This Destin Florida home was mortgaged for $415,000.  It has an in-ground pool, two-car garage and 1400 square feet.  In today’s market it is worth $205,000.  The short sale was just approved by Everhome Mortgage in 50 days.  The negotiator was cooperative, and available by both phone and email.  The short sale involved two mortgages, the second was Citi, who is to receive $3000 at the closing. The sellers have been saved from foreclosure and might be able to purchase another home in as little as two years.

When selling a short sale, it is best to use an experienced agent.

The post Destin Home Approved for Short Sale in 50 Days first appeared on Rulnick Realty.

Two months ago, I had another offer on the property.  The buyer walked after waiting for approval for three months.  The hold-up was Everhome.  Citi had granted approval. Their terms at the time were $3000 from the first, and $16,000 paid back from the seller over 84 months at 0 percent interest.

Take Two:  I now have a new buyer for this Santa Rosa Beach house.  The approvals are going much more quickly this time.  Three weeks after submitting the short sale package, Citi has again granted approval.  Terms:  $3000 from the first and NO PROMISSORY note!  I don’t know why and don’t want to ask.  Maybe they “forgot”.  Maybe the negotiator likes me because I asked him about his cold.  Maybe Citi realizes the market value of the house is less than the offer (I found out it appraised for $10,000 less than the contract price from Everhome).  Maybe Citi is getting reasonable.  Maybe they are just getting nice.

The post Is Citi Mortgage Getting Nice? first appeared on Rulnick Realty.