Successful Gulf Breeze Short Sale with Bank of America

 Call Scott Gregory NOW at anytime at (850) 501-2574 / www.ScottGregoryHelps.com / http://www.greatpensacola.com/

Scott Gregory’s “The Gregory Team” at Keller Williams Realty Gulf Coast in Gulf Breeze, Florida, successfully closed a short sale on this property on Aug. 24, 2012.

The property had a single VA loan with Bank of America.

The property had been purchased in 2006 for $223,000, and the sellers had a balance of approximately $216,000 at the time of the short sale. The sellers were current on their loan payments at the time of the short sale, and had to sell the home because of a military job transfer.

The entire process from listing to closing took less than four months.

We listed the property for $139,800 on May 1, 2012. We received an offer for $134,800 on the property 30 days later. The process with the bank took two months. The buyers received a counter-offer of $139,800 and accepted it. The home was in excellent condition.

Bank of America paid the real-estate fee, State of Florida doc stamps on the deed, property taxes due to closing, title closing fee and title insurance, and a 3-percent concession to the buyer, who purchased the home with a VA loan.

The investor agreed to accept a net of $123,871.40 in the approval letter, which represented approximately 57 percent of the loan balance.

If you are facing foreclosure or want to sell a property that is worth less than you owe, call us now at 850-501-2574.