Wells Fargo, formerly Wachovia, has approved a Magnolia Bay townhome in Sandestin Florida as a short sale.   The unusual part of this short sale was that the senior mortgage holder, Bank of America, was not “short”.What does this mean?  The sales price of the property was more than enough to pay the balance on the Bank of America mortgage. That is an unusual situation in Sandestin Florida and vicinity.  Most short sales in the market area are “upside down” on both mortgages.  Usually, the senior lien holder will pay a paltry sum to the junior lien holder to “entice” them to release their lien and allow the sale.  In this case, Wells Fargo was satisfied with about one-third of its balance, and approved the short sale.

Hint:  If you are negotiating with a junior lien, consider offering a cash contribution.  They may then approve your short sale as “settled”.  It will be reflected on your credit report, but you will be done with them.  As always, consult an attorney and an experienced Sandestin short sale agent.

 It’s Wendy!

 Wendy Rulnick, Broker, 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

 Sandestin Florida Real Estate

 Sandestin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

The post Wells Fargo Approves Sandestin Florida Short Sale in Magnolia Bay first appeared on Rulnick Realty.

Serene, sedate and luxurious… This Magnolia Bay townhome is a Sandestin short sale.  It feels like a private residence. Note the limestone floors, mahogany entry door, high ceilings and walls of windows. Overlooking a small lake and the Baytowne golf course, this unit is the perfect hideaway as a second home or a great rental. Granite double-width breakfast bar in the kitchen, tile backsplash, recessed lighting. The rear covered porch feels tranquil and cool. Master bath has a deep soaking tub and gorgeously tiled oversized shower. This Sandestin short sale home is simple and stylish. Easy walk to neighborhood pool, Village of Baytowne Wharf. Sandestin has beach access. Join tennis, beach club, golf, marina, gym!

Offered at $479,900

It’s Wendy!

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

Sandestin FL Real Estate

Sandestin Short Sales & Pre Foreclosure Help.

Read Wendy’s Sandestin Real Estate Blog

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

Email Wendy: itswendy@rulnickrealty.com

The post Magnolia Bay #8594, Sandestin, Destin Florida Short Sale first appeared on Rulnick Realty.