Short Sales
- Short Sale Background
- Why Short Sale?
- Short Sale Steps
- Do You Qualify?
- Alternatives
- Tax Implications
- Credit Scores
- Short Sale Myths
- You Need to Short Sale?
- Short Sale Deficiency
Special Short Sales
Foreclosure Help
For Buyers
- Buying Short Sales
- Find Me Short Sales - Foreclosures
- Search Destin Short Sales- NW Florida
- Free Buyer Reports
Success Stories
- Destin Short Sales
- Sandestin Short Sales
- Santa Rosa Beach Short Sales
- Fort Walton Beach Short Sales
- Niceville Short Sales
- Crestview Short Sales
- Navarre Short Sales
- Freeport FL Short Sales
Learn More
About
Wells Fargo approved the Elation, Sandstin Florida short sale in less than 45 days. The unit was under contract in 45 days. The investor for the mortgage was Fannie Mae, who settled for the net short sale proceeds and waived the right to deficiency judgment.
If you need to sell your Sandestin FL condo to avoid foreclosure, be sure to contact an attorney and an experienced Sandestin short sale agent.
Do you think your mortgage is “too upside down” to do a short sale? Think again. Many Sandestin Florida homeowners bought houses and condos with loans over a million dollars in 2004-2007. Today, those property values might worth one-half of their original purchase price. With such high dollar losses and faced with financial difficulty, many of these homeowners don’t think they have a chance at a short sale. Heck, even some real estate agents question me before showing my Sandestin listings. They say:
“I checked public records. You have that property listed at a BIG loss from the original mortgage amount. Can you even get the short sale approved?”
What? The loss amount? Why are you asking me that question? Any loss amount can be approved – if the other ingredients in the short sale are right. Some of those ingredients are: copies of bank statements, tax returns, paystubs, hardship letter, fair market value offer. Wait! This all sounds like a standard short sale! Hmmm…. well, it is!
For example, I just received approval on a Bank of America short sale listing in the Burnt Pine subdivision of Sandestin Florida. The original mortgage was over one million dollars, and the net proceeds from the short sale to the lender will be about $490,000. It will be $530,000 less than the mortgage balance. Did the short sale process take longer? Yes, but not much more than the standard time frame. Did the seller participate in the loss? Yes, the seller agreed to a small promissory note and a cash contribution. Did Bank of America waive its right to seek a deficiency judgment? Yes, it did.
How did we succeed getting approval for this high dollar loss Destin Florida short sale? The same way we get other short sales approved. Complete documentation, a strong contract, a serious seller and tenacious follow up
Wells Fargo, formerly Wachovia, has approved a Magnolia Bay townhome in Sandestin Florida as a short sale. The unusual part of this short sale was that the senior mortgage holder, Bank of America, was not "short".
What does this mean? The sales price of the property was more than enough to pay the balance on the Bank of America mortgage. That is an unusual situation in Sandestin Florida and vicinity. Most short sales in the market area are "upside down" on both mortgages. Usually, the senior lien holder will pay a paltry sum to the junior lien holder to "entice" them to release their lien and allow the sale. In this case, Wells Fargo was satisfied with about one-third of its balance, and approved the short sale.
Hint: If you are negotiating with a junior lien, consider offering a cash contribution. They may then approve your short sale as "settled". It will be reflected on your credit report, but you will be done with them. As always, consult an attorney and an experienced Sandestin short sale agent.
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
This beautiful Bungalos at Sandestin home was just approved for short sale. Sandestin is a subdivision in Destin, Florida in Walton County. The home is scheduled to close within 30 days.
Lender: Bank of America, junior and senior liens
Hardship: Death of borrower partner
Mortgage Balance: $405,000
Sale Price: $310,000 approximately
Approval Time: 105 Days
If you need to sell your home as a short sale in Destin or Sandestin, Florida, it is best to hire an experienced short sale agent.
Let Wendy Help You With Your Sandestin Short Sale
This beautiful Destin home was just approved for a short sale. It is in the Laurel Grove subdvision in Sandestin Florida.
Lienholder: Wells Fargo
Mortgage Balance: $560,000
Sale Price: $399,000
Approval Time: 90 Days
If you need to sell your home as a short sale in Destin or Sandestin, Florida, it is best to contact an experienced short sale agent.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Let Wendy Help You With Your Sandestin Short Sale
This 9th floor unit in the gulf-front Westwinds condo in gated Sandestin in Destin Florida was just approved for short sale. Soothing jewel-like colors. Granite breakfast bar, inlaid tile backsplash, recessed lighting. Plush furnishings. Tile flooring. Gorgeous sights of beach, grounds, pool. Westwinds is on the south side of Hwy 98, with gulf-front amenities, restaurants, work-out facilities and shopping.
Sandestin in well-know for its Gulf of Mexico and Choctawhatchee Bay setting, Village of Baytowne Wharf and extravagant landscaping. Just five minutes away are more Destin Florida attractions- Grande Boulevard, Destin Commons and of course, Gulf of Mexico Beaches.
Listed at $589,000, Bank of America has accepted over $300,000 loss. The short sale approval took 90 days.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.