This waterfront home in the Holley area of Navarre Florida was just approved as a short sale. The log home needs some work, is on over two acres, and on a bayou leading to East Bay. It went under contract in 74 days. Here are the details of the Chase short sale approval.
Other Liens: none
Original Mortgage: Appr $280,000
Market Value: Appr $128,000
Approval Time: 90 days
Notes: This Chase short sale had to go through layers for approval. The seller was originally offered a Freddie Mac HAFA short sale, which was later denied by Chase. Subsequently, it was approved by Freddie Mac, and also a mortgage insurer (MI) for a cash contribution from the seller of $1500. Why? The seller made a good income. What was the end result for the seller? Complete waiver of deficiency. If you didn’t know, Florida is called a “deficiency state”, where a creditor can take many years to collect on a judgment. Check with your attorney before you attempt a short sale, and hire a Navarre Florida short sale agent.
Wendy Rulnick, Broker, Rulnick Realty, Inc.