Miramar Beach Short Sale Success Stories

 Contact Wendy Rulnick, Miramar Beach Florida short sale agent for help at 850-259-0422 or email  itswendy@rulnickrealty.com 

This Miramar Beach Florida condo at Poinciana Place was approved as a short sale in three weeks!  Taking only 55 days to go under contract, this Miramar Beach condomium at 320 Scenic Gulf Drive had two liens.  What does that mean? There were two mortgages in this case, each with SPS – Select Portfolio Servicing.  The property was an investment condo, not a primary residence. The borrower was on time with his payments, but needed to sell for individual circumstances.  Some common reasons for short sale include job loss, divorce, death of borrower, medical expenses, relocation and interest rate adjustment increasing the mortgage payment amount, rendering it unaffordable.  This particular short sale had a senior mortgage lien at SPS with just enough proceeds to pay it in full, leaving a portion of the proceeds to pay a lesser amount to the second mortgage. In a short sale, there are not enough proceeds after sale to pay all liens in full.

If you are in a situation where you may need to sell to avoid foreclosure, short sale may be an option. Consult with your attorney if you are behind in your mortgage payments and reach out to your lender. If you decide to use short sale to dispose of your real estate on the Emerald Coast, give me a call. I’ll be happy to discuss the ins and outs of the process with you.  I’ve helped hundreds of Emerald Coast homeowners in the following areas: Miramar Beach, Destin, Santa Rosa Beach, 30A, Crestview, Niceville, Fort Walton Beach, Mary Esther, Navarre, Gulf Breeze, Milton, Freeport, Panama City Beach, Pensacola and more.  I may be able to help you, too.

It’s Wendy… It’s Sold!

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



Majestic Sun condos sold


Even though this was a speedy Majestic Sun condo Destin Florida, Wells Fargo short sale approval – it didn’t fee like it! It took just six weeks, but the reams of paperwork made it feel like months! Here are the facts:

Senior Lien: Wells Fargo

Junior Lien (HELOC): Wells Fargo

Original Purchase Price: $520,000

Current Market Value: About $240,000


1. Wells Fargo normally processes short sales through Equator, which is an online portal to upload documents, send emails and respond to “tasks”.

NOTE: This Majestic Sun, Destin Florida short sale was removed and processed outside of Equator about a week after we initiated it. Why? Because Wells Fargo placed the short sale in the HAFA (Home Affordable Foreclosure Alternative) program.  That is a special short sale promoted by the Treasury Department offering full waiver of deficiency and sometimes a cash closing incentive to the seller or the tenant.

2. Wells Fargo does not process multiple short sale liens together. What does this mean? If you have a short sale with two Wells Fargo mortgages, you must initiate it in Equator twice, once for each loan, or fax the packages separately if it’s processed outside of Equator. A lot of the forms will be duplicate, and it is unfortunate that Wells Fargo is not as efficient as Bank of America, which processes multiple short sale liens with one set of documents and one transaction.

Wells Fargo senior lien agreed to pay the Wells Fargo HELOC $7558.

This Destin, Miramar Beach Florida Majestic Sun condo is expected to close at the end of September.

If you need help with a Destin short sale, or have questions about the HAFA program or other special short sales, give me a call.

It’s Wendy!

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

Building and Grounds

It was an interesting run to "APPROVED" and "SOLD" for this Amalfi Coast Unit B114 short sale condo in Miramar Beach, Florida.  The condo had one Bank of America mortgage and the investor on the mortgage was Fannie Mae.

Initially, the property was enrolled by Bank of America into their cooperative short sale program with a set list price. After I received a good offer that become a "contract" just 60 days later, I found out that it had mistakenly been entered into the "Coop" program.  Bank of America had delegated the servicing of this loan to a third party company, REDC, with whom I did the negotiating.  I got a terse "rejection" on the file even after some counter offering of price and a request for seller contribution.  I could not get a good explanation as to "why" the file was rejected so that I could solve the problem.

Give upThe seller said to me, "Well, thank you, we tried.". "Tried?", I replied, "I am not done yet."  When something is wrong, it's wrong. I knew this Fannie Mae short sale should have been approved.  I wasn't going to be "done" until it was approved.  I emailed Fannie Mae executives directly.  I received no reply or even acknowledgment (hey, aren't they a government agency?).  My next step was to escalate this file to the Bank of America Twitter Team (technically called their "Social Media" team).  I explained that the seller should have had an approval based on the new FHFA Fannie Mae guidelines that had been announced in November 2012. His hardship was one of the automatic approvals listed. The Twitter rep understood!

The file was pulled from REDC, the third party vendor, and I was assigned an ace Bank of America negotiator who "got it".  We worked the file, and he re-submitted to Fannie Mae. Result? Approved.

The seller was thrilled. The buyer, who was working with another agent, even dropped me off a bottle of champagne (first time that's ever happened in my career). The Bank of America negotiator told me that his reward was helping people. That meant a lot.  I feel the same way.

Do you have a Fannie Mae Bank of America short sale property in Miramar Beach or Destin Florida? Give me a call. I don't give up until it's done!

It's Wendy!

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



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

Lienholder: Bank of America

Mortgage Balance: $244,000 appr

Reason for Short Sale: Income reduction

Appr Sale Price: $175,000

Seller Cash Cont: -0-

Seller Promissory Note: -0-

Waiver of Deficiency: Yes

Time for Approval: 60 days

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

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

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com



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