Ring ring ring ring. Thank you for calling Short Sale. For priority service, please enter your 10-digit account number followed by the pound sign.



88302720572#



Please enter the last four digits of your social security number followed by the pound…

Continue

Just one of my normal days selling real estate and short sales in Destin, Florida...



Buyer agent emails me to say buyer is “walking” if no response from Niceville short sale lender this week.



Another buyer agent calls me to say buyer is “walking” by October 31 if no approval given on Destin short sale condo.



Another buyer agent calls and emails me three times asking when the approved Bank of America Santa Rosa Beach short sale can… Continue

This is a first for me. As a short sale listing agent in Destin Florida, I have a parcel of land for sale in a ritzy golf course community. It is in a newer gated neighborhood where building lots used to fetch over $200,000. When I took the short sale listing at $90,000, it seemed realistic. But the lot market near Destin has steadily declined, fluctuating between a 3 and 15 year inventory in the past two years. That means it would take at least three years to sell out all the lots for sale at… Continue

Today, I turned down a listing. It was not easy. It was a short sale. When listing a short sale, there are certain parameters that must be met. Here they are:



1. The seller must allow you to set the price. You know the market.



2. The seller must allow you to adjust the price based on your judgment.



3. The seller must provide all financial documentation necessary to complete the sale in a timely manner.



4. The seller must authorize you to speak with… Continue

Are you an airman PCSing from Eglin AFB or Hurlburt Field? Are you upside down in your mortgage and owe more than your current property value? If so, you may know I have been checking the HAP website daily for the last several months. As I have previously reported, the site was taken down at one point, and all information was removed.



Today, the site has changed and information is posted that may be useful to relocating military who might qualify for the government assistance to… Continue

Are you a short sale specialist? Are your hands cramped from using the phone? Is your neck permanently twisted from being on hold all day? Are you tired of your faxes getting lost, buyers walking and your files being closed? What is going on? How can you improve your short sale processing and get an "edge" on success? Well, we've got a solution.…

Continue

Alas! There is more than one version of the Bank of America approval letter. One without the dreaded "deficiency" reference. Mind you, not stating they reserve the right to pursue a deficiency may not mean Bank of America has given up that right, but it does cause less trepidation.

Deficiency... what deficiency? My theory - they are leaving out the deficiency reference, but not "forgetting" about… Continue

Are you helping sellers with short sales? Part of the lender’s process will be to verify if your seller has a true financial hardship. Short sale lenders analyze the information you provide, including paystubs, bank statements, tax returns and the financial worksheet. They will run a credit report, they will review bank statements line by line, and they won't just gloss over the financial worksheet.



If something does not "add up", be prepared for the following questions and… Continue

I sent out a listing agreement a couple of weeks ago for a Destin Florida condo. This was a Bank of America short sale, and no payments have been made for 9 months. I never received the listing paperwork back, so just wrote it off.



Today I got a call from “Clyde”, who said he was a licensed real estate agent in the sellers' home state of Georgia and knew them personally. He was helping the sellers with a short sale of their primary residence. Clyde said the sellers still wanted me to… Continue

"I had the fortune to be part of your short sale basics webinar. I want to express my gratitude and appreciation to Wendy Rulnick and Broker Bryant sharing their expertise in a conversational setting walking us students through from start to finish of a typical Short Sale transaction. This webinar was filled with materials and information giving the most inexperienced the confidence taking on Short Sales.



Having participated in classroom environment, read, studied short sale blogs,… Continue

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

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

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

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



Summary:



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

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

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

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…

Continue

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

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…

Continue

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?…

Continue