Niceville Short Sale Success Stories-

Contact Wendy Rulnick for Niceville short sale help at 850-650-7883 ext 204 or email 

Parkwood Estates short sale

Three short sale liens? No problem! This home at 1616 Myrtlewood Dr., Parkwood Estates, Bluewater Bay in Niceville Florida was just approved as a short sale and is getting ready to close.  Here are the details:

Lien #1 (Also called “Senior Lien”): Green Tree

Lien #1 (Also called “Junior Lien”) Balance:  $300,000 appr.

Lien #2: Green Tree

Lien #2 Balance: $60,000 appr.

Lien #3 (Another “Junior Lien”): Key Bank

Lien #3 Balance: $30,000 appr.

There were a few challenges with this Parkwood Estates short sale listing. First, Green Tree does not process multiple liens on one property together. This is unlike Bank of America.  We had to deal with two different negotiators at Green Tree, and the seller had to provide separate forms and financials for each lien.  That meant we had to do twice the amount of paperwork. Second, Green Tree can be less than business-like in their collections department, and that is where you apparently start with many Green Tree short sales.

The Green Tree junior lien representative from the collections department asked me: “Doesn’t the seller understand he signed a note stating he would make payments on the property?” That left me aghast. I could only say, “Ma’am, this is a short sale situation with a hardship and the seller is unable to pay.”  She already knew that, of course. She also said this would be “very difficult” unless he made a payment. Oh boy.  She then insisted on “mailing” me a package for the seller to fill out, not emailing or faxing. When I asked why she couldn’t fax it, she stuttered, “The fax machine is messed up.” Right!  I could “hear” her grin on the other end of the phone.

Key Bank was a bit slow processing the short sale. They eventually requested a promissory note from the seller, but then agreed to simply release their lien. The seller preferred to work with them separately after closing.

This property at 1616 Myrtlewood Drive, Parkwood Estates, Bluewater Bay, Niceville Florida should be closing soon.

 Niceville Ginnie Mae Short Sale Agent
This house at 1425 Hickory Lane, in the Seminole area of Niceville Florida, was just approved for Bank of America short sale closing.  It was a long process, with delays due to department changes at Bank of America, but in the end - success!  Here are the details:
First Mortgage Holder: Bank of America
Second Mortgage: None
Mortgage Type: USDA Ginnie Mae
Original Mortgage: $180,000 appr
Current Value: $70,000 appr
Seller Cash Contibrution: None
Seller Promissory Note: None
A USDA Ginnie Mae short sale (called ”pre foreclosure sale” at Ginnie Mae), is not processed through Equator, Bank of America’s online processing platform. Ginnie Mae does not issue a letter that states deficiency (or the remainder of your note after selling the property is waived).
USDA loss mitigation guidelines, however, state there is no pursuit for the balance of the unpaid note. I researched online and found the following information about USDA loans sold as short sales "A borrower who successfully sells the property securing the loan using the PFS option is relieved of the mortgage obligation.  The borrower shall not be pursued for deficiency judgments by either the Servicer or the agency".  What other things should you know about USDA short sales? You must have a hardshp, be at least 31 days late on your mortgage payment or facing imminent default.  

It's Wendy!

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




BB&T Short sale

A Niceville Florida lot sold, approved for short sale and closed in 30 days? How common is that? Not very! Yet, we had a successful sale of this Villa Tasso lot on Robert Ave., Niceville, Florida in just that time!  Here are the statistics:

Mortgage Holder:  BB&T

Original Purchase Price: $60,000

Purchase Year: 2005

Current Market Value: $20,000

Short Sale Approval Time: 3 weeks

Deficiency Judgment: Waived

Seller Contribution: None

My suggestion to anyone who needs mortgage assistance with BB&T in the Niceville Florida area is to contact them as soon as you have a problem. BB&T is one of the short sale lenders who will assign a specialist to you in advance, and give you financial paperwork to get the ball rolling.  Their process is much quicker than other lenders, for example, Bank of America, Wells Fargo, Citi and Chase. After the seller hired me, I sent my authorization to the contact he already had. We communicated by email. The lot went under contract in about a week.  I forwarded the contract, HUD, last year of bank statements (an unusual short sale request) to BB&T.  It was approved in lightning speed!

If you have a Niceville Florida property to sell as short sale, be sure to contact a Niceville short sale agent who can guide you through the process.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy:




Niceville Florida short sale

This home at 552 Woodlow Rd., Niceville Florida has been approved for short sale. Bank of America is the mortgage holder. It took 3.5 months to approve, but felt like a year. Why?

1. August 2011 - Bank of America assigned the file to a HAFA specialist before the home was under contract

2. October, 2011 - Bank of America sent an appraiser to the Niceville Florida home

3. After months of phone calls and follow ups, the file was "decommissioned" from the HAFA program

4. February 2012 -  The Niceville Florida home goes under contract.

5. March 30, 2012 - The Bank of America negotiator states she sent the file to the investor for short sale approval

6. April 6, 2012 - The negotiator says the investor requests additional financial documents.

7. May 4, 2012 - A "new" negotiator is assigned to the file. The previous negotiator had not responded to multiple inquiries.  More documents are requested.

8. May 23, 2012 (can you believe this?) - The purchase price is countered by Bank of America/the investor. Buyer agrees.

9. June 12, 2012 - The short sale is approved!

Was the process long? Yes. Arduous? Yes. Successful? Yes! If you need to sell your Niceville Florida home as a short sale, be sure to contact an attorney and a Niceville Florida short sale specialist.

Call Wendy Rulnick today for help with your Niceville Florida short sale.  850-650-7883 ext 204 or email




The Oaks Niceville short sales

Wells Fargo just approved this short sale at The Oaks condo complex in Niceville Florida.  The approval time was less than 60 days, despite Wells Fargo's taxing use of the Equator short sale processing system.  Here are the details:

Mortgage Holder: Wells Fargo

Balance: appr $190,000

Sales price: appr $82,000

Waiver of Deficiency: yes

Seller contribution: yes

This Oaks condo in Niceville was an investment property. Often, a short sale seller will be asked to "contribute" to participate in the loss when that is the case.  The seller agreed to contribute about $1200, which was negotiated down from Wells Fargo's initial request.  The seller received a full waiver of deficiency, meaning, Wells Fargo and the investor on the loan would cancel the rest of the debt, and not seek to collect the balance.

If you need to short sale to avoid foreclosure, contact an experienced Niceville short sale agent.

It's Wendy!

 Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy:



This home in the Windward subdivision of Bluewater Bay, Niceville, Florida was just approved for short sale. Find the details below.

Senior Lien: Wells Fargo
Balance: $275,000
Junior Lien: Compass Bank
Balance: $115,000
Original Purchase Price: $485,000
Market Value: $290,000
Status: Short Sale Approved by both lienholders

Notes: Wells Fargo uses the Equator Platform for short sale processing. It is an online program where the short sale listing Realtor uploads seller financial documents, preliminary settlement figures and more for analysis by Wells Fargo. Other lenders share this platform, such as Bank of America and GMAC, but Wells Fargo's requirements are more tedious.
This was my first short sale with BVVA Compass Bank, the junior lienholder. It was interesting. The institution's personnel are pleasant. Their short sale policy, however, requires that the file be in their internal "charge off" department before they will negotiate any terms. They will not speed up their internal timelines to process a short sale, without exception. It is not the case that they have a plethora of files, it is just their timeline, which can take months, and they stick to it. This caused a long delay in the process, as we had Wells Fargo approval in about 45 days. Compass does its short sale processing through email, fax and phone, and it is fairly easy to get ahold of a human being. They appear to favor promissory notes and cash contribution combinations, but will negotiate.
Wells Fargo just approved this home in The Woodlands, Bluewater Bay, Niceville Florida, for a VA Compromise Sale. A VA Compromise Sale is similar to a short sale. The process is not always "smooth", and this one had a few issues, too.



The Problem:

VA appraised the home for more than the contract price.
The buyer would not increase his offer to meet the VA required net proceeds of 88.13% of the appraisal.

Since the buyer would not pay more for the property, could the seller make up the difference? Normally, the answer is "no". VA frowns upon the seller bringing funds to closing, since a VA Compromise Sale is supposed to be a hardship situation.

The Solution:

We were allowed to go forward by providing a "gift letter" supporting seller bringing funds to closing that were "gifted", not loaned, to meet the VA minimum net.

The good news for the seller was VA does not expect repayment unless they want to get a VA mortgage in the future, and the Wells Fargo HELOC waived any right to a deficiency through our negotiations. The seller never missed a mortgage payment, which will minimize credit impact. (Although VA is quoted as saying the borrower must be "behind", that is not always the case.)

If you have a VA loan on a home in Niceville, Florida, are "upside down" in your mortgage, and need to sell, consider a VA Compromise Sale. As always, consult with an attorney and an experienced Niceville FL short sale agent.

This waterfront townhome was approved for a short sale in Niceville Florida.

Hardship: Death of breadwinner

Senior Lien: GMAC balance $220,000

Junior Lien: USAA balance $148,000

Sale Price: $219,000

Cash Contribution: $2,500 to GMAC and $13,000 to USAA negotiated down from $44,000

Total Cancelled Debt: $135,000

To avoid foreclosure and sell your Niceville real estate as a short sale, contact an experienced real estate agent who specializes in short sales.

It's Wendy!

Contact Wendy Rulnick To Help You With A Short Sale.

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