This Blue Dolphin condo on Okaloosa Island Florida was just approved for short sale by Aurora Loan Services. Blue Dolphin is a small gulf-front complex on Abalone Court, Fort Walton Beach FL.
The original loan amount was $604,000 in 2007. Today, market value is about $340,000. Aurora Loan Services was slow to approve this Okaloosa Island short sale. They were not familiar with short-term vacation rentals, and continually asked for proof of rental income and leases. Typical short-term rentals don't have standard leases, since they are only for a day or two at a time. They are really more like hotel reservations. After numerous faxes and requests for documentation (Aurora took a week at a time to "review" any fax), we finally were able to get a negotiator. The short sale was approved in about 90 days.
Here is the typical short sale approval language for Aurora Loan Services. Note the reference to 1099-C for cancelled debt to be issued, as well as how Aurora reports to credit bureaus.
If you are considering short sale to avoid foreclosure of your Okaloosa Island condo, be sure to contacted an experienced Fort Walton Beach 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
Fort Walton Beach 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.
What a great post! Thank you for sharing this post.
Wendy, It is funny how agents are asked to educate the lenders...you would think they have had to deal short term rentals in Florida before.
Good job, Wendy. One thing that I do not appreciate so much about Aurora is that if the buyer walks, the new buyer takes forever and a year to get approved. Hope you close soon!
I like Aurora Short Sales, I have had many successful closings with them. Congratulations on this.
Richard - Thank you!
Steve - It was very difficult to relay the concept, and I don't think they ever understood it! They were most amazed that the seller might have made $30 after expenses :)
Melissa - This was indeed a wearing experience. We are closing soon!
Troy - Good to know I have another Aurora buddy :)
Hi Wendy... I have nothing but good experiences with Aurora on short sale processing. I'll deal with them any day.
I'm still trying to get a handle on the credit score impact of a "paid in full for less than full balance" report. Do you have any idea?
Steve - I used to feel that way.
Laura - It's a serious derogatory, like settled.
Congrats Wendy. Another excellent short sale completed by the best short sale agent around!