Crestview Short Sale Success Stories

Call Wendy Rulnick at 850-259-0422 to help you short sale! 

This VA Compromise short sale was recently approved in Crestview, Florida.  If you are a veteran or active duty military stationed at Hurlburt Field, or Eglin Air Force Base, you may very well have a Veterans Association home mortgage loan.  If you are unable to make your mortgage payments and your home value is less than your mortgage payoff, there may be assistance available. Reasons for inability to make mortgage payments include: PCS to another duty station, death of a breadwinner, divorce, medical obligations, caretaker expenses, etc.  It’s also not uncommon for Eglin AFB service members to rent out their homes after PCS orders. When there are problems with tenants or the property itself, selling the home becomes a priority in order to avoid foreclosure. The solution for upside-down homes (mortgage payoff and selling expenses are greater than sale proceeds), may be VA Compromise Sale.

This property at 769 E. Chestnut Ave., Crestview, FL was challenging to sell. The main issue was a neighboring house with multiple barking dogs that put off many of the potential home buyers. To complicate matters, the loan was also transferred to a new servicer when an offer was received.  Originally with Chase Mortgage, the file was transferred to Carrington Mortgage Services.  After the offer was submitted, Carrington ordered a VA appraisal.  Interestingly, the buyer’s original offer price was raised at the buyer’s lender’s request. The buyer’s loan was also VA, and it was his second VA mortgage– the first was still active.  The minimum VA mortgage amount in those cases is $144,001.  This exceeded the VA liquidation appraisal value, and the required net proceeds of a minimum 84.05%, per VA guidelines. The short sale was approved.

If you are in a situation with a VA home loan in the Crestview, Fort Walton Beach, Destin, Freeport or Navarre areas, and need to sell, but your mortgage balance is higher than market value, give me a call.  We can explore VA Compromise short sale as an option.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy:

Coronado Village Crestview VA Compromise Sale

This VA Compromise Sale in Coronado Village, Crestview Florida, was just approved.  Here are the details of this short sale at 4818 Young Rd.:

Senior Lien (Mortgage): Citi

Balance: $148,000 appr.

Junior Lien: none

Market Value: $89,000 appr.

Time for Approval: 7 weeks

This Crestview VA Compromise Sale with Citi Mortgage went very smoothly!One of the keys to getting this Coronado Village property approved was a good VA liquidation appraisal, because the net proceeds from the sale had to be at least85.05% of the appraised value.  If the proceeds were not enough, the contract would have to be renegotiated or the VA Compromise Sale could be denied.  So that the value was not overinflated, I ensured the VA appraiser had a copy of the roof repair bid that had been obtained by the buyer.  He took that into consideration when coming up with a value.

If  you have VA Compromise Sale questions for your property in Crestview, Fort Walton Beach, Navarre or Destin Florida, send me an email or give me a call.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy:

Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach. 

 Crestview VA Compromise short sale


Another VA Compromise Sale was just approved in Crestview Florida! This house at 219 Limestone Ci. in the Redstone subdivision in Crestview, had a VA backed mortgage that was less than the market value. In this case, the Veterans Administration will often work with the military or retired military borrower and their mortgage lender, in this case, PHH Mortgage, to approve a sale for market value and forgive the deficiency.  The VA Compromise Sale is specific name for a VA short sale.  Note that the VA will appraise the property after there is a sales contract, not before. The net proceeds from the sale must be at least 85.05% of the appraised value. The net proceeds are what monies are left after all sales expenses are paid, for example, the title insurance, prorated taxes, state fees, like documentary stamps on deed in Florida, and Realtor commission.


If you are a service member or military retiree and you do a VA Compromise Sale, the portion of your entitlement used to obtain the mortgage won’t be available for a future VA loan unless you pay it back, but you may have remaining entitlement.  You can check with the VA Regional Office to get your specific entitlement figures.

To find out more about doing a VA Compromise Sale for your Crestview Florida, Eglin Air Force Base and Hurburt Field area home, call me at 850-650-7883 ext. 204.

This home at 219 Limestone Ci., Crestview, Florida just sold for $122,000.

It’s Wendy… It’s Sold!


VA Compromise Sales


I just got an amazing approval on a Crestview Florida VA Compromise Sale from BB&T!  You know the Veterans Administration requirement that the net proceeds of the sale be no less tham 88.13% of the appraised value? And the requirement that the VA Compromise Sale appraisal is firm for six months? This was a breakthrough approval that was about $25,000 less than 88.13% of the appraised value!  How did I achieve this?

First, some background. The Crestview Florida home on a few acres needed work. There were signs of a previous roof leak and rodent damage. This was detailed in a home inspection report for a buyer who had “walked”.  His offer was the one that triggered the VA liquidation appraisal that was ordered by BB&T.  I had noted the problems in the MLS, including a copy of the inspection report with the buyer’s permission. These facts were apparently ignored by the VA appraiser.

After three months, and excellent communication with the BB&T negotiator, I precariously lowered the price. Yes, LOWER than what would net the holy 88.13%. She said she was a firm believer in doing anything you could to help the military servicemember and she would fight for an approval even if we were low. (Go BB&T!) Finally, an offer came in.  To support our case of lower value, I provided the negotiator with a report of all the feedback from showings, such as:

5/16/2013 There seems to be quite a bit of water damage to the ceiling in the front bedroom. This buyer is retiring and does not want to “fix anything up”. I don’t think we will be writing an offer

4/29/2013 the house smells like animal pee and it’s strong. This turned the buyer off and he’s looking elsewhere. I’ve shown this house twice now and it does not show well. Not sure what can be done other than sealing the floors and putting in new carpet.

4/18/2013 their concern is the roof it appears there is an active leak and erosion

In addition, I provided a copy of the previous buyer’s home inspection. The BB&T rep sent that along with the contract, HUD, buyer pre-approval and home inspection to the VA. She said the VA tech replied “Rodents! This cannot be good!”.  72 hours later, the VA Compromise Sale was APPROVED.

Many short sale lenders don’t assign a “permanent” negotiator like BB&T to a VA Compromise Sale. This direct line of communication and caring were critical in getting the approval. What can you do if you are dealing with any other lender, such as Bank of America or Wells Fargo, who are much more immutable about VA Compromise Sales? Give me a call!

VA Compromise Sales

Should You VA Compromise Sale?

VA Compromise Sale Questions and Answers

It’s Wendy!

Crestview VA Compromise Sales

This home in at 602 Affirmed Ct., Steeplechase, Crestview Florida has been approved for a HAP Private Sale. An appealing home with many udpates, it had solid surface counters, laminate floors, new landscaping and sod. The location in Crestview south of I-10 made the home ideal for commuting to Eglin Air Force Base or Destin beaches. The HAP private sale application took about 7 weeks for approval.

A "safe" way to do a HAP private sale, is to make your purchase and sale contract "contingent on HAP approval", instead of applying for HAP reimbursement after closing!

If you are in the military and were PCSd from Eglin Air Force Base, Hurlburt Field, White or Duke Field, consider using the HAP program. You can avoid short sale, VA Compromise Sale or foreclosure in some cases. If you don't have a mortgage, or have equity in your home, you can still use HAP when selling to recoup some of your lost market value and cost of improvements.

Want to know more? Email me at

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Crestview Florida HAP agent

This home in at 602 Affirmed Ct., Steeplechase, Crestview Florida has been approved for a HAP Private Sale.  An appealing home with many udpates, it had solid surface counters, laminate floors, new landscaping and sod.  The location in Crestview south of I-10 made the home ideal for commuting to Eglin Air Force Base or Destin beaches. The HAP private sale application took about 7 weeks for approval. 

A "safe" way to do a HAP private sale, is to make your purchase and sale contract "contingent on HAP approval", instead of applying for HAP reimbursement after closing! 

If you are in the military and were PCSd from Eglin Air Force Base, Hurlburt Field, White or Duke Field, consider using the HAP program.  You can avoid short sale, VA Compromise Sale or foreclosure in some cases. If you don't have a mortgage, or have equity in your home, you can still use HAP when selling to recoup some of your lost market value and cost of improvements.

Want to know more? Email me at

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204


 Crestview VA Compromise Sales

This Antioch Estates home in Crestview Florida was just approved for VA Compromise Sale.  It was an unusually swift approval for a short sale!  Here are the details:

Mortgage Holder: BB&T

Original Balance: $205,000 appr

Current Market Value: $150,000 appr

Short Sale Deficiency: none

Time for Approval: 33 days

Reason for sale: Eglin AFB military PCS (permanent change of station)

Did you know that VA Compromise Sales don't normally have deficiency judgments?  They will, however, exclude any unpaid entitlement from your future VA entitlement until you choose to pay it back. Here is the information from the  VA Home Loan Program:

"The VA guaranty, which protects the lender against loss, encourages the lender to make a loan with terms favorable to the veteran. But if you fail to make the payments you agreed to make, you may lose your home through foreclosure, and you and your family would probably lose all the time and money you had invested in it. If the lender does take a loss, VA must pay the guaranty to the lender, and the amount paid by VA must be repaid by you. If your loan closed on or after January 1,1990, you will owe the Government in the event of a default only if there was fraud, misrepresentation, or bad faith on your part."

If you are contemplating VA Compromise Sale because you have a required PCS move from Eglin AFB, Hurlburt Field, or Duke Field, contact me to find out how this program can work for you -


It's Wendy!


Crestview Florida short sales 

This Eagles Landing short sale at 781 Majestic Boulevard was just approved in Crestview Florida.  It was a tedious process because the investor for the mortgage was Ginnie Mae USDA.  Here are the details:

Mortgage Holder: Bank of America

Original Mortgage: appr $135,000

Current Market Value: appr $65,000

Other Liens: Yes

Time for Approval: 4.5 months

Notes: This short sale process was lengthy. Why?  Bank of America does not handle its Ginnie Mae USDA short sales in Equator, their online processing platform. In addition, only a few negotiators at Bank of America are qualified to handle these type of files.  The Ginnie Mae requirements are onerous.  The package for Ginnie Mae consists of standard financial documents PLUS the following:

1. Verification of Information and Occupancy on a special form

2. The listing agreement MUST contain the following EXACT verbiage: “Seller may cancel this agreement prior to the ending date of the listing period without advance notice to the broker and without payment of a commission or any other considerations, if the property is conveyed to the mortgage insurer or the mortgage holder.”

3. Current, Non-Expired copy of MLS listing

4. Request for Pre-Foreclosure Sale and Affidavit (2 pages)

5. Purchase Contract with the following EXACT verbiage: “Sale is contingent upon the seller obtaining prior written approval of Bank of America”

Another cumbersome part of a Ginnie Mae short sale is that electronic signatures are disallowed.  That means documents must be faxed or scanned, which takes more time than e-signatures. 

What about the "other lien"? It was a homeowners association outstanding balance of about $5000.  Ginnie Mae only agreed to pay $4000, but that amount was accepted as settlement in full by the HOA.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy:





This short sale home at 1243 Ego Dr. in Countryview Estates, Crestview Florida just sold using the HAFA program. What is HAFA? It is the "Home Affordable Foreclosure Alternatives" Program that is sponsored by the Treasury Department to help homeowners who cannot make their mortgage payments, need to sell and don’t have enough equity to cover the mortgage balance.

ARE YOU ELIGIBLE? You might be eligible for HAFA if your lender participates in the Home Affordable Modification Program (or your mortgage is underwritten by Fannie Mae or Freddie Mac which have slightly different qualifications). HAMP offers you the opportunity for assistance by lowering your payments or delaying payments to keep you in your home. You must meet the HAMP requirements as follows, to be part of HAFA, whether or not you choose a modification. These qualifications are:

1) You have missed payments or are about to default

2) The home is or was your primary residence

3) You got your primary mortgage before Jan. 1, 2009 and your balance is less than $729,750 (higher balance on 2-4 unit properties)

4) Your property can be vacant or rented up to 12 months prior to the Short Sale Agreement (SSA), as long as you can prove the property was the primary residence and have not purchased another home in the last 12 months.

5) You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

The senior mortgage holder for this Crestview home was Bank of America. They outsourced their HAFA processing to a company called UTLS, but also use other vendors. The junior lien holder was HSBC. The short sale was approved in 90 days, and the sellers received a $3000 relocation credit. One of the other advantages of HAFA is that there is full waiver of deficiency.

1243 Ego Dr., Crestview Florida sold for $149,900

This home in the Cherokee Bend subdivision was just approved for VA Compromise Sale and short sale. 2838 Tamiami Trail, Crestview Florida had two liens, Bank of America and Eglin Federal Credit Union. The Bank of America mortgage was a VA guaranteed loan, and Eglin Federal was a home equity line of credit.

The one tricky part of this short sale, was that Bank of America did not want to issue approval until they had an approval from Eglin Federal. Eglin Federal did not want to issue approval until they had approval from Bank of America. How did I handle this? Since Eglin Federal is a smaller bank, they were more willing to bend. They issued a "preliminary" approval that was enough to make Bank of America happy!

Agents should note that Bank of America does not currently process VA Compromise Sales online in Equator. You have to do it the old fashioned way - fax!

If you are considering short sale or VA Compromise Sale, be sure to hire an experienced Crestview FL short sale agent.
This home in Antioch Estates, Crestview Florida, was just approved for short sale. There were two liens, Bank of America and USAA. Don't moan and groan, Bank of America was the easy part of the approval!

The market value of the Antioch Estates home was under $120,000, and the senior lien, Bank of America had a mortgage balance of about $150,000. Through negotiations, we were able to get a waiver of deficiency for the remaining note, and Bank of America agreed to pay USAA $6000 out of the net proceeds.

The junior lien, USAA Federal Savings Bank was more difficult. That mortgage balance was around $80,000, and the $6000 offer from Bank of America was not acceptable to USAA to settle the account.

Negotiations with USAA were lengthy, taking four days to respond to each request from the seller. The USAA choices were: pay 75% of the loan balance to settle the account in full, or pay 25% of the balance at closing (almost $20,000), and continue to pay on a promissory note for the remaining note. When I relayed USAA's request to Bank of America, they almost closed the file due to the extraordinary junior lien demand.

With each increased offer to “settle” for cash from the Crestview short sale seller, USAA increased its minimum requirement to simply release its lien. (Originally, USAA stated they would release the lien for 25% of the outstanding balance.) During negotiations, the "25%" grew to whatever the seller offered to settle (less than 75%). I questioned this, and was told USAA was trying to "minimize promissory note payments post-closing for the seller's benefit", if that was the seller’s end decision. Of course, that doesn’t make sense. USAA was, in my opinion, just requiring as much as it thought was obtainable. USAA is not the easiest short sale lender to work with, but with persistence, you can succeed.

If you are a Crestview Florida homeowner considering short sale to avoid foreclosure, consult an attorney and an experienced Crestview FL short sale agent.

This lovely home in the Steeplechase subdivision, Crestview, Florida, has just been approved for short sale. Bank of America took 90 days to approve the sale. The delay was caused by Bank of America automatically putting the short sale into the HAFA (Home Affordable Foreclosure Alternatives) program, since it was owner-occupied. It was subsequently removed from HAFA, since all program criteria were not met.

Bank of America approved this Steeplechase, Crestview Florida short sale and waived the right to seek a deficiency judgment for the unpaid balance. There was much negotiation to achieve this short sale approval, which had one investor and Mortgage Insurance. Each party had a separate interest, which required individual negotiations through Bank of America (the servicer). Waiver of deficiency is normally a desirable result for a short sale, so the outcome was positive for the seller.

If you need to sell your Crestview Florida home to avoid foreclosure, consider doing a short sale. Even if you've had a Lis Pendens filed, it may not be too late. To improve your chance of success, consult an attorney and an experienced Crestview FL short sale agent.
The military's Homeowner Assistance Program (HAP) is getting speedier all the time! I just had another HAP contract approved, this time for a Crestview Florida home sale in the Redstone subdivision. The sellers were PCSing from Eglin Air Force Base more than 50 miles away. They purchased their home prior to July 2006, their property value had declined at least 10% and they met other HAP requirements. Primarily, they owed more on their mortgage than the property was worth.

That's where HAP comes in to help our military service members. HAP will pay the mortgage shortfall at closing to assist the service member relocate to a new base.

For this Crestview Florida HAP sale, the airman sent in a complete application along with the real estate contract and market analysis which I provided. HAP approved the sale in about four weeks.

Here are some quick hints for Eglin Air Force Base or Hurlburt Field HAP sellers:

HAP will normally contribute 3% of the purchase price for closing costs on conventional sales.

HAP will pay the Realtor fee.

You must keep your mortgage current, pay any liens, judgments and prorated property taxes.

To speed your approval process, always send in a complete application, and hire an experienced HAP real estate agent.

GMAC Homecomings Financial has just approved the short sale for this Southway Estates home in Crestview Florida. The approvel time was an amazing 9 days! How so fast?

1. GMAC had a Broker Price Opinon, or property valuation, done prior to listing. They suggested a list price, although I was free to reduce the price based on market conditions.

2. There was a negotiator assigned at the start of the process.

3. We got a strong offer for fair market value, minimal closing costs and a buyer who put down earnest money.

4. We uploaded the seller's financial and hardship information into GMAC's online short sale platform, Equator.

Although we got a very speedy approval from GMAC, their system needs improvement. They provide a seller financial questionnaire at time of short sale. The responses on the form do not correspond to data entry fields in the Equator online system. For example, "What is the date the seller hardship started?", etc. There were several questions where we had to call the seller for clarification.

Further, GMAC's system has internal deadlines that could not be extended, requiring short turn-around for entry. When we told the GMAC negotiator some of the financial information did not correspond to their forms, we were told to "do the best" we could with the system.

And we did. Approved in nine days!

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 850-650-7883 ext 204

Email Wendy:

This beautiful home at 610 Adams Drive, Crestview Florida was just approved for short sale by GMAC.

Mortgage Type: FHA /HUD

Approved Price: $115,000

Approval Time: 108 Days

Sales notes:
Since this was an FHA/HUD short sale, special procedures had to be followed. The seller was required to write a letter explaining why the home was vacant. FHA short sales typically require the owners to occupy the property. In addition, because of the HUD short sale guidelines, the approval stated the sellers would receive $1000 upon closing.

Let Wendy Help You With Your Crestview Short Sales


Wendy Rulnick
Rulnick Realty, Inc
Ph: 850-259-0422Fax:1-866-888-7792
12889 Emerald Coast Pkwy #107-A
Destin, FL 32550 US