Little things can make a big difference in getting to a closing. We all know that. It's one of the most important factors in real estate success. The "big picture" in the agent skill-set for selling listings is one-third marketing, one-third negotiating, and one-third follow up to closing. Mess up on any of those, and you probably won't have a successful transaction. Yesterday I had a last minute scare at the final day of an already extended approval for a Destin FL Short Sale. I've seen almost everything in my 20-year career, but this was a new one. The listing had actually been referred to me by a licensed Destin Realtor, who did not want to handle his own Short Sale. The buyer, too, was a Realtor representing himself. The Seller's bank, Citi Mortgage, had counter-offered the buyer's price of $300,000 with $325,000. After some negotiations, the buyer-Realtor agreed to increase his price. Wonderful! I had an addendum to the contract signed reflecting the new price of $325,000.
The day of closing arrived yesterday. The buyer's lender was delayed in getting the closing package to the title agent. It was the last day Citi's approval was good through, and it had already been extended once. At 3:30 I got a panicky call from the buyer. The title agent had finally received the closing package, and his new loan amount was wrong! It was based on $300,000, the amount in the original offer! And that's what the buyer's lender had appraised the property for. The buyer-Realtor said we never had an addendum reflecting the new price, and his bank had been unaware. It would take a miracle to save the closing. Voila! I looked in my file, found the signed addendum, and faxed it to the buyer. He got it to his bank. The appraiser corrected his price, stating he had been overly conservative. Deal closed. Happy ending. Whew.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate
Short Sale Pre Foreclosure Help.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com
Wendy Rulnick has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her dients' advantage. She is supported by a team of top buyer specialists. Wendy specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
All Rights Reserved. *Destin Short Sale Approved - Everything Was Fine, But Then...* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.
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Today I received an email from an attorney in the Niceville and Destin Florida area regarding helping homeowners facing foreclosure. The attorney, Mark A. Violette, noted that there are several federal laws that will protect the homeowner, notably the Fair Debt Collection Practices Act. He said that lenders are required to provide a copy of a loan history report to the borrower upon request. Most mortgage lenders use loan servicing companies, and these companies are unable to comply with such a request. The good news is that if the lender does not provide the report, collection efforts and the impending foreclosure are halted. Attorney Violette kindly provided the following example:
Step One:
Lender files a Foreclosure Complaint.
Attached to the Complaint is a Notice Pursuant to the Fair Debt Collection Act ("FDCA") stating the homeowner has 30 days to contest the amount due.
Step Two:
Attorney Violette files a Motion to Stay and Request for Loan History Report pursuant to FDCA.
The lender must cease all collection efforts until the lender has provided the mortgagor with complete verification of the disputed amount of debt.
Step Three:
Wait for Lender to provide the loan history report, WHICH NEARLY ALL LENDERS ARE UNABLE to produce.
This may allow time for the homeowner to complete a Short Sale, or find another satisfactory resolution to the foreclosure.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate and vicinity.
Short Sale Pre Foreclosure Help.
Wendy Rulnick has been selling real estate for almost 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her clients' advantage. She is supported by a team of top buyer agents. Wendy specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
1-877-487-9639 or 850-650-7883
email itswendy@rulnickrealty.com
All Rights Reserved. *Facing Foreclosure? The "Fair Debt Collection" Strategy * Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information
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Yesterday I was riding the bike at Gold's Gym in Destin FL. One of my sellers, whom I originally met there, popped onto the bike next to me. He said, "Alan Greenspan says the housing market will recover by mid-2009, what do you think?" Greenspan pointed out that there has been a "slower rate of decline" in U.S. housing prices of late. I thought I had noticed the same thing in my Emerald Coast real estate market, here in Northwest Florida. Until the last 30 days, that is. During that time, I think prices have been declining even more steeply. I have been reducing my listing prices by several thousands of dollars, way beyond the norm. Certainly, I have seen some of my listings sell, but far too many have not attracted offers. Based on my intense examination and intuition regarding pricing, it is surprising, if not stunning. My observations are anecdotal, but here are statistics from the Emerald Coast Association of Realtors.
| Sales and Inventory Report | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Category - Combined Residential Statistics for Entire MLS from 11/1/2007 - 10/31/2008 |
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| Month | Year | Monthly Sales | Avg List $ | Avg Sale $ | Avg $/Sqft | Median Sold $ | Avg DOM | % Sold/List | Current Inventory | Months Inventory |
| November | 2007 | 416 | $366,350 | $337,422 | $190 | $225,000 | 210 | 92.10% | 12928 | 31.07 |
| December | 2007 | 438 | $357,465 | $332,160 | $206 | $240,042 | 240 | 92.92% | 12681 | 28.95 |
| January | 2008 | 385 | $378,386 | $357,163 | $224 | $250,000 | 228 | 94.39% | 11863 | 30.81 |
| February | 2008 | 505 | $374,582 | $351,138 | $233 | $259,900 | 208 | 93.74% | 11723 | 23.21 |
| March | 2008 | 536 | $379,554 | $359,452 | $229 | $245,000 | 199 | 94.70% | 11686 | 21.80 |
| April | 2008 | 461 | $400,340 | $362,789 | $199 | $236,000 | 199 | 90.62% | 11509 | 24.96 |
| May | 2008 | 489 | $409,191 | $374,629 | $197 | $249,700 | 188 | 91.55% | 11436 | 23.38 |
| June | 2008 | 497 | $407,679 | $374,634 | $196 | $229,000 | 178 | 91.89% | 11253 | 22.64 |
| July | 2008 | 453 | $348,534 | $320,267 | $169 | $225,000 | 167 | 91.88% | 10881 | 24.01 |
| August | 2008 | 412 | $356,089 | $324,816 | $166 | $220,000 | 181 | 91.21% | 10574 | 25.66 |
| September | 2008 | 379 | $321,708 | $294,281 | $158 | $199,000 | 186 | 91.47% | 10331 | 27.25 |
| October | 2008 | 75 | $479,805 | $427,512 | $205 | $215,000 | 218 | 89.10% | 9960 | 132.80 |
| Annual: | 5046 | $375,947 | $347,302 | $199 | $233,900 | 198 | 92.38% | 11402 | 27.11 | |
| Annual: | 2007 - 2008 | 5046 | $375,947 | $347,302 | $199 | $233,900 | 198 | 92.38% | 11402 | 27.11 |
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Note: The "Current Inventory" column(s) reflect the number of active(on market) listings on the 15th day of each month. The "Months Inventory" column(s) value(s) equal "Current Inventory" divided by "Monthly Sales". This reflects how many months it would take to sell out of inventory at the current month's rate of sale. |
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Note how the "Months Inventory" statistic has climbed again in September, when it had been gently teetering between 23-25 months since February 2008. Now it's at its highest level, 27 months, since then. I have to attribute it to the tightening credit market.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Short Sale Pre Foreclosure Help.
Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
email itswendy@rulnickrealty.com
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Alan Greenspan on the Housing Market - I Don't Agree* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
I am working on getting a short sale approval for a house in Destin FL. The mortgage is about $200,000 and the offer is for $130,000 (modified for the sake of confidentiality), which is slightly under maximum market value of $145,000. The lender is Vanderbilt Mortgage. To be blunt, they are not nice. Most lenders have been in this game long enough to know how the system works, and have probably had thousands of short sale requests. Vanderbilt just doesn't want to play. Here is what is going on:
Faxed Vanderbilt 41-page short sale package with typical items, contract, settlement statement, hardship letter, etc.
After several days and numerous phone calls to Vanderbilt, they state the party handling the file is on "vacation" and to fax all to a different number.
After several more days and numerous phone calls to Vanderbilt I am told they cannot find the fax. OK, I am used to this sort of thing, so ask where they want me to fax it the third time. The girl says, "You don't need to fax it again, just tell me the net." I was a bit dumbfounded, and pressed that I didn't want to waste the effort I had made in preparing the package. She insisted and I told her. She said she would give the "credit manager" the net figure and told me to call back on Wednesday. I called back on Wednesday as instructed, and was told the offer was "rejected". Oh, that's nice. "What's the counter?" I asked. I was already getting a sick feeling about this bank, call it "short sale intuition". The gentleman told me there was no counteroffer, but if I called back Thursday he would tell whoever was in charge to give me a counter.
I called back on Thursday. That's today. I was told the person I spoke with yesterday "did not know what he is talking about. We do not counter offer." I asked "Is this a guessing game?" She wasn't very pleasant, and said mortgage balance was $200,000. I told her that wasn't market value. (By the way, most lenders understand that.) She actually said, "Well, it may or may not be market value." And she proceeded to arrogantly spew forth about how they normally don't entertain short sales and they don't do things like other companies do.
Fascinated by this statement, I decided to do a Google search on Vanderbilt Mortgage. Wow. On their site they claim to be the largest lender for manufactured homes. But several of the Google results are findings like "ripoff report", "scam fraud alert" "complaints", etc. Apparently a lot of people don't like Vanderbilt. Me either.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin real estate and vicinity.
Short Sale Pre Foreclosure Help.
Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email me at itswendy@rulnickrealty.com
Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Short Sales: Attitude and Guessing Games* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
Wendy Rulnick is proud to announce that David Borden has joined her team at Rulnick Realty, in Destin Florida.
David Borden has an extensive real estate sales background in the Destin-Fort Walton Beach area on the Emerald Coast of Florida. He has been selling condominiums, homes, land, new construction and commercial properties for 28 years. Licensed in 1980, (David says since he was a baby) he sold real estate as a sales agent, worked in property management, and taught real estate sales contracts to new agents. In 2000 he became a licensed Real Estate Broker. He has won numerous sales awards year after year. Borden has a reputation with his clients and peers as being a professional, honest and knowledgeable Broker.
Rulnick Realty Broker/Owner, Wendy Rulnick says, "David Borden exemplifies professionalism in our field. His experience and vast knowledge assure his clients of a masterfully handled real estate transaction."
Office: 850-650-7883 X 206
Cell: 850-974-8588
Toll Free: 877-487-9639
E-mail: dborden@rulnickrealty.com
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin Florida real estate
Short Sale Pre Foreclosure Help.
Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
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Destin short sales, real estate, homes for sale, condos on the Emerald Coast of Florida- Destin, Sandestin, Fort Walton Beach, Santa Rosa Beach, Seagrove Beach Navarre, Niceville.
