The Emerald Coast of Florida has a high military population with both active duty and retired air force personnel. Eglin Air Force Base is located in Fort Walton Beach, and Hurlburt Field is in Navarre, Florida. Duke Field and NAS Whiting Field are nearby. We will be seeing an increase in short sales for GI borrowers when they must relocate during their PCS moves (permanent change of station). VA Short Sales are called "Offers in Compromise", "Compromise Claims" or "Compromise Sales". The VA may accept a Compromise Sale if the cost to the VA is determined to be less than that of foreclosure.
The Veterans Administration VA Compromise Sale website says: "If the borrower is unable to sell the property for an amount that is greater than or equal to what he/she owes on the loan, including closing costs, VA may pay a "compromise claim" for the difference in order to allow the private sale to go through. The borrower can sell the property to a buyer who gets his/her own financing or to a buyer who wants to assume the loan. However, with a compromise assumption, the lender does have to agree to have the amount of its guaranty reduced by the amount of the claim payment. In order to be considered for a compromise sale, several factors must be considered."
VA Compromise Sale Factors:
SPECIAL INCENTIVE - The Veterans Administration is now directing VA lenders to pay $1500 relocation assistance at closing to those approved for a VA Compromise Sale.
Read Why Should I Compromise Sale here?
Read more VA Compromise Sale Questions and Answers here.
Need to do a VA Compromise Sale? Contact Wendy Rulnick, Broker
850-650-7883 ext 204 or email email@example.com