This home at 303 N Holiday Rd., Miramar Beach Florida was just approved for short sale. This was the second buyer for this home in Holiday Shores, as the first buyer defaulted (failed to close). There was only one mortgage holder. According to Bank of America, the property did not qualify for the HAFA program, so we did a traidtional short sale. Here are the details:
Lienholder: Bank of America
Mortgage Balance: $244,000 appr
Reason for Short Sale: Income reduction
Appr Sale Price: $175,000
Seller Cash Cont: -0-
Seller Promissory Note: -0-
Waiver of Deficiency: Yes
Time for Approval: 60 days
Notes: Bank of America initially asked the seller for a cash contribution. To obtain a waiver, we had the seller write an additional letter explaining why a cash contribution could not be made. This was uploaded into the Equator system and the Holiday Shores short sale was then approved.
If you need to short sale your Miramar Beach Florida home, consult with an attorney and an experienced Miramar Beach short sale agent.