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 contribution and 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: itswendy@rulnickrealty.com

Santa Rosa Beach Florida Real Estate

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

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6 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • October 18 2011 06:24PM

Comments

Wendy: Congrats on the prom note thing. With our new Senate Bill 458, we are not having much trouble with prom notes any more.

Posted by Melissa Zavala Realtor® North San Diego County Homes (Broadpoint Properties) 7 months ago

Another great job Wendy.  Congrats!  It certainly seems that some of these are going smoother in my market these days.

Posted by Gabe Sanders, Stuart Florida Real Estate (Martin County Residential Homes, Condos and Land Sales) 7 months ago

Melissa - Florida has no such legislation, unfortunately.

Gabe - Thank you! Some are but it seems the government programs, such as HAFA, slow down the whole process.

Posted by Wendy Rulnick "Its Wendy!" Destin FL Short Sales (Rulnick Realty, Inc.) 7 months ago

Fantastic Wendy, I love when this happens.  Wishing you continued success :)

Posted by Petra Norris - Lakeland Florida Realtor® Lakeland FL Homes for Sale (CDV TransAtlantic, Inc.) 7 months ago

Wendy, Good luck on this Seaside Florida in Santa Rosa Beach approved short sale.

Posted by Eileen Hsu 許小姐 Manhattan NY Real Estate (Prudential Douglas Elliman) 7 months ago

I have to celebrate every time another short sale closes...you'd think by this point things would go more smoothly!  Good jo Wendy!

Posted by Laura Giannotta 'Your Realtor Down the Shore!' (Keller Williams Realty Atlantic Shore, NJ ) 7 months ago

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