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Short Sale Superstars profile shows up on Google

Posted by Petra Norris on October 2, 2009 at 3:05am

Hi fellow short sale superstars!I'm not sure if you checked out Google after all you included a profile when you signed up on this terrific page by Wendy Rulnick and Bryant Tutas. If you signed up on this site and have not updated your profile you could miss out on some top google ranking, just for Short Sale Superstars - I'm on page one - for "Lakeland Short Sales" see here:

HAP is BACK! Program Updates for PCSing Servicemembers With Upside Down in Mortgages

Posted by Wendy Rulnick on September 30, 2009 at 11:30am

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 cover some of the loss.1. Qualifications include: PCSing more than 50 miles, having purchased your home or entered into a contract to purchase prior to July 1, 2006, you lived there and it was your primary residence, and your orders were between February 1 2006 through September 30, 2012.2. Your home must have declined at least 10% in value. (That should not be in problem in the Eglin AFB and Hurlburt Field market).3. Assistance will initially be emphasized to those who received orders through December 2009, with a report date no later than February 28, 2010.4. HAP benefits are based on the amount you originally purchased the property for (prior fair market value PFMV verified by your settlement statement). The full amount of your negative value will not be reimbursed.5. The site claims the government will provide benefits within 60 to 90 days of receiving your documents. I would use caution here, as that claim was also made several months ago and no HAP benefits have yet been paid to my knowledge.6. You may be reimbursed your mortgage interest, tax and insurance premiums you paid from the time the Army Corps of Engineers receives your application.7. The site states that no specific dollar amounts of loss reimbursement are addressed and HAP advises you to contact your local district CoE office. For Eglin AFB, Hurlburt Field and Duke Field, please contact the Army Corps of Engineers Savannah District. However, elsewhere on its site, HAP mentions that up to 95% of your purchase price minus your sale price plus closing costs may be your benefit.8. The government claims they will make up “liabilities” to servicemembers from a foreclosure, but not past due payments or junior liens you obtained after buying the property.9. Some of your closing costs will be paid for, including title services and Realtor fees.10. The government recommends you use a Realtor to sell your home and states that using a Realtor will may increase your chances of finding a buyer.11. You are required to market your home for at least 120 days. Your initial list price should be obtained by the Corps of Engineers automated value model for at least 30 days.12. Your benefits will be taxable as income to you.13. Caution: Per the Realtor Guide , you or your Realtor must maintain records of price changes, showings, offers, etc to demonstrate that the house was not sold at too low a price. The CoE office will obtain an appraisal to verify the price was within market range. If the sales price is considered too low, no benefits will be paid.14. There are maximum price range limits for assistance. In Okaloosa, Walton and Santa Rosa counties the purchase price limit for benefits is $417,000.Here is the HAP application checklist and HAP application.As soon as you know you have orders from Eglin AFB or Hurlburt Field, apply for assistance immediately.Analysis and questions to follow. I would like to hear from you, our local servicemembers.It's Wendy!Wendy Rulnick, Broker, serving the entire Emerald Coast of Florida, Navarre, Fort Walton Beach, Crestview, Destin, Freeport, Mary Esther, Shalimar, Santa Rosa Beach.Rulnick Realty, Inc.itswendy@rulnickrealty.com850-650-7883 ext 204

Should I sell or buy my Kansas City home via a short sale?

Posted by Suzanne Hinton on September 25, 2009 at 12:00pm

Should I sell or buy my Kansas City home via a short sale?A Continuing Guide to Understanding Short Sales Series.Whether you are facing the possibility of needing to sell your Kansas City Home via a short sale or if you are considering buying a short sale, you will need to have information and tips on understanding this ever growing popular tool for home selling and buying. Over the course of several weeks, I will be providing a series of quick tips and information from experiences that my clients have had in selling and buying short sales as well as very practical information supplied by the National Association of Realtors as well as other well respected short sale authorities.Today let's start with:"What is a short sale?"There are plenty of definitions that you can find. The simplest way that I have defined it is that a short sale arises when the total costs associated with the sale of real estate including, but not limited to, the payment of all outstanding mortgage(s), taxes, real estate commissions and other liens exceeds the amount of the proceeds from the sale AND, the existing lender(s) or mortgage holder(s) agree, based on the borrower/property owner meeting certain requirements, to accept a payoff that is less than the balance due in order that the home can be sold/closed.I look forward to exploring and discussing this ever popular growing niche in selling and buying Kansas City homes with you."Remember, you have options to the financial situation that you may be in with your home-I have helped many families who were facing uncertainty with their Kansas City homes including pre-foreclosure-let me help you."-SuzanneYOU MIGHT BE ABLE TO AVOID A FORECLOSURE WITH A SHORT SALE-Don't wait to find out if you qualify.REQUEST FREE CONFIDENTIAL PRE-FORECLOSURE OR SHORT SALE ANALYSIS OF YOUR KANSAS CITY HOME.Search All MLS Kansas City Home ListingsSuzanne Hinton-Hinton Homes-Pre-Foreclosure and short sale specialist. Specializing in assisting home buyers and sellers with their Kansas City homes-short sales.Suzanne Hinton, Voted 5 Star Real Estate Agent, providing real estate services to home buyers and sellers in the areas of Overland Park, Shawnee, Prairie Village, Olathe, Mission, Merriam, Roeland Park, Leawood, Kansas City, Lee's Summit and all surrounding cities in the Johnson County, Kansas and Kansas City Metropolitan area.Suzanne is also a specialized pre-foreclosure and Kansas City short sale agent with a successful track record of having listed and sold short sale listings throughout the Kansas City Metropolitan area including in Kansas and Missouri.

What does "Short Sale" mean and why does it take so long to process?

Posted by Dawn Barrier eXp Realty Vegas on September 25, 2009 at 10:13am

QUESTION: I see many listings online that state "Short Sale, please allow 3-5 months to process." What does "Short Sale" mean and why does it take so long to process?ANSWER: I am ask this question here in Las Vegas almost on a daily basis, especially now since "Short Sales" seem to be dominating the market.The term "Short Sale" occurs when you "owe" more on your home than what it could sell for and you need your lender approval to sell the home. "Short" meaning the lender will be "short" the difference between what it will sell for and what you owe. If you have 2 loans, you would need to get both lenders approval the transaction.A "Short Sale" is "Not" usually a short process. Here are just some of the things that can make a "short sale" take 3-5 months.A Short Sale will take longer because your lender will want to verify your hardship (hardship = you need to sell due to loss of income, divorce, job transfer, you can't refinance, etc).They will usually ask for all your financial information to prove this "hardship" and review all this information. (paystubs/unemployment check copy, bank statements,etc).Once an offer is sent into the bank, they also will want to appraise the home to make sure the offer is within a reasonable price point as to the comparable homes that have recently sold in your neighborhood. They may even want to check out the buyers prequalification to make sure their preapproval letter is solid.Then, they review everything they may also have to get the "investors" approval of the sale as well. "Investors" are the persons/corporation/bank, etc that actually own stock in your loan, there may be several "investors", that may or not be the actual bank that you make your mortgage payment to.Also, make sure you are working with a REALTOR® who knows how to do short sales or this may also delay the process.All these steps take time and the banks are inundated with short sales, loan modifications and foreclosures so bear with them and your REALTOR®.

August continues to see a sell off of "distressed" properties

Posted by Ron Donavon on September 18, 2009 at 7:20pm

Foreclosures and preforeclosures made up a large part of homes selling in the Fox Valley area of Illinois last month. In addition the number of homes on the market continues to decline. Both of these trends bode well for the housing industry, although “complete” recovery is probably still many months away.The percentage of homes that are bank owned (foreclosed) or on the verge of (short sales) made up nearly 50% of the homes actually selling last month. If you break the homes for sale into price ranges, the number of homes under $200,000 that sold and were distressed (foreclosed, or preforeclosed) is much more than 70%. I calculated 77% of single family homes under contract (in the Fox Valley area) being distressed properties in a quick survey of the MLS. “Traditional” sellers just cannot compete with the banks on the price line. And, although this is extremely anecdotal, I have witnessed the quality of home go up among the distressed properties. Nearly 72% of the transactions I have been involved in have been first time buyers, and most of those homes fell into this under $200,000 price category. In touring with these buyers, there have been more and more homes in “move in” condition. Many with nothing to do but paint walls, clean carpets and cut the grass. Again, that has made it tough on Mr and Mrs Seller, who just want to move.This market still brings amazing opportunity to the traditional seller who can sell and leave with money in their pockets to buy in the next price range up. Because so much of the activity this year has been in the lower price ranges, with much fewer sales as you move up the property ladder, the discounts in the higher price ranges are bigger not only in dollars, but in percentage too. If you have been in your current home more than 7 years, or have a good equity position, you may never see a better opportunity to get your “dream home” Interest rates are still great, and in the higher price ranges, the bargains are incredible.

Are attorneys too quick to advise on a short sale?

Posted by Tracey Martin on September 16, 2009 at 6:02am

I am not an attorney and even though I do not give legal advice, I owe it to my clients to have a basic knowledge of the legal aspects of a short sale. If I am informed I can tell them what questions to ask their attorney.Even though I may disagree with some advice they give, I know I cannot argue against an attorney’s advice because that would be, in fact, giving legal advice.However, I often feel that some attorneys are too quick to advise clients to let the bank foreclose on recourse loans. “Live there for free as long as you can and let the bank foreclose” seems to be very common advice.My latest short sale approval came from Country Wide. There is a first and a second, both with Country Wide. The first approval letter agreed to pay the second $3000.00. The letter from the second accepted the $3000.00. Both letters had the standard “we are not giving up the right to pursue the deficiency” language. As I do with every short sale, I told my client to take the letters to an attorney and see if proceeding with the short sale is still in his best interest. I also told him that he needs to ask the attorney about the second’s right to pursue a deficiency if the first forecloses. It is my understanding that, in California, seconds can and are pursuing deficiencies if they are not the ones who foreclosed.In my client’s case at least the second would receive $3000.00 towards the balance owed if he proceeded with the short sale and given the cost of pursuing the deficiency, they probably would accept that. He took the letters to an attorney who told him that since the first and second were with the same lender, the second would not be able to pursue the deficiency. He told my client to ask me to ask the bank to remove the “right to pursue” language and if they don’t he should let them foreclose. I said I would ask but my experience tells me that Country Wide will not remove that language. (If they agreed to remove the language then I would have had the client ask the attorney if removing that language meant the lender was forgiving the debt and giving up the right to pursue.. My understanding is that it does not.)As I was typing the email to the closer requesting that they remove the language I realized that I had never asked Country Wide who owned the loans. Country Wide may only be the servicer for the loans. I called customer service and was told that there were, in fact, 2 investors. The first is owned by Bank of New York and the second is owned by Wells Fargo. I called my client and told him to go back to the attorney with this new information. He did and the attorney told him that, in that case, the second could pursue the deficiency even if the first foreclosed.My concern is this: It seems to me that this attorney gave advice without knowing all the facts. Shouldn’t the attorney have asked who owns the loans? Shouldn’t this attorney have known that unless the approval letter says they are forgiving the deficiency the removal of the “right to pursue” language means nothing. My client chose to proceed with the short sale. I believe he made the right choice. I did not ask my client what he paid the attorneybut I hope it wasn't much.

FASLO Solutions...Has anybody had any successful dealings with these folks. They either service or bought the EMC loans from Chase bank. They are totally unreasonable. Will not start negotioations unl

Posted by Jayne Sanders on September 16, 2009 at 2:00am

FASLO Solutions...Has anybody had any successful dealings with these folks. They either service or bought the EMC loans from Chase bank. They are totally unreasonable. Will not start negotioations unless they are getting 25% of the loan balance....and they are in 2nd position. I have 3 deals with them and am about to lose them all. HELP!!!!.

The Negotiator Interview $27

Posted by Bryant Tutas on September 7, 2009 at 9:30am

SHORT SALE QUESTIONS? BANK NEGOTIATOR TELLS ALL!

"Absolutely outstanding webinar! Best information I could have received and well worth the time and money!" testimonial from Suzanne Hinton, Realtor

Available to order on MP3 now-- Wendy and have interviewed a Short Sale Negotiator from one of the major lenders. He's been doing this for 18 years and is a wealth of information. He has spent 90 minutes answering our questions and those of our participants. He will give you insider tips, timesaving tricks, questions to ask when you call in, percentages MI companies cover and all the details you could ever want to be a Short Sale Superstar!.

It's feels kind of like "The Insider"!

We can assure you that the Interview is awesome.

This knowledge WILL make you money!

The cost is.......

$27

The Interview is now available on MP3. Folks...... this may be the best $27 you have spent in a long time. If you want to soak up this knowledge..........

Short Sale Listing Package $27

Posted by Bryant Tutas on August 29, 2009 at 2:00am

The Short Sale Listing Package

Listing Disclosure LetterLetter of Authorization,Short Sale Detail Sheet,Short Sale Questionnaire,Short Sale Listing Check List,What is a Hardship?Short Sale Hardship Letter Outline,Short Sale Financial Worksheet,Short Sale Submission Package Cover Sheet,Short Sale Submission Letter,Short Sale Package Labels (sample)

Short Sale Questions? Get ALL Your Answers Saturday Aug 29

Posted by Wendy Rulnick on August 27, 2009 at 6:00am

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.

On Saturday, August 29, at 11:00 Eastern, Bryant Tutas and I will be interviewing a working short sale negotiator from a "Top 5" Servicer. Believe me, this is a big bank that you have likely dealt with, but he has to remain anonymous or he could lose his job . Friends, we've lassoed a big one for you to answer any short sale questions you've ever had. Get out your calendars, pen and paper and get ready!

Do you want to know:

What is the best question to ask when you follow up on your short sale?

What are the short sale phone reps looking at on their computer screens?

How are all those faxes separated and imaged in?

What qualifications do short sale negotiators have?

Why do they tell you "No" when it makes sense to you?

Why do they deny your BPO and comps?

Do they care if the buyer is going to "walk"?

What is going on with your package after two months of waiting?

What happens with Fannie Mae files?

What agents get the best treatment and why?

What would the negotiator tell you if they were allowed?

What can you do to mess up your chance of approval?

Why do they cut your commission when they are the junior lien?

How can you get them to reduce the promissory note or cash contribution?

If you want answers to these questions and more, join me and Bryant Tutas when we interview The Negotiator of a "Top 5" Servicer this Saturday, August 29 at 11:00 Eastern.

It is not necessary to be there live - we will send the recorded MP3 for everyone who signs up. The cost is a modest $27 to pay him for his time.

So, get in YOUR questions. This is real, this is "insider", and this information is going to help YOU! ..... Sign up below!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

www.shortsalesuperstars.com

CWHL is sleeping at the switch

Posted by Andrea Mills on August 26, 2009 at 12:40pm

In April I listed a nice golf course frontage home in Sebring for $150,000. The seller's husband had died and she could no longer afford the home. There were also a pile of unpaid bills and incurred debt she didn't know about.Not long after that, we got a cash offer. We submitted a complete and comprehensive package in April, confirmed receipt! We have a short sale negotiator in our office and she's very thourough and professional. She has been contacted CWHL once a week, only to hear the same thing. No negotiator has been assigned. For the last two months we have been told, once a week, that the package now has a negotiator but hasn't gone to the investor yet for approval. Same song every week. Somehow, in a miraculous way, the buyer hasn't walked yet. This is a cash deal and we are now at a point where we contact CWHL every day. And we hear the same song every day.I can't understand how this same lady answering the phone every day can make it to work in the moring knowing she'll have a boat load of phone calls to answer and make up excuses for not processing short sales fast enough, hear about buyers walking away from cash deals, knowing it's costing her company ..........I would say.........millions per week.Whew, I feel better now.

Bank of America Approval Letter - Version 2 - What Deficiency?

Posted by Wendy Rulnick on August 22, 2009 at 9:49am

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 it!It's Wendy!Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

A Short Sale Contract is STILL a Contract.

Posted by Bryant Tutas on August 16, 2009 at 1:00am

Hi folks. Allison Stewart wrote a very good post this week titled WALK THIS WAY... CAN BUYERS JUST WALK AWAY FROM A CONTRACT?. Allison’s post is talking about Buyers who feel they can just walk away from a Short Sale transaction and get their deposit back because they are just tired of waiting. They feel the contract is not binding.

Here is my opinion on why Buyers feel this way. They are misinformed.

A Short Sale contract is no different than a regular contract with the exception of the 3rd party approval contingency. This contingency is related to the Lender approving the “Short” NOT approving the contract. The lender has no authority to approve the contract since they are not a party to the contract.

They do however have the authority to approve or disapprove the Seller’s request for a “Short” payoff.

A contract is binding and legally enforceable when:

It has a legal purpose
The parties are legally competent
The offer has been made and accepted
There is consideration
The parties have willingly consented to the terms

There may also be contingencies in the contract. Contingencies are: Conditions which must be met if a contract is to be performed.

Some contingencies may be to protect one of the parties:

Survey
Inspections

Some contingencies may need to be removed in order for the purchase to be completed:

Title
Short sale approval
Financing

The Short Sale approval is just one more contingency in the purchase contract. And just like any other contingency it should have a time period to be removed.

If it can’t be removed in the time allowed then the parties can either extend the time period or cancel the contract and return the escrow deposit.

If it can’t be removed at all because the Short Sale was denied then the contract becomes “null and void”. The Seller is now unable to perform. This is no different than when the Buyer’s financing is denied. He too is now unable to perform.

Folks....this stuff is NOT complicated. It’s Real Estate 101. Stop trying to complicate matters by treating the Short Sale as anything other than what it is…..a contract contingency.

If your Short Sale listings are not closing. Get training. You’re doing something wrong.

If your Buyers are getting frustrated then you are not setting the right expectations.

These are my thoughts. What are yours?

***I am NOT an Attorney and this is not legal advice. I am however a Licensed Florida Real Estate Broker and this IS my opinion.

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

***The content of this blog is solely my opinion***

SHORT SALE AGENT TRAINING

Listen to a sample of the 5 part webinar:

Don't Let Your Sellers "Fudge" Their Financials!

Posted by Wendy Rulnick on August 15, 2009 at 6:00am

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 requests:1. Why do you list a car payment expense, when your credit report shows it’s paid off?2. Why do you show credit card bills higher than what is on your credit report?3. How are you spending $6,000 a month on bills, when you have no income or savings?4. What was the $15,000 withdrawal from your bank statement last month? Where did it go?5. What is $2000 per month “miscellaneous” expense? Please itemize this.6. Provide a copy of your bank statement from account XYZ, that was used to transfer funds into your checking account.7. Provide a copy of ABC bank statement that you listed when you first bought the property.8. Why are you listing a mortgage expense from a house you have sold?9. What happened to the $70,000 capital gain from your last year tax return?10. Why are your food expenses $1000 per month for a two-person household?Of course, you cannot be a detective or a private investigator, but you don’t want to be a party to deceit. Question your sellers when something seems amiss.If it looks like fraud-- run!It's Wendy!Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Bank of America - Countrywide

Posted by Barrett Thomas on August 10, 2009 at 1:46pm

BofA has cancelled my 2nd lien approval 2x so far. They said that the BPO was too high compared to the offer. They want a higher offer. My jaw dropped...they don't have any authority. Wellsfargo (1st Lient) has already approved the sales price and package 1.5 months ago. BofA is playing the game. We are also offering them over the original 10% which is $10,000 which Wells approved. Now it is at the 3rd negotiator and I'm hoping they don't kick it out again.

Marketing and Selling Lakeland Short Sales deserve the Best

Posted by Petra Norris on August 10, 2009 at 8:15am

When I’m hired as your Listing Agent handling your Lakeland Short Sale, time is of the essence. The lenders may have filed already a Lis-Pendens, which puts the property already in a pre-foreclosure status.Pricing your home is the most crucial step to marketing and selling – the comparative market analysis that I will provide is comprehensive and more emphasis is given to recent sales comparables similar to your home that are in distress as well as condition. My price suggestions are based on facts and statistics. Competitive pricing will generate more showings and a faster offer.Multiple Listing Service (MLS) – Listing your Lakeland Short Sale in the MLS has all the information it requires plus a whole lot more. From the maximum pictures it can hold, to detailed information about room sizes, school information and style to elaborate description of your home that will entice a prospective buyer. Sellers deserve the Best when it comes selling their home. Likewise, Buyers deserve the Best information true to the home they want to make it their own.Marketing Short Sales – My Lakeland Short Sale properties have the same marketing exposure as if it would be a regular Lakeland Home for Sale. From virtual tours to blogging, direct mailing, flyers and the magnitude of web sites available to me – all of them will get your Lakeland Short Sale the exposure it deserves.Communicating with my sellers is one of my top priorities. Handling a short sale on my seller’s behalf requires discipline, negotiation skills, time management, problem solving skills and patience with all parties involved in a Lakeland Short Sale.If you are experiencing hardship or facing foreclosure, please contact Petra Norris at (863) 619-6918 for a confidential consultation. You may be qualified to do a short sale and save your Lakeland home from foreclosure.

Would You Let a "Flipping" Investor Negotiate Your Short Sale?

Posted by Wendy Rulnick on August 4, 2009 at 2:02am

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 list the property, but that Clyde would go ahead and negotiate the short sale for them. He also said he himself would be the buyer, but would line up another “investor” to do a property flip.(OK, I don’t want any part of this, I thought. Help me off the phone.)“Clyde, I negotiate my own short sales, so I cannot help you with that arrangement”, I told him. He reiterated I would not have to do anything but list the property, and he would take care of the rest, even though he was not licensed in Florida. “No thank you, sorry, I am not interested” I restated, and I wished him luck.“Why not get involved?” you might be thinking. After all, I could save hours of calls, emails, negotiating, stress and have a built-in buyer. Well, one reason is I want to be sure my short sale listing closes. I know I have a 90% chance or greater of getting an approval if I handle it personally. And I don’t know Clyde.But the biggest reason is, I don’t want to be involved in a short sale flip, even as just “the listing agent”. Bank of America’s approval letter states “There are to be no transfers of property within 30 days of closing”. Other lenders state there are to be “no assignments” by buyer to other parties. To me, that means, no flipping! I am not going to get involved. Why ever risk getting near a deal like this? Not me.So, I lost a listing today. But you know what? I really didn’t want it.It's Wendy!Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.Destin FL

Testimonials About Short Sale Basics Webinar

Posted by Wendy Rulnick on August 2, 2009 at 5:30am

"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, information and guidelines in the past; this is by far the best step by step instruction that I have received in my over 10 years experience in real estate. You guys truly are the SuperStars! Thank you, Petra Norris Broker . Lakeland, FL"I had the honor of participating in the first of a five-part series on Short Sales with Bryant Tutus & Wendy Rulnick and the class was absolutely wonderful!" Debe Maxwell, Realtor, Charlotte, NC"I am very impressed with yours and Wendy's webinars! I learn much better with audio, where I can listen to it repetitively. I have downloaded these webinars, and that is just what i have been doing (listening to it over and over to learn the material). You are making the short sale exceedingly understandable. In my previous office, this stuff was secret like REO's, and only for the "experience seasoned agents" That is why I did not have access to this info, or get to learn this. It was not taught!!! Thank you so very much for allowing us to participate, share, and learn. I find you both to be extremely knowledgable in this field, and make it tremendously enjoyable! You both are wonderful teachers! I do love all the real short sale experiences that you share with us also. This is an enormous learning experience for me. I also like the "conversation aspect" of this training. It is very informative to have you and Wendy converse, unrehearsed, so that we may learn. Thank you for sharing!" Ginger Moore,"Thanks for sharing your joint experience in the minefields of Short Sales, the web forum, and all you have done. The webinars have been fantastic. I look forward to sharing with you and the charter members as well. This will be an awesome resource site for all of us as we work through the Short Sale maze. Short sales will be around a long time and there is great opportunity for all. The webinars have been fantastic."Don Duft, Realtor, Virginia"Today's webinar (Session 5) was the best of all, a great capper to the entire series. You and Wendy impart wisdom, not just process. I'm going to listen to this session again" Judy Chapman, Realtor, Oveido, Florida"Both Wendy and Bryant's presentation skills are fantastic and between them they have a wealth of experience with short sales. Thank you Wendy and Bryant I really appreciate all your hard work and help in mastering the intricate details of short sales.Best wishes" Sharon Senger, Sharon Senger & Associates"I have signed up for your class and I have to say it is very helpful. My current focus is working with buyers and this really helps me understand things from your (listing agent) perspective and I am sure it will help me seek out the “good short sales” for my buyers. I wonder if you could create a designation like “Short Sale Expert”? You could even have it endorsed by ECAR or FAR. I will certainly write a letter of recommendation for you." Clayton Bonjean, Realtor, Destin FL"I've enjoyed having my morning coffee with you every Saturday for the past 5 weeks as I listened in and tried to absorb all you had to offer. What an amazing gift you and Bryant are giving - the experience that you share is of such great value and I'm so grateful to be in your circle. I've learned to not be afraid of this process and begin embracing the possibilities. As you mentioned, I think short sales are here to stay for a while. Also, I've really appreciated the personalization of your setup and how you were able to answer our questions.I’ve completed lots of training but feel yours was most valuable in your method of approach and delivery. The dialogue made it feel like I was in an actual brick and mortar classroom with real live scenario" Wendy Weber, Realtor, Scottsdale, AZ"Thanks so very much for all the wisdom, and Relaxed atmosphere. I love listening to yours and Wendy's conversations. I feel like a fly on the wall!! " Ginger Moore"I am really glad you guys are doing this, I was looking for a class taught by practicing real estate brokers." Jana Hristova"Your webinar was very impressive and informative. I feel that it didn't come across as a lecture, but good and clear conversation. The short sale is a very complex process, but you have made it much clearer and there was a lot of useful information." Richard Barton Real Estate Investor"If you are a Real Estate agent, you may want to join up with our short sale educational group. This is a fabulous online group, with 2 awesome instructors: Wendy Rulnick, and Bryant Tutas from Florida. They each have many years of experience in short sales. I have enjoyed it immensely and hope to always be a short sale superstar! Won't you come and join us You won't be sorry!"Ginger Moore, Gastonia NCSHORT SALE BASICS IS 8 HOURS OF INTENSE, REAL LIFE TRAINING, plus DETAILED, REAL EXAMPLES, PACKAGES, and MORE FOR $197 CLICK HERE TO SIGN UP

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

Posted by Wendy Rulnick on July 29, 2009 at 7:19am

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 specifics. My area, from Navarre to Destin, Florida and up through Niceville and Crestview has approximately 3000 airmen relocating to other bases around the country and the world. Many of those airmen purchased homes during 2004-2006, and do not have enough equity to sell their houses when they must relocate and pay off their mortgage balance. HAP is supposed to help, but as of yet, there is no help.Here is the latest result of my HAP research:Mr. Frazier, of the HAP Savannah District told me:There is no true timeframe by which the DOD directive with program details will be published.Rumor is at the end of May, but it is far from confirmed.Applications can not be "processed" at this time, but you can mail one in.HAP will not buy homes.When the DOD directive is implemented, he said:Qualified military members may sell their homes at market value or 90% thereof.At time of contract, use a 90 day closing date, HAP will try for sooner.Make the offer contingent on HAP approval.When a contract is entered into, call your HAP district for instructions.Additionally, I inquired by email and received this communication from HAP Realty Specialist, B.M. Reed, summarized and with emphasis added:Ms. Rulnick,The Department of the Army, in coordination with the other military departments, is in the process of finalizing implementation guidance for the expanded HAP, including determining eligibility, restrictions, and disqualifications. Based on the current HQ timeline for review and official approval of the guidance, it may not be until late May before the implementation guidance is at district level. When the implementation guidance is issued, it will be published on the official HAP website, which can be found at http://hap.usace.army.milUnfortunately, without the referenced implementation guidance any attempt to provide detailed information on the Stimulus Bill HAP eligibility, disqualifications, benefits, or how benefits will be calculated would be merely speculation.Under this program the Government might be able to reimburse applicants part of the loss from selling their home (private sale benefits) or assist applicants if they do not have enough proceeds from the sale of the home to pay off the mortgage at Closing (private sale augmentation). Benefits may be based on the difference between the prior fair market value (PFMV) of the property and the current fair market value (CFMV). The PFMV may be determined by an appraisal effective 1 July 2006, or possibly the purchase price of the property might be used; the CFMV may be determined by the appraised value at the time of sale or possibly the selling price itself. The Government could pay an amount up to a stipulated percentage of the difference between the two figures used for the computation. Again, guidance has not yet been published so a completely different scenario might be used to compute benefits.The term 'private sale augmentation' merely means when an applicant's benefit payment is brought by the Government to a Closing in order to assist the applicant with the payoff of a mortgage and typical seller closing costs so that the sale can be finalized. In order to be eligible for a private sale augmentation, an applicant must maintain current payment status on his/her mortgage from the time an application is submitted through Closing.While the implementation guidance is being finalized, potential applicants are free to apply now by visiting the HAP website to fill out, print and mail in an application to the appropriate district for the area in which the property in question is located. Instructions on how to apply can be found at http://hap.usace.army.mil/HowToApply.htmlI've attempted to provide you some information as best I can without having yet received implementation guidance on the program from the DOD. What information there is available on the Stimulus Bill HAP (ARRA) can be located on the Army's official HAP website at http://hap.usace.army.mil. There is wealth of information under the section of FQAs at http://hap.usace.army.mil/FAQs.htmlB. M. Reed, Realty SpecialistHAP Section, Acquisition Branch,Real Estate Division (RE-HA)US Army Corps of EngineersPO Box 889Savannah, GA 31402-0889What a predicament for relocating servicemen. How can you put a home on the market contingent on HAP approval, unless you get a buyer willing to wait with no closing date? What if you have already changed bases and cannot continue to make mortgage and/or rent payments in both locations? According to HAP, you must stay current on your mortgage payments to qualify for the program.I encourage servicemen to contact their state and federal representatives to hasten a resolution of the HAP quandary. Meanwhile, stay tuned for the latest updates.

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

Posted by Wendy Rulnick on July 29, 2009 at 7:18am

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 orders:Although DoD guidance has been established, we are unable to begin processing applications until we comply with rule making procedures established by the Administrative Services Act. District field offices are reviewing applications for compliance with DoD guidance and will notify applicants of eligibility as early as possible.Implementation Rules and Eligibility Criteria for American Recovery and Reinvestment Act (ARRA) Expansion of the DoD Homeowners Assistance Program (HAP)The overall goal of the HAP is to minimize the amount of financial harm, risk of foreclosure, credit damage, or bankruptcy experienced by servicemembers and DOD civilian beneficiaries when they are compelled to move in an unprecedented real estate market as a result of their service to the United States. In that vein, the following policies provide a solid basis for determining eligibility for the ARRA HAP expansion and ensure this effort is managed efficiently and successfully.• As the second priority category, the new policy will expand the HAP BRAC benefit by removing the requirement that the homeowner show that the BRAC closure or realignment action was the cause of the drop in the value of the home.• The Department is also creating a temporary benefit for qualifying Permanent Change of Station (PCS) moves• In all cases, the benefit is for a primary residence only, and the benefit may only be used once.• Use Purchase Price as the Prior Fair Market Value (PFMV) for all beneficiaries, including BRACo Current Policy: PFMV is determined at the date of the BRAC announcement.o Description of Change: The BRAC announcement date is not relevant to many new HAP beneficiaries. The best equivalent PFMV is to use the purchase price of the home. For BRAC and PCS moves, the home must have been purchased prior to July 1, 2006.o Outcome: Avoids unnecessary claim costs because BRAC announcement date was near the peak of housing market and BRAC announcement date is no longer relevant.• Set the allowable Private Sale reimbursement to 90% of Prior Fair MarketValue for BRAC (non-causation) and PCS move beneficiarieso Current Policy: Prior HAP allows for 95% Private Sale reimbursemento Description of Change: Losses on private sales will be reimbursed at 95% of PFMV for Wounded Warriors and Surviving Spouses, as well as BRAC communities that can prove causation. It will be reduced to 90% of PFMV for all other beneficiaries.o Outcome: Communities that can show BRAC causation have an incentive to do so; reduces per-claim costs for BRAC (non-causation) and PCS moves; maximizes assistance to the fullest extent for Wounded Warriors and Surviving Spouses, and makes overall policy consistent with 10% individual loss eligibility threshold.• Government acquisition (or mortgage payoff) will be 75% of PFMV for all beneficiaries (except Wounded Warriors/civilians and surviving spouses) who have made reasonable efforts to market their home and cannot sell under reasonable terms and conditions. Wounded Warriors, wounded civilians, and surviving spouses who cannot sell under reasonable terms and conditions will receive 90% of PFMV.o Current Policy: Government acquisition is 75% of Prior Fair Market Value.There is no standard level of effort a homeowner must make before the government acquires a home or pays off the outstanding mortgage.o Description of Change: While statute allows purchase up to 90%, current policy limits government acquisition to 75% of PFMV. Only wounded warriors, wounded civilians, and surviving spouses would receive the full 90% of PFMV for government acquisition of their houses. As previously noted, losses from private sales will be reimbursed up to 95% of PFMV for wounded warriors, wounded civilians, and surviving spouses. These changes also strengthen current policy by specifying government acquisition is allowed only if applicant is not able to sell home after 120 days of marketing it at a price level deemed appropriate for its local market circumstances by the US Army Corps of Engineers, and therefore the applicant is in danger of foreclosure.o Outcome: Prior HAP experience with government acquisition of homes has shown significant maintenance costs from acquired homes and resulted in reduced HAP resources being available to pay other applicant claims. Incentives have been built into the existing HAP program over time to favor private sales rather than government acquisition. Strengthening current policy discourages government purchase of homes and costly carrying expenses. It also allows HAP resources to go further and assist more applicants.• Cap the Maximum Home Purchase Price as an eligibility thresholdo Current Policy: There is no maximum home value established for a beneficiary receiving a HAP benefit.o Description of Change: Links the maximum cap to the 2009 Fannie Mae/Freddie Mac Conforming Loan Limits (as amended by the ARRA of 2009), which range from $417,000 to $729,750 (depending on county or Metropolitan Statistical Area). The 2009 Conforming Loan Limits would apply to all homes in the program from FY 2006 to FY 2012.o Outcome: Prevents taxpayers from ‘bailing out' million-dollar homes, but is adjusted by region to account for cost variations.4• Claims Processingo For BRAC or PCS moves, the ARRA requires that home must have been purchased before July 1, 2006.o For BRAC moves to be eligible, the property must be sold by September 30, 2012.o For PCS claims to be eligible, the home sale must result from PCS orders issued on or before December 31, 2009, and the application must be recieved by March 31, 2010.o Outcome: These policies are designed to ensure that regardless of when a claim arrives, there will be sufficient resources available for Wounded Warrior, wounded civilian, and Surviving Spouse claims, as well as for BRAC claims (most of which will occur in FY 2010 and FY 2011).• Pay PCS claims for home sales resulting from PCS orders issued by December 31, 2009, or until available ARRA resources are depleted.o Outcome: Uses allowable statutory authority under the ARRA to set an end date for the PCS portion of expansion program based on projections of when the available funding will be depleted. The PCS home sale deadline will be reviewed as initial claims are processed and can be extended, if resources allow, based on a close monitoring of claims payment history.Here are the program sales price limits, based on Fannie Mae and Freddie Mac, for Eglin AFB, Hurlburt Field and the rest of the United States,Also, read Major Jason Trew's letter to Congress regarding the HAP July 2006 cut-off date for assistance.We expect more details to be forthcoming, check back on this blog. As always, consult an experienced real estate agent to help you with selling your PCS property.It's Wendy!Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Note: this page contains paid content.

Note: this page contains paid content.

Note: this page contains paid content.