This investment lot, a waterfront parcel in Milton Florida, was just approved for short sale closing by Bank of America. Here are the details:
Mortgage: Bank of America
Balance: $230,000 appr
Current Market Value: $90,000 appr
Seller Cash Contribution: $7,500
Short Sale Deficiency: none
Notes: This vacant Milton Florida lot had only one lien, Bank of America. Since it was an investment property, the seller was asked for a cash contribution to approve the short sale and settle the account in full. Seller participation in the loss is more common with an investment property than a primary residence. I prepared the seller for this possibility at the beginning of the short sale process. Bank of America, for its investor, originally wanted $15,000. The seller countered (yes – you can counter offer!) with $7,500. His offer was accepted, and they waived their rights to collect on the deficiency balance. The seller was pleased with the outcome.
If you need to sell your Milton Florida home as a short sale, contact an experienced Milton Florida short sale specialist.
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]