Tuesday, November 30, 2010

Bank of America Approves Indian Lake, Destin FL - Short Sale


This Destin Florida condo at 4030 Dancing Cloud Ct was just approved for short sale by Bank of America.

It was an interesting journey selling this Indian Lake condo unit. Over a year ago, Bank of America had a contract with a much higher purchase price. They approved the sale, but the buyer's lender, also Bank of America, appraised it for less. Bank of America's short sale department refused to lower their approved value, so the sale fell through.

Fast forward one year later. The condo is now worth almost half. We get a new contract for about $50,000. Bank of America takes an extra month to move the short sale into the HAFA program (Home Affordable Foreclosure Alternatives). After sixty days, they determine the seller does not qualify. They finally issue approval as a traditional short sale.

Meanwhile, the past due association fees have added up to almost $20,000. Luckily, the association agreed to settle for half, which was paid by the buyer.

If you are trying to avoid foreclosure in Destin Florida, consult an attorney and hire an experienced Destin short sale agent.

It's Wendy!

Wendy Rulnick, Broker, 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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