This short sale at 811 Overbrook Dr., Fort Walton Beach Florida was just approved! Here are the details:

Senior Lien (first mortgage): PNC

Balance: $120,000 appr

Junior Lien (second mortgage): Bank of America

Balance: $90,000 appr

Market Value:  $190,000 app

This short sale was only “short” to the junior lien, Bank of America. What does that mean?  If a home sale nets more than a senior lien’s balance, they are paid in full, therefore they are not “short”. The junior lien will get whatever leftover proceeds there are after paying the senior lien and other closing costs, such as title insurance, commission, pro-rated taxes, state transfer taxes, etc.  In many cases, the junior lien in this type of transaction gets a substantially higher payment than a regular short sale, where typically all liens are short. In a normal short sale, the senior lien will pay the junior lien a standard amount, such as 10% of their balance or a HAFA amount of $8,500.00, for example.

This Overbrook subdivision, Fort Walton Beach Florida, short sale netted Bank of America about $50,000, with which they were quite happy.  They approved the sale in 45 days.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.  Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach. 

The post 811 Overbrook Dr., Fort Walton Beach FL Short Sale Approved first appeared on Rulnick Realty.

This Fort Walton Beach Florida VA Compromise Sale home just went under contract after one day on the market. Located in the Overbrook subdivision at 776 Overbrook, it attracted multiple offers due to competitive pricing.  Some of the features of this home included striking ceiling heights, wood laminate floors, generous kitchen and Florida room.

The VA Compromise Sale is a type of short sale for home mortgage loans back by the Veterans Administration. This VA Compromise Sale is serviced by Bank of America. Some of the requirements to get a VA Compromise Sale approved are:

• The borrower (seller of the VA Compromise Property) must have a hardship
• A VA Appraisal must be conducted
• Net proceeds from the sale are to be a minimum of 85.05% of the appraised value.  This is a change in theprogram issued in October 2013 from prior years net value requirement of 88.13%.

This Fort Walton Beach Florida VA Compromise Sale will be transacted with Bank of America by fax and email, as opposed to most other Bank of America short sales which are processed through the Equator online platform.  The expected time for approval is about 60 days.

It’s Wendy… It’s Sold!

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

Fort Walton Beach VA Compromise Sale 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. 

The post 776 Overbrook Dr., Fort Walton Beach FL – VA Compromise Sale – Sold in 1 Day first appeared on Rulnick Realty.