Destin Florida Short Sales & Real Estate by Wendy Rulnick

Lovely, private brick home at 2022 Eagle Lane, Navarre FL.  This VA Compromise Sale home in Holley by the Sea has a huge fenced yard at end of cul-de-sac. The inside is open and airy with vaulted ceilings and lots of tile floors. The kitchen is loaded with counterspace and cabinets, and has pass-through to dining room. Lovely master suite features trey ceiling, double French doors, walk-in closet, berber carpeting, garden tub with glass block window. The master opens to a covered patio with brick columns. Back yard is enormous with a nature area adjacent, orange and grapefruit trees, and tons of room to play!   Holley by the Sea has plenty of amenities, including access to the Santa Rosa Sound, a recreation center with gym, three pools, eight  tennis courts, basketball The new owner of this short sale home at 2022 Eagle Lane will be able to take classes, join the fishing club, picnic, camp and play in Holley by the Sea.

2022 Eagle Lane, Holley by the Sea, Navarre FL

Should you sell your home as a Navarre Florida VA Compromise Sale?

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

Navarre Florida Short Sales & Pre Foreclosure Help.

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 

This home in Lighthouse Pointe, Navarre Florida, was just approved for a VA Compromise Sale.  A VA Compromise Sale is similar to a short sale, but is used for loans guaranteed by the Veterans Administration.  Since the Emerald Coast is home to Eglin Air Force Base, Hurlburt Field, Whiting Field and Duke Field, many local sellers have VA mortgages and may be able to use the program if they are unable to sell their homes to cover their mortgage balance.

One of the key differences between a typical short sale and VA Compromise Sale is the disposition of the deficiency.  According to the VA website, " If your loan closed on or after January 1,1990, you will owe the Government in the event of a default only if there was fraud, misrepresentation, or bad faith on your part." So, in most cases, you will not have to pay back the difference between the net proceeds and your outstanding balance.

Another difference in the VA Compromise program is the length of time the VA appraisal stands. With most short sales, the servicing lender will order a valuation (either an appraisal or broker price opinion), that will be valid for two to three months. In the VA Compromise program, the valuation, conducted by a VA certified appraiser, is valid for six months.  That is not always good, especially in a declining market.  So if a sales contract does not get approved, the targeted price will have to stand, and not be adjusted even if competing properties are priced lower.

This home in Lighthouse Pointe had a Bank of America mortgage.  VA delegates the loan servicers to handle the compromise claims for them, so there is no need for the homeowner to contact the VA directly.  This approval only took 30 days!

If you need to sell your Navarre Florida home as a short sale, HAP or VA Compromise Sale, contact an experienced Navarre short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call (850) 650-7883

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 

GMAC has approved the VA Compromise Sale for this Holley by the Sea home in Navarre Florida.

A VA Compromise Sale is similar to a short sale.  If you have a VA mortgage,  and need to sell your Navarre, Crestview, Fort Walton Beach or Destin home because you can no longer afford your mortgage payments, you may qualify for a VA Compromise Sale.  Your mortgage balance must be higher than the market value or anticipated sales proceeds, and you don't have the cash difference to bring to closing.

Some of the requirements for a VA Compromise Sale are:

1. You may only sell the home for fair market value. This value will be determined after you submit a contract to your mortgage lender, who is delegated to handle your VA Compromise Sale.  The VA appraisal is valid for six months.

2. The closing costs must be "reasonable and customary".  

3. You must have a valid financial hardship such as loss of income, relocation (such as PCS move to a new base), death of breadwinner, etc.

4. There should not be a second mortgage on your property, unless it is "insignificant".  VA may allow a small amount to pay your junior lien, but you might have to make other arrangements.

One of the biggest questions I receive about VA Compromise Sales from Eglin AFB and Hurlburt Field Airmen is:

"Will I be responsible to pay back the deficiency from the sale?"

VA says no - "If your loan closed on or after January 1,1990, you will owe the Government in the event of a default only if there was fraud, misrepresentation, or bad faith on your part."

If you are are an Eglin or Hurlburt service member, or military retiree and need to sell your home as a VA Compromise Sale in Navarre, Fort Walton Beach, Crestview or Destin Florida, contact Wendy Rulnick today.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call 1-877-487-9639) or l850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Navarre FL Real Estate

Navarre Short Sales & Pre Foreclosure Help.

Read Wendy's Navarre Real Estate Blog

Wendy is a short sale, HAP, VA Compromise and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.