Category Archives: Things to Know

What is Your Destin Real Estate Company’s Corporate Culture?

 

 

The other day a mortgage broker came in to my Destin real estate office to discuss his products. After some small talk, he asked what my corporate culture was. “What do you mean?”, I asked.  He said, “You can just tell when you walk in the door of some companies, what they are about”.  I figured he might mean water-cooler talkers or mostly retired agents discussing  their tennis games (not that there is anything wrong with that).  My office?

I responded the most important thing to my real estate business was its reputation and ethical conduct helping our clients.  We also talked about the difference between successful sales people and those not so successful.  Some essential philosophies, or “cultural” attributes, of a successful real estate agent, I told him, are:

1.       “You cannot put the pen in someone’s hand and make him sign.” My first office manager told me that over twenty years ago. That means, you cannot make a buyer or seller do anything.  Nor should you want to.  That’s not the way to garner happy clients, return customers and referrals.  If they don’t want to buy or sell the house, the condo, the lot, then they don’t. Plus, it’s just wrong.

2.       “You should not “insert” yourself into the sales transaction.” Agents who get emotional and take things personally, as if they themselves were the buyer or seller, lose the objectivity needed to best help their clients and find solutions to problems.

3.       “Move on.” If you lose a sale, ok, you are allowed to get upset. For one hour.  Maybe even a day. But the longer it takes you to get over lost business, the more time it will take to help the next person. Don’t cling to a sale that died, or one that should!  Say good-bye to a customer who didn’t want your help, and help someone else.

My discussion with the mortgage broker was more than a chit-chat.  It was a review of innate qualities of good sales people.  There are more.  Some can be taught, and some can’t.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

Use Florida Homestead Laws To Help Your Destin Short Sale Even with Judgments and Liens

 

Florida homestead judgments

If you are selling your Destin Florida home as a short sale, and get an approval, all is wonderful, right? Not necessarily, especially if there are judgments against you from other creditors filed in the State of Florida.  For example, you may owe $25,000 on a charged-off credit card, have a defaulted car loan, small business loan, or a foreclosure from another property.  In order to sell your short sale home, you would have to get your creditor to release its lien from the property being sold.

How do you end up with a lien on your Destin property from an unpaid loan, in the first place? According to the website of Jonathan Alper, Florida Attorney who specializes in asset protection, “ In Florida, a judgment creditor files its judgment with the Florida government in Tallahasseee, and that judgment then becomes a lien on all the debtor’s Florida real estate.”

So, what do you do if you have this $25,000 judgment, and it’s getting in the way of closing your Destin short sale?  If you cannot come to terms with the creditor, and your property is your homestead, you may be able to use Florida Statute 222.01 to have them remove their lien.

Florida homestead judgmentsFlorida Statute 222.01, Methods of Setting Apart Homesteads and Exemptions says, in summary:

1. You can exempt your homestead property from forced sale by filing a written Notice of Homestead describing the property and recording it in the circuit court.

 

2. The clerk will mail of copy of your notice to your judgment lienor.

 

3. The creditor has 45 days to “institute an action for a declaratory judgment to determine the constitutional homestead status of the property described in the notice of homestead or to file an action to foreclose the judgment lien, together with the filing of a lis pendens in the public records of the county in which the homestead is located”.  If no action is taken, the judgment will not be considered attached to the homestead property, and the status will remain such for 180 days. So you can complete the sale of your homestead.

 

If the judgment pertains to taxes, assessments, mortgages on the property itself, mechanics liens, or “other obligations” contracted for the real property, you cannot use this Notice of Homestead to remove the lien.

 

Florida has a great protection for owners of homestead property. If you are in a short sale situation, and need to apply the Notice of Homestead to remove a judgment, please consult with a Florida attorney and a Destin short sale specialist.

 

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

Is Early Occupancy OK for Destin Short Sales?

Move in without closing first? Whoa! I just got an offer on a Destin Florida short sale listing with an early occupancy clause.  The buyer wants to move into the property before closing and short sale approval.  Is that a good idea? One of the negatives of short sales is the waiting time for the buyers during the short sale process. It could take 60-120 days for a short sale approval, then another 30 days for the buyer to close. Some buyers “bail” because they get wandering eyes or are tired of waiting so long.  The solution for some sellers, to keep a buyer in the sale, is to allow the buyer to move in early.  This could be a bad idea, but there are some things short sale sellers can do to lessen the risk.

1.       Require the buyer to complete and remove the home inspection contingency prior to move in.  Why?  Removing this contingency overcomes one hurdle to successful closing. Since most short sales are sold “as is” with the right of buyer to inspect and accept or reject the property, you’ll have that clause of the way.  Also, it might lessen those phone calls to the seller as a landlord after the buyer has moved in.

2.       Require a lease.  This may seem basic, but without it, you might lose legal protections if the closing does not occur and you have a tenant you don’t want. Who negotiates the lease?  Not me.  Property management is a specialty, and it’s not mine.  I refer my clients to a professional property manager, or they make their own lease if they are experienced with rentals.

Should a short sale seller allow early occupancy? It’s not my decision, but I’ve had several successful short sales where the seller did negotiate early occupancy and allowed the buyer to move in early.  In these cases, we knew the short sale was likely to be approved, the buyer was pre-approved for a mortgage, the earnest money was deposited, the inspection contingency was removed, and of course, there was a lease. 

If you are considering short sale to avoid foreclosure, be sure to consult an attorney and an experienced Destin Florida short sale agent.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

Mid-Bay Bridge Connector – Will It Help Niceville Property Values?

 Niceville Realtor

If you are a resident of Niceville, Florida, you cannot help but notice the road construction on Highway 20 and White Point Rd., near the Mid-Bay Bridge. There is a blinking sign that says “White Point Rd Access to Mid-Bay Bridge closing May 12”.  In its place, there will be a new route to Highway 20, then eventually to Highway 85, called the “Mid-Bay Bridge Connector.”

Currently, White Point Road in Niceville is the only route to and from the Mid-Bay Bridge.  According to the Florida Department of Transportation, White Point Road has a traffic count averaging 18,700 daily commutes.  Starting on May 12, this number will drop to just trips going to and from the neighborhoods off White Point Road, such as Meadow Woods, Raintree Estates, Bluewater Bay, The Woodlands, Chardonnay Estates and more.  It will no longer be a waiting game to pull out onto White Point Road to get to work, shopping or the beach from those subdivisions. Or, in a broader sense, just think about shaving twenty minutes off your trip to Destin Florida from Crestview.  Or to work in Santa Rosa Beach from Valparaiso.  Or even from Destin to Pensacola via I-10.  It currently takes about 45 minutes to an hour to get to points in Crestview from Destin.  I am hoping this time is cut to 30 minutes, as the FDOT says 14 traffic lights will be eliminated when the Mid-Bay Bridge Connector is complete in 2014.

For now, what are the Niceville real estate ramifications of the rerouting phase to Highway 20? Houses along White Point Road, or those which back up to it, should see a value increase in the long run.  I’ve shown homes along the corridor before. Believe me, it’s harder to sell a property on a busy street.  That objection will be eliminated. And what about for home sellers and buyers in the surrounding towns? Since the Mid-Bay Bridge Connector will make commuting times shorter, a wider range of home options will open up for people.  For example, if you work in Sandestin, you previously may have felt Crestview was too far to live.  Or if you work near the East Gate of Eglin Air Force Base, Santa Rosa Beach might have been too far for you.  Maybe not anymore. 

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It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 1-877-487-9639 or 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Niceville FL Real Estate

Niceville Short Sales & Pre Foreclosure Help.

Read Wendy’s Niceville Real Estate Blog

Checklist for Florida Short Sale Brokers FTC MARS Compliance

Sandestin short sale agent

On February 25, there was a stir in the Florida real estate world.The Florida Association of Realtors issued an alert that, yes, we must comply with the new Federal Trade Commission Mortgage Assistance Relief Services (FTC MARS) ruling.

 

Previously, there was much Florida Realtor confusion about FTC MARS.When I initially inquired, the FAR attorneys said we were covered by the Florida Chapter 494 Opinion Letter. Since we help sellers with short sales in the normal course of listing and selling homes, as long as there was no upfront fee, there was no need to change our procedures.

That changed last week. FAR issued a directive that Florida Realtors must comply with the new MARS FTC ruling.Whoa!Scramble.

1.Add the following language to my websites and email signature, since I actively help consumers with short sale listings: “IMPORTANT NOTICE: Rulnick Realty, Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.”
2.Send out letters with a MARS FTC listing addendum to ALL my current short sale listings, to comply with consumer specific commercial communication.We are allowed to use our own company letterhead instead of the FAR letterhead, which I did.Each envelope had a self-addressed stamped return envelope to make it easy for my sellers.

 

3.Change my Short Sale Approval Acknowledgment form to include language from bothFTC MARS Disclosure for Offer from Lender I and FTC MARS Disclosure for Offer from Lender II

 

4.Call an Office Meeting to discuss the FTC ruling with my agents
Prohibited claims
The MARS Rule prohibits mortgage relief companies from making any false or misleading claims about their services, including claims about:
  • the likelihood of consumers getting the results they seek;
  • the company’s affiliation with government or private entities;
  • the consumer’s payment and other mortgage obligations;
  • the company’s refund and cancellation policies;
  • whether the company has performed the services it promised;
  • whether the company will provide legal representation to consumers;
  • the availability or cost of any alternative to for-profit mortgage assistance relief services;
  • the amount of money a consumer will save by using their services; or
  • the cost of the services.

5. Prepare an MARS FTC Office Policy addendum to my independent contractor agreement for my agents

I completed my changes in a day. The Florida Association of Realtors legal department made it easy.

It’s Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

Multiple Offers and The Seller Said “NO”! So?!

 

Multiple Offers

 

I don’t enjoy multiple offer situations, do you?  As a listing agent in Destin Florida, I occasionally run into these scenarios. Did you know you don’t automatically have permission to relay the existence of another offer unless your seller says you can?

Mouthful?

Check • Standard of Practice 1-15

REALTORS®, in response to inquiries from buyers or cooperating

brokers shall, with the sellers’ approval, disclose the existence of

offers on the property.

 

   

Anyway,  I did have permission from my seller to disclose that I had another offer on his Destin property.  Since I had two offers, I advised my seller:

 

1.       Accept one

2.       Counter one

3.       Counter each (reserving the right to accept whichever he chose)

4.       Ask for “highest and best”

5.       Reject both

 

My seller decided to counter Offer #2, which was much higher.  I sent the counter offer to Agent #2 and informed Agent #1.  Agent #2’s buyer rejected the counter offer, and countered back. 

 

 

Meanwhile , Agent #1 said her buyer was still interested. 

 

 

Who was I to prevent her buyer from submitting another offer?  Why should her buyer give up just because he was rejected? Yes, while Buyer #2 was still negotiating with my seller, Buyer #1 snuck right in and submitted a FAR better offer to my seller!  My seller took it.  Agent #2 was not happy.

    

Was this right?  Of course.  Just because a seller decides to counter another offer in a multiple offer situation, does not mean your buyer has to cease and desist! Multiple Offers

 

 

Agent #1 WON because she was persistent.  She knew her customer really loved the home.  She called me twice  a day.  Then WHAMMO!  She won – and her buyer won.  So don’t give up!  If it’s the home your buyer loves, don’t let rejection get you down.  You don’t need permission to submit another offer. Stay in the fight, and come home with a win! 

 

 

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

Why Should You Get a Title Search on Your Destin Short Sale?

Title Search 

 

If you are selling a short sale in Destin Florida, it’s wise to have a title search as soon as you list.

Why?  Problem prevention!  Title problems can delay short sale closings.  You don’t want to find out these issues after you finally get approval, and only have 30 days to close!

Here are some examples of what early title searches have revealed on some of my Destin Florida short sales:

1.   Seller is not aware of a mortgage.  That means we may have never submitted a short sale package to this lender.

2.   Seller lists wrong mortgage companies on letter of authorization.  Again, this causes nothing but delays.

3.   There is a judgment that must be paid before closing. Judgments can be a huge problem.  In Florida, a judgment in the county where the property is located normally has to be paid or otherwise removed before there is a sale.  The judgment could be from a credit card company, a mortgage company, or any other creditor.  The amounts can be substantial. 

4.   There is an IRS tax lien that must be resolved.  Allow extra time to remove it.

5.   Local tax liens.  These must be paid or moved prior to closing. 

6.   There is another title holder.  If undisclosed early, time is lost locating the missing party, and ensuring he is cooperative in the sale.

7.   The seller should have received a quit-claim deed from an ex-spouse per divorce decree.  Find out if the ex-spouse is cooperative at the beginning of the process.

8.    Etc. Etc.

These are just examples of issues that would be revealed by an early title search.  They seem to be more prevalent with short sales than with traditional sales.  It’s best to get your title search done as soon as you list.  Solve these problems ahead of time, and move on to a speedier closing.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Do You Have Time To Waste? Then Send In Low Short Sale Offer!

 Do you think you’re  sneaky?  Sending in a purposefully low offer to the short sale lender?  You just want to find out “what” price they want so you can get a “real” offer later, right?

Most short sale lenders don’t authorize a list price in advance.  This presents a quandary to the short sale listing agent.  Instead of watching the market and keeping an eye toward what the lender might approve, they send in a low-ball offer.  One that will likely NOT be approved.  This method may even be encouraged by the seller to find out what the bank really wants.

Let’s say the home is worth $350,000, but the buyer offered $250,000.  “Send it in! Let the bank decide! Then at least we’ll have a value!” is the common mantra. Why is this a problem?

Your short sale seller probably has to take his home off the market while the lender processes the low offer.  At least that is required by my Emerald Coast Associaton of Realtors MLS.  Your seller is losing marketing time while the lender analyzes the offer you know won’t be accepted.  One month, two months, three months off the market?  All the while, your seller is getting ever closer to foreclosure.

After ordering a Broker Price Opinion or appraisal and establishing a value, the short sale lender will probably deny the short sale or counter offer, since the buyer’s price was far too low.  If there is a counter offer, the buyer, never intending to pay market value, walks.

Result?  Your seller is now stuck with a 90 day valuation or even a six month valuation, if it’s a VA compromise sale. “Yea!” — You have a price the bank will accept.  “Boo!”– Your real estate market is still declining.  You are now STUCK with this price you “helped” generate for months to come, because lenders do not order new valuations for every offer.

What is the key to getting a short sale approved ?  Watch your market.  Scan the comparable listings. Price accordingly.  Get a strong offer for fair market value,  a buyer willing to wait and an earnest money deposit.  And get your short sale approved!

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

366 Holiday Rd. N, Holiday Shores, Destin Florida – Short Sale

Beautiful arches highlight this brick one-level contemporary at 366 N Holiday Road, in the Holiday Shores subdivision.  This Destin Florida short sale home has unique architectural touches, plant ledges and transom windows add drama. Bright kitchen with pass-through opening. Breakfast nook and formal dining room. Living room has wood burning fireplace. Dimensional roof shingles. Patio and fenced yard. Master bedroom with tray ceiling and French doors to outside. Rainsoft water conditioning system. This Miramar Beach, Destin Florida short sale is is well-located – a quick drive to the beach, bay or shopping in Sandestin, Grand Boulevard or Silver Sands.

366 Holiday Rd., N, Miramar Beach, Holiday Shores – is a Destin Florida short sale offered at $237,900

Miramar Beach short salesMiramar Beach short salesMiramar Beach short salesMiramar Beach short sales

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

How Instant Messenger Can Help Your Business

Do you own a business?  Is communicating difficult between so many phone calls?  When you are on the line, and an important message comes in, how do they let you know without interrupting?

“IM”

IM stands for “Instant Messaging“.  It is direct communications between users over the internet via text.   Some popular IM software for computers includes Windows Live Messenger, AIM Messenger, and Yahoo Messenger.  I use Windows Live… well, because I always have. 

Instant Messaging Each of my team members at my Destin real estate office has a log-in id, and I can have private communications with several at once, or invite “others” to the message window.  This is very convenient, as I can notify my team of important info quickly.  In the morning before I get to the office, my team IM’s me any messages, and I IM back any action needed. Or, if I am on the phone, they can IM me that someone has stopped in to see me, or an important call is waiting.  Since my office is upstairs, and my team is downstairs, this is even more useful.  No shouting necessary.

You can also get creative with IM.  You can share photos.  For example, I was picking out a table for the office, and sent the photo through IM to my assistant to get her “instant” thoughts.  You can also send voice clips. 

If you want to have “fun” (much needed in real estate), you can send emoticons to express yourself and you can change your avatar hairstyle and clothes, even adding a cup of coffee and backgrounds.  I know it sounds silly, but it adds some levity to the day. 

Instant MessagingInstant MessagingInstant Messaging Anyway, if you haven’t tried IM, check it out.  You might find you cannot live without it.

It’s Wendy!

 Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.