This Elliotts Point home at 118 Ferry Rd., NE, Fort Walton Beach, Florida was approved as a VA Compromise Short Sale. This was not an easy property to sell, even though the short sale approval was easy! The home had multiple active roof leaks and and the roof was covered with tarp and sand bags. The roof design was itself defective. There was aluminum and cloth-covered wiring.  The costs to repair the roof and electrical system were about $16,000.  The home needed other repairs. The only straightforward way to ensure a buyer could close after short sale approval, was to get a cash buyer.  Sure, there are mortgages available for homes that need repair, such as FHA 203K, but they are complex and closing is not guaranteed, especially with a fast time line and closing requirement after short sale approval that is typically 30 days. Since we limited the market for the Fort Walton Beach short sale home to only cash buyers we shrunk the pool of interested parties. Two buyers walked due to their home inspections and one buyer simply “defaulted” and failed to close after short sale approval.  The fourth buyer closed. It takes perseverance to accomplish a successful short sale.

Many current and former Eglin Air Force Base, Hurlburt Field, Duke Field, Whiting Field military personnel have used the VA Compromise Sale as a benefit when hardship hits and they are unable to pay their mortgages.  It is an honor to help those current and former military service members who may need to sell their Emerald Coast area property to avoid foreclosure.

Here are the details of the VA Compromise Sale of 118 Ferry Rd. NE, Fort Walton Beach, Florida:

Lienholder: Shellpoint Mortgage Servicing

Mortgage Balance: $185,000 approximately

Appr Sale Price: $155,900,000

Short Sale Appraised Value:  $165,000

Seller Cash Contribution: -0-

Seller Promissory Note: -0-

Waiver of Deficiency: Yes

BONUS TO SELLER: Since this was a VA Compromise Sale, the seller was eligible to receive $1500 as a VA relocation benefit.
Note: If your agent does not ask for this incentive – you are not going to receive it. I asked.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

www.shortsales-emeraldcoast.com

Wendy Rulnick, Broker, sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.

This Miramar Beach Florida condo at Poinciana Place was approved as a short sale in three weeks!  Taking only 55 days to go under contract, this Miramar Beach condomium at 320 Scenic Gulf Drive had two liens.  What does that mean? There were two mortgages in this case, each with SPS – Select Portfolio Servicing.  The property was an investment condo, not a primary residence. The borrower was on time with his payments, but needed to sell for individual circumstances.  Some common reasons for short sale include job loss, divorce, death of borrower, medical expenses, relocation and interest rate adjustment increasing the mortgage payment amount, rendering it unaffordable.  This particular short sale had a senior mortgage lien at SPS with just enough proceeds to pay it in full, leaving a portion of the proceeds to pay a lesser amount to the second mortgage. In a short sale, there are not enough proceeds after sale to pay all liens in full.

If you are in a situation where you may need to sell to avoid foreclosure, short sale is an option. Consult with your attorney if you are behind in your mortgage payments and reach out to your lender. If you decide to use short sale to dispose of your real estate on the Emerald Coast, give me a call. I’ll be happy to discuss the ins and outs of the process with you.  I’ve helped hundreds of Emerald Coast homeowners avoid foreclosure through short sale in the following geographic areas: Miramar Beach, Destin, Santa Rosa Beach, 30A, Crestview, Niceville, Fort Walton Beach, Mary Esther, Navarre, Gulf Breeze, Milton, Freeport, Panama City Beach, Pensacola and more.  I may be able to help you, too.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

www.shortsales-emeraldcoast.com

Wendy Rulnick, Broker, sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.