Friday, April 6, 2012

BB&T Approves Navarre Florida Short Sale in 30 Days

 Navarre BBandT short sale
This was a speedy approval for a vacant land short sale in Sound Hammock, Navarre Florida.  The waterfront lot, on Santa Rosa Sound, had one mortgage.  Here are the details:
Mortgage Holder:  BB&T
Original Purchase Price: $475,000 in 2005
Mortgage Amount: $430,000
Sales Price: $85,000
Cash Contribution Required: Yes
This short sale, obviously, was a huge loss to the investor - over $350,000 when including closing costs. Since it was an investment property, a vacant lot, we expected BB&T to ask the seller for a cash contribution or promissory note, or both.  They did. Originally, BB&T accepted the seller's offer of $9000 to completely waive any further deficiency. Before closing, however, BB&T re-contacted us and offered to reduce the cash contribution to $6000 and credit the buyer extra closing costs for a quicker closing. Hurray!  All parties agreed. The total time for approval - thirty days.
If you have a BB&T mortgage and are considering short sale, contact an experienced Navarre short sale agent.  Questions? Email me atitswendy@rulnickrealty.com

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: itswendy@rulnickrealty.com

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