Darling Niceville Florida VA Compromise Sale home in popular Cedar Ridge. 200 Bartonwood is located on a corner lot with mature trees, fenced back yard. Two car carport, patio and deck. Open floor plan with kitchen pass-through over breakfast bar to living room with cathedral ceiling and fireplace. Home needs a little cosmetic work.  Excellent location for commuting to Eglin Air Force Base, Duke Field or the beaches in Destin.

This Niceville Florida VA Compromise Sale has one  lien with Wells Fargo. A VA Compromise Sale is a short sale of a property with a Veterans Administration mortgage. The process for the seller is similar to a regular short sale.  Currently, the VA is offering a $1500 seller relocation incentive to do a VA Compromise Sale.

200 Bartonwood, Cedar Ridge, Niceville Florida is offered for $109,900

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: [email protected]

Niceville VA Compromise 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, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. 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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Wells Fargo just approved this home in The Woodlands, Bluewater Bay, Niceville Florida, for a VA Compromise Sale.  A VA Compromise Sale is similar to a short sale. The process is not always “smooth”, and this one had a few issues, too.

The Problem:

VA appraised the home for more than the contract price. The buyer would not increase his offer to meet the VA required net proceeds of 88.13% of the appraisal.

Since the buyer would not pay more for the property, could the seller make up the difference? Normally, the answer is “no”.  VA frowns upon the seller bringing funds to closing, since a VA Compromise Sale is supposed to be a hardship situation.

The Solution:

We were allowed to go forward by providing a “gift letter” supporting seller bringing funds to closing that were “gifted”, not loaned, to meet the VA minimum net.

The good news for the seller was VA does not expect repayment unless they want to get a VA mortgage in the future, and the Wells Fargo HELOC waived any right to a deficiency through our negotiations.  The seller never missed a mortgage payment, which will minimize credit impact.  (Although VA is quoted as saying the borrower must be “behind”, that is not always the case.)

If you have a VA loan on a home in Niceville, Florida, are “upside down” in your mortgage, and need to sell, consider a VA Compromise Sale.  As always, consult with an attorney and an experienced Niceville FL short sale agent.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or 850-650-7883 ext 204

Email Wendy: [email protected]

Read Wendy’s Niceviile FL Real Estate Blog

The post Bluewater Bay Florida Home Approved For VA Compromise Sale first appeared on Rulnick Realty.