I just received an approval on a Crestview Florida short sale.  Not just any short sale, but on a VA Compromise Sale.  When a U.S. veteran has a VA guaranteed mortgage loan, and sells his home in a hardship situation for less than the mortgage balance, there will not be enough to pay back his VA entitlement.  That is called a VA Compromise Sale or Offer in Compromise.  In that case, when working with Bank of America, you won’t see the dreaded “Deficiency” approval letter, where they “reserve the right to pursue a deficiency”.

 Here is the approval letter for a Bank of America VA Compromise sale:

Crestview FL  32539

Dear

This letter will serve as our demand for payment and advised you that Bank of America and its Investors and/or insurers have agreed to accept a short payoff involving the above referenced property.  This demand should be used by Escrow and/or Title as our formal demand statement.  No additional statement will be issued.  This approval is exclusive to this offer only.  The conditions of the approval are as follows:

1. Loan to close no later than 04/28/10
2. Sales price to be $115,000.00
3. Seller to make a cash contribution of $0.00 to assist in the closing of the transaction.  This contribution will be in the form of certified funds to be deposited into excrow prior to closing.

 If you need to do a VA Compromise sale or use the HAP program in Crestview, Niceville, Destin, Fort Walton Beach or Navarre, Florida, you should contact an experienced real estate agent.  In fact, I am thinking of one right now 🙂 

It’s Wendy! 

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc. 

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

 Email Wendy: itswendy@rulnickrealty.com 

Fort Walton Beach Florida Real Estate 

Short Sales, HAP and Offers in Compromise – Pre Foreclosure Help. 

Read Wendy’s Real Estate Blog

The post What does a Crestview Florida VA Compromise Sale Approval Look Like from Bank of America? first appeared on Rulnick Realty.