The Ariel Dunes condo project in Destin Florida has 112 units for sale. The complex is right across from Gulf of Mexico beaches and has amenities like pools, tennis and golf. Only four units have sold in the past six months. The latest was a short sale, which was approved in 90 days. Summary:
Property: Ariel Dunes gulf view condo, 732 square feet
Original Purchase Date: July 2006
Original Purchase Price: $284,000
Current Sale Price: $180,000 (fair market value)
Debt Forgiven: Over $50,000
This Suntrust Destin short sale was processed by a company called Loan Care, who handle some of Suntrust’s overflow in loss mitigation. The appraisal came back at $190,000 but Suntrust and its investors accepted the $180,000 offer in light of the Destin condo market, with its six year inventory. Suntrust paid a full commission of 6%. Their negotiators were professional, personable and responsive.
If you need to sell your Destin real estate as a “short sale”, consult a professional real estate agent who is skilled and experienced.