
A disturbing trend is emerging in the Short Sale world. In the last two months, I have had locks mysteriously changed and signs removed on two of my Short Sale listings, one in Gulf Breeze Florida, and the other in Santa Rosa Beach Florida. In both cases, I had lockboxes on the properties. The houses were vacant, with sellers out-of-state. I am certain the mortgage lenders performed the lock changes. In instances where properties may be considered abandoned, the lender may secure the property. The bank's rights are commonly stated with language as follows, from a standard Freddie Mac mortgage:
9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. If .... Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security Instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property...... Securing the Property includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under this Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9.
In the case of the Santa Rosa Beach property, I had an ACTIVE OFFER working with the lender, Saxon Mortgage. Apparently, the banks' property preservation departments got a little overzealous, and didn't bother to call my LARGE telephone number on the SIGN in the front yard. In two other instances, I have had the property preservation companies call me first, and ASK if they could change the locks. When I told them I had the house actively on the market, they backed off. But obviously, this is not always going to be the case. Each lockbox I purchase is $90. My signs are $70. They now have been stolen. Every time this happens, my choices are:
1. Change the locks back at a cost of $100.00, and install another $90 lockbox - for potential loss of $190 (in addition to the $160 in property I've already had stolen)
2. Re-install another $70 sign, and risk that, too, being stolen
3.Try to track down the property preservation company by going through endless loops at each bank, and somehow recouping my property and regaining access
4. Removing the listings from the market
In conclusion, Short Sales, touted as the top alternative to foreclosure by the lenders themselves, are being physically prevented BY the lenders themselves.
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 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, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy is in the top ½ percent resale agents on the Emerald Coast, and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.
All Rights Reserved. *SHORT SALES: Banks WILL Change Your Locks Prior To Foreclosure"* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 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.
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!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
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 specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: estin 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. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy lists and sells homes, condos and townhomes in Destin FL and the surrounding areas. She is ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida for resale listings sold and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.
All Rights Reserved. *BB&T APPROVES SHORT SALE* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 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.

Yesterday I received a phone call from a competitor in my Destin Florida real estate market. The agent had a short sale condo listed in the same building as I did, and questioned why my list price of $260,000 was $40,000 less than his unit. He asked, "Is that price approved by the bank?" I told him no, as most short sale lenders do not pre-approve prices. He then asked if I truly thought I could get it approved, as he was hesitant to "chase" my price and match or beat it with his listing. I thought about that, and the factors that go into short sale pricing.
When pricing any real estate listing, one must consider several standard factors. Briefly:
1. Competition: Similar properties for sale may be overpriced, since they have failed to sell
2. Pendings: Properties under contract indicate what price entices a buyer to purchase
3. Solds: What price buyers were actually willing to pay
4. Expireds: What price was rejected by the market place
The obvious strategy is to price a property to be the best value in the category. Further, once a property is listed for sale, prices should be adjusted upon the following circumstances:
1. It has been on the market for a reasonable period of time with no showings (buyers rejecting "price)
2. It has had many showings but no contract (buyers finding better value in price range)
With a short sale, there is the final factor- the "X Factor". The "X Factor" is the price the short sale lender comes up with after receiving a purchase and sale agreement. This is the price that can make or break a sale (although it can sometimes be challenged). The lender price is based on a Broker Price Opinion (BPO) or appraisal. This third-party opinion changes the game and actually may distort markets. The "X Factor" price opinion may come from an agent with one year experience who has signed up on a website to perform BPO's. The price opinion may come from one appraiser who does not adjust for inventory levels. In the example of my condo listing, I may have "crossed the imaginary line" of what a bank may approve. The question lingers, at what point do you disregard the "X Factor" guess, and adjust the price to entice a buyer.
In the case above, after 7 months of gentle price reductions from $329,000 to $260,000 - the unit finally had a showing this weekend, and is getting an offer today. There are 2085 condos for sale in Destin. Less than 2% of them sell per month and there is a 5-year inventory. There are 120 units for sale in the subject's complex, and the last one sold in December for $300,000. The offer price should be around $260,000- the list price. Let the "X Factor" games begin.
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 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, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy is in the top ½ percent resale agents on the Emerald Coast, and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.
All Rights Reserved. *Short Sale Pricing: The "X Factor"* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.

My market on the Emerald Coast of Florida is diverse. So is my real estate practice. As a real estate broker in Destin Florida, my office is centrally located to cover it all, and that I do. From central Destin, it's just 20 minutes to Fort Walton Beach, or 30 minutes straight shot up Highway 98 to Navarre. Or even closer, 12 minutes over the Mid-Bay Bridge to Bluewater Bay. As diverse as my area's real estate is, we are cohesively known as the "Emerald Coast" of Florida. We are not a major metropolitan area, but we are bound together by one beautiful thing - the Gulf of Mexico. It's no exaggeration to say we have sugar-white beaches from Pensacola to Seagrove Beach, and the waters truly are "emerald" green. In fact, Southern Living Magazine just voted Destin FL "Readers' Choice for Best Beach". The diverse people that make up the Emerald Coast range from the great air force personnel from Eglin Air Force Base and Hurlburt Field to the vacation rental owners and second home owners from all over the country and the world.

This week is an example of my wide-ranging real estate practice. Today I listed a short sale investment home in Fort Walton Beach that needs much work, and might be priced under $100,000. I also viewed a new condo listing on Destin Harbor that is worth over $1,500,000. Tomorrow I will be listing a home in Freeport Florida for about $160,000 with a one-acre lot. Thursday I will be viewing a new listing in Valparaiso that was built two years ago. Friday I will be helping an air force pilot sell his home in Hammock Bay in the $200's.

When my staff gets a call from a potential buyer, we don't just expose them to our office location in Miramar Beach. We find out what they are looking for. The quietude of Navarre Beach? The old-world yet metro sophistication of Seaside and Seagrove Beach? The action and place-name of Destin Florida? Or perhaps the family fun on Okaloosa Island? We have it all, from surburbia to rural acreage to beach-front condos. And eventually, we might have you!
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 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, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for 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 specialists. She lists and sells homes, condos and townhomes in and around Destin Florida. Wendy is in the top ½ percent resale agents on the Emerald Coast, and was interviewed in Kiplinger Personal Finance Magazine as a short sale specialist.
All Rights Reserved. *My Emerald Coast of Florida* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick.

Wendy Rulnick, Destin Florida real estate broker, was recently interviewed by Kiplinger Personal Finance magazine. In the February 2009 edition, Kiplinger describes foreclosure avoidance and short sales. Some of Rulnick's Destin real estate clients, who recently participated in a short sale, had their story told. The homeowners plight unfolded from buying at the top of the Emerald Coast real estate market to their mortgage interest rate hike and personal job loss. Rulnick helped the sellers complete a short sale on their home, which cancelled about $100,000 in mortgage debt.
The Kiplinger article stresses "Short sales are best conducted by an experienced real estate agent who can negotiate the obstacles imposed by lenders or investors." Rulnick provided much of the information regarding the short sale process to the reporter. The story is "Fighting a Foreclosure".
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
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 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. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy lists and sells homes, condos and townhomes in Destin FL and the surrounding areas. She was ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida in 2008 for resale listings sold and was interviewed in Kiplinger Personal Finance Magazine as a short sale expert.
Copyright © 2009 by Wendy Rulnick. All Rights Reserved.
'Kiplinger Magazine: Wendy Rulnick Helps Destin "Short Sale" Sellers' Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.
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.