Beachside II Short Sale Approved in Sandestin Florida- Fannie Mae Affects Outcome
By Wendy Rulnick, "It's Wendy... It's Sold!"
(Rulnick Realty, Inc.)
Beachside II Condo, Sandestin FL Lender: EMC Original Purchase Price 2005: $800,000 Mortgage Amount: $640,000 Approved Sale Price: $300,000 Notes: Initial contract price was $359,000. Buyer was obtaining a Fannie Mae mortgage. Fannie Mae would not approve the Beachside II condo project for financing due to an outstanding lawsuit against the homeowners association. New Fannie Mae guidelines require analysis of the project where financing is sought, even for existing condominums. Since buyer was unable to get a Fannie Mae mortgage, EMC approved a reduced $300,000 cash purchase price. To avoid foreclosure and sell your Sandestin home or condo as a short sale, contact an experienced real estate agent who specializes in short sales. It's Wendy! Wendy Rulnick, Broker, CRP, CRS, GRI, ...
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