Is RBC Centura taking cars in return for Short Sales? Or is this just a hard line they are giving their borrowers?
Scenario: Seller owes $360,000 on a lot he purchased in Santa Rosa Beach, Florida. He has drained savings to keep up with the payments, and has nothing left, short of his IRA retirement saving account.
Market: There is a 10 year inventory of lots for sale, and those in the subdivision are now listed in $140,000's. If his lot could even sell, there would be over $200,000 shortfall.
RBC Says to Seller: Yes, they will allow seller to do a Short Sale. BUT they will attach and "go after everything in his name, including cars" and other real estate. They will not attach property co-owned with his wife.
Seller owns another investment property, a condo, with over $100,000 in equity in my market in his name alone. However, there is a six year inventory of condos for sale. RBC would have to wait perhaps six years to get any equity from the condo. By then, the value may be down so that there is no equity. Or RBC may be out of business.
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Crestview, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy Rulnick, Broker and Realtor, has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. An expert marketer of real estate listings, she negotiates successfully to her clients' advantage. She is supported by a team of top buyer specialists. She lists and sells homes, condos and townhomes.
All Rights Reserved. *RBC Centura: Attaching Cars in Short Sales?* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2008 by Wendy Rulnick.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information