Tuesday, June 7, 2011

Can I Sell My Sandestin Short Sale With High Loss?


High Dollar short sales
Do you think your mortgage is “too upside down” to do a short sale? Think again. Many Sandestin Florida homeowners bought houses and condos with loans over a million dollars in 2004-2007. Today, those property values might worth one-half of their original purchase price. With such high dollar losses and faced with financial difficulty, many of these homeowners don’t think they have a chance at a short sale. Heck, even some real estate agents question me before showing my Sandestin listings. They say:

“I checked public records. You have that property listed at a BIG loss from the original mortgage amount. Can you even get the short sale approved?”
What? The loss amount? Why are you asking me that question? Any loss amount can be approved – if the other ingredients in the short sale are right. Some of those ingredients are: copies of bank statements, tax returns, paystubs, hardship letter, fair market value offer. Wait! This all sounds like a standard short sale! Hmmm…. well, it is!

For example, I just received approval on a Bank of America short sale listing in the Burnt Pine subdivision of Sandestin Florida. The original mortgage was over one million dollars, and the net proceeds from the short sale to the lender will be about $490,000. It will be $530,000 less than the mortgage balance. Did the short sale process take longer? Yes, but not much more than the standard time frame. Did the seller participate in the loss? Yes, the seller agreed to a small promissory note and a cash contribution.Did Bank of America waive its right to seek a deficiency judgment? Yes, it did.

How did we succeed getting approval for this high dollar loss Destin Florida short sale? The same way we get other short sales approved. Complete documentation, a strong contract, a serious seller and tenacious follow up
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 or 1-877-487-9639
Email Wendy: itswendy@rulnickrealty.com


Labels: , , ,

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home