This VA Compromise short sale is now under contract! 119 Ferry Rd., NE in Fort Walton Beach Florida is pending and awaiting short sale approval. What is a VA Compromise Sale? It is a type of short sale specifically for Veterans Administration or VA home mortgage loans. A short sale occurs when real property, such as a house or townhouse, is sold with proceeds (net sale amount) less than sufficient to pay off the mortgage or mortgages. A VA Compromise Sale follows these guidelines:

1. You may only sell the home for fair market value
2. The closing costs must be reasonable and customary
3. You must have a valid financial hardship, such as loss of income, disability, divorce, etc.
4. There should not be a second mortgage on your property in most cases
5. You should ensure your sales contract is “contingent and/or subject to the approval of a VA Compromise Sale”

Note that VA Compromise Sales will affect the veteran’s remaining “entitlement” which is the benefit that allows them to obtain a VA mortgage.  The entitlement that was used to purchase the property will not be available for a future home purchase unless paid back. Often,  however, there is leftover entitlement that can be used for another VA mortgage. I’ve helped many veterans with VA Compromise short sales who were able to buy another home.  VA Compromise Sales are common near Eglin Air Force Base and Hurlburt Field in Fort Walton Beach, Crestview, Navarre, Niceville, Destin Florida and surrounding areas.

A possible benefit to a VA Compromise Sale is that you may be eligible for $1500 in relocation assistance. In most cases, this will be paid to you if your lender, also called mortgage or loan servicer, agrees and the net proceeds from the sale are at least 85.05% of the appraised value. Finally, a deficiency judgment is not typically pursued, where the VA or your lender will try to recoup their loss, unless your original VA mortgage was obtained prior to 1990 and no fraud, misrepresentation or bad faith were evident.

Questions?

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, sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.

The post VA Compromise Short Sale Under Contract – 118 Ferry Rd. NE, Fort Walton Beach Florida – 32548 first appeared on Rulnick Realty.

Another Crestview, Florida VA Compromise Sale approved!  This home at 3009 Cabela Lane, Crestview FL 32539 had a speedy approval process – the second time. The first time, the buyer walked. Here are the details!

Mortgage Holder:  Freedom Mortgage

Balance: $170,000 appr

Current Market Value:  $110,000

Time for Short Sale Approval: 4 days

With a VA Compromise Sale, the appraisal on behalf of the lender and the Veteran’s Administration is called a “VA liquidation appraisal”.  It is valid for six months. The net proceeds of the short sale must be at least 85.05% of the appraised value. Since the first buyer walked, the second buyer benefited from the appraisal already having been completed. This time, the short sale was approved in four days!

More VA Compromise Sale info

If you need to short sale your home anywhere on the Emerald Coast of Florida, give me a call.  I can help.

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

Destin Short Sale Agent

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 Another Crestview FL VA Compromise Sale Approved first appeared on Rulnick Realty.

This home at 6444 Starfish Cove, Navarre Florida has just sold.  Located in Lighthouse Point, owners here have access to a private dock and access to Santa Rosa Sound. Hurlburt Field is only a short commute, as is Navarre Beach and the Gulf of Mexico.  The home was sold as a VA Compromise Sale, which is a type of short sale.  The biggest challenge to selling the property initially was due to tenant occupancy.  Tenants often impede showings due to access restrictions different from an owner occupant.  After a tenant moves out, showings generally increase.

The sale price for 6444 Starfish Cove, Navarre Florida, was $98,500.  The property sold at its final listed price.  An interesting side note is that there was an offer in the same price range several months earlier.  The VA Compromise Sale appraisal for Bank of America was higher at the time, and the price had to stand for six months, per VA guidelines.  After the time period expired, the home could once again be marketed and sold at a more competitive price.

Read more about VA Compromise Sale.

The post Just Sold – Lighthouse Point, Navarre Florida – VA Compromise Sale first appeared on Rulnick Realty.