This Miramar Beach Florida condo at Poinciana Place was approved as a short sale in three weeks! Taking only 55 days to go under contract, this Miramar Beach condomium at 320 Scenic Gulf Drive had two liens. What does that mean? There were two mortgages in this case, each with SPS – Select Portfolio Servicing. The property was an investment condo, not a primary residence. The borrower was on time with his payments, but needed to sell for individual circumstances. Some common reasons for short sale include job loss, divorce, death of borrower, medical expenses, relocation and interest rate adjustment increasing the mortgage payment amount, rendering it unaffordable. This particular short sale had a senior mortgage lien at SPS with just enough proceeds to pay it in full, leaving a portion of the proceeds to pay a lesser amount to the second mortgage. In a short sale, there are not enough proceeds after sale to pay all liens in full.
If you are in a situation where you may need to sell to avoid foreclosure, short sale is an option. Consult with your attorney if you are behind in your mortgage payments and reach out to your lender. If you decide to use short sale to dispose of your real estate on the Emerald Coast, give me a call. I’ll be happy to discuss the ins and outs of the process with you. I’ve helped hundreds of Emerald Coast homeowners avoid foreclosure through short sale in the following geographic areas: Miramar Beach, Destin, Santa Rosa Beach, 30A, Crestview, Niceville, Fort Walton Beach, Mary Esther, Navarre, Gulf Breeze, Milton, Freeport, Panama City Beach, Pensacola and more. I may be able to help you, too.
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, sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.