Regatta Bay Foreclosures Should Have Been Short Sales
Regatta Bay, the gated golf course subdivision in Destin Florida, had 14 sales in 2011. Six were short sales and four were foreclosures, making distressed home sales the bulk of the market in Regatta Bay. Who were the lien holders for these Destin homes? Some of the short sale lenders were Flagstar, Suntrust, and Chase. The foreclosed homes that sold were owned by PHH Mortgage, Regions, Washington Mutual and First City Bank. The incredible thing about the foreclosure sales was that one of the homes was never marketed as a short sale prior to foreclosure, another was only marketed for one month, one was marketed for six months but at a price far too high, and the last only for three months, with a 3 hour showing window available on some days of the week. What does that tell you? These foreclosed homes in Regatta Bay could have been successful short sales had they been marketed sooner in the foreclosure process and more aggressively.
The average foreclosure timeline for Florida is now 749 days, the third longest in the U.S. So, instead of using the ample time to short sale, these Regatta Bay homes were foreclosed on. That could leave the owners open to deficiency judgments and at great risk to their financial well-being.
What is the best thing to do if you are a Regatta Bay homeowner and faced with the inability to pay your mortgage? Immediately contact your mortgage holder for assistance. If that fails, consult with an attorney and an experienced Destin Florida short sale agent, who has successfully sold short sales with all the aforementioned lenders.
It’s Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
