• Provide a Letter of Authorization for Wendy Rulnick for permission to speak with your lender on your behalf. The letter should specify your Emerald Coast property address and loan number. I will also need the last four digits of your social security number for verification with your lender. You or I will ask the lender if they will consider a short sale before beginning. Larger lenders, asuchs Countrywide, Wells Fargo, Bank of America, etc. allow short sales, but some smaller lenders may not.

  • I will place your property on the market for fair market value. Most lenders will only consider offers that net close to what your real estate appraises for, based on their independent appraisal, and the criteria of the end-investor on your loan. "Net" means after all costs, including any payoffs to second mortgage holders, taxes, real estate commission, title insurance, etc. Thus, I will monitor your list price closely to advise you of probably bank appraisal.

  • When we get an offer, I will ensure that it states it is "contingent on seller's mortgage holders' approval". You may counteroffer the buyer at this step, as we don't want to send an offer to the bank that we think will be rejected.

I will package up the contract with the following documents and fax or express mail them to your lender:

  • Buyer's pre-approval letter

  • Hardship letter which explains why you need a short sale

  • Financial worksheet itemizing your income and expenses

  • Most recent tax returns

  • Most recent pay stubs or quarterly profit and loss if self-employed

  • Most recent bank statements

  • Copy the listing agreement

  • Estimated net sheet or HUD-1 Settlement Statement and other documents

Expect to wait 90 to 120 days for a response from the bank. They will be ordering an independent appraisal and/or Broker Price Opinion on your real estate to ensure the offer is for fair market value. If the appraised value is higher than the offer amount, they may counter-offer at the appraised price. The buyer may choose to comply, to stay firm, or to increase his offer at this point.

If there are two lenders involved, or a Mortgage Insurance company (MI), then I will facilitate the negotiations between them focusing on a fully approved sale on your behalf.

If the lender deems you have sufficient income or savings, they may ask you for a cash contribution or promissory note, usually at favorable terms, to mitigate some of the loss.

Further steps and negotiations occur behind the scenes. Rest assured, I will be following up on a successful sale for you every step of the way.

Note: Different lenders have different procedures for short sales, thus the required documentation may vary slightly from one lender to another.

I can help you with your short sale real estate in Destin, Fort Walton Beach, Santa Rosa Beach, Sandestin, Niceville, Bluewater Bay, Rosemary Beach, Seagrove Beach, Navarre, Shalimar, Crestview or anywhere on the Emerald Coast of Florida.

Do you need to short sale? Email Wendy Rulnick now at
Wendy Rulnick
Rulnick Realty, Inc
Ph: 850-259-0422Fax:1-866-888-7792
12889 Emerald Coast Pkwy #107-A
Destin, FL 32550 US