326 Cullman Avenue in Grove by the Sea just sold as a short sale. The Santa Rosa Beach Florida property needed significant work, but was located in a prime subdivison near Seaside, Watercolor and the Gulf of Mexico. Grove by the Sea has two community pools and a tennis court. There is a lovely walking trail highlighted by nature, and children’s play area.  What I like most about Grove by the Sea is its respect for trees.  The neighborhood was not cleared out, and many natural elements were retained to give a feeling of privacy to the cottage style homes.

Five homes sold in Grove by the Sea in 2011.  Prices ranged from $315,000 to $429,900. Homes currently for sale are listed from $350,000 to $540,000.

326 Cullman Ave, Santa Rosa Beach FL sold for $315,000.  

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It’s Wendy!

The post 326 Cullman Ave., Grove by the Sea, Santa Rosa Beach FL – Just Sold first appeared on Rulnick Realty.

This Grove by the Sea home near Seaside Florida in Santa Rosa Beach was just approved for short sale.  Located in a subdivision of mostly larger homes, this property needed work.  The air conditioner did not function, there was some water damage to the floors, and the landscaping was a jungle.  Bank of America had two mortgages on the property, and it had to be sold twice before final approval.  Here are the details:

Senior Lien: Bank of America  – $350,000
Junior Lien: Bank of America – $280,000
Sold Price: $319,900 appr
Cash Contribution: $2500
Promissory Note: -0-

Originally under contract several months ago with the final buyer, Bank of America countered the price significantly higher.  The buyer withdrew his offer, and the property was placed back on the market.  After the valuation expired, the price was reduced again to market value. The same buyer made another offer. This time, Bank of America accepted it.  They originally asked the seller for a cash contribution and promissory note, which is common nowadays with investment short sales.  The seller agreed.  When the final approval was issued, Bank of America removed the promissory note, and issued a full waiver of deficiency.

If you are considering short sale to avoid foreclosure, consult an attorney and an experienced Santa Rosa Beach short sale agent.

It’s Wendy!

The post Grove by the Sea, Santa Rosa Beach FL – Short Sale Approved first appeared on Rulnick Realty.