This HUD FHA short sale at 800 Wild Oak, Destin Florida, was approved by Bank of America in 13 days! Why? How? What?
Why? The seller was proactive! He contacted Bank of America early when he was unable to pay his mortgage. When a modification did not work, he applied for the HUD Pre Foreclosure Sale Program.
How? When my Destin seller contacted me, he provided me with the HUD Approval to Participate form, indicating a starting list price.
What? I obtained a full price offer for the seller in one day. I ensured the contract was written without closing costs HUD won’t pay. They will only pay reasonable seller’s costs, (with the exception that if the buyer’s loan is FHA, they will credit 1% towards buyer costs).
In fact, the Bank of America short sale negotiator emailed me:“I wanted to inform you I have never received a HUD (settlement statement) that was this clean. Thank you so much!!! It definitely makes my job easier!”
Additionally, because I sold this seller’s home so quickly, he qualified for a HUD seller credit of $1000. That’s the incentive HUD pays if the property sells within 3 months of application (reduced to $750 thereafter).
If you have a Destin Florida home with FHA HUD mortgage, and you are unable to make your mortgage payments, contact your lender right away. Consider a HUD Pre Foreclosure sale, and be sure to contact an experienced Destin HUD short sale agent.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: [email protected]