All About Pensacola Short Sales

In these difficult financial times and crazy inflated markets, more and more sellers are finding they need to sell their homes for less than they owe on their mortgages, known as a “short sale”. This can be a good deal for you as a buyer, as long as you’re aware of the extra time and work required to make it happen. Hopefully, this will help you understand more why this can be so time consuming and also, how much work we are doing behind the scenes, if you will.

Pensacola Short Sale – a sale of real property for an amount less than the unpaid balance of its first mortgage. The sale proceeds, after costs such as real estate commissions, escrow, and title, are passed along to the lender, who agrees to accept the proceeds as payment in full, despite the shortfall. Such a sale requires the consent of the lender and may create taxable gain for the seller to the extent of the debt forgiven by the lender. Pensacola Short Sales may also affect the credit of the seller.

The Mortgage Lender’s “Pensacola Short Sale” Factors
The seller’s mortgage lender will consider many factors in deciding whether to approve a short sale:

Whether the seller is deserving of a break, due to financial hardship caused by unforeseen circumstances such as layoffs, divorce or illness, or whether it would be cheaper to simply repossess the house.
The banks or lending institutions, Loss Mitigators, sometimes receive bonuses based on how many defaulted loans they can clear up. I document and prove my offer makes sense! This is where my experience and specific training come into play. There are many benefits and options, as a licensed real estate professional can offer over the other so called “loss mitigation specialists” and especially the unlicensed inexperienced investors

Call me if you feel a short sale would be in your best interest. 850-393-5134

Fabulous 6th floor unfurnished unit in Tower I at exclusive Portofino on Pensacola Beach. Live in the lap of luxury. Spacious 3-bedroom, 3 1/2 bath unit with spectacular wrap-around views to the south, east and north of the Gulf, the National Seashore and Santa Rosa Sound. Three-sided balcony is 474 sq ft with glass panel instead of aluminum pickets to open up views while seated on balcony or in the grand salon. The unit features 9 foot ceilings with crown molding thru-out, granite kitchen counters with upgraded cabinets and floor to ceiling windows and sliders. The complex includes a European Spa and Lifestyle Center – with huge fitness area, treatment rooms, indoor whirlpool, separate his and hers spa areas (with dry sauna, steam room, showers, lockers and lounge), gourmet restaurant, 2 huge outdoor lagoon pools and an indoor olympic size lap and exercise pool, plus 5 clay surface tennis courts. Gulf views.

TEXT/CALL 850-393-5134 for more info

Visit www.ParadiseFoundPensacolaBeach.com for additional details.

Pensacola Beach Portofino

PORTOFINO          PENSACOLA BEACH

$329,900                 SHORT SALE

Make offer for quick short sale. This unit is being sold unfurnished. Final price and terms subject to lender approval. 7th Floor unit overlooking the beautiful white sand beaches of the Gulf of Mexico. Granite counters, tile flooring.

CALL/TEXT  850-393-5134 for more information

 Fabulous 6th floor unfurnished unit in Tower I at exclusive Portofino on Pensacola Beach. Live in the lap of luxury. Spacious 3-bedroom, 3 1/2 bath unit with spectacular wrap-around views to the south, east and north of the Gulf, the National Seashore and Santa Rosa Sound. Three-sided balcony is 474 sq ft with glass panel instead of aluminum pickets to open up views while seated on balcony or in the grand salon. The unit features 9 foot ceilings with crown molding thru-out, granite kitchen counters with upgraded cabinets and floor to ceiling windows and sliders.

CALL/TEXT 850-393-5134 for more details.  Bank is looking for an offer!!

$799,000 ~ Short Sale ~ Make an Offer

Now is your chance to own a 01 Penthouse Unit! There are only 3 of these special units and now one is offered through short sale. This penthouse unit has $57,000 in upgrades. This is priced to sell fast and the bank is waiting for an offer. This spectacular 3 Bedroom, 3 1/2 Bath provides an amazing panoramic view of the Gulf of Mexico and the Intracoastal Waterway. This is a residence only floor but can lease out for long term. Portofino is one of the Premier resorts on the Gulf Coast. Experience the European Spa and Lifestyle Center and 5 Rubico Clay Tennis Courts. Every tower has their own heated pool and spa as well as 2 heated Lagoon Pools and spa overlooking the Intracoastal Waterways. The Olympic Indoor Pool is ideal for exercise or play. Portofino also offers boating, kayaking, parasail boat, fishing trips, and a water taxi for a sunset cruise, shopping and dining on the water. Purchased in 2005 $1,5M.

Contact Cindy 850-393-5134 (Your Short Sale Specialist)

The FHA 203k loan program is the Department of Housing and Urban Development (HUD),  primary program for the rehabilitation and repair of single family properties.

Lenders have successfully used the FHA 203k loan program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties.

HUD also believes that the FHA 203k loan program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities and to help meet their responsibilities under the Community Reinvestment Act (CRA).

This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:

· To purchase a dwelling and the land on which the dwelling is located and rehabilitate it.

· To purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.

· To refinance existing indebtedness and rehabilitate a dwelling

For additional information:

CALL/TEXT Cindy 850-393-5134 or

visit www.ParadiseFoundPensacolaBeach.com  

Short sales are not necessarily complicated but do require some work on your and Doc Cindy’s part.

1.  What is the true value of your property.  Doc Cindy can provide a “market analysis” and give you a good idea of what your Pensacola Beach home or condo might sell for.  

2.  Calculate your estimated closing costs. Items such as a title report, escrow, appraisal, attorney fees, agent commissions, unpaid property taxes etc. may add up to a substantial amount of money.

3.  How much you owe on your Pensacola Beach property? Include all loans on the property in your calculation. 

4.  Calculate your equity.  If your closing cost estimate plus your loan amounts are higher than the value of your property then a short sale is a possibility.   

5.  Contact your lender and explain your situation. Usually lenders have a ‘loss mitigation department’ that you can contact. Allow Doc Cindy to work with the lender, grant them access to your file.  Lenders are under no obligation to accept a short sale but many times it is in their best interests to do so.  

6.  Consider your tax obligations! Do not underestimate this! Many times there can be a substantial tax obligation after a short sale has occurred. 

 7. Let Doc Cindy work for you to find a buyer and sell your Pensacola Beach property. The lender will still have to approve the buyer’s offer but once they do you can sell your property.

For more tips about short sales / foreclosures on Pensacola Beach:

CALL/TEXT Doc Cindy 850-393-5134 

(Pensacola Beach Foreclosure/Short Sale Specialist)

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Pensacola Beach Short Sale

$329,900     3 Bedrooms / 2 Baths      1,100 sq ft

Motivated Seller! Reduced over $100,000, needs to sell! Best buy on the beach for a single family home with excellent sound views. Completely remodeled & freshly painted. Bright open floor plan with high vaulted ceilings, track lighting, tile flooring, seperate dining area, updated appliances including Whirlpool flat surface stove, built-in microwave, Frigidaire dishwasher & refrigerator, new cabinets & countertops, pantry, & indoor laundry with extra pantry space. Both bathrooms are like new with cultured marble coutertops, new cabinets, bathtubs, toilets, and tile floors. The master bedroom has an incredible view of the sound & balcony access. 2 car garage, hardi-plank siding, new roof, & partial fenced yard, and covered patio.

CALL/TEXT Cindy 850-393-5134  (Pensacola Beach Foreclosures/Short Sales)

Pensacola Beach Short Sale

$990,000     4 Bedrooms / 4 Baths     2,668 sq ft

Breathtaking views and just steps out the door to the Gulf from this recently built Pensacola Beach 4 bedroom 4 bathroom home. This wonderful home with its’ Gulf side location offers over 6600 feet under roof with over 3000 sqft of open porches to enjoy the incredible views of the beach. This Beach Getaway includes Granite countertops and custom Tile work in Kitchen and Bathrooms, 18″ travertine tile in living/dining room & kitchen, all three bedrooms on the third floor include their own private bathrooms, Owner’s Closets on 2nd & 3rd floors, and the Master Bedroom has a Gulf View. Kitchen has GE Profile appliances, Chocolate Glazed Custom Cabinets, Stile Stone deep sink, and huge Pantry. The living area has 6 French doors that access to the spacious wraparound deck–perfect for those evenings relaxing to the sounds of the waves washing up on the beach or enjoy entertaining a group of friends on your roomy deck. Master suite has access to covered porch with views of the Gulf with its’ bathroom including 2 walk-in closets, linen closet, whirlpool tub, double vanity and separate shower. Third floor wraparound porch extends off the Master Bedroom and a guest suite/bedroom w/ built-in Custom Cabinetry and both rooms provide views of the Gulf. No updating necessary for this jewel! Home was built in 2007 and has immediate occupancy.

CALL/TEXT Cindy 850-393-5134
(Pensacola Beach Foreclosure / Short Sale Specialist)

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