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DESTIN SHORT SALE SUCCESS STORIES
Contact Wendy Rulnick, Destin Florida short sale specialist for help at
850-650-7883 ext 204 or email itswendy@rulnickrealty.com
This Emerald Lakes home at 319 Wimico Ci., Destin, Florida has been APPROVED for short sale by Bank of America. The home was in the Bank of America cooperative short sale program (COOP program). What does that mean? Bank of America offers an incentive to some homeowners to sell their home via short sale, sets a pre-approved list price, issues a waiver of deficiency for the balance of the loan, and often pays a cash incentive to the owner at closing. It's sort of like Bank of America's version of the HAFA program.
One of the frustrating things with the Bank of America COOP short sale program is the apparent delay in receiving a short sale approval. This Emerald Lakes property had a great offer on it in mid-March, very close to the pre-approved list price. Bank of America, however, ordered another appraisal and we waited for over six weeks for them to finally allow us to send them the contract. After all that time, they just issued the same price they had given us months earlier. It was a frustrating process, and there appeared to be redundancy.
In the end, however, the Emerald Lakes, Destin, Florida homeowner was very pleased that his short sale was approved. I currently have other COOP short sales in process, as well as HAFA short sales with Bank of America. If you have questions about short sales in the Destin area, give me a call.
It's Wendy!
This Indian Lake Destin Florida short sale condo was approved for closing in just TWO WEEKS by Wells Fargo! This is the speediest approval we have had in the past year. Wells Fargo works through the Equator system, which is an online short sale and REO platform, except for HAFA and some other programs. This was aFannie Mae short sale, which makes the speedy approval even more delightful.
The Indian Lake condo complex in Destin is very HOT right now. The two bedroom condo was listed at $94,900. It went under contract in two weeks! The market for these units is improving, and and prices are rising. They make great investments, as many are purchased as long term rental units. Indian Lake has a community pool and is three minute drive to public beach access on the Gulf of Mexico. There is extraordinary shopping nearby at Destin Commons, plus a Fresh Market grocery store…
If you are thinking of listing your Indian Lake unit, give me a call at 850-650-7883. I can do a quick market analysis for you and help you decide whether to go forward.
Read my testimonials and marketing plan.
It’s Wendy!
1137 Bay Court, Bayview Manor, Destin Florida, was just approved as a VA Compromise Sale. The VA Compromise Sale program is helpful for homeowners who have a VA mortgage, and fall into financial hardship. Like a short sale, it allows the borrower to sell their property when the market value is less than the remaining loan balance. Here are the details of this Destin Florida VA Compromise Sale:
Mortgage holder: Bank of America
Original VA Mortgage: $262,000 appr
Current Market Value: $238,000 appr
Time for Approval: 80 days
Short Sale Deficiency: none
Bank of America's processing of VA Compromise Sales can take longer than other short sales. Why? They have fewer "negotiators" who can handle these type of files. VA short sales are not processed through Equator, which Bank of America uses for non-government short sales. Many Eglin Air Force Base or Hurlburt Field service members have VA home loans. When faced with a required PCS (permanent change of station), in a down real estate market, they can use the VA Compromise Program to avoid foreclosure. Other options are the military's HAP (Homeowner Assistance Program), traditional short sale, renting out the property, or bringing cash to cover the deficiency.
Do you have questions or need help with a potential VA Compromise Sale in Destin Florida or the surrounding towns of Crestview, Niceville, Navarre or Fort Walton Beach? Contact me to help.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
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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. Email Wendy: itswendy@rulnickrealty.com Holiday Isle, Destin Florida Short Sale Approved by Vericrest and SLS |
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This Holiday Isle home in Destin Florida has been approved for short sale. A large home at over 3000 square feet, and yards from the Gulf of Mexico, it was originally purchased for a million dollars in 2005. Here are the short sale details:
Senior Lien: Vericrest Financial Senior Balance: $845,000 Junior Lien: Specialized Loan Servicing (SLS) Junior Lien Balance: $130,000 Contract Price: appr $450,000 - less than half the mortgage balances! The Vericrest portion of this Destin short sale was processed on a software platform called Res.Net. Similar to Equator, but not as user-friendly, Res.Net required me and my team to enter weekly "market" reports on the property detailing showings and market competition and sales. At time of contract, we were required to actually upload our pre-ordered title work and provide details photos, similar to an appraisal or Broker Price Opinion. The figures from the preliminary settlement statement (HUD-1) were entered into the system, but fields were not clearly labeled so it was difficult to figure out. Even the Vericrest negotiator stated Res.Net was not user friendly to them, either, and asked me to directly email her several times instead of using the software. Vericrest approved the short sale and agreed to pay SLS about $11,000 to release its lien. Both lienholders issued a full waiver of deficiency. |
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Emerald Lakes - Destin Short Sale Approved
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This home in Emerald Lakes, Destin Florida, was just approved for short sale. An uncommon scenario, it had three liens. The first was an IndyMac mortgage, the second, a Bank of America home equity line, and the third, a judgment from another creditor.
The seller’s attorney said the short sale could not be accomplished, especially with waiver of deficiency. We succeeded, however. Here are the details for this Emerald Lakes, Destin Florida short sale: Original purchase price - $490,000 in 2005 IndyMac - balance - $350,000 Bank of America - balance - $50,000 Judgment Lien - $40,000 Note: Judgments in Florida may attach to all the borrower’s Florida real estate, even if unrelated to the property or even if a homestead property Sale Price - $260,000 appr Notes: Since the property was owner-occupied, we asked IndyMac if they would consider the HAFA program, which is beneficial to sellers who are doing short sales, as it grants a waiver of deficiency. IndyMac said they were not participating in the HAFA program. They referred their short sale processing to a company called Service Link. Service Link kindly reduced the agents’ commissions by 1% and placed a 1% “service fee” on the settlement statement to pay themselves. The file was approved with a small credit for buyer’s closing costs and waiver of deficiency. Bank of America approved the short sale after initial numerous delays in “outreach” seeking participation in the HAFA program. The seller rejected HAFA twice by phone, as IndyMac would not participate. The file had to be re-initiated three times. Bank of America waived deficiency for $2700. The third lien, the creditor judgment, released its lien for $1000. Total time for this short sale approval? About 60 days. |
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Yes, you can get a short sale approval with Vericrest and Flagstar on your Amalfi Coast Condo in Miramar Beach Florida!
The Destin Florida Amalfi condo was originally encumbered by a Carrington Mortgage as senior lien, and a Flagstar junior lien. The mortgage servicing was switched from Carrington to Vericrest last year, and the Flagstar servicing went to Strategic Recovery Group (SRG). The nuances of this Miramar Beach short sale provide some material to help you with future dealings with these companies: Vericrest Financial. The good: Vericrest is one of those short sale lenders (servicers) who will assign a negotiator to you, and keep the same one on the file until the property is sold. So you could have a contract that doesn’t work out, and go directly to the same negotiator next time you get a new one. This saves a lot of time. Most short sale lenders (like Bank of America) require re-starting the entire short sale process, with new seller financials and hardship letter each time you submit a contract. Then you must wait for the file to be “assigned”. Not so with Vericrest. You get a “buddy” for the life of the short sale. The bad: Vericrest has a not-so-fun “Agent Homework” worksheet that is eight pages long. Strategic Recovery Group: The good: They answer the phone. The bad: SRG tries to finagle settlements. For example, on this particular short sale, they doubled their settlement amount from $5,000 to $10,000, when they had previously approved $5,000. I faxed them their prior approval, and they reverted to the original amount. So keep good records. This was one of those Miramar Beach Destin Florida short sales that dragged on and had to be sold a "few" times before getting final approval. We were finally able to settle with each lienholder for no deficiency. So the end result was a good one. If you are considering short sale to avoid foreclosure, be sure to consult an attorney and an experienced Destin short sale agent. We can write your success story together |
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Chase just approved this Destin Florida townhome for short sale. The process was a challenge. There were past due association fees and a judgment recorded in Walton County. In Florida, a property cannot be sold unless liens and judgments are paid or "released" at closing. Here is how we tackled the short sale: 1. Chase. The Chase part of the short sale was pretty straightforward. The negotiator was difficult to reach, and I attempted calling her several times over the course of a few weeks. When I finally spoke with her, she told me her files had doubled in the last two months and Chase was behind processing their short sales. The best way to reach her was by fax. After making contact, Chase approved the file fairly quickly. It pays to be pleasant on the phone, by the way! 2. The Judgment. In order to close on the Destin Florida short sale, the title agent needed a partial release from the creditor. The creditor agreed to the release in exchange for a small cash contribution from the seller. 3. The Homeowner's Association. There were about $16,000 in past dues owed. Chase would pay half. Would the association agree to settle for less? I asked the seller to contact the association directly and mention Florida Statute 720.3085. It stipulates: Notwithstanding anything to the contrary contained in this section, the liability of a first mortgagee, or its successor or assignee as a subsequent holder of the first mortgage who acquires title to a parcel by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due before the mortgagee's acquisition of title, shall be the lesser of: 1. The parcel's unpaid common expenses and regular periodic or special assessments that accrued or came due during the 12 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. Given that $8000 was more than a year back dues, I thought the association would be delighted to "settle" and get a new paying owner. They were. |
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Bank of America just approved this Jetty East condo for short sale. Jetty East is located on the Gulf of Mexico beach on Holiday Isle in Destin Florida. Jetty East has a large heated pool, huge outdoor pavilion, two tennis courts, shuffle board and shuttles around Destin and more. Jetty East is also near East Pass, with its plethora of fishing boating activities and restaurant and shopping nearby on Destin Harbor and in Destin Commons.
Bank of America was the only lien holder on this short sale. The original purchase price in 2004 was about $300,000. Today’s value is less than $100,000. Bank of America approved the contract for this Jetty East short sale in a speedy 30 days. |
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A Destin Florida condo, located near the water in South Bay By The Gulf, was just approved for short sale. IBM Business Lender Process Services (LBPS), was the senior lien holder.
These were the challenges in this Destin short sale process: 1. LBPS wanted a promissory note and cash contribution from the seller. 2. The condo association's balance exceeded $10,000. LBPS would only pay $6000. 3. There was a junior lien with Wells Fargo Solution: I explained to the condo association that accepting the lesser amount now and getting a new owner would benefit them in the long-run. (In Florida, SB 1196 says that associations can only get 12 months assessments or 1% of the mortgage balance, whichever is less, from the foreclosing entity, anyway.) They agreed. After I notified LBPS and provided a new HUD with lower association dues, they waived any seller contribution. As for the junior lien, Wells Fargo, that really wasn't an issue. The seller negotiated a settlement and paid them prior to the closing. If you are considering short sale to avoid foreclosure in Destin Florida, consult with an attorney and an experienced Destin short sale agent. |
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Sometimes when you think you are “done” with Destin short sale negotiations, you are not done! A short sale has many steps. There are several “layers” of negotiations. I am going to use my recent sale of a Destin Florida condo as an example. The property had two mortgages, both with Chase. It was an investment property.
Negotiation #1: The Contract. Contrary to some beliefs, not just “any” contract should be sent in to the short sale lender (also called servicer). Why? Because sending in too low an offer would lose marketing time for the seller if the offer was not approved. Countering early and getting a positive response from the buyer also indicates more sincere interest in sticking with the sale. Patience comes into play at this step. The buyers offered $275,000. We countered the price and terms to be more "approvable". The buyer agreed to $290,000 after deliberating for several days. Getting the price right from the beginning saves time later, as it probably won’t be countered by the short sale lender. And this one wasn’t. Negotiation #2: The Homeowners Association. This Destin Florida short sale condo had two associations. The dues were many months behind, not uncommon in my part of Florida. Chase would only pay $1,500 toward dues totaling $12,000, since there were no liens filed. If there were liens filed by the association, Chase would have paid them. (Hint). Sometimes HOAs will reduce their balance and “settle” for less. These associations would not. After much negotiation, they finally agreed to release their liens with a partial cash contribution and promissory notes from the seller. Negotiation #3: The Senior Lien Deficiency Waiver. The dreaded “deficiency” is the balance still remaining on the note after the proceeds are applied from the short sale. (Not all short sales result in the lender settling for the funds received at closing. They may seek the outstanding balance from the seller via a deficiency judgment after closing, or with a note, etc. agreed to at closing). We asked if it could be waived in full. The Chase Senior lien saw that the seller had a real hardship, as he was in the building industry. His income was negligible and he was unable to pay the mortgage, plus any rental income could not sustain the payments. The negotiator asked if the seller could contribute anything in cash at closing, and write a second hardship letter explaining that he would be unable to pay the deficiency. (Hint) The seller agreed to contribute $3000 and his deficiency was waived in full. Negotiation #4: The Junior Lien Deficiency Waiver: The Chase Junior Lien initially issued approval with a $5000 contribution from the Senior Lien. They did not, however, waive the deficiency. We went back to ask what it would take. At first the negotiator asked for 50% of the balance, or about $50,000. After we talked and he saw that the Chase equity line was used for items other than “toys”, he said the lowest he could take was 25% of the balance, $25,000. I discussed this with the seller. Fortunately, the seller had detailed notes of his previous Chase conversations, where they had offered to settle for $12,000 a year ago. I put the seller directly in touch with the negotiator, who dug through the file, found the old offer, liked the guy, and agreed. (Big Hint: Do not be afraid to allow the seller to speak directly with the negotiator!)
Each short sale has a different story. There are many layers of negotiation, and many possible endings. If you are facing foreclosure in Destin Florida, and are seeking an experienced Destin short sale agent, let’s see if we can write a success story for you. |
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This beautiful condo unit at The Palms in Destin Florida was just approved for short sale. Lender: Bank of America Payoff: $324,000 It's Wendy! Wendy Rulnick, Broker, Rulnick Realty, Inc. |
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This HUD FHA short sale at 800 Wild Oak, Destin Florida, was approved by Bank of America in 13 days! Why? How? What? Why? The seller was proactive! He contacted Bank of America early when he was unable to pay his mortgage. When a modification did not work, he applied for the HUD Pre Foreclosure Sale Program. How? When my Destin seller contacted me, he provided me with the HUD Approval to Participate form, indicating a starting list price. What? I obtained a full price offer for the seller in one day. I ensured the contract was written without closing costs HUD won't pay. They will only pay reasonable seller's costs, (with the exception that if the buyer's loan is FHA, they will credit 1% towards buyer costs). In fact, the Bank of America short sale negotiator emailed me:"I wanted to inform you I have never received a HUD (settlement statement) that was this clean. Thank you so much!!! It definitely makes my job easier!"
It's Wendy! |
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I received final approval from GMAC and Regions for this pending Destin Florida short sale in Crystal Shores. This unique Destin Florida home at 4495 Ocean View Drive, had a challenging short sale approval process.
The GMAC Broker Price Opinion came in much higher than the contract price. I submitted a counter-analysis of my own, which they accepted, proving the buyer's price was fair. Meanwhile, Regions did not know which department handled this particular short sale. Then GMAC would not complete their approval process, after three months of negotiating, until they had Regions letter in hand. It sounds like a lot, but it was only a few months of wrangling. In the end, it worked. Another Destin short sale approved. Closing July 12. It's Wendy! Wendy Rulnick, Broker, Rulnick Realty, Inc. Call 850-650-7883 ext 204 Email Wendy: itswendy@rulnickrealty.com Destin Short Sales & Pre Foreclosure Help. Read Wendy's Destin Real Estate Blog Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,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. |
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Regions Bank has approved a Destin Florida short sale in the Sterling Shores condo complex. This unit was in a spectacular setting with views of Gulf of Mexico and luscious pool and landscaping! This smartly decorated unit with breezy balcony provides perfect vacation home to enjoy Destin Florida. Sterling Shores offers a 4300 square foot lagoon pool, workout room, clubhouse, seasonal snackbar, movie theater, wireless internet. Walk to Gulf of Mexico Destin beach across the street. Great restaurants are adjacent!
This Sterling Shores short sale was approved in about 90 days. The offer was based on the list price of $169,900. Should you wish to sell your Destin Florida condo, be sure to contact an experienced Destin short sale agent It's Wendy! Wendy Rulnick, Broker, Rulnick Realty, Inc. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204 Email Wendy: itswendy@rulnickrealty.com Destin Short Sales & Pre Foreclosure Help. Read Wendy's Destin Real Estate Blog Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,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. |
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Bancorp South has approved a condo short sale in Harbor Plantation, Destin Florida. Bancorp South primarily operates in the Southeast. Bancorp South does not process short sales like the major lenders (Bank of America, Wells Fargo, etc). Instead they rely on a local attorney who represents them and reviews comparable sales. It removes many layers of processing. Here are the Destin short sale details: Property: Destin condo in Harbor Plantation Mortgage: Bancorp South - balance about $650,000 Offer: about $325,000 Time for Approval: 40 days Notes: Bancorp South removes their lien at closing, but deals with the deficiency later If you need to avoid foreclosure, and do a Destin, Florida short sale, consider hiring an experienced Destin short sale agent. It's Wendy! |
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This Destin Florida home on 90 Legion Park Loop was just approved for short sale by PHH, who services Coldwell Banker Mortgage. Mortgage Balance: $400,000 appr Sale Price: $185,000 appr Faxed short sale package: September 29 (final contract) AND April 24 (initial contract) Received Approval: November 19 Time for Approval: Almost SEVEN months ** **Notes: Original short sale contract (buyer walked) was submitted on April 24. PHH/Coldwell Banker Mortgage never finalized approval on that submission. Thus, the second contract faxed on September 29 was just a continuation of the initial process. For several months, PHH would rarely return my phone calls, emails or have any information as to status of this file. This Destin short sale was finally approved, in all probability, because it was escalated due to imminent foreclosure sale. Let Wendy Help You With Your Destin Short Sale It's Wendy! |
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This townhouse on Durango Road, Holiday Isle in Destin Florida has been approved as a short sale. It is on a canal on Destin Harbor with a dock. It needed significant work due to an active water leak. Lender: Washington Mutual, now Chase Mortgage Balance: $359,000 apprSale Price: $195,000 appr Approval Time: 5.5 Months If you need to sell your home as a short sale in Destin or Sandestin, Florida, it is best to hire an experienced short sale agent. It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. |
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This beautiful Bungalos at Sandestin home was just approved for short sale. Sandestin is a subdivision in Destin, Florida in Walton County. The home is scheduled to close within 30 days. Lender: Bank of America, junior and senior liens Hardship: Death of borrower partner Mortgage Balance: $405,000 Sale Price: $310,000 approximately Approval Time: 105 Days If you need to sell your home as a short sale in Destin or Sandestin, Florida, it is best to hire an experienced short sale agent. It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Destin and Sandestin Short Sales & Pre Foreclosure Help. Call 850-650-7883 ext 204 Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com |
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This beautiful Destin home was just approved for a short sale. It is in the Laurel Grove subdvision in Sandestin Florida. Lienholder: Wells Fargo Mortgage Balance: $560,000 Sale Price: $399,000 Approval Time: 90 Days If you need to sell your home as a short sale in Destin or Sandestin, Florida, it is best to contact an experienced short sale agent. It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. |
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This 9th floor unit in the gulf-front Westwinds condo in gated Sandestin in Destin Florida 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. It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. |
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This Ariel Dunes condo, in Destin Florida, has been approved for a short sale. Lender: Suntrust Mortgage Balance: appr $380,000 Contract Price: appr $225,000 Terms: Fannie Mae asked seller for promissory note for $8000 to pay past due HOA fees for $100 month for 80 months. Seller instead offered $6000 cash contribution. Fannie Mae agreed. To avoid foreclosure and sell your Ariel Dunes or any Destin condo as a short sale, contact an experienced real estate agent who specializes in short sales. It's Wendy! |
Through much negotiation this story ended in success for my Destin short sale seller. It wasn’t easy, and it wasn’t pain-free. The seller never once denied his obligation, he sought all possible solutions, and he can now move forward with his life.