Santa Rosa Beach Short Sale Success Stories

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

Santa Rosa Beach short sales


The other day I received a happy approval on a short sale lot in Santa Rosa Beach Florida.  The short sale lender PNC, had taken over the servicing on the loan from RBC Centura.  The original mortgage amount was about $550,000 in 2004.  Today, the value of the Santa Rosa Beach lot is about $70,000.

The seller was concerned we would not get an approval with such a huge monetary loss to PNC.  I said, "Let's give it a try!".  (I've gotten many short sales approved with high dollar losses.) The lot went under contract in about a week.  I already had a contact at PNC, so started the short sale process quickly by email.  The only documents that would be required were the HUD-1 settlement statement, the contract, buyer pre-approval and my listing agreement. The short sale was approved in two weeks!

The problem? The PNC negotiator could not get a waiver of deficiency What is that?  That means the seller would be liable for the almost $450,000 remaining debt on the loan.  He is in his 70's and unable to pay this due to job loss and a very serious illness.  I asked the negotiator to go back to management one more time, and I highlighted the key points of my seller's hardship letter. It explained in detail how the his disease would unfortunately cause his health worsen.  I also emailed the negotiator a link to theNational Institute of Health website with a description of the illness.

Two hours later. Short sale approved - no deficiency! 

The Santa Rosa Beach couple was delighted. In fact, they came to meet me to thank me.  They brought a gift... a little crystal angel.  That meant more to me than I could express, and I told them.

My advice if you think you won't be able to short sale? Never give up! Hire an experienced Santa Rosa Beach short sale agent who can guide you through to success, and on with your life.

It's Wendy!

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





This Church Street home in Santa Rosa Beach Florida was originally purchased as a short sale in 2009. For the second time, it is being sold as a short sale, just approved by J.P. Morgan Chase. The mortgage was backed by Ginnie Mae, and was a USDA loan, which offers mortgages to rural areas throughout the U.S.

Lender: Chase
Mortgage Type: Ginnie Mae USDA
Balance: appr $220,000
Junior Liens: none
Sale Price appr $200,000
Seller Cash Contribution: -0-
Seller Promissory Note: -0-
Deficiency: none

Although Chase's short sale approval letter did not specifically address a waiver of deficiency, the Chase negotiator quoted me USDA loss mitigation guidelines, which 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, which the USDA calls "pre foreclosure sales" or "PFS":

"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."

Other things to note about USDA short sales - you must have a hardship, and be at least 31 days late on your mortgage payment or facing "imminent default". For more information about Ginnie Mae or USDA short sale help in Santa Rosa Beach, Florida, email me

10 Home Santa Rosa Beach FL Subdivision Approved by PNC for Short Sale

This was one of the most unusual short sales I've ever gotten approved. It all started when an investor with a PNC mortgage called me about his property in Santa Rosa Beach Florida. He had purchased the new construction home sight-unseen seven years ago in the Town of Santa Rosa. It was in a small subdivision with nine other homes, all identical floor plans. The current owners of these houses had been presented with an "investment" opportunity at a hotel event. They were told they could buy these new construction homes and "flip" them for a profit when they were finished. They were also told there would be no payments due, just their credit used to buy these homes. (This is a mortgage fraud RED FLAG). Of course, no mortgage payments were ever made. The construction was never completed. Contractors were not paid. Only some of the homes even had a certificate of occupancy. All of them needed substantial work to finish. They had been abandoned and boarded up for several years. They were purchased for about $400,000 each, and now were worth around $50,000 each.

When this seller called me and told me about the situation, I contacted the other owners who were in the same predicament. They each listed with hopes to obtain short sale approval. Luckily, we got an offer for all ten homes from one buyer. The buyer obtained professional bids to bring all the homes up to code and into move-in condition. The repairs were approximately $10,000 to $40,000 per home. I negotiated back and forth between the sellers, PNC and the buyer’s agent until we reached agreeable terms and short sale approval last week.

PNC is issuing each seller a waiver of deficiency.

Grove by the Sea Short Sale Approved - Promissory Note Removed

This Grove by the Sea home near Seaside Florida in Santa Rosa Beach was just approved for short sale. Located in a subdivision of mostly larger homes, this property needed work. The air conditioner did not function, there was some water damage to the floors, and the landscaping was a jungle. Bank of America had two mortgages on the property, and it had to be sold twice before final approval. Here are the details:

Senior Lien: Bank of America - $350,000
Junior Lien: Bank of America - $280,000
Sold Price: $319,900 appr
Cash Contribution: $2500
Promissory Note: -0-

Originally under contract several months ago with the final buyer, Bank of America countered the price significantly higher. The buyer withdrew his offer, and the property was placed back on the market. After the valuation expired, the price was reduced again to market value. The same buyer made another offer. This time, Bank of America accepted it. They originally asked the seller for a cash contribution and promissory note, which is common nowadays with investment short sales. The seller agreed. When the final approval was issued, Bank of America removed the promissory note, and issued a full waiver of deficiency.

198 Somerset Bridge, Bungalows at Seagrove Beach, FL - Just Sold

We just sold a fabulous home in popular Bungalows at Seagrove Beach. Located in Santa Rosa Beach, Florida, not far from Seaside and Watercolor, this well-thought out subdivision has a pool, and is just steps to the beach. The short sale home, set on a lake, was under contract in less than a week, and had multiple offers. It was in great condition, other than necessary mold remediation that was estimated at $5000.

Bank of America was the short sale lender. The sale was approved with no deficiency to the seller, who provided a small lender required cash contribution.

198 Somerset Bridge, Bungalows at Seagrove Beach, sold at full price for $159,000.
Do you think Bank of America short sales are all getting quicker? NOT. Every once in a while, there is a long story about a "short" sale in Seagrove Beach Florida.

The lot at Palmeira Villas, off 30-A in Santa Rosa Beach was originally purchased for $650,000. Today, the lot is worth about $100,000 - over $500,000 less than the original purchase price. Getting a Bank of America approval for a Seagrove Beach FL investor versus an owner-occupant wasn't the hard part. It was the delay in response.

We had submitted a complete short sale package to Bank of America. The appraisal was back and the counter offer for seller contribution in Equator was complete. But after a few months of waiting for the "investor" to respond to the short sale request, my patience (and the seller's) ran out. We took the following steps to expedite the approval:

1. Seller communication. I asked the seller to call the negotiator regularly. This put a more personal spin on the case.

2. Qualified Written Request: We asked Bank of America who the investor was on the loan so we could call them directly, since our negotiator said they were not responding.

3. Escalation to Executive: I contacted a Bank of America Vice President asking for assistance.

We received approval three weeks later. The fun part of the story? Guess who the investor was? Bank of America.
Three months can make a big difference in a market place.

Three Months Ago... Chase approved the short sale for this Driftwood Estates home in Santa Rosa Beach Florida. The sale price at the time was $230,000. But oops- the buyer's lender only appraised the home for $220,000. The buyer could not get a loan for $230,000. Despite providing Chase with the buyer's appraisal, they refused to lower their approval amount to $220,000. They were stuck on the value and would not look at the big picture. The buyer walked.

Fast forward three months later. The Driftwood Estates home was gradually reduced in price to $189,900, as the market dropped considerably in Santa Rosa Beach Florida. There was an oil spill. There was an oversupply of homes. But we found a new buyer, who offered in the $180's... Over $30,000 less than the last offer. Chase ordered a new Broker Price Opinion. Guess what? Even the short sale negotiator was suprised. The new value, just three months later, was significantly lower - in the $180's. The short sale was approved.

Unfortunately, three months were wasted and $30,000 was lost. Maybe Chase and its investors will review their procedures and look at the big picture in the future. Maybe not.


If you need to sell your Driftwood Estates home to avoid foreclosure, be sure to contact an experienced Santa Rosa Beach Florida short sale agent .

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 850-650-7883 ext 204

Email Wendy:

Miracles? Saxon Mortgage quickly approving a short sale? Compared to Saxon horror stories of the past, this Mack Bayou, Driftwood Estates short sale in Santa Rosa Beach Florida - was a dream! Here is the story:

Property: House in Driftwood Estates, Santa Rosa Beach, FL

Mortgage: Saxon - balance $300,000

Offer: about $190,000

Promissory Note: -0-

Cash Contribution: -0-

Approval Time: 15 days!

Keys to Approval: Strong contract at fair market value, no extraneous closing costs, complete short sale package prepared. Diligent follow up by listing agent with Saxon.

If you need to avoid foreclosure, and do a Santa Rosa Beach short sale, consider hiring an experienced Santa Rosa Beach short sale agent.

It's Wendy!

This unusual duplex in Seagrove Beach, Florida, adjacent to Seaside, was just approved for short sale. This property is less than one block to the Gulf of Mexico.

Lender: Aurora Loan Services

Mortgage Balance: $875,000 appr

Sale Price: $325,000 appr

Approval Time: 84 Days

Note: This quick approval for an Aurora Loan Services short sale was amazingly fast.

If you need to sell your home as a short sale
in Seaside, Seagrove Beach, Watercolor or Rosemary Beach, Florida, it is best to hire an experienced short sale agent.

It's Wendy!

Saxon Mortgage Approves Short Sale- 83 Albatross Court

This is not your average approval for a short sale property in Santa Rosa Beach Florida. The senior lien is Saxon Mortgage. The junior lien- Citi Mortgage.

Citi is owed about $99,000 as a junior lien and requested $24,000 to release their security interest. "Ha!" You laugh, "$24,000?" That is insane! But Saxon Mortgage agrees to pay Citi 10% of their outstanding balance, or $9,946.

Of not happy note, is the statement that any extensions beyond the closing date will result in 1% commission cut. That is fascinating, as I will try to prevent hurricanes or other acts of G-d that might delay a closing!

This successfully closed three weeks later!

Contact Wendy Rulnick for Help with Your Santa Rosa Beach and Seagrove Beach Short Sales

BB&T Corporation has approved one of my listings for a short sale in Santa Rosa Beach Florida. From my experience, it was a very smooth and expedient transaction. Details:

Hardship: Homeowners in sales - decreased income, medical expenses

Property: Santa Rosa Beach cottage style home, built in 2004, 1900 square feet

Lender: BB&T - 80-20 First and second

Mortgage Balance: $370,000

Offer: $175,000 (fair market value)

Seller Contribution: $20,000 promissory note

Debt Forgiven: $175,000

Approval Time: 35 days from fax to finish

It's Wendy!

Contact Wendy Rulnick for Help with Your Santa Rosa Beach and Seagrove Beach 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