BB&T Approves Navarre Florida Short Sale in 30 Days

Navarre BBandT short sale

This was a speedy approval for a vacant land short sale in Sound Hammock, Navarre Florida.  The waterfront lot, on Santa Rosa Sound, had one mortgage.  Here are the details:

Mortgage Holder:  BB&T

Original Purchase Price: $475,000 in 2005

Mortgage Amount: $430,000

Sales Price: $85,000

Cash Contribution Required: Yes

Short Sale Deficiency: Waived

This short sale, obviously, was a huge loss to the investor – over $350,000 when including closing costs. Since it was an investment property, a vacant lot, we expected BB&T to ask the seller for a cash contribution or promissory note, or both.  They did. Originally, BB&T accepted the seller’s offer of $9000 to completely waive any further deficiency. Before closing, however, BB&T re-contacted us and offered to reduce the cash contribution to $6000 and credit the buyer extra closing costs for a quicker closing. Hurray!  All parties agreed. The total time for approval – thirty days.

If you have a BB&T mortgage and are considering short sale, contact an experienced Navarre short sale agent.  Questions? Email me at [email protected]

It’s Wendy!

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