This was a speedy approval for a vacant land short sale in Sound Hammock, Navarre Florida.  The waterfront lot, on Santa Rosa Sound, had one mortgage.  Here are the details:

Mortgage Holder:  BB&T

Original Purchase Price: $475,000 in 2005

Mortgage Amount: $430,000

Sales Price: $85,000

Cash Contribution Required: Yes

Short Sale Deficiency: Waived

This short sale, obviously, was a huge loss to the investor – over $350,000 when including closing costs. Since it was an investment property, a vacant lot, we expected BB&T to ask the seller for a cash contribution or promissory note, or both.  They did. Originally, BB&T accepted the seller’s offer of $9000 to completely waive any further deficiency. Before closing, however, BB&T re-contacted us and offered to reduce the cash contribution to $6000 and credit the buyer extra closing costs for a quicker closing. Hurray!  All parties agreed. The total time for approval – thirty days.

If you have a BB&T mortgage and are considering short sale, contact an experienced Navarre short sale agent.  Questions? Email me at itswendy@rulnickrealty.com

It’s Wendy!

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Lovingly decorated home in Lighthouse Point, Navarre Florida, with Santa Rosa Sound access. Beautiful creamy colors and upscale features. Kitchen is bright with breakfast bar, and partially open to the living with with trey ceiling. Long lazy porch overlooks back yard with storage shed. Baths have updated fixtures.Buyer to verify all data. Neighborhood has playground, too! Easy drive to the beach, Hurlburt Field or even Pensacola.

6433 Starfish Cove, Navarre Florida – offered for $83,900

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If you love nature, this is your home at 3112 Hickory St., Navarre Florida! A short sale, it has 2.5 acres on small bayou that goes to East Bay.  Set deep on a wooded lot, this Navarre home feels like a rustic cabin in the woods. Inside find a cathedral ceiling, pine board walls, and stone fireplace and hearth. The second floor is a roomy loft. Florida room and porch offer places to listen to birds and the wind in the trees. There are two outside buildings for work or hobby shops. Two car carport. There is an existing survey that can be used by the new owners. Needs yard work and updating inside,and there is an old dock to the water that needs repair.  This Navarre Florida bayou front location is close to Hurlburt Field, public boat launch, and the Santa Rosa Sound.

3112 Hickory St., Navarre FL – Short Sale – offered for $159,900

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

Navarre Florida Real Estate

Navarre Short Sales & Pre Foreclosure Help.

The post 3112 Hickory St., Navarre FL – Short Sale – Waterfront Acreage first appeared on Rulnick Realty.

This home in Tom King Estates, Navarre Florida, has been approved for short sale.

The senior lien, Wells Fargo, had a balance of $230,000

The junior lien, HSBC, had a $65,000 balance.

The sale price was about  $185,000, so there were not enough funds to fully pay the senior lien.  In these short sale scenarios, the senior lien will normally pay an amount to satisfy the junior lien.  The “junior” might only release  its lien, not waive the deficiency. 

Initially, HSBC requested $6000 to approve the short sale. Wells Fargo, the senior lien, would only pay them $3700.  HSBC asked the seller to bring $1500 in additional funds.  The seller agreed, and the deficiency was waived by both Wells Fargo and HSBC.

If you need to avoid foreclosure by short sale for your home in Navarre, Florida, contact an experienced Navarre 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

Navarre Florida Real Estate

Read Wendy’s Navarre Short Sale Blog

The post HSBC and Wells Fargo Approve Navarre FL Short Sale first appeared on Rulnick Realty.