty in Destin, FL. Wendy is a short sale specialist, and has been featured in Kiplinger Personal Finance Magazine and Florida Realtor Magazine.

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Short Sales: Dissecting The Financial Worksheet

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Sat, 11 Jul 2009 15:18:17 -0500

Broker Bryant and I just finished teaching Short Sale Basics: Session 2, part of our 5-session webinar series about short sales. Today we covered qualifying the seller and short sale documents. There was a lot of material, in fact we went over time! Part of our in-depth analysis included dissecting the financial worksheet (one of my favorite things to do). We provided a made-up example and found “errors” for discussion.

Here are a few of the possible mistakes you might find in the financial worksheet:

Numbers don’t add up – that’s right, simple math mistakes adding up income and expenses.
Monthly gross income used, not net income
Annual gross income used, not monthly
Bonuses from last year are included in current year
Current year commission or P&L is based on last tax year, not recent income
Rental income listed when tenant is moving out
Gross rental income is not adjusted for expenses
Listing the same military base housing allowance when it is changing upon relocation
Incorrectly assuming property value when listing assets
Not including current mortgage and associated expenses for short sale property
Not including anticipated rent and expenses upon relocation
Spending money on frivolous items, like tennis lessons, skydiving, vacations, etc.
Not itemizing “miscellaneous" expenses

Finally, when monthly net income is more than monthly expenses- there may not be a hardship at all!

The financial worksheet is one of the most problem-ridden parts of a short sale package. In a questionable hardship case, you can use the financial worksheet as part of your seller pre-qualification.

Want to learn more? Our next Short Sale Basics webinar is Saturday, July 18, at 11:00 Eastern. All five sessions will be available on MP3 if you cannot attend live or miss any. Session 3 we will be covering the short sale listing, price reductions (one of Bryant's favorite subjects) and more. See you then!

New Florida Real Estate Contract: How Will It Affect Buyers and Sellers?

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Wed, 08 Jul 2009 13:42:43 -0500

The Florida Association of Realtors uses two different versions of the purchase and sale agreement. One is called " FAR (Florida Association of Realtors)" the other " FAR BAR" (Florida Bar Association). In different parts of the state, real estate agent communities have their own customs as to which version they use. In my Destin FL area, for example, the FAR contract is more common. But a few towns over, in Pensacola, the FAR BAR is prevalent. Now the Florida Association of Realtors is proposing to combine both contracts and make further changes. The decision whether to proceed with the new contract will be made on August 23, during the FAR Annual Convention & Trade Expo. I have reviewed the 21 proposed changes and sent my comments in to my board at the Emerald Coast Association of Realtors. You should do the same, as your input is requested.

Here are my thoughts on the changes:

1.    Paragraph 1. d. I find it odd that personal property check boxes include “shed” and other items that might be potentially removed, but don’t include “Window Coverings ”. The new version states window covering automatically stay. If the contract is taking the stance on questioning items that typically stay, like a shed, it should do the same with window coverings for the sake of consistency

2.     125% escrow for repairs not completed – implies that buyer MUST close if repairs are not done by seller . As a buyer, I would be leery to close – what if the air conditioner did not work? Close anyway? Wait six months for the seller to repair? It might never be repaired, as the money sits in escrow. Forcing a buyer to accept that term is far too much micro-management of a contract between buyer and seller. I would line it out if I were representing a buyer. This should be removed from the contract. Ditto to RISK of LOSS provision, which also forces the buyer to accept the property after fire or other casualty, and just accept an escrow until repairs are made.

3. If seller has a title policy, he shall provide a copy to buyer and closing agent within 5 days . Most sellers have one, but can they find it? Most cannot find all their paperwork, so the seller would be in default of the contract if he couldn’t find it. It would be “nice” if they provided it, but to stipulate it in the contract is excessive and not realistic. Remove this requirement.

4. If the seller has a survey, to provide to title agent within 5 days . I suppose that could cause issues if a seller has one, but cannot find it. VERY typical… Thus buyer could claim seller is in default… if they don’t comply. This should be removed.

5. Define “financial failure” of lender … The new contract version says a buyer can get his deposit back if the closing is not funded due to "financial failure" of his lender. I can see a situation where funds didn’t make it to closing on time, so hypothetically, the lender failed financially. This needs to be more clear. Lender “out-of-business” or something more specific should be used here. Another example, a bank was taken over or merged. That might also fit the definition of “financial failure”- but in essence, the closing could still be funded. That might be used as an excuse for a buyer not to close.

6. Change to closing to occur on or BEFORE closing date as mutually agreed . This comes up again and again. Otherwise, the contract says closing must occur ON an exact date.

7. Remove same county closing restriction We often have closings one county away. It should state, “unless otherwise agreed between buyer and seller.”

Finally, ONE POINT that is mentioned nowhere in our Florida purchase and sale agreement- Buyer or Seller shall pay a per diem penalty should they not meet the closing date. Other states have that, and I believe it is the cause of sloppy closing date adherence in Florida.

What are your observations on the new Florida real estate contract proposal?

It's Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar taught by Wendy Rulnick and Bryant Tutas

Can You Find What Is WRONG With This Short Sale Story?

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Sun, 05 Jul 2009 10:10:05 -0500

One of my agents wrote an offer on a short sale last week in Destin Florida. She is quite experienced, never complains, but came to talk to me about the situation. Here is a recap:

1. Two days after forwarding her offer, the listing agent said he had not yet presented it to the seller.

2. The listing agent said the house was already under contract, although the buyer was trying to cancel. One of the divorced sellers agreed to sign the cancellation, but the other ex-spouse would not.

3. The listing was still “active” in the MLS, with no mention that it was under deposit.

4. The listing agent said he was not going to tell the short sale lender, Bank of America, that the buyer was backing out. He said he wanted them to approve the short sale, so he could substitute another buyer.

I had to scratch my head and get out a pad of paper to start writing down all the issues involved here.

How many problems can you find with this scenario?

It's Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call 1-877-487-9639) or 850-650-7883 ext 204 or email itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo on the 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, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine".

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar

Defining Your Unique Value Proposition

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Fri, 03 Jul 2009 17:54:57 -0500

Broker Bryant says it well - Thank you - agent community - for your sincere feedback on our Short Sale Basics seminar....

Via Bryant Tutas-Tutas Towne Realty, Inc:

Hi folks. OK so Wendy and me are now "Official Short Sale Instructors." Even though we are instructing we are also learning. We are learning how to work together and how to market our new business. With any new business venture one of the first things you want to define is your "Unique Value Proposition".

Your Unique Value Proposition is:

Clearly identifying how your products and services are different from your competition.

Basically, you have to know what sets you apart from your competition. Whether you are selling houses, Webinars or widgets, if you don't have something unique to sell, you will struggle. You will get lost in the mix of ordinary.

And.....it's NOT necessarily the product that has to be unique. It could be the marketing (Think Geico). It could be the delivery (NetFlix). Or, of course, it could very well the product (Swiss Army Knife) .

Whatever business you are in you MUST be able to answer the question......

"Why should your ideal customer purchase from you rather than from anybody else?"

On our quest to answer this question, Wendy and I keep getting back to this answer....

"We are both full-time, working Brokers who list and sell short sales, all day, every day."

So what is YOUR Unique Value Proposition? Do you know?

WHAT OUR STUDENTS ARE SAYING

"I’ve completed lots of training but feel yours was most valuable in your method of approach and delivery. The dialogue made it feel like I was in an actual brick and mortar classroom with real live scenario." Wendy Weber, Realtor, Scottsdale, AZ

"Your webinar was very impressive and informative. I feel that it didn't come across as a lecture, but good and clear conversation. The short sale is a very complex process, but you have made it much clearer and there was a lot of useful information." Richard Barton Real Estate Investor

"I am really glad you guys are doing this, I was looking for a class taught by practicing real estate brokers." Jana Hristova

"I enjoyed the SS session 1 yesterday and look forward to the next 4. After Wendy’s comment about the lame duck DOD HAP program yesterday I decided to blast my Congressman and 2 Senators an email blasting DODs inaction as a Citizen, Veteran and Realtor serving military clients." Don Duft, REALTOR®

"I just wanted to thank you again and let you know that you and Wendy did a fabulous job! I’m really looking forward to the next one." Debe Maxwell, Realtor®/Broker

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

2415 Winter Park, Fort Walton Beach, FL - Short Sale

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Fri, 03 Jul 2009 15:51:37 -0500

WOW, check out the yard on this end unit townhome in the Winter Park complex, Fort Walton Beach, Florida. This lot is equal or bigger than some single family homes and fenced! New tile, new granite counters in kitchen and master bath, updated fixtures, custom center-isle in kitchen. Brand new HUGE deck for great parties. Upstairs has two balconies, with new wood. New lower roof shingles. Huge master closet. The downstairs has a great open floor plan with a half bath. Upstairs two good sized bedrooms, each with its own balcony. Located in between Eglin AFB and Hurlburt Field, and just minutes to Emerald Coast beaches on Okaloosa Island and Destin Florida. Owners spent $20,000 in improvements- only thing left to do is replace the carpet.

Short sale offered at $73,900

It's Wendy!

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

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Fort Walton Beach Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Broker, to list and sell your home or condo on the 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, Eglin AFB, Hurlburt Field. Wendy specializes in Short Sales, Pre-Foreclosure listings, as well as traditional sales and marketing.

5 Tips to Get Your Short Sale Buyer to "Walk"

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Wed, 01 Jul 2009 19:56:24 -0500

Today I was talking with a title agent in my Destin Florida market who handles short sale negotiations for agents. He lamented that he had two contracts recently fall apart, with buyers walking.

“Why?” I asked.

“ Well, the agents don’t have the seller sign the contract, so it is just an offer. There is nothing to hold them.”

“Stop doing that!” I told him, “I would never send an ‘offer’ in to a short sale lender.”

Which brings me to my point- " How can you increase the chances of your buyer “walking” from a short sale?" Just follow these tips:

1. Don’t have the seller sign the contract. Then it is not a contract, just an offer, and the buyer can bail without repercussion.

2. Never ask for an earnest money deposit. Why ask the buyer to put anything on the line to show his investment in the contract? Then he can walk free, usually, with nothing to “lose”.

3. Use a 60 day closing and 30 day short sale approval time line. Sure, that will be enough time to get a typical short sale approved- Not! Oh well, if the time frame passes after hours and days of work invested, and the buyer doesn’t “stay”, you can always start all over on a new transaction.

4. Write in the contract that the buyer can “Withdraw at any time”. That should simplify things.

5. Finally, let the contract be submitted to the lender with others, just like an auction , because the short sale lender will abide by contract provisions and honor the "primary" offer first, right? That tactic will make your buyer stick like glue.

Follow these tips, and you’ll be sure to decrease your chances of closing on a short sale.

Or, get a buyer with realistic expectations, a good deposit, one strong offer, and an "executed" contract, and be on your way to a successful short sale closing.

It's Wendy!

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

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar

Student Critiques Short Sale Class

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Wed, 01 Jul 2009 18:15:37 -0500

Debe Maxwell, one of our charter Short Sale Basics students, critiques our first session.... Thank you, Debe!-- from me and Broker Bryant. Next session is July 11, see you then!

Via Debe Maxwell, Realtor® Let's Talk CHARLOTTE! (Helen Adams Realty):

Active Rain Family Does it Again--This Time It's Short Sales!

I had the honor of participating in the first of a five-part series on Short Sales with Bryant Tutus & Wendy Rulnick and the class was absolutely wonderful! As you all know, I've been very fortunate to live in an area that did not have the 'bubble' to burst but, the national economy has slowly but, surely 'trickled down' to Charlotte! We had never even heard of short sales in 2007 and now, we are seeing them--and we need HELP!

Bryant (aka BB--TLW's 'other-half'!) and Wendy, fellow Active Rain members, have offered a five-part "Short Sale Basics" course via webinar at a very affordable price. They have both been participating in short sales for many years and together, share a wealth of knowledge that they're freely sharing with us! Okay, it's not really 'free!'

After some guidance with my first few short sales from TLW, I realized that anything and everything that I could get my hands on that related to short sales was of utmost importance for my very-near-future--and my clients. With the wave of short sales hitting our area now, it has become increasingly stressful to watch agents who don't have a CLUE, list short sales and then have them turn into nightmares--not only for the sellers but, the buyers who are patiently waiting lender approval--that never seems to come to fruition.

I would just like to thank Broker Bryant & Wendy for so generously sharing their knowledge and helping those of us who do want to become perficient in this process, succeed--and, of course, TLW for getting me started until class was in 'session!' You guys are awesome!

A few of the short sale terms that we touched upon during the first session.

Image above created by the Wordle.net web application are licensed under a Creative Commons Attribution 3.0 United States License.

Why Do Short Sale Lenders Want Promissory Notes?

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Tue, 30 Jun 2009 17:51:16 -0500

Why would a short sale lender ask for a promissory note or cash contribution from the seller? The emails below, from Bank of America negotiators, will show you exactly why:

EXAMPLE #1: Santa Rosa Beach Florida Short Sale

“ Please be advised, that before we discuss the closing costs you have to talk to the sellers regarding contribution to mitigate the loss.

The reasons:

* FICO in the high 700, never late on any account, continue to make payments on all credit cards

* good deposits

* good income on tax returns

Requested contribution: Promissory note of 12,000, payable in 8 years, 125 per month, 0 interest.”

EXAMPLE #2: Destin Florida Short Sale

“Seller is currently paying off a car at 453.00 per month and several credit cards paid on time, Seller is getting deposits of 3000 and 2500 every other weeks on her bank accounts. I’m sure she can afford 333.33 per month.

The note is 0% interest for 5 years at 333.33 per month. There is no way we are releasing the liens debts over 684K without the seller contribution.”

Both of these examples show how financial information is scrutinized by the short sale lender. Apparently, good credit, few delinquencies and regular income make the seller a candidate for contributing to the shortfall. In other cases, the lender, servicer, or mortgage insurance company may request a contribution due to its loss amount or policy. It is best to prepare your seller in advance.

Join Wendy Rulnick and Broker Bryant in our next Short Sale Basics Webinar, July 11, 11:00 a.m. Eastern. We'll discuss Seller Hardship and have fun dissecting Financial Worksheets.

It's Wendy!

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

Search Destin Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

"I Think I'll Have A Margarita!"

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Sat, 27 Jun 2009 17:41:57 -0500

This week I had my all-time record fastest short sale approval. It took two days.

Here is what happened:

Property: Investment condo - Fort Walton Beach FL

Seller Hardship: Loss of Income

Lender: BB&T

Original Purchase Price: $640,000

Mortgage Balance: $550,000

Contract Price: $380,000

Submitted: 6/22

Approved: 6/24

Conditions: $30,000 promissory note negotiated directly between seller and BB&T

The key to this quick approval was both the lender and the package. Unlike many other lenders, BB&T will start a dialogue directly with the homeowner prior to the short sale listing. They assign a negotiator in advance. They do not suggest a list price. BB&T did not order an appraisal, either, so they must rely on internal valuation models. The package I sent had no missing items, and the buyer, price and terms were strong.

After I received the approval, I called the buyer’s agent, a wonderful lady with whom I have worked before. She could not believe it, since we allowed over 90 days for lender approval in the contract. She was stunned. She said:

“Wendy…. Wendy…. Wendy… Oh my!... I don’t usually drink, but I think I’ll have a Margarita”.

I told her “Have two!”

It's Wendy!

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

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar - Four Sessions Left, all available on MP3

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the 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, Eglin AFB, Hurlburt Field.

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"All Things Are Difficult Before They Are Easy"

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Wed, 24 Jun 2009 13:31:32 -0500

A few weeks ago my life started to change. I was asked to step outside my boundaries and outside of my comfort zone. What happened? I “met” Bryant Tutas- otherwise known as "Broker Bryant" on Activerain. You may have heard of him- he’s one of the best-known real estate bloggers around. His writing is insightful, direct, witty and often very funny. He’s got quite a following.

Anyway, in the past several months I started to notice Broker Bryant’s comments on my blog posts and others. I noticed we were “simpatico”, of like-mind, on many topics, notably short sales. We exchanged a few emails, and a couple of months ago, Bryant asked me if I was interested in doing a joint venture. Among other things, he wanted to know if I would do a live webinar with him about short sales.

Well, ignorant me, I did not even know what a webinar was! I had to look it up. If you don’t know– a webinar is an “online live educational presentation”. Bryant and I would teach real estate agents about short sales. That idea scared the heck out of me, but how could I say “no”? I love short sales! I love discussing them, analyzing them, doing them and answering questions about them. I welcome calls from agents in my area or around the country looking for information or direction on short sales. I love helping the consumer with short sales. And that is what I do all day. So does Bryant.

But what would we have to offer that would be different? There are a lot of “classes” about short sales. The difference here is that we are both practicing real estate agents who spend 90% of our time listing and selling short sales. And we do them from beginning to end. Bryant and I do all our own negotiating, we don’t refer out to a law firm, title agency, assistant or loss mitigation company. (Not that there is anything wrong with that). We are the ones on the telephone on hold with the negotiators- every day, getting sales closed. We think that our practical experience with the day-to-day workings of short sales can benefit others. We want to share what we've learned in a forum to provide concrete knowledge.

Enough about that. I am still nervous. We’ve never done this before- although Bryant has appeared on other webinars. So forgive us in advance if we goof up a little, or pause or stutter (especially me). What you will get, I promise, if you sign up for our webinar- is practical, usable, comprehensive information on short sales.

The first session of our five-part series is Saturday, June 27 at 11:00 a.m. Eastern. Join us.

It's Wendy!

Wendy Rulnick, Broker Rulnick Realty, Inc.

itswendy@rulnickrealty.com

VA Short Sales: "Stuck" With Appraisals for 6 Months!

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Sun, 21 Jun 2009 12:15:33 -0500

I recently had a short sale contract on one of my listings in Mary Esther, Florida, where the seller had a VA (Veterans Administration) home loan. A VA short sale is called an "Offer in Compromise". The offer price was $120,000, which I thought was reasonable given the condition of the property. Wells Fargo, the short sale lender, ordered an appraisal. Not just any appraisal, but a VA appraisal, called a " Notice of Value" or NOV.

The seller's short sale VA appraisal came back at $135,000, much higher than the offer and fair market price, in my opinion. The buyer backed out due to other circumstances, so I did not contest the value. I informed Wells Fargo that I would not be able to sell the property at the appraised price, and asked how long they would keep that value active. They said "Six Months!" Whoa! I've got one year inventory levels in the Mary Esther FL, and the market is still declining.

It turns out that the Veterans Administration's policy that VA home loan appraisals are valid for six months extends to SHORT SALES, TOO!

Notice the VA information pamphlet above states: "Rapidly fluctuating real estate market conditions may temporarily dictate the use of a shorter validity period". Well, the VA has already formally addressed this concern for new construction master appraisals, which cover the same floorplan being built in new subdivisions by one builder. The bulletin, - "Suspension of Master Certificates of Reasonable Value". was released on May 22, 2009. Here is a quote below:

The VA bulletin states that due to the "rapidly declining market", holding new construction master appraisals for six months is rescinded! (This was reduced last year from 12 months).

Since the VA already acknowledges holding the appraisals valid for too long may be detrimental to the veteran in new construction, is it not reasonable to assume the same with existing construction AND with short sales? Both cases harm the vet by enforcing outdated values.

I hope the VA will issue a formal suspension of the standard appraisal time period for resale purchases and short sales. If they do not, I have enough ammunition to fight the next time!

It's Wendy!

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

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar

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Short Sales and Condo Dues: The Next Generation of Junior Liens

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Wed, 17 Jun 2009 19:03:54 -0500

In Destin, Florida, and around the country, as time goes by with short sales, a new problem is growing-- unpaid condo association dues. I currently have two short sales pending with with over $20,000 in unpaid association dues. Short sale mortgage holders are growing weary of paying these huge back-fees to facilitate a short sale. Sure, I've had $10,000 or $12,000 paid to satisfy associations in short sales before. But the longer the short sale or bank action takes, the more the dues will start piling up. Now I have Bank of America balking at paying the association dues on a $300,000 Destin short sale. They want my seller, with no income at all, to pay a promissory note of $40,000 or cash at closing of $20,000, because of the $20,000 past due amount. How am I tackling this problem?

Brainstorming solutions is one of my favorite parts of negotiations. Here is what I found:

Florida Statutes, Section 718.116 states:

The liability of a first mortgagee or its successor or assignees who acquire title to a unit by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due prior to the mortgagee's acquisition of title is limited to the lesser of:

1. The unit's unpaid common expenses and regular periodic assessments which accrued or came due during the 6 months immediately preceding the acquisition of title and for which payment in full has not been received by the association; or

2. One percent of the original mortgage debt. The provisions of this paragraph apply only if the first mortgagee joined the association as a defendant in the foreclosure action. Joinder of the association is not required if, on the date the complaint is filed, the association was dissolved or did not maintain an office or agent for service of process at a location which was known to or reasonably discoverable by the mortgagee.

In my case, there are about two years past due in condo fees. I have asked the association to agree to a compromise to accomodate the short sale. Basically, if the condo goes to foreclosure, they will only be paid 6 months dues by the senior lienholder.

If they could reduce the balance owed in any amount to allow the short sale to occur, then the association will gain by:

1. Immediate income to fund a project already in financial need

2. More than the minimal 6 months past due that a foreclosure action will pay them - at some later date

3. A new owner who will certainly be paying his dues on an ongoing basis, providing immediate cash flow

By agreeing to a lesser amount to allow the short sale, that does not mean the association will not pursue the homeowner separately for the balance owed. But a compromise can allow the short sale process to take place,both benefitting the condo project's financial position, and helping the homeowner solve his dilemma.

It's Wendy!

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

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar

starting June 27 - comprehensive, practical knowledge

taught by Wendy Rulnick and Bryant Tutas

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the 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, Eglin AFB, Hurlburt Field.

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.

"But He Didn't Do Any Work- Why Should He Get The Commission?"

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Mon, 15 Jun 2009 20:21:16 -0500

My husband and I had to go shopping for a new television last weekend. The old one was about to die - its channel guide was getting fuzzy and my eyesight is already "bat-like". We researched our options online, found one we wanted, then set out for a reconnaissance mission to Sears, Best Buy and yes, Sam's, at my Hubby's insistence.

Right away, at our first store, Sear's, there was our new flatscreen- and it was a lot less expensive than the internet price! I got really excited. The on-duty salesman, Lee, came over and quietly introduced himself to ask if we needed any help. My husband asked if it the t.v. had built-in speakers, and Lee said "Yes". Hubby didn't give signals to talk further (being an engineer), so Lee said to call him if we needed more help.

My husband and I walked up and down the aisles but I already KNEW it was the t.v. we wanted (OK-- " I" wanted). Hubby and I whispered ...."I really want it, let's get it now!" I said. My husband agreed.

I called Lee over and we said "We'll take it". He said he would have to check their inventory (sigh). Sadly, there were none in stock, but if we ordered it then, we could have it in three days. Hubby and I looked at each other. I said "Let's order it", but my husband wanted to finish our mission and go to the other stores.

Before we left, I asked the salesman, Lee, "Are you commission sales?"

" Yes" , he responded.

"Then I want you to get credit for the sale if we call or come back to order the t.v. I am a salesperson, too, so I respect that."

Lee then filled out a customer-finder form so we could let any of the other Sears salespeople know we were "his" customers.

Hubby and I completed our research at the other stores. Sears was the best price by far. I sent Hubby to get the t.v. the next day. "Make sure you give the on-duty salesperson Lee's card so he gets credit!" I instructed.

"Why?" he asked innocently, being an engineer, "He didn't do any work. He answered one question."

"Honey", I said, " If someone called me up because they found a house, then grabbed me to write an offer, would I not deserve a commission? Some deals are easy, some are hard. That's just the way it is. Lee might have killed himself with the previous three customers. They might not have bought, or maybe they did not give his card so he didn't got credit when they did buy. Yes, we were ‘easy', but not all sales have to be ‘difficult' to make the salesman deserving."

Hubby went back to the store, and there was a different salesperson there, not Lee. He did a lot of work to take the order from my husband. I asked Hubby what he said when he gave him Lee's card... He said....

"He would have done the same for me."

It's Wendy!

Wendy Rulnick, Broker Rulnick Realty, Inc.

Destin FL

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar

starting June 27 - comprehensive, practical knowledge

taught by Wendy Rulnick and Bryant Tutas

Countrywide/Bank of America Approves Short Sale in 4 Days- But How?

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Sun, 14 Jun 2009 13:27:38 -0500

I know you are doing a double-take, but this is a true story about a four-day short sale approval from Countrywide... The key is- it was a new construction loan... Here is what happened....

My seller. "George", bought a lot in Rosemary Beach, Florida. This a one of the higher-end markets on the Emerald Coast, with a view of the Gulf of Mexico, and a five-minute walk to the beach. George decided to build an upscale home on the property to sell. It would be over 3500 square feet, with spectacular views and extravagant finishes. He hired a builder and took out a 1 million dollar+ construction loan with Countrywide.

During construction, George found out his plan to put in a pool would not work, so substituted an elevator in the design. Countrywide then sent out an appraiser to ascertain a new value. Guess what? Their value was now only $800,000. George was stuck! He would not have the funds to finish the house! It was about $250,000 from completion. What happened? In the year of construction, values in Walton County had plummeted! The house was not worth the original loan amount.

George then hired me to sell the property as a short sale. During this time, Countrywide completed numerous BPO's (Broker Price Opinions). When I talked to the BPO agent, we would both shake our heads! What is the house worth? It is unfinished - in a resort area where one could buy existing homes for $500,000..... Finally, I got a full price offer for about $300,000 a few weeks ago. That's over $600,000 less than the outstanding balance on the loan!

5/28 - We faxed in the short sale package to the negotiator who had already contacted us

6/2 - The negotiator called to say "OFFER IS APPROVED!"- 4 DAYS LATER!!

I was, frankly-- SHOCKED! I asked how they could do that so quickly. The negotiator said the construction lending department is much smaller than their end-consumer lending division. And they were much more efficient. (I could tell he had a smile on his face.) That makes sense. The loan was still in-house with Countrywide, and had not yet been re-packaged and sold to the investor market!

So, have hope if you run into a new construction short sale with Bank of America/Countrywide- and be happily surprised.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar June 27 by Bryant Tutas and Wendy Rulnick

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

The Legends of Santa Rosa Beach Florida - Unit 302- Short Sale

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Thu, 11 Jun 2009 17:53:16 -0500

IMAGINE... Beautiful Gulf Views, Sugar-White Beaches, Emerald Water, Quiet Surroundings, Incredible Sunrises and Sunsets, Ultra-Relaxing Vacation... Sound Good? This is a beautifully redecorated townhouse at The Legends in Santa Rosa Beach Florida. It has new flooring throughout (07), offering over 1400 square feet of living space. The master suite has a king-size bed with a pillow-top mattress, whirlpool tub with separate shower in the private bathroom, and beautiful gulf views from the deck. The ' Surfin' ' room sleeps up to four on 2 full-size beds with it's own bathroom and walk-in closet.

The Legends is a beautifully landscaped complex in the heart of Santa Rosa Beach. This condo overlooks one of two pools, so finding a lounge chair at the pool is never a problem! Play sand volleyball or tennis right on the grounds. Quaint shops, incredible restaurants, and championship golf courses are all close by. BEACH ACCESS is less than 200 yards away, just a short stroll. Scenic Route 30-A offers a 17 mile long, paved, bike and jogging path, great for the morning exercise.

This Santa Rosa Beach FL short sale is offered at $209,900.

It's Wendy!

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

Santa Rosa Beach FL Real Estate

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

Read Emerald Coast Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick to list and sell your home or condo or help you buy a home or rental property on the 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, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.

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922 Pocahontas Ave., Fort Walton Beach FL - Waterfront Short Sale

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Thu, 11 Jun 2009 17:27:37 -0500

Deep water views graced by tall trees... this is a unique hideaway in Fort Walton Beach Florida for boat and water lovers. and lot sits up high. Circular drive brings you to home set back from street for privacy. Magnificent oaks adorn lot. Tile floors throughout, wood-ceiling living room, happy kitchen open to dining room. Kitchen has recessed lighing, breakfast bar and warming oven, plentiful cabinets. Oversized covered patio plus screened porch. Master bedroom is restful, with French doors out to back.

New dock- 1 year old with water, 4 extra posts set for a lift. Seller estimates can park 34' vessel, waters 4-10' deep at end of dock- can bow in a big one.

Property includes delightful one-bedroom apartment, universal design, on left side of home accessed with separate entrance or through garage. Includes kitchen/living and bedroom, separate a/c. Tenant will remain at $750 per month. Separate oversized workshop to right of drive, segmented into two sides, with walk-up attic, and separate power. What more could you want?

This Fort Walton Beach short sale is offered at $425,000.

It's Wendy!

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

Fort Walton FL Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

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Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

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Bank of America/Countrywide "Forgets" to Ask for Promissory Note

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Tue, 09 Jun 2009 19:02:39 -0500

We all make mistakes, but this was a big one, by a big corporation... I was in negotiations for a short sale on a Crestview, Florida listing. My sellers owed Countrywide/Bank of America about $175,000 as the senior lien and around $25,000 to Citi Financial as the junior lien. The sale price was a spot-on $150,000.

Bank of America asked for a promissory note of $5000. Although my sellers had recently divorced and had to move to separate homes, they both had stable jobs. Bank of America told me that was a factor in asking them for the note. The couple agreed, and I emailed the negotiator. A few weeks later, BOFA approved the short sale. YEA! And they did not even ask for a note!

My next problem was to tackle Citi, who had initially farmed out the listing to a collection agency, as I wrote about in "Rude and Crude- Nordon Collection Services". After I complained about Nordon's uncouth behavior, and hanging up on me, Citi took the file back. They requested $6000 as a pay-off to release their lien. BOFA would only pay them $3000, so my sellers agreed to pay the other $3000 at closing, each having to borrow money to do so.

Finally, the home closed! After months of wrangling, the sellers were thrilled to complete that phase of their lives.

Until yesterday, that is. Bank of America called asking where the note was. This is a month after closing. They sent me back a copy of my own email to them stating the sellers would agree to a note (pretty shrewd, huh?) The negotiator then called me, demanding the note be paid.

I responded, incredulously."The note?" I said, "You did not require a note in your approval letter. The sellers based their decision to borrow money to pay Citi on the fact that you did not require a note. They have nothing more to give.... Is someone in trouble at your company?"

"Yes" he responded.

It's Wendy!

Sign up For Short Sale Webinar with Broker Bryant and Wendy Rulnick

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine", to list and sell your home or condo or help you buy real estate. Serving the 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, Eglin AFB, Hurlburt Field.

Short Sale Basics. Let the Class Begin!!!

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Mon, 08 Jun 2009 13:52:40 -0500

I am excited to announce that Broker Bryant and I will be launching a Short Sale Webinar starting June 27 - for all to learn and grow.... Broker Bryant has been sharing his thought-provoking and information-packed blog for years, and he never fails to delight his many followers. We are teaming up on this project to educate YOU and share our knowledge. Take it away, Bryant!

Via Bryant Tutas-Tutas Towne Realty, Inc:

Hi folks. Did you know I have been giving away free information on Active Rain for three years? Just about everything I know about Real Estate I have shared and have never asked for anything in return. Today, is going to be different.

Starting Saturday June 27th at 11:00 am Wendy Rulnick and I, Broker Bryant, will be launching “Short Sale Basics”. This will be a 5 part, very comprehensive, course on Short Sales.

If you are not familiar with Wendy check out her blog here. Wendy is the Broker/owner of Rulnick Realty in Destin Florida and…..

“Wendy Rulnick, is a Florida Realtor and Broker, and has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy was featured in Kiplinger Personal Finance Magazine as a short sale specialist.”

Wendy and I will be your instructors. Our goal is to help as many REALTORS® as we can become better at handling Short Sales. By empowering you we can do our small part to help Mr and Mrs Homeowner get through these difficult times. Together we CAN make a difference.

Short Sale Basics is being presented as a Webinar. Each class will be 60-90 minutes long. As students you will be able to call in by phone or listen in on the Internet. We will take questions in advance of each class and will try to answer as many as we can during the session.

These sessions are NOT for trying to sell you a product. Instead these are training classes. If you attend all 5 classes you will have the knowledge and confidence needed to succeed at Short Sales. You will be in a position to help folks and make a good income while doing so. We want you to succeed and we'll be there to help you in any way we can.

Wendy and I will both be available during and after the course to answer any questions you may have as you start working with Short Sales.

Here’s the class schedule and curriculum:

June 27th Session 1: Short Sale Basics

What is a Short sale

How does it affect the Seller

Why would the Lender consider a Short Sale

What role does the REALTOR® play

July 11th Session 2: Taking the Listing

How to qualify the Seller

Questions to ask

Documents needed

Disclosures and addenda to the listing contract

July 18th Session 3: Placing the property on the market

Proper pricing

Price reduction strategy

Marketing

Seller disclosures

July 25th Session 4: Selling the property

Qualifying the Buyer

Negotiating the contract

Knowing what the lender will accept

Time frames

August 1st Session 5: Presenting the Short Sale to the Lender

Preparing the package

Making your case

Follow up

Negotiating the payoff

Folks as you can see we have a lot of information to cover. There will be course materials sent to you in advance of each session.

OK since I already mentioned this is not free…you’re probably wondering how much it is?

The cost is $27 per session or you can purchase the series for $97. All sessions will be recorded and given to you as a MP3 file so you can go back and listen at your leisure. AND....you will get a membership for our Short Sale Networking site.

The course is guaranteed. If for any reason you feel you didn’t get your money's worth just let us know and we will give you a full refund. All we ask is that you are honest with us and yourself. Let us know where we let you down so we can improve.

Wendy and I are just like you, we both work Real Estate full time. We both handle our own Short Sales from beginning to end. Wendy has tons of experience and is a wealth of information. My job will be to get this information from her and present it to you in a no nonsense style so we can all learn together.

Short Sales are going to be around for years to come. If you are not interested in listing them that’s OK. You may still be selling some on the Buyer side. This course will give you the knowledge needed to assist your Buyer in choosing the right property. Knowledge is power.

I can already see I’m going to need to write a few more posts about this. This one is waaaay too long.

So.....are you ready? All you have to do to register is send us an email at shortsalebasics@gmail.com Let us know what sessions you want to attend. We’ll then send you the instructions on how to pay and where to “go” for the class. We have room for 250 people. Who wants to be first?

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I Don't "Sell" Short Sales - I Just "List" Them - Until Now!

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Sun, 07 Jun 2009 11:35:42 -0500

OK, I love listings. Always have. I rarely work with buyers- only with personal referrals, friends, relatives or repeat customers. All of my buyer leads go to my team. I also love short sale listings. I have been presented with hundreds of short sale offers, so I know the typical pitfalls of poorly written short sale contracts and how to avoid them.

This week I worked the rare buyer. My cousin, “Sue”, has never bought a home, and at age 23, is now stepping out in the world. Delighted and excited, she was looking at townhomes in Destin Florida in the $120,000 price range. We found a complex she really liked, close to her work and fairly new. There were five listings to show her. All short sales.

First of all, it’s a big concept to even “buy” a home to a first-time homebuyer. But to add that the property is a “short sale” can cause instant confusion. I explained to my cousin Sue simply,

“Since the downturn in the economy, many people bought homes where the values have declined dramatically. Many homeowners have also lost their jobs and income, and cannot afford to make their mortgage payments and keep their properties. For example, in this complex, most owners paid around $200,000 for their townhome, and have a $180,000 mortgage. But now the units are only worth $120,000. If they have to sell, they ask their lender to forgive the $60,000 deficit due to their economic hardship. That is a short sale. The lender will also want to review the seller’s financial situation to ensure they truly do have a hardship, and order an appraisal to make sure the offer is fairly close to market value. That process can take three months or more. And it is not guaranteed. So you might be waiting that long and find out you do not get the property.”

Sue looks a bit disappointed after I explained all this to her. I added, “Unfortunately, most of our market on the Emerald Coast of Florida is short sales, so we have to deal with this if you want a home”.

Of the five properties in her price range, two stated on their MLS printouts: “We submit all offers to the short sale lender”. I advised Sue if she wanted one of those townhomes, she would be, in effect, participating in an “auction” and was rolling the dice, as she could wait for three months, then any offer could be chosen, and not hers. I told her I recommended against her looking at those units. She readily agreed.

Of the other three units, she found one that was absolutely gorgeous. (Makes me want to paint my house NOW). It was perfect for her, all custom tile, molding, paint, fixtures and like new! She decided she wanted to write an offer. Here is what I did:

1. I called the listing agent to find out how much time she would need for lender approval. Our standard Florida Association of Realtors short sale addendum has a 45 day time frame. I find this is usually too short. I also don’t abide by the philosophy that a short approval deadline will make the lenders “speed up” their process, that is completely false.

2. I asked the listing agent who her preferred title company was . Most short sale lenders will pay title insurance, so we would allow the listing agent and seller to use their preferred title company.

3. By making this phone call, I also gleaned that the sellers were prepared to make their short sale package quickly, which is helpful. I also established a “team” approach with the listing agent, not adversarial, which is good business practice.

4. We wrote the offer asking for closing costs I KNOW the short sale lenders typically pay, title insurance, our state conveyance tax (called documentary stamps on the deed in Florida) and Realtor commission.

5. We used the “as is” with right to inspect contingency, that’s what most short sale lenders want.

6. Added that the buyer had the right to approve and review the association financial documents within five business days. I did that because Fannie Mae is not underwriting loans in my market with more than 15% delinquency in HOA dues. I did not have time to investigate prior to writing, as Sue was in a big rush.

7. Instead of full price, we wrote the offer a little lower , but higher than the foreclosure that had sold recently. Sue did not want to go less than that, as she really wants the unit.

8. Sue was going to put $1000 in earnest money (escrow) now, because she is serious.

9. Finally, we stipulated that the seller would “only submit this contract to the short sale lender for consideration”. We don’t want to be in an auction.

The reason I prepared the contract like I did, was that I know what works. I know what will waste time, get rejected, and possibly lose the home of my buyer’s dreams.

Now we wait.

It's Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

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Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

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2431 Bungalo Ln, Destin, FL 32550 - Sandestin Short Sale - Pre-Foreclosure

Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.) — Wed, 03 Jun 2009 07:52:23 -0500

Adorable Bungalo home in gated Sandestin, tile floors, upgrades, porch. Close to amenity-filled Baytowne Wharf shopping, dining. Fish, pools, tennis, play, job, lifestyle. This home is 1596 square feet, built in 2005. It has three bedrooms and three and a half baths. Destin Florida location has some of the best beaches in the world! This is a pre-Foreclosure Short Sale subject to seller's mortgage holders' approval. Offered at $317,900.

It's Wendy!

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

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com