Wednesday, October 19, 2011

Grove by the Sea Short Sale Approved - Promissory Note Removed

Grove by the Sea

This Grove by the Sea home near Seaside Florida in Santa Rosa Beach was just approved for short sale.  Located in a subdivision of mostly larger homes, this property needed work.  The air conditioner did not function, there was some water damage to the floors, and the landscaping was a jungle.  Bank of America had two mortgages on the property, and it had to be sold twice before final approval.  Here are the details:

Senior Lien: Bank of America  - $350,000
Junior Lien: Bank of America - $280,000
Sold Price: $319,900 appr
Cash Contribution: $2500
Promissory Note: -0-

Originally under contract several months ago with the final buyer, Bank of America countered the price significantly higher.  The buyer withdrew his offer, and the property was placed back on the market.  After the valuation expired, the price was reduced again to market value. The same buyer made another offer. This time, Bank of America accepted it.  They originally asked the seller for a cash contributionand promissory note, which is common nowadays with investment short sales.  The seller agreed.  When the final approval was issued, Bank of America removed the promissory note, and issued a full waiver of deficiency.

If you are considering short sale to avoid foreclosure, consult an attorney and an experienced Santa Rosa Beach short sale agent.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]

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