This Holiday Isle home in Destin Florida has been approved for short sale. A large home at over 3000 square feet, and yards from the Gulf of Mexico, it was originally purchased for a million dollars in 2005. Here are the short sale details:
Senior Lien: Vericrest Financial
Senior Balance: $845,000
Junior Lien: Specialized Loan Servicing (SLS)
Junior Lien Balance: $130,000
Contract Price: appr $450,000 – less than half the mortgage balances!
The Vericrest portion of this Destin short sale was processed on a software platform called Res.Net. Similar to Equator, but not as user-friendly, Res.Net required me and my team to enter weekly “market” reports on the property detailing showings and market competition and sales. At time of contract, we were required to actually upload our pre-ordered title work and provide details photos, similar to an appraisal or Broker Price Opinion. The figures from the preliminary settlement statement (HUD-1) were entered into the system, but fields were not clearly labeled so it was difficult to figure out. Even the Vericrest negotiator stated Res.Net was not user friendly to them, either, and asked me to directly email her several times instead of using the software.
Vericrest approved the short sale and agreed to pay SLS about $11,000 to release its lien. Both lienholders issued a full waiver of deficiency.
Do you need to sell your Destin Holiday Isle home to avoid foreclosure? Be sure to contact an attorney and an experienced Destin short sale agent.