Navarre, Gulf Breeze, Pensacola Short Sale Success Stories

 Contact Wendy Rulnick, Navarre Florida short sale agent for help at 850-650-7883 ext 204 or email   



Gulf Breeze VA Compromise Sale

This VA Compromise Sale in Gulf Breeze Florida was just approved. Here are the details for this VA short sale at 3744 Lexa Ct. in Victorian Village:

Senior Lien (mortgage): Citi

Balance:  $166,000 appr.

Junior Lien (mortgage): Citi

Balance: $2000

Market Value: $169,000 appr.

Time for Approval: 60 days

This was a CitiMortgage VA Compromise Sale that I was processing at the same time as another one with Citi in Crestview Florida, so it was like a race! They were both approved in about 60 days and I found the Citi military short sale team easy to work with.  Citi’s system includes starting a short sale file with a “processor” who gathers financial and contract paperwork and orders the appraisal. Financial paperwork required from the borrower includes last two years tax returns (signed and dated), hardship letter, PCS orders if that’s the reason for hardship, bank statements, proof of income, financial worksheet, IRS 4506T and more.  We also had to provide the listing agreement, preliminary settlement statement, third party authorization, contract and buyer’s pre-approval letter.  We speedily provided everything that was required and it took about 45 days for the file to get to the actual negotiator. At that point, the VA liquidation appraisal was back and the value was good, meaning the net proceeds from the sale were at least 85.05% of the value, which is required for a VA Compromise Sale.

You might ask why this was a “short” sale, since the market value was almost the same as the mortgage balance? The sale is still “short” because the “net” proceeds were less than the mortgage balance.  Costs to close include pro-rated taxes, Realtor commission, title insurance, documentary stamps on the deed, any buyer credit, and payment to the junior lien. In this case, the sellers chose to pay off the junior lien ahead of time.

The Gulf Breeze VA Compromise Sale in Victorian Village was under contract in three weeks after receiving multiple offers.

It’s Wendy!


Pensacola VA Compromise Short Sale


This Pensacola Florida VA Compromise Sale at 3293 Pitcher Plant Ci. was just approved.  The short sale lender was Chase and the process was lengthy. Here are the details:

Senior Lien: Chase

Original Mortgage Balance: $262,000 approximately

Loan Type: VA (Veterans Administration)

Junior Lien: none

Market Value: $180,000 approximately

Time for approval: 120 days

This Pensacola Florida VA Compromise sale had a few hurdles before it was approved. First, a little background…. A VA Compromise Sale is a short sale where the mortgage is guaranteed by the Veteran’s Administration.   To ascertain the value of the property, the VA will perform a VA Liquidation Appraisal. This appraisal is valid for six months, and the net proceeds from a purchase and sale agreement must be at least 85.05% of the appraised value.  This property had an initial appraisal done in January for another contract, but that buyer walked.  The appraisal was still valid in May when the next contract came in. By the time Chase got around to sending the file to a negotiator, the liquidation appraisal was about to expire at the end of July. They forgot to order a new appraisal and had to send the VA Compromise Sale back to their “processing” department where we were required to begin the process anew. This caused about a six-week delay in the approval process. The next issue occurred when the new appraised value was for $220,000, far more than the market value of $180,000.  To contest this valuation, I challenged the VA directly with other comparable sales and a contractor’s repair estimate of almost $20,000.  The VA speedily reduced their appraised value and the VA Compromise Sale was approved.

Green Tree Navarre short
This Green Tree short sale in the Holley by the Sea area, Navarre Florida, was just approved! Here are the details:
Address: 2643 Barefoot Creek Circle
Subdivision: Barefoot Creek near Holley by the Sea
Mortgage: Green Tree Servicing
Junior Liens: none
This was a speedy short sale – approved in only 60 days. Since the property was an investment property, we thought Green Tree via the investor would ask for a seller cash contribution at closing. They did not.  We obtained approval with a full waiver of deficiency.  Short sales with Green Tree will become more common in Navarre due to Bank of America releasing many of the loans they service to them and Nationstar Mortgage.  If you have a home with a Green Tree mortgage in Holley by the Sea, and need to short sale, give me a call.  I can help.
It’s Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204



 Cardinal Estates, Navarre Short Sale

This investment property at 2137 Estates Circle Cardinal Estates, Navarre Florida, was just approved by PHH for short sale closing.  Here are the details:

Mortgage: PHH Mortgage (handles mortgages for companies like Coldwell Banker, Century 21, E*Trade, First Trade Union Bank, Carver Federal Savings Bank, Suburban Bank & Trust , First Tennessee Bank, Bank of the Sierra, Comerica Bank, Citizens Republic Bancorp, UBS, Provident Bank, UMB, Bank Atlantic, Banco Popular, etc.

Balance: $168,000 appr

Current Market Value: $85,000 appr

Notes: This Cardinal Estates, Navarre Florida home was purchased as an investment property in 2006. It had one lien, PHH. Cartus Corporation handled the short sale process for PHH.  There was no request for seller contribution. The approval letter was issued with this terminology: 

This is to confirm that the mortgage loan investor has agreed to accept a short payoff on the above referenced loan. PHH Mortgage Services will execute a Satisfaction and Release of Mortgage upon receipt of funds as provided above and, if applicable, foreclosure activity will cease.

If you need to sell your Navarre Florida home as a short sale or VA Compromise Sale, contact an experienced Navarre Florida short sale specialist

Read more Navarre Florida short sale stories

It's Wendy!

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


 Milton Florida short sales

This investment lot, a waterfront parcel in Milton Florida, was just approved for short sale closing by Bank of America.  Here are the details:

Mortgage: Bank of America

Balance: $230,000 appr

Current Market Value: $90,000 appr

Seller Cash Contribution: $7,500

Short Sale Deficiency: none

Notes: This vacant Milton Florida lot had only one lien, Bank of America. Since it was an investment property, the seller was asked for a cash contribution to approve the short sale and settle the account in full. Seller participation in the loss is more common with an investment property than a primary residence.  I prepared the seller for this possibility at the beginning of the short sale process.  Bank of America, for its investor, originally wanted $15,000. The seller countered (yes - you can counter offer!) with $7,500. His offer was accepted, and they waived their rights to collect on the deficiency balance. The seller was pleased with the outcome.

If you need to sell your Milton Florida home as a short sale, contact an experienced Milton Florida short sale specialist

It's Wendy... It's Sold!

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




 Navarre BBandT short sale

This was a speedy approval for a vacant land short sale in Sound Hammock, Navarre Florida.  The waterfront lot, on Santa Rosa Sound, had one mortgage.  Here are the details:

Mortgage Holder:  BB&T

Original Purchase Price: $475,000 in 2005

Mortgage Amount: $430,000

Sales Price: $85,000

Cash Contribution Required: Yes

Short Sale Deficiency: Waived

This short sale, obviously, was a huge loss to the investor - over $350,000 when including closing costs. Since it was an investment property, a vacant lot, we expected BB&T to ask the seller for a cash contribution or promissory note, or both.  They did. Originally, BB&T accepted the seller's offer of $9000 to completely waive any further deficiency. Before closing, however, BB&T re-contacted us and offered to reduce the cash contribution to $6000 and credit the buyer extra closing costs for a quicker closing. Hurray!  All parties agreed. The total time for approval - thirty days.

If you have a BB&T mortgage and are considering short sale, contact an experienced Navarre short sale agent.  Questions? Email me at

 It's Wendy!

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





Navarre Florida Chase short sales

This waterfront home in the Holley area of Navarre Florida was just approved as a short sale.  The log home needs some work, is on over two acres, and on a bayou leading to East Bay.  It went under contract in 74 days. Here are the details of the Chase short sale approval.

Lienholder: Chase
Other Liens: none
Original Mortgage: Appr $280,000
Market Value: Appr $128,000
Approval Time: 90 days

Notes: This Chase short sale had to go through layers for approval. The seller was originally offered a Freddie Mac HAFA short sale, which was later denied by Chase. Subsequently, it was approved by Freddie Mac, and also a mortgage insurer (MI) for a cash contribution from the seller of $1500.  Why? The seller made a good income.  What was the end result for the seller? Complete waiver of deficiency.  If you didn't know, Florida is called a "deficiency state", where a creditor can take many years to collect on a judgment.  Check with your attorney before you attempt a short sale, and hire a Navarre Florida short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 850-650-7883 ext 204
Email Wendy:




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

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

What are the benefits of a VA Compromise Sale?

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

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

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

More questions about VA Compromise Sale? Email me at
 This home in Lighthouse Pointe, Navarre Florida, was just approved for a VA Compromise Sale. A VA Compromise Sale is similar to a short sale, but is used for loans guaranteed by the Veterans Administration. Since the Emerald Coast is home to Eglin Air Force Base, Hurlburt Field, Whiting Field and Duke Field, many local sellers have VA mortgages and may be able to use the program if they are unable to sell their homes to cover their mortgage balance.

One of the key differences between a typical short sale and VA Compromise Sale is the disposition of the deficiency. According to the VA website, " 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." So, in most cases, you will not have to pay back the difference between the net proceeds and your outstanding balance.

Another difference in the VA Compromise program is the length of time the VA appraisal stands. With most short sales, the servicing lender will order a valuation (either an appraisal or broker price opinion), that will be valid for two to three months. In the VA Compromise program, the valuation, conducted by a VA certified appraiser, is valid for six months. That is not always good, especially in a declining market. So if a sales contract does not get approved, the targeted price will have to stand, and not be adjusted even if competing properties are priced lower.

This home in Lighthouse Pointe had a Bank of America mortgage. VA delegates the loan servicers to handle the compromise claims for them, so there is no need for the homeowner to contact the VA directly. This approval only took 30 days!

If you need to sell your Navarre Florida home as a short sale, HAP or VA Compromise Sale, contact an experienced Navarre short sale agent.

It's Wendy!

 This home in Tom King Estates, Navarre Florida, has been approved for short sale.

The senior lien, Wells Fargo, had a balance of $230,000

The junior lien, HSBC, had a $65,000 balance.

The sale price was about $185,000, so there were not enough funds to fully pay the senior lien. In these short sale scenarios, the senior lien will normally pay an amount to satisfy the junior lien. The "junior" might only release its lien, not waive the deficiency.

Initially, HSBC requested $6000 to approve the short sale. Wells Fargo, the senior lien, would only pay them $3700. HSBC asked the seller to bring $1500 in additional funds. The seller agreed, and the deficiency was waived by both Wells Fargo and HSBC.

If you need to avoid foreclosure by short sale for your home in Navarre, Florida, contact an experienced Navarre short sale agent
This townhome on Majestic Boulevard, Hidden Bay, Navarre FL was just approved as a short sale!


Senior Lien: Bank of America

Balance: $190,000

Junior Lien: Bank of America

Balance: $30,000

Sale Price: $105,000 appr

Time for approval: 39 days!

This short sale was processed through the Bank of America Equator system. We uploaded all financial documents for the seller. Bank of America previously required sellers to upload their own financials, such as bank statements, tax returns and pay stubs. Many sellers had problems with the Bank of America Equator software. As you can see, this change in policy is helping speed up short sale approval times!

If you need to sell your Navarre Florida property to avoid foreclosure, be sure to consult an attorney and an experienced Navarre Florida short sale agent.
Regions Mortgage has approved a short sale in Holley by the Sea, Navarre, Florida. Regions has branches primarily in the South and Midwest. I have found they like to negotiate back and forth on short sales, more so than other lenders. They normally want a cash contribution, promissory note, or both, and prefer to move their liens onto other of the borrower's real estate assets. Regions has gotten some press lately as one of the few lenders who is yet to repay TARP funds to the U.S. Treasury, as well as federal charges against its subsidiary, Morgan Keegan & Company. Regions is fighting those charges.

They did recently approve this short sale in Navarre, Florida.

Property: Single family home in Holley by the Sea

Mortgage: Regions - balance about $210,000

Offer: about $150,000

Cash Contribution: $22,000

Notes: Remainder of balance moved as collateral to another property

Regions short sales are not always the easiest, but they can be accomplished. If you need to avoid foreclosure, and do a Holley by the Sea, Navarre, Florida short sale, consider hiring an experienced Navarre short sale agent.

It's Wendy!

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