This Elliotts Point home at 118 Ferry Rd., NE, Fort Walton Beach, Florida was approved as a VA Compromise Short Sale. This was not an easy property to sell, even though the short sale approval was easy! The home had multiple active roof leaks and and the roof was covered with tarp and sand bags. The roof design was itself defective. There was aluminum and cloth-covered wiring. The costs to repair the roof and electrical system were about $16,000. The home needed other repairs. The only straightforward way to ensure a buyer could close after short sale approval, was to get a cash buyer. Sure, there are mortgages available for homes that need repair, such as FHA 203K, but they are complex and closing is not guaranteed, especially with a fast time line and closing requirement after short sale approval that is typically 30 days. Since we limited the market for the Fort Walton Beach short sale home to only cash buyers we shrunk the pool of interested parties. Two buyers walked due to their home inspections and one buyer simply “defaulted” and failed to close after short sale approval. The fourth buyer closed. It takes perseverance to accomplish a successful short sale.
Many current and former Eglin Air Force Base, Hurlburt Field, Duke Field, Whiting Field military personnel have used the VA Compromise Sale as a benefit when hardship hits and they are unable to pay their mortgages. It is an honor to help those current and former military service members who may need to sell their Emerald Coast area property to avoid foreclosure.
Here are the details of the VA Compromise Sale of 118 Ferry Rd. NE, Fort Walton Beach, Florida:
Lienholder: Shellpoint Mortgage Servicing
Mortgage Balance: $185,000 approximately
Appr Sale Price: $155,900,000
Short Sale Appraised Value: $165,000
Seller Cash Contribution: -0-
Seller Promissory Note: -0-
Waiver of Deficiency: Yes
BONUS TO SELLER: Since this was a VA Compromise Sale, the seller was eligible to receive $1500 as a VA relocation benefit.
Note: If your agent does not ask for this incentive – you are not going to receive it. I asked.
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Email Wendy: firstname.lastname@example.org