This Emerald Lakes home at 319 Wimico Ci., Destin, Florida has been APPROVED for short sale by Bank of America. The home was in the Bank of America cooperative short sale program (COOP program). What does that mean?  Bank of America offers an incentive to some homeowners to sell their home via short sale, sets a pre-approved list price, issues a waiver of deficiency for the balance of the loan, and often pays a cash incentive to the owner at closing.  It’s sort of like Bank of America’s version of the HAFA program.

One of the frustrating things with the Bank of America COOP short sale program is the apparent delay in receiving a short sale approval. This Emerald Lakes property had a great offer on it in mid-March, very close to the pre-approved list price.  Bank of America, however, ordered another appraisal and we waited for over six weeks for them to finally allow us to send them the contract. After all that time, they just issued the same price they had given us months earlier. It was a frustrating process, and there appeared to be redundancy.

In the end, however, the Emerald Lakes, Destin, Florida homeowner was very pleased that his short sale was approved.  I currently have other COOP short sales in process, as well as HAFA short sales with Bank of America.  If you have questions about short sales in the Destin area, give me a call.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

SHOULD YOU SHORT SALE OR STAY CALCULATOR

Destin Florida short sale specialist

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale,  HAFA, Bank of America Coop program and more.  Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

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This home in Emerald Lakes, Destin Florida, was just approved for short sale.  An uncommon scenario, it had three liens.  The first was an IndyMac mortgage, the second, a Bank of America home equity line, and the third, a judgment from another creditor. 

The seller’s attorney said the short sale could not be accomplished, especially with waiver of deficiency.  We succeeded, however.  Here are the details for this Emerald Lakes, Destin Florida short sale:

Original purchase price – $490,000 in 2005

IndyMac – balance – $350,000

Bank of America – balance –  $50,000

Judgment Lien – $40,000 Note: Judgments in Florida may attach to all the borrower’s Florida real estate, even if unrelated to the property or even if a homestead property

Sale Price – $260,000 appr

Notes: Since the property was owner-occupied, we asked IndyMac if they would consider the HAFA program, which is beneficial to sellers who are doing short sales, as it grants a waiver of deficiency. IndyMac said they were not participating in the HAFA program.  They referred their short sale processing to a company called Service Link.  Service Link kindly reduced the agents’ commissions by 1% and placed a 1% “service fee” on the settlement statement to pay themselves.  The file was approved with a small credit for buyer’s closing costs and waiver of deficiency.

Bank of America approved the short sale after initial numerous delays in “outreach” seeking participation  in the HAFA program.  The seller rejected HAFA twice by phone, as IndyMac would not participate. The file had to be re-initiated three times.  Bank of America waived deficiency for $2700.

The third lien, the creditor judgment, released its lien for $1000.

Total time for this short sale approval?  About 60 days.

If you are considering short sale to avoid foreclosure in Destin Florida, consult an attorney and an experienced Destin short sale agent.  We can write your success story together.

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