BB&T Approves Navarre Florida Short Sale in 30 Days
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!
