Another VA Compromise Sale was just approved in Crestview Florida! This house at 219 Limestone Ci. in the Redstone subdivision in Crestview, had a VA backed mortgage that was less than the market value. In this case, the Veterans Administration will often work with the military or retired military borrower and their mortgage lender, in this case, PHH Mortgage, to approve a sale for market value and forgive the deficiency. The VA Compromise Sale is specific name for a VA short sale. Note that the VA will appraise the property after there is a sales contract, not before. The net proceeds from the sale must be at least 85.05% of the appraised value. The net proceeds are what monies are left after all sales expenses are paid, for example, the title insurance, prorated taxes, state fees, like documentary stamps on deed in Florida, and Realtor commission.
If you are a service member or military retiree and you do a VA Compromise Sale, the portion of your entitlement used to obtain the mortgage won’t be available for a future VA loan unless you pay it back, but you may have remaining entitlement. You can check with the VA Regional Office to get your specific entitlement figures. To find out more about doing a VA Compromise Sale for your Crestview Florida, Eglin Air Force Base and Hurburt Field area home, call me at 850-650-7883 ext. 204.
This home at 219 Limestone Ci., Crestview, Florida just sold for $122,000.
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: [email protected]
Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach.