811 Overbrook Dr., Fort Walton Beach FL Short Sale Approved
This short sale at 811 Overbrook Dr., Fort Walton Beach Florida was just approved! Here are the details:
Senior Lien (first mortgage): PNC
Balance: $120,000 appr
Junior Lien (second mortgage): Bank of America
Balance: $90,000 appr
Market Value: $190,000 app
This short sale was only “short” to the junior lien, Bank of America. What does that mean? If a home sale nets more than a senior lien’s balance, they are paid in full, therefore they are not “short”. The junior lien will get whatever leftover proceeds there are after paying the senior lien and other closing costs, such as title insurance, commission, pro-rated taxes, state transfer taxes, etc. In many cases, the junior lien in this type of transaction gets a substantially higher payment than a regular short sale, where typically all liens are short. In a normal short sale, the senior lien will pay the junior lien a standard amount, such as 10% of their balance or a HAFA amount of $8,500.00, for example.
This Overbrook subdivision, Fort Walton Beach Florida, short sale netted Bank of America about $50,000, with which they were quite happy. They approved the sale in 45 days.
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: [email protected]
Wendy Rulnick, Broker, has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach.
