RBC Centura: Wants Santa Rosa Beach Lot Seller’s Car?
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: 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 Santa Rosa beach 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.
