All Blog Posts (2,099)

More Spin on HAP- But They've Changed Their Story Again

Since writing Eglin AFB and Hurlburt Field: Homeowner Assistance Program (HAP) for Short Sales, more information has come to light. Or lack of thereof! I have received numerous calls and emails looking for clarification on how the program will be implemented, and how it will affect PCS sellers (military relocation term meaning "permanent change of station"). Currently, the issue is there is no directive from the Department of Defense as to how to process HAP applications, nor many program… Continue

Added by Wendy Rulnick on July 29, 2009 at 11:19am — No Comments

Eglin AFB and Hurlburt Field: HAP Guidelines Published for Military PCS- Later Removed from HAP SITE!!

If you wanted to know what the HAP site USED to have on it, before they TOOK it down read on,,,,

The Homeowner Assistance Program (HAP) for the military has just received the Department of Defense directive that will affect military PCS sellers who are upside down on their mortgages. I have published a series of updates on HAP, and this just-released update is summarized from the HAP website due to the urgent need for Eglin Air Force Base and Hurlburt Field airmen who have received… Continue

Added by Wendy Rulnick on July 29, 2009 at 11:18am — No Comments

HAP Program Has Arbitrary Cut-Off Date

I am privileged to represent Major Jason M. Trew, a pilot with the United States Air Force, as a real estate client. Major Trew is stationed at Eglin Air Force Base. I have Major Trew's home listed for sale in Freeport Florida because he is being required to relocate by the Air Force to a new base. Like many others in the military, his property value has declined to an amount lower than his mortgage balance. Major Trew is not a property flipper nor a speculator. He earnestly relocated to the… Continue

Added by Wendy Rulnick on July 29, 2009 at 11:14am — 3 Comments

Suntrust Approves Short Sale in 75 Days

Home at 1694 Valparaiso Blvd., in the Pinecrest subdvision in Niceville Florida, has just been approved for short sale!


Lender: Suntrust - both first and second mortgage

Servicer: First American Loss Mitigation Services

Loan Type: Fannie Mae

Hardship: Job Loss

1st Mortgage Balance: $192,000

2nd Mortgage Balance: $40,000

List Price: $149,000

Cancelled Debt: appr $83,000

Time for… Continue

Added by Wendy Rulnick on July 27, 2009 at 4:30pm — 1 Comment

5 Tips to Get Your Short Sale Buyer to Walk

Today I was talking with a title agent in my Destin Florida market who handles short sale negotiations for agents. He lamented that he had two contracts recently fall apart, with buyers walking.

“Why?” I asked.

“ Well, the agents don’t have the seller sign the contract, so it is just an offer. There is nothing to hold them.”

“Stop doing that!” I told him, “I would never send an ‘offer’ in to a short sale lender.”

Which brings me to my point- " How can you… Continue

Added by Wendy Rulnick on July 26, 2009 at 3:00pm — 4 Comments

Standing up for your commission!

Fight for your commission. You be surprised at the outcome. The lender has no authority over your listing agreement. They do however have authority over how much of THEIR money they will pay TOWARDS a commission.

If you have an agreement with your Seller to pay you x% and the lender will only allow y% then the Seller simply pays the difference UNLESS you decide to let them off the hook. The lender's decision does not alter the listing agreement. Thinking it a myth.… Continue

Added by Bryant Tutas on July 26, 2009 at 5:30am — 3 Comments

VA Short Sales - SELLERS Stuck With Appraisals 6 Months

recently had a short sale contract on one of my listings in Mary Esther, Florida, where the seller had a VA (Veterans Administration) home loan. A VA short sale is called an "Offer in Compromise". The offer price was $120,000, which I thought was reasonable given the condition of the property. Wells Fargo, the short sale lender, ordered an appraisal. Not just any appraisal, but a VA appraisal, called a " Notice of Value" or NOV.

The seller's short sale VA appraisal came back at… Continue

Added by Wendy Rulnick on July 25, 2009 at 2:49pm — No Comments

VA Offers in Compromise

The Emerald Coast of Florida has a high military population with both active duty and retired air force personnel. Eglin Air Force Base is located in Fort Walton Beach, and Hurlburt Field is in Navarre, Florida. Duke Field and NAS Whiting Field are nearby. We will be seeing an increase in short sales for GI borrowers when they must relocate during their PCS moves (permanent change of…


Added by Wendy Rulnick on July 25, 2009 at 2:39pm — No Comments

Have you seen the new Bank of America/Countrywide short sale approval letter? It is sending shockwaves to unsuspecting short sale sellers. 1. The letter states that Bank of America has "agreed to acc…

Have you seen the new Bank of America/Countrywide short sale approval letter? It is sending shockwaves to unsuspecting short sale sellers.

1. The letter states that Bank of America has "agreed to accept a short payoff". Now, how can they "accept" a short payoff, then state they "might" collect the rest? They either are or are not.

2. It states "there may be tax consequences for entering into a short sale". Again, the statement concedes it is a "short sale", and alludes to the… Continue

Added by Wendy Rulnick on July 25, 2009 at 11:53am — 1 Comment

Bank of America Short Sale Approved in 4 Days- New Construction Loan

I know you are doing a double-take, but this is a true story about a four-day short sale approval from Countrywide... The key is- it was a new construction loan... Here is what happened....

My seller. "George", bought a lot in Rosemary Beach, Florida. This a one of the higher-end markets on the Emerald Coast, with a view of the Gulf of Mexico, and a five-minute walk to the beach. George decided to build an upscale home on the property…


Added by Wendy Rulnick on July 25, 2009 at 11:40am — No Comments

Bank of America Now Asking For Retirement Money!

Do you think your 401K is safe? Attorneys have told me in the past that short sale lenders won’t touch your retirement money. Guess what?…


Added by Wendy Rulnick on July 25, 2009 at 11:34am — 1 Comment

Bank of America "Forgets" To Ask for Promissory Note

We all make mistakes, but this was a big one, by a big corporation... I was in negotiations for a short sale on a Crestview, Florida listing. My sellers owed Countrywide/Bank of America about $175,000 as the senior lien and around $25,000 to Citi Financial as the junior lien. The sale price was a spot-on $150,000.

Bank of America asked for a promissory note of $5000. Although my…


Added by Wendy Rulnick on July 25, 2009 at 11:00am — 5 Comments

Dissecting the Financial Worksheet

Broker Bryant and I just finished teaching Short Sale Basics: Session 2, part of our 5-session webinar series about short sales. Today we covered qualifying the seller and short sale documents. There was a lot of material, in fact we went over time! Part of our in-depth analysis included dissecting the financial worksheet (one of my favorite things to do). We provided a made-up example and found “errors” for discussion.

Here are a few of the possible mistakes you might find in the… Continue

Added by Wendy Rulnick on July 17, 2009 at 2:28pm — No Comments

Pricing the Short Sale

When listing a Short Sale it is imperative that the property is priced right. When I say "priced right" I mean as close to market value as possible at a price that will get the property under contract quickly.

One of the problems I see in my market is that short sales are priced way to low. It seems like listing brokers are just picking a number out of the clear blue sky and placing the property on the market. While they may generate a lot of activity, these deals, more than likely,… Continue

Added by Bryant Tutas on June 14, 2009 at 12:31pm — No Comments

Short Sale Submission Letter

Hi folks. I'm sure there are many of you that are either doing short sales or want to do short sales. Therefore, I am posting this sample cover letter that may help you when submitting a short sale package to the lender. Just remember, you are submitting a fully signed and accepted contract and asking the lender to remove the 3rd party approval. You are not asking them to accept the offer. The lender is not a party to the contract. The offer has already been negotiated and accepted by the… Continue

Added by Bryant Tutas on June 14, 2009 at 12:00pm — No Comments

Why I Negotiate My Own Short Sales

In the last couple of days I've been approached by two Destin FL sellers who wish to do Short Sales. After explaining the Short Sale process, I explained what items I would need. When I got to "financial worksheet" etc. I was stopped in my tracks. These sellers told me that their attorney said not to turn over any information, that he would be handling the short sale negotiations. I immediately told the sellers that I will only take the listing if I handle the entire transaction including bank… Continue

Added by Wendy Rulnick on June 10, 2009 at 2:03pm — No Comments

22 Questions to Ask the Short Sale Lender

Are you at a loss for words with the Short Sale lender? Here are some questions to pose when you check in on your Short Sale transaction status. Even if you've asked some of these questions before, you may want to ask them again, and repeat certain questions on each call. Many times, you'll elicit a different answer or discover a problem that may help you get your approval more quickly.

1. Have you received our package?

2. Is anything missing from our… Continue

Added by Wendy Rulnick on June 10, 2009 at 1:58pm — No Comments

Short sales are serious business.

Hi there. Whether you like short sales, want to do short sales or want to avoid short sales, they are here to stay. Short sales are a major part of the market and in my opinion will become even more so. Lenders WANT to do short sales. A successful short sale cuts losses and keeps the lender from owning a declining asset.

This post is about taking control of the short sale situation from the get go, knowing what we are doing, preparing the Seller in advance of what to expect and being… Continue

Added by Bryant Tutas on June 9, 2009 at 4:47pm — No Comments

WHAT TO DO?????????

I am so tired my eyes hurt and I really just want to sleep without being disturbed for a day or two. I'm at my minds end trying to deal with a cash client. All the other agents in my offoce say they would love to have a cash client headache, maybe, but not this one! He has pretty much tied my hands as to what he wants. He does have the cash, it's verified. But he only wants to lookin three areas and is unwilling to look anywhere else. That would not usually be a problem except he want the… Continue

Added by Sue Burg on November 30, 1999 at 9:00am — No Comments

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