Monday, March 15, 2010

What does a Crestview Florida VA Compromise Sale Approval Look Like from Bank of America?


I just received an approval on a Crestview Florida short sale. Not just any short sale, but on a VA Compromise Sale. When a U.S. veteran has a VA guaranteed mortgage loan, and sells his home in a hardship situation for less than the mortgage balance, there will not be enough to pay back his VA entitlement. That is called a VA Compromise Sale or Offer in Compromise. In that case, when working with Bank of America, you won't see the dreaded Deficiency approval letter, where they reserve the right to pursue a deficiency.
Here is the approval letter for a Bank of America VA Compromise sale:
Crestview FL 32539
Dear
This letter will serve as our demand for payment and advised you that Bank of America and its Investors and/or insurers have agreed to accept a short payoff involving the above referenced property. This demand should be used by Escrow and/or Title as our formal demand statement. No additional statement will be issued. This approval is exclusive to this offer only. The conditions of the approval are as follows:

1. Loan to close no later than 04/28/10
2. Sales price to be $115,000.00
3. Seller to make a cash contribution of $0.00 to assist in the closing of the transaction. This contribution will be in the form of certified funds to be deposited into excrow prior to closing.



If you need to do a VA Compromise sale or use the HAP program in Crestview, Niceville, Destin, Fort Walton Beach or Navarre, Florida, you should contact an experienced real estate agent. In fact, I am thinking of one right now :)


It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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