closed a BofA short sale today in Panama City Beach,FL

Just closed another Bank of America short sale in Panama City Beach, FL

Edgewater beach resort, 3 bedroom, 3 bath condo, excellent condition.

Sales price $300,000 CASH
First mortgage with BofA $405,000 settled for $271,658.48
Second mortgage with BofA $81,000 settled for $3000 PLUS seller signed a $10,000 promissory note to be paid back over 10 years 0% interest AND contributed $4000 cash at closing.
Commission was 6% with one agent involved
Total closing costs including commission paid by BofA $32341.52}
******THIS WAS AN INVESTMENT PROPERTY OWNED BY 5 INDIVIDUALS********

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Replies to This Discussion

Permalink Reply by Wendy Rulnick on October 16, 2009 at 6:41am
Hi Jeff - Congratulations! Questions: What was hardship? Was there "income"- reason they asked for prom note?
Permalink Reply by Jeff Payne on October 16, 2009 at 6:43am
Their business failed, income reasons were the hardship. Yes, the prom note was due to their income, Freddie asked for the prom note

Wendy Rulnick said:
Hi Jeff - Congratulations! Questions: What was hardship? Was there "income"- reason they asked for prom note?
Permalink Reply by Katerina Gasset on October 16, 2009 at 6:50am
Congrats Jeff! Just goes to show we know what we are doing and those that say this is not being done or that it can not be done are obviously not negotiating short sales!
Permalink Reply by Jeff Payne on October 16, 2009 at 7:22am
So much for the naysayers who say that investors can not short sale :)

CoachKaterina said:
Congrats Jeff! Just goes to show we know what we are doing and those that say this is not being done or that it can not be done are obviously not negotiating short sales!

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