A Destin Florida condo, located near the water in South Bay By The Gulf, was just approved for short sale. IBM Business Lender Process Services (LBPS), was the senior lien holder.
These were the challenges in this Destin short sale process:
1. LBPS wanted a promissory note and cash contribution from the seller.
2. The condo association's balance exceeded $10,000. LBPS would only pay $6000.
3. There was a junior lien with Wells Fargo
Solution:
I explained to the condo association that accepting the lesser amount now and getting a new owner would benefit them in the long-run. (In Florida, SB 1196 says that associations can only get 12 months assessments or 1% of the mortgage balance, whichever is less, from the foreclosing entity, anyway.) They agreed.
After I notified LBPS and provided a new HUD with lower association dues, they waived any seller contribution. As for the junior lien, Wells Fargo, that really wasn't an issue. The seller negotiated a settlement and paid them prior to the closing.
If you are considering short sale to avoid foreclosure in Destin Florida, consult with an attorney and an experienced Destin 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
Destin Short Sales & Pre Foreclosure Help.
Read Wendy's Destin Real Estate Blog
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.
Wendy, You made that look seamless, thanks for the helpful information!
Wanda - Glad I could help!
Well done Wendy!
Very good work in deed with the HOA and Wells Fargo.
Bill
Wendy
Great - another success!. HOAs in this area can be pretty difficult about the fees that owed. Helping them to realize the reality of the situation and what makes sense in the long run is the best course of actionl
Jeff
Hi Wendy... CONGRATULATIONS on another successful short sale! Keep up the good work!
Congrats on the successful short sale. I knwo they are tough to work with. Like your new profile picture.
Good job Wendy. Like the new photo! I'm dealing with a short sale now with the NY City Municipal Credit Union and it's an eye opening experience!! (Read nightmare LOL)
Another great deal. Couldn't tell who did this because I didn't recognize that wonderful new picture!
Thank you, Bill.
Jeff - I do find HOA's very tempermental...
Thank you, Steve.
Thanks, Melissa! I don't know how to resize it, getting my marketing guy to fix it :)
Laura - I bet the credit union is not as organized as the big banks! Could go either way, either or in your case, not!
Gabe - LOL thank you much!