This home at 3021 Yorktown Circle, Fort Walton Beach Florida was just approved for Bank of America short sale. Located in the Willow Bend area of Wright, near Eglin Air Force Base, it is being sold as an investment property. The Bank of America approval time was lengthy, but the results successful. Here are the details:
First Mortgage: Bank of America
First Mortgage Balance: $83,000 appr
Second Mortgage: Bank of America
Second Mortgage Balance: $60,000 appr
Current Market Value: $80,000 appr
Mortgage Types: Conventional
Short Sale Deficiency: Waived
Seller Contributions: None
Notes: The approval time for this Willow Bend Bank of America short sale was almost four months. Why so long? Bank of America originally tried to process this file as a HAFA (Home Affordable Foreclosure Alternative), which it did not qualify for. Two weeks were lost. A new negotiator took over the file. The contract had to be re-signed by all parties removing the property from a trust. The buyer was in a remote area and could not return documents for a week at a time. More days were lost. Bank of America did not counter offer the contract price which was fair market value. Both notes will be “settled” and there will be no deficiency judgment. There was no request for seller cash contribution or promissory note,even though this was an investment property.
If you need to short sale your Willow Bend, Wright property, contact an experienced Fort Walton Beach short sale agent.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]