Broker Bryant's Real Estate Ramblings

Short Sale Epiphanies from Short Sale Superstars-It's Like a Lightbulb Went On!

Bryant Tutas-Tutas Towne Realty, Inc — Tue, 07 Feb 2012 14:49:03 -0500

Well I just have to re-blog this post from Brenda Mullen. An excelent unsolicited endorsement of our hhtp://shortsalesuperstars.com site.

We'd love to have you come join us.

And thanks Brenda!!

Via Brenda Mullen-ABR, e-Pro-210-807-0819 Selling San Antonio TX Area Real Estate (Keller Williams Realty):

Short Sale Epiphanies from Short Sale Superstars-It's Like a Lightbulb Went On!

So, I finally did it. I found myself in the position of having to learn about short sales.  I have avoided it for as long as possible, but...as luck would have it, I have a seller who I may need to help with a VA Compromise Sale. What is a VA Compromise Sale? It's VAs version of a Miltary Short Sale for those who purchased their home with a VA Loan.

Now, eventually I will be blogging about VA Compromise Sales because, quite frankly, I need to be the expert in this type of transaction as I am a Realtor® in one of the largest military areas and there is most certainly someone, somewhere around San Antonio Texas that can be helped with this type of transaction.  Not only that, I am retired Army (I know, I am always saying that--eye roll, but it's true), and I speak Army speak and should be helping my fellow Soldiers with this type of transaction.

The first person I contacted about this was Cindy Jones. Why? Well, if you read her posts, you can tell that she is the expert in her area of Northern Virginia on the VA Compromise Sale. Cindy has done plenty of VA Compromise Sales successfully and it is a perfect niche for her area as she is right by a large Army post, Fort Belvoir. She is also an avid supporter of our military. She was a wealth of information...but she kept saying..."it's just a basic short sale package"

Ummm, what? Since I have NEVER done a short sale...because as I said, I stayed away, I was, (am) at a disadvantage. Not only as a listing agent by the way, as a buyer's agent as well. I don't know how to help my buyer, buy a short sale.  In fact, I may end up inadvertently discouraging a buyer from buying one of those...well...because of all the things I have heard and thought. And, although Cindy is a great resource, I am quite sure she doesn't want to train little ole me on a Short Sale and even if she did, it takes a minute to do that.

So, the next place I went was to my buddy Ms. Charita Cadenhead who has done Short Sales. She in fact, likes doing them!  Yikes! But all of the things I heard...all of the things I thought!!! How in the world does anyone LIKE to do Short Sales?!  But I digress...she, (all excited...eye roll), said I need to take a class right away AND I most definitely needed to join Short Sale Superstars like RIGHT NOW...

And that is exactly what I did...(I am a good listener). Anyway, to make a long post, shorter...I joined and signed up for the Advanced Training. It took me a minute, because I wasn't sure if I should go take a designation class first and then go for the extra training or vice versa...I decided that if I need to know HOW to do a Short Sale, I might as well get it straight from the experts who do this everyday and have a successful career of helping many home owners successfully get a short sale and as many of you know Broker Bryant is that person.

Here is where the epiphany comes in.  Turns out, what I thought I knew about Short Sales...I didn't!!!  Talk about having a lightbulb turn on!! For example, I thought that when a buyer put in an offer for a short sale, that buyer may be competing with a ton of other offers that were sitting on the lender's desk. I thought that the lender decided which one was the best offer and then picked that one based on the best price for the lender (sort of like a foreclosure). I could not for the life of me figure out how this would benefit my buyer as it would hold up their earnest money for months with the potential of being told they weren't the winner of the offer.

Not true!! I KNOW RIGHT (I know I heard you all gasp)!!  I don't know...perhaps I am the only one who thought this...but for some reason I am thinking that I am probably not alone in this thought. Turns out that there is only one accepted contract that goes to the lender.  It may take a while to get an answer and the lender may come back with a counter, but there shouldn't be multiple offers. I had no idea...it's like a regular type sale...wow...whoda thunk it?

Anyway, turns out that joining Short Sale Superstars and taking the training is turning out to be a very good decision for me. I am learning a ton and I have the support of the forums when I have a question. Looks like I have been avoiding Short Sales for nothing...they may be a little more time intensive and lengthy, but looks like I have nothing to be afraid of...and I was.

So, if you are anything like me, avoiding Short Sales until someone drags you in kicking and screaming...join Short Sale Superstars and I highly suggest taking the Advanced Training so that you can learn how to do a Short Sale from start to finish from Broker Bryant and Wendy Rulnick. The training is easy to understand and if you join, you get instant access to them. It's a pretty good deal in my opinion and given that I need to learn this stuff so that I can better serve my clients, this is the next best thing to having a mentor right there by your side!

Brenda Mullen – San Antonio Texas Real Estate Professional

Selling a San Antonio Texas area home involves many steps and having an experienced  San Antonio  Texas Real Estate Agent by your side will make the transaction run a lot smoother. I would love to be your San Antonio Texas Area Real Estate Professional! I assist both buyers and sellers in the San Antonio Texas area with either the purchase and or sale of residential real estate.

As an Accredited Buyer’s Agent, I have received special training to guide and educate you through the entire home buying process. From start to finish, I listen to your needs and desires in what you would like and take the information you give me to find you home.

As your San Antonio Texas listing agent I am well versed on the local San Antonio Texas area Real Estate Market. You can expect personalized service that includes a detailed consultation on how to best position your home to be competitive in today’s market with an in depth comparative market analysis, and advice on staging. I use the latest and most up-to-date marketing methods to get your home in front of as many buyers as possible. Being your San Antonio Texas area Realtor® not only involves just finding the home or selling the home, but being your guide, negotiator, advisor and advocate and making sure that your needs and goals are met. Being your San Antonio Texas area Realtor® is one of my truest passions, and “Helping You Find Home” is my number one priority.

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Brenda Mullen
Realtor®, ACRE®, ABR®, ePro®

Keller Williams Realty - Helping You Find Home
10999 IH-10 West Ste #175

San Antonio, TX 78230
210-807-0819
brenda.mullen@sbcglobal.net
http://www.findurwayhome.com

Customer Testimonials

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale

******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

How To Handle A Short Sale On A Property That Is Owned By A Trust

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 05 Feb 2012 11:34:05 -0500

Hi Folks. I’ve ran across agents, several times this week, not sure how to handle a Short Sale when the property is owned by a trust. So I thought I’d take a minute to explain how this works. Actually I can do it in about 1 second........

…......exactly the same as you would handle any other Short Sale!!

Here’s why.

Short Sales are done for Borrowers. Even though the property is owned by a Trust the note was more than likely signed by an individual. The individual is the one you are doing the Short Sale for. He is the Borrower.

The ownership of the property was probably placed in a Trust after it was purchased. Usually this is done for estate and/or tax purposes.

So.....your listing agreement and the purchase contract would be in the name of the owner of record. This could be a Trust, LLC, INC or a person(s). You would need a copy of the Declaration page for the Trust, LLC or INC to see who is authorized to sign and act on the entity’s behalf. This is the person who signs the agreements.

The Borrower(s) is the person that took out the loan and signed the Note. This could be the same person that is authorized by the Trust or it could be someone else. Whoever it is, this is the person who must go through the Short Sale process. Simple.

Any questions?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Short Sale Commission Disputes

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 05 Feb 2012 09:32:37 -0500

This Week's Discussions

Commission Dispute Question: I submitted an offer on a short sale which took 2 months for approval and were schedule to close, however, a day before closing t… Started by Tavo	9	42 seconds ago Reply by Bryant Tutas
Seller taking an offer before it hits MLS We are seeing a lot of agents pre selling their own own listings that are short sales before putting them on MLS. I know we have a fiduciar… Started by Stephen	64	1 minute ago Reply by Bryant Tutas
LCS and Buying Its Debt I have a client who wants me to take over a short sale that failed. She was offered $25,000 from Chase Bank. LCS is the second. LCS blocked… Started by ElizabethWeintraub00697006LyonRE	9	1 hour ago Reply by Bryant Tutas
Approval of a Trust Has anyone had a short sale approved for a property that was owned by a trust? If so, what documents did the lender require? Started by David Zagorsky	1	1 hour ago Reply by Bryant Tutas
I have personally bonused being part of the Advanced Traing Group! What is keeping you from joining? Just having help closing a deal made it worth it taking the worry and pain out of the paperwork, especially HUD-1 issues. Bryant and Wendy… Started by Teresa Simon	1	1 hour ago Reply by Bryant Tutas
HAFA vs. non HAFA What's the difference between a "HAFA approved" and a conventional short sale? Started by Eddie Kearns	3	18 hours ago Reply by Smitty
Looking for a good basic short sale program for organizing files w/o the hype & program salesmanship. We, an attorney paralegal and myself sat and watched as much of a webinar as we could bare today. With the reinvention of the mls, picture… Started by Teresa Simon	7	19 hours ago Reply by Joseph Alfe
How to get the smaller deals closed Looking for tips on getting higher commissions paid. On lower priced listings ($65k & below). The lenders will not pay more then 6% o… Started by Jeanine Whitehead	4	19 hours ago Reply by Joseph Alfe
Help - Freddie Mac HAFA demands from seller Has anyone had this happen? The seller is being asked to pay them over $2,000 per month while we try to short sale the home and if we are n… Started by Kathy Marlowe	5	yesterday Reply by Bryant Tutas
Innacurate BPOs, Why? I may have just figured out why there are so many inaccurate BPOS. Check out this email that I just got from someone who will do my BPOs fo… Started by Jeff Payne	22	yesterday Reply by Jim Schneider

Need Training?

Visit the

Join the Advanced Training Group

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Group members have access to:

ALL training webinars.

Currently 10 Webinars with 4 more scheduled (Click to View)

Short Sale Listing Package
Expired Listing Letter
Lis Pendens Letter
FSBO Letter
Sample HUDs
Sample BPO Disputes
Private Member Forum
Direct Access to Wendy and Bryant For Short Sale Help

Membership is Only $197.00

This site is owned and operated by REGrow, LLC

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ShortSaleSuperStars@gmail.com

DISCLAIMER

REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community.

Visit Short Sale Superstars at: http://shortsalesuperstars.com/?xg_source=msg_mes_network

Customer Testimonials

Common Florida Short Sale Questions And Answers

Bryant Tutas-Tutas Towne Realty, Inc — Wed, 01 Feb 2012 13:52:26 -0500

Do I have to be behind on my mortgage payments to qualify for a Short Sale?

Not necessarily. Some lenders will negotiate a settlement if you are current on payments. You won’t really know until you go through the process. If you are current on payments the lender may very well require you to “participate in the loss” by making a cash contribution, signing a promissory note or both.

What is a deficiency and how do I avoid it?

A deficiency is the difference between the amount of money you owe and the amount of money paid to or collected by the lender. The deficiency is the “Short” in a Short Sale. A deficiency ALWAYS exist with a short sale. You cannot avoid it unless you just keep paying on your mortgage obligation. The real question is..........

What happens to the deficiency?

The deficiency can be waived, written off, paid later, settled or the lender can, at least in Florida, choose to go in front of a Judge and ask for a Deficiency Judgment against you.

What is a Deficiency Judgment?

A Deficiency Judgment is when a Judge issues a Judgment making you personally responsible for the deficiency and giving the creditor the right to go after you for the money you owe. In Florida the creditor has 5 years from the creation of the deficiency*** to ask for the Judgment and another 20 years to collect on it if granted. To collect they may take assets, levy bank accounts and garnish wages. ***Please seek legal advice on this matter.

Will I have to pay taxes related to the short sale?

Maybe. A short sale IS a tax event. Just as with any real estate transaction the sale is reported to the IRS. In addition the “Short” may be written off as a loss to the lender. A loss to the lender is income to you. How this income is taxed is a question for your tax professional. You may also refer to the Debt Relief Act. Unless extended the Debt Relief Act is set to expire at the end of 2012.

How will a Short Sale affect my credit?

How credit scoring works is one of the great mysteries of the universe! The Short Sale itself is not reported as “Short Sale”. Missed and late payments are reported. Also, how the transaction is reported makes a difference. Is it reported as “settled..”, “paid...”, “charged off..”? And have you been paying your other bills? There are just too many variables to be able to give you a precise answer. If your credit score is important to you then my advice is to make your mortgage payments.

What advantage is there to doing a Short Sale over just letting the lender foreclose?

Credit scoring aside....on average you can get another mortgage within 2-3 years assuming you pay all of your bills after a Short Sale. A foreclosure will affect your ability to get a new mortgage for 5-7 years. A Short Sale also gives you the opportunity to negotiate a settlement. It gives you some control over the situation. With a foreclosure you are 100% at the mercy of the lender.

How long will the Short Sale process take?

A normal Short Sale with no complications will take on average 2-3 months from time of contract. Some go much quicker and some take much longer.

Will my Short Sale be approved and closed or am I wasting my time?

We close more than 90% of our Short Sales. As long as you participate, by providing me what I need, when I need it, then yes, your Short Sale will be approved and get closed.

When will I have to vacate the property?

Unless we are able to negotiate something different the day of closing belongs to the Buyer. Most lenders will not allow you to rent the property back after closing so plan on moving. You will normally have 30-45 days notice prior to closing.

Who pays your commission?

The listing agreement is between you and I. So legally you are responsible for paying my commission. However, just as in a regular transaction, the costs of the sale are deducted from the purchase price. This means the buyer brings money to purchase the property and we pay everything out of that. The lender gets whats left. You pay nothing. Unless it is required by the lender and you agree to do so.

Additional information:

I hope this helps. Please feel free to contact me with any additional questions you may have.

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Can A Seller Do A Short Sale If They Aren't Behind On Payments?

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 29 Jan 2012 08:19:02 -0500

This Week's Discussions

Short Sale Approvals with Seller isn't Delinquent Howdy Folks - Just curious if anyone is seeing short sale approvals when the seller isn't delinquent. We just did one, but the seller wa… Started by Christopher Pendleton	16	1 minute ago Reply by Bryant Tutas
Short sale lender wants agents to pay for an appraisal. This short sale lender requiring an appraisal rather than a BPO, the kicker...they will not pay for it and will not approve the short sale… Started by Bev Dudley	9	2 minutes ago Reply by Bryant Tutas
Chase cut my commission, but will give seller $30,000! I'm the broker/owner of a small firm. My wife and I are attempting to purchase a $300k Chase short sale for our primary residence. We got… Started by Billy	73	4 minutes ago Reply by Bryant Tutas
Interesting news from the California Association or Realtors regarding licensing and short sale processing http://www.car.org/legal/foreclosure-short-sale-folder/short-sale-negotiators/ Below is the part of the article, use link above to read fu… Started by Jeff Payne	3	5 minutes ago Reply by Bryant Tutas
3rd party SS Processors I recently changed to a new Broker. Company claims, that if you use a certain Escrow Co., that they negotiate your SS for free. Bank get ch… Started by Rochelle Castro	23	6 minutes ago Reply by Bryant Tutas
Using Bankruptcy to avoid foreclosure I have had to sellers that I have been going back and forth about short sales finally decide to go into bankruptcy. There is a couple of p… Started by Kevin Vitali	60	6 hours ago Reply by Ryan Simpson
I Need HELP with a BPO from ING I have a home listed in Scottsdale AZ for 305k. A month or so after listing it we received an offer for 295K. This home is in an ok area, b… Started by Scott Douville	6	7 hours ago Reply by Ryan Simpson
Have you had BOA close files in Equator with no explanation? Hi all, I'm new to the site. I'm a California attorney and real estate broker specializing in short sales. For a bit over 4 years we ha… Started by Spencer Lugash	8	7 hours ago Reply by Eric Mieles
Co-Op Short Sale Assignments Has anyone gotten an e-mail from this company DTS or Dignified Transfer Solutions who is teamed up with Bank of America to assign contacts… Started by Thomas Zdanowicz	27	8 hours ago Reply by DESIREE A BURGOS
I knew when I took the listing that I was going to be sorry. We wrapped up a short sale last week, closed on Tuesday, funded on Weds, in which the first mortgage holder was paid in full, a second and… Started by Jill Ford	2	11 hours ago Reply by Becky Martin

Need Training?

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Join the Advanced Training Group

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Group members have access to:

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Currently 10 Webinars with 4 more scheduled (Click to View)

Short Sale Listing Package
Expired Listing Letter
Lis Pendens Letter
FSBO Letter
Sample HUDs
Sample BPO Disputes
Private Member Forum
Direct Access to Wendy and Bryant For Short Sale Help

Membership is Only $197.00

This site is owned and operated by REGrow, LLC

A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

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Customer Testimonials

When Should You Ask The Lender to "Waive the Deficiency"?

Bryant Tutas-Tutas Towne Realty, Inc — Sat, 28 Jan 2012 13:37:52 -0500

Hi folks. Recently I was asked by a short sale agent when should they request a “Waiver of Deficiency” for their Seller. My response was to ask at time of submission and then in all lender correspondence thereafter.

An easy way to ask is to use a Short Sale Submission Letter. Below is the format I use. Use this Short Sale Submission letter to outline the terms of the deal and provide any info you want the Lender to consider. I want this letter to be the first thing the lender sees. If you are faxing or emailing your short sale submission package just use this as the first page.

If you are submitting through the Equator system then just add this letter to the front of your contract. That way the lender will be sure to see it.

Here’s mine. I hope it helps.

TUTAS TOWNE REALTY, INC

628 Grand Canal Dr Poinciana, FL 34759

PH:407-873-2747 FX: 407-358-5472

www.CentralFloridaShortSales.com

Email: BrokerBryant@gmail.com

======================================================

3 November 2011

LN# xxxxxxxxxxx

250 Anywhere Dr FL 33880

Borrower: Mr and Mrs Help Me Please

To who it may concern,

Please find following a complete short sale request with supporting documentation. The borrowers are not able to make payments and have no way of keeping the property. Therefore, we humbly request that this transaction is expedited so we can move towards closing and get this file closed and off the books prior to the new year.

Attached are the following documents:

Letter of Authorization
Listing Agreement
MLS Sheet
Listing History
Showing History
Market Analysis
Sales/Purchase Contract
Buyer’s Proof of Funds
Preliminary HUD 1
Financial Form
Hardship Letter
30 Days Pay Stubs
Last 2 Months Bank Statements
2010 Tax Return
2009 Tax Return
4506-T
Dodd Frank

My comments:

Mr and Mrs Help Me Please hired my company in October 2011 to assist with their short sale. The property was placed in the MLS and fully marketed on over 500 websites including Realtor.com, Zillow.com, Trulia.com and Homes.com

The property is currently vacant, however, it is being maintained by the borrower. Property values in this area are continuing to decline. The agreed contract price of $140,000.00 is spot on with current market values. Please see the attached Market Analysis.

The buyer is paying cash and can close quickly. We can close this transaction in November if you can give a quick approval.

So…on behalf of the Mr and Mrs Help Me Please, I humbly request that Wells Fargo accept this short sale request and relieve them of any future liability.

We are requesting a full Waiver of Deficiency and that this sale be reported to the credit agencies as “Full Satisfaction of Debt”.

Please feel free to contact me with any questions or additional information that you may need. Thank you in advance for you attention to this matter.

Sincerely,

Bryant Tutas

Broker/owner

Tutas Towne Realty, Inc

407-873-2747

BrokerBryant@gmail.com

DO YOU NEED SHORT SALE TRANING?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

GMAC Short Sale Success In Kissimmee Florida

Bryant Tutas-Tutas Towne Realty, Inc — Wed, 25 Jan 2012 09:26:22 -0500

Tutas Towne Realty and Bryant Tutas just had another successful Kissimmee Florida Short Sale closing with GMAC Mortgage.

The property:

Primary Residence. 4 bedroom 2 bath single family home located in Forest Edge in Kissimmee Florida. This home has 2,190 sq ft of living area. It was purchased new in June of 2004 for $218,500. It Sold 1/17/2012 for $155,000. That's a decline in value of 29% in 7.5 years.

Liens:

1st Mortgage with GMAC Mortgage for $281,000

Hardship:

Loss of income.

Summary:

I placed the property on the market 8 September 2011 for $165,000. We negotiated a deal at $155,000, 7 days later. The deal was submitted for HAFA but was denied. It was resubmitted as a regular short sale and was approved.

Tutas Towne Realty closed the transaction on 17 January 2012. 128 days from listing to closing!!

GMAC Mortgage accepted $138,250 or .49 cents on the dollar for the 1st mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY with no contributions. GMAC paid 6% commission and paid 3% in buyer closing costs.

Do you need help with your Florida Short Sale?

Seller Testimonials

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Chase Short Sale
Sun Trust Short Sale
GMAC Short Sale
Wells Fargo Short Sale
Bank of America Short Sale
USA Bank Short Sale
PNC Bank Short Sale
Citi Short Sale
HomeEq Short Sale
Fifth Third Bank Short Sale
ING Direct Short Sale
GreenTree Short Sale
Capital One Short Sale
ASC Short Sale
First Horizon Short Sale
E-Trade Short Sale
Transland Financial Short Sale
US Bank Short Sale
IBM LBPS Short Sale
Nationstar Short Sale
BAC Florida Short Sale
Real Time Solutions Short Sale
Fannie Mae Short Sale
FHA Short Sale
Selene Finance Short Sale
Indy Mac
One West Bank
DTA Solutions LLC Short sale

Can we add you to our list of successful Short Sales?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Are Short Sale Lenders Slashing Your Commission?

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 22 Jan 2012 08:47:57 -0500

This Week's Discussions

How to stop short sale lenders from automatically cutting our commission Nearly 9 out of 10 of my short sales, the lender cuts the commission from 6% to 5%. I am sick of this. They know they have us by the short… Started by Julie Wilkinson	17	13 seconds ago Reply by Bryant Tutas
How much time does it take to complete a short sale? Curious how much time you spend working a short sale once you get an accepted offer? How much time: To gather initial documents from seller… Started by Jeff Payne	7	46 seconds ago Reply by Bryant Tutas
Track it! TRACK TRACK! I can't remember what I ate for breakfast most days, but I can remember every conversation I've had on any file I'm negotiating. I also TR… Started by Smitty	3	1 minute ago Reply by Bryant Tutas
How does Credit Report Look after a Short Sale? I had a client ask me how his credit report would differ if the bank accepted a short sale as payment in full or if they went after a defic… Started by James Lockard	8	2 minutes ago Reply by Bryant Tutas
PMI suing the banks? I had a call today from a past short sale client who said a PMI company wants to meet with them and hear their story of the 3 times they tr… Started by Karyl Moore	4	3 minutes ago Reply by Bryant Tutas
What's the real benefit of short sale versus foreclosure? Like all of you, I'm a big proponent of short sale over foreclosure, not merely for my livelihood (but that counts) but also because I thin… Started by Tamara Dorris	16	4 minutes ago Reply by Bryant Tutas
A Step in the Wrong Direction So slightly off short sale topic but important to all of us. I had a confrontation yesterday with a mortgage broker who I have worked with… Started by Eric Mieles	6	15 hours ago Reply by Eric Mieles
1st & 2nd TD with Wells via Equator Now that Wells Fargo is using Equator, if I am doing a SS with both a 1st & 2nd at Wells, do I need to initiate SS in equator on 2nd TD… Started by Chad Dannecker	1	18 hours ago Reply by Bryant Tutas
Have you used CAR's Short Sale Assistance Desk w/Fannie Mae loans? I was just poking around on the California National Association of Realtors (CAR) website and I saw the Short Sale Assistance Desk (SSAD) i… Started by Shari P	2	21 hours ago Reply by Jeff Payne
Freddie Mac Addendum and "rentback"? Hello, I am a first-time home buyer in the process of some back & forth after putting an offer on a short sale. The latest thing to com… Started by Erin	6	21 hours ago Reply by Jeff Payne

Need Training?

Visit the

Join the Advanced Training Group

(***You must be logged into the site to join the group)

Group members have access to:

ALL training webinars.

Currently 10 Webinars with 4 more scheduled (Click to View)

Short Sale Listing Package
Expired Listing Letter
Lis Pendens Letter
FSBO Letter
Sample HUDs
Sample BPO Disputes
Private Member Forum
Direct Access to Wendy and Bryant For Short Sale Help

Membership is Only $197.00

This site is owned and operated by REGrow, LLC

A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

Visit Short Sale Superstars at: http://shortsalesuperstars.com/?xg_source=msg_mes_network

Customer Testimonials

Wells Fargo Short Sale Success In Winter Haven Florida

Bryant Tutas-Tutas Towne Realty, Inc — Sat, 21 Jan 2012 14:48:27 -0500

Tutas Towne Realty and Bryant Tutas just had another successful Winter Haven Florida Short Sale closing with Wells Fargo.

The property:

Investment property. 3 bedroom 2 bath home located in Winter Haven Florida. This home has 2,222 sq ft of living area and is direct lake front with baot house and private beach. It was purchased in March of 2006 for $390,000. It Sold 1/20/2012 for $140,200. That's a decline in value of 64% in just under 5 years!

Liens:

1st Mortgage with Wells Fargo for $295,000

Hardship:

Loss of rental income. Reduction in value.

Summary:

I placed the property on the market 10/10/2010 for $225,000. After several price reductions we finally found a buyer at $150,000. Unfortunately we then spent almost 4 months trying to get an approval and were finally denied the short sale due to lack of hardship. The buyer didn't want to wait while we resubmitted so.....

.....I placed it back on the market and found another buyer at the same price. 2 months later we had an approval only to find out we lost the buyer due to a major illness being diagnosed. So....

....once again we started over. Luckily we found another cash buyer at $140,000. My son Nathan was working with this buyer so we knew the buyer would give us time to get the short sale approved again.

We received another aproval in about 60 days and closed on the transaction. The 3rd time was a charm!!

Wells Fargo accepted $149,000 or .51 cents on the dollar for the 1st mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY on an investment property. He did have to participate in the loss by making a $20,000 cash contribution. He was happy to do so to be rid of almost $300,000 or debt.

This transaction was a referral from an Active Rain member. Thanks Judy!! That makes 3 successful referrals.

Do you need help with your Florida Short Sale?

Seller Testimonials

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Chase Short Sale
Sun Trust Short Sale
GMAC Short Sale
Wells Fargo Short Sale
Bank of America Short Sale
USA Bank Short Sale
PNC Bank Short Sale
Citi Short Sale
HomeEq Short Sale
Fifth Third Bank Short Sale
ING Direct Short Sale
GreenTree Short Sale
Capital One Short Sale
ASC Short Sale
First Horizon Short Sale
E-Trade Short Sale
Transland Financial Short Sale
US Bank Short Sale
IBM LBPS Short Sale
Nationstar Short Sale
BAC Florida Short Sale
Real Time Solutions Short Sale
Fannie Mae Short Sale
FHA Short Sale
Selene Finance Short Sale
Indy Mac
One West Bank
DTA Solutions LLC Short sale

Can we add you to our list of successful Short Sales?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

10 Tips To Help You Close More Short Sales

Bryant Tutas-Tutas Towne Realty, Inc — Sat, 21 Jan 2012 13:56:07 -0500

Hi folks. Do You Want To Close More Short Sales? Of course you do. Here are some tips that may help.

Educate the Sellers at time of listing. Make sure they fully understand the process and what is expected of them. Be sure they understand cash contributions, promissory notes, tax ramifications and what happens to the deficiency.

Price the property at market value or more. Negotiate the cleanest contract you can get with a price that you can defend to the lender.

Know the type of short sale i.e. FHA, VA, HAFA Non GSE, HAFA Fannie, HAFA Freddie, USDA..... and know why this is important.

Be sure any major repair issues are addressed at time of listing. These could put limitations on the type of Buyer you are looking for. For example: If it needs a new HVAC system a Buyer will not be able to use FHA financing.

Be in complete charge of the transaction. Know what you can and can’t do then make sure the lender understands that you know.

Make sure the BPO agent has the information you need them to have PRIOR to them doing the BPO. And know what that information is.

Make sure you are aware of ALL liens on the property prior to taking the listing.

Understand that the Seller is not always the Borrower. That works both ways. Example: Child owns the property but the borrowers are the parents. Or...the Seller assumed a mortgage when they purchased the property but the loan is still in the original borrower’s name.

Stay focused on the transaction. Don’t let “drama” cloud your vision.

And most importantly, understand that “Short Sale Denied” means....this time. Find a new buyer and try again. And keep trying until you get the job done.

This is in no way a comprehensive list but it will give you some things to think about. Any questions?

DO YOU NEED SHORT SALE TRANING?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Broker Bryant is by far The Best Agent Ever!!!

Bryant Tutas-Tutas Towne Realty, Inc — Wed, 18 Jan 2012 22:48:33 -0500

Hey...I didn’t write it. I’m just sharing it as I received it.

Buyer testimonial received 1-18-2012

As a first time home buyer I did the one thing everyone tells you not to do – I fell head over heels in love – with a house. This house had me written all over it – everything I wanted in a house, from location to size and everything in between was me. But it had one major problem… it was in foreclosure for two years and at the point I found Bryant it had been taken off the market completely. Everyone told me I had no chance.

I found Broker Bryant by googling “find me the best agent in Florida that handles short sales” and Bryant Tutas was first on the list. From our first conversation I could tell he has what it takes – he is extremely professional, knows the foreclosure process inside and out, and just as importantly, he knows how to work with people in a way that makes them enjoy what they are doing. He’s approachable, understanding, knows how to make their job easier – and he’s a joy to work with. Most importantly to me – he got me my house! In 31 days!!!

I could not believe it. Bryant has a true gift of understanding his profession, knowing how to work with people, knowing when to push a little and when to back off a little. He gets it done!!! And he made the entire process a joy for me.

He’s funny and he’s brilliant and I am so grateful that I found him… I would highly recommend him to anyone that is looking to purchase a home.

Stephanie Whittemore

A very happy home owner in Dunedin, FL

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

How Many Short Sales Are You Closing?

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 15 Jan 2012 07:49:39 -0500

This week's discussions

Just an observation from what actual short sale sellers and buyers are asking on Short Sale Superstars I LOVE that we get actual consumers coming to this site to ask questions. We get a lot of buyers and sellers alike who are trying to navigat… Started by Jeff Payne	8	1 minute ago Reply by Bryant Tutas
How many short sales are you closing a month? I was just wondering for all the heavy hitters out there. I am trying to gauge myself on how many short sales I should be closing monthly.… Started by Darren Bell	3	1 minute ago Reply by Bryant Tutas
Help!!! 1st and 2nd won't let 3rd get any $ I have a 1st with GMAC, 2nd with BofA and 3rd with MCT Group a collection company for USE Credit union. The 1st and 2nd have agreed to the… Started by Mike Giancanelli	7	3 minutes ago Reply by Bryant Tutas
Why do we interview agents and/or the sellers negotiator before showing a property? We have a laundry list of questions that we ask a listing agent and/or the sellers short sale processor before we show a property. There a… Started by Jeff Payne	10	3 minutes ago Reply by Bryant Tutas
BOA/Equator Counter Offer too High short sale I received a counter offer from BOA/Equator system about 25% more than offer price. The home is not in good condition and needs a lot of fi… Started by tejas	26	5 minutes ago Reply by Bryant Tutas
Who Creates The HUD? I'm representing the buyer of a short sale in California; Seller's agent is in my brokerage, and has "hired" a 3d party negotiator. BofA ha… Started by Katherine Muhs	12	16 hours ago Reply by Kevin - Greenville, SC
Mortgage Debt Relief Act Hope everyone had a productive week so far. I didnt see anyone start a thread and ask so I was curious what everyones thoughts were on the… Started by Eric Mieles	3	16 hours ago Reply by Wendy Rulnick
HAFA INCENTIVE - Can Borrower/seller Elect Not To Receive The $3,000 Incentive? Does anyone know if the Borrower/Seller can elect not to receive the $3,000 incentive to contribute either to buyer closing costs or just t… Started by Brenda Rogers	19	yesterday Reply by Kevin - Greenville, SC
Anyone closed with HSBC on 1st Lien?? I am looking to review the Arm's Length Affadavit from HSBC. It is impossible to get through to them to obtain one -- anyone closed with t… Started by RoJane Maybee	10	yesterday Reply by Jessica Eisenhauer
Estate Short Sell Reverse Mortgage or Walk? I was contacted by the heir about listing a property. We quickly discovered that the deceased had a Reverse Mortgage and that the estate wo… Started by Kathleen Sheridan	5	yesterday Reply by Kevin - Greenville, SC

Need Training?

Visit the

Join the Advanced Training Group

Group members have access to:

ALL training webinars.

1. Currently 10 Webinars with 4 more scheduled (Click to View)
Short Sale Listing Package
Expired Listing Letter
Lis Pendens Letter
FSBO Letter
Sample HUDs
Sample BPO Disputes
Private Member Forum
Direct Access to Wendy and Bryant For Short Sale Help

Membership is Only $197.00

This site is owned and operated by REGrow, LLC

A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

Visit Short Sale Superstars at: http://shortsalesuperstars.com/?xg_source=msg_mes_network

Customer Testimonials

10 Tips To Get The Sort Sale Lenders To Notice YOU!

Bryant Tutas-Tutas Towne Realty, Inc — Sat, 14 Jan 2012 08:54:38 -0500

How do we get the banks and asset managers to notice us?

This was a question asked on the CDPE forum site from this morning. It was part of a forum post wanting to know if the Short Sale lenders prefer the CDPE designation over the NAR SFR designation.

Here’s a clue: The lender doesn’t give a squat about your designations! Nor should they.

So.....how DO we get the banks and asset mangers to notice us?

Here are a 10 tips that will help.

Submit complete and organized short sale packages with contracts that make sense.

Fully understand the Short Sale process and treat the negotiators with respect.

Only escalate when all other avenues have been exhausted.

If you are a blogger, or spend time on Facebook or Twitter, be sure to write POSITIVE stuff about short sales. Lenders do “Google” agents. If you are constantly writing about negative short sale experiences they will notice you...just in a bad way.

Be a “step above”. Help the negotiator have a good experience working with you. If you do have to escalate don’t bash the negotiator. Make them look good in the eyes of their superiors.

Be a problem solver not a problem creator.

Be able to support your stance with facts and in writing.

Work WITH the lenders to get the short sale approved.

Build a reputation as one who gets deals closed.

Never stop learning and being open for new ways to handle short sales. Know the difference between a regulation or law and a rule or company policy. And know why this matters.

Remember, contrary to popular belief, Lenders prefer doing a short sale over foreclosing. Our job is to make sure we are giving them what they need to make the decision we want them to make for the advantage of our sellers.

If you do these things often enough you WILL get noticed by the banks and asset managers. And when they start dishing out short sale listing this year you will be in a better position to get you some of that business. I know I will.

Do you need Advanced Short Sale Training?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Range Pricing Exposed For What It Really Is!

Bryant Tutas-Tutas Towne Realty, Inc — Fri, 13 Jan 2012 07:23:35 -0500

Hi folks. Larry and Sheila have a featured post this morning titled...

Do You Use Value Range Pricing When Listing A Home?

Range Pricing is very near and dear to my hears as I was one of the very early adapters of this technique. When TLW and I opened Tutas Towne Realty almost 15 years ago Range Pricing was what we used to make our company stand out. It was different and no one was doing. Our sellers LOVED it! Over the years we have fought many battles over it.

Our peers used to threaten us with law suits and ethics violations. Our Board and our MLS didn’t understand it. But through it all we stood firm and just kept right on selling out listings for top dollar and it far less time than the average Days on Market.

Since Larry and Sheila have brought Range Pricing back to our attention I felt I would be negligent by not posting an explanation I wrote for ActiveRain back in 2006 (My third post EVER!). So here goes........

Home, Home in The “Range”

Do you Have a listing you can’t sell? Make that property “home home in the range”.

As a user of "Range Pricing" let me see if I can explain how it works and how it lowers my days on market and usually results in a higher selling price for my Sellers.

"Range Pricing" is a marketing technique used to generate more showings on a property. As you know if they don't see it they can't buy it. The goal is to get the property to show up on MLS searches more often. This way Realtors can see the photos and property details and make a decision on whether or not to add it to their showing lists. You do have to disclose in the first line of remarks that the property is Range Priced.

Example: Lets say that the true Market Value of a home is $257,000 to $259,000. Usually the listing Realtor will list this in the low 260's in order to negotiate a selling price in the high 250's. Now let's say a Buyer walks in to another Realtors office and is looking for a home with the same parameters as the one listed but tells the Realtor he does not want to pay more than mid 250's and lets say the Realtor searches for homes with maximum list price of $260,000. Your listing will not show up!!!!! In reality if the Buyer sets a goal of $255,000 and the Seller's target is $259,000 there is probably a deal in there somewhere. But because of the way it was priced the Buyer never had the opportunity to see this property!!

Now "Range Pricing" using the same example would work like this. If the Seller and I agree that $257,000 to $259,000 would be an acceptable offer for his property I would "Range Price" this property from $249,000 to $269,000 with $269,000 being a full price offer(remember this must be disclosed on the first line of the remarks section). Now I am able to enter this listing with a list price of $249,000. Assuming the property is priced at market value whenever a Realtor searches the MLS for similar properties my listing will be the first one on the list!! Talk about market positioning. This all boils down to more exposure, more showings, more offers and normally a selling price in the middle of the "Range" which would be $257,000 to $259,000.

I have sold hundreds of properties using this technique and rarely have a problem with Buyers not understanding it. You will get low ball offers but you are always going to get those no matter how you price the property. The bottom line is if the house is priced properly and the Buyer sees it and likes it he will pay the price.

Explaining "Range Pricing" to the Buyer is very simple. Show them the remarks: This property is "Range Priced". The Seller will consider offers between $249,000 and $269,000 with $269,000 being a full price offer. Very straight forward. If and when the Buyer looks at additional properties they will understand the market value and hopefully make an offer accordingly. The Buyers I have worked with appreciate it that the Seller is letting them know up front that they are willing to negotiate. Buyers love to negotiate!

So try it on that listing you haven't been able to sell. Get some Buyers through the door. Your Seller may be more receptive to trying "Range Pricing" instead of lowering their price. So place that hard to sell listing “home home in the range”.

And here's the Carnival of Real Estate winner from late 2006. A classic:

"The proof is in the puddin'" Range Pricing part 1,275!

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Smart Bear or Tricky Bear? What say Pooh?

Bryant Tutas-Tutas Towne Realty, Inc — Thu, 12 Jan 2012 17:17:32 -0500

A while back Baby Bear called Broker Bear to see about placing his home on the market as a Short Sale. Baby Bear had not made payments in about a year.

Being the good little Broker that he is Broker Bear went over and met with Baby Bear. During the meeting Baby Bear mentioned that Papa Bear lived next door and Grandma Bear lived two caves down. Baby Bear wanted to know if either Grandma Bear of Papa Bear could purchase his cave at a reduced Short Sale price.

Hmmmm......it sounded like a great idea but unfortunately the Lender, Bank of Caves, said "No, they can't do that. It must be an Arms Length Transaction".

Oh well....Country Cave Bank sucks!!!

So Broker Bear placed the cave on the market and worked towards finding a Buyer. After a few price reductions and several months later a Buyer Bear made an offer on the cave. Bank of Caves had a mortgage on the property for $175,000 and Buyer Bear made an offer of $50,000!

This offer was very much in line with what caves on this side of the mountain were selling for so Broker Bear suggested to Baby Bear that he should accept Buyer Bear's offer.

BUT......Baby Bear said "NO". Baby Bear, after talking to Papa Bear, decided to take the cave off the market and let it be foreclosed on. Then once it comes back on the market at a foreclosure price Papa Bear will buy it back for Baby Bear.

Broker Bear gets squat. Bank of Caves will lose more money. Baby Bear, Grandma Bear and Papa Bear can live happily ever after on their side of the mountain.

I wish I could say this was a fairy tale....but it's not. Smart Bears or Tricky Bears? What say Pooh?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Our REALTOR(R) Code of Ethics Allows Us To Be Aggressive In Our Business.

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 08 Jan 2012 13:50:06 -0500

Watch List your house cheap in Comedy|

I had a closing last week. I love it when that happens. TLW can now go shopping and I can sit out by the pool, work on my tan and bask in the sweet feeling of victory while smoking a $10 cigar and sipping a Remy Martin!! OK maybe I'll pass on the cigar and the Remy. I wonder if TLW will pass on the shopping? I doubt it.

About 6 weeks ago I had a very nice lady from England contact me from my ActiveRain blogging efforts. Her property, a vacation rental, had been on the market for almost a year with another REALTOR® with no action and she really wanted to get it sold. Anyway, like the good little Broker that I am, I told her I would do a quick analysis on her property and call her back shortly.

My analysis showed that she was about 20% above market value and that the property was currently listed with another REALTOR®. I called her back and "pitched my wares" and told her what it would take to get her property sold. I also mentioned that since she was already listed I could not take the listing at this time but if things changed please let me know and I'd be happy to get her place sold.

She called me back the next day wanting to cancel her current listing and list with me. She then proceeded to tell me she had been trying to reach her REALTOR® for weeks to no avail.

Her current REALTOR® was someone I have known for years. I told the Seller not to worry about it that I would call her REALTOR® and see what I could do. So I did.

I told the REALTOR® that her Seller had contacted me(which she had) and that after speaking with her and giving her my opinion on what it would take to get her property sold she had decided that she wanted me to list her property. Then I asked the REALTOR® what the status of the listing was and when was it expiring. She told me.

Then I suggested to her that if she would cancel out the listing agreement, now, I would pay her a 25% referral fee and get this property sold promptly. She agreed.

I listed the property on December 5th and closed on it last week. The other REALTOR® was very excited when I called to let her know we closed today and that she will be getting a check on Monday. She then asked if I wanted another referral for one of her other listings that she is struggling with. I said OK.

Folks, I wrote this post to show you how to practice aggressive real estate within the boundaries of our Code of Ethics(CoE). While some may feel I over stepped my boundaries, according to our Code of Ethics, I did not. I also didn't do anything sneaky. I picked up the phone and called the other REALTOR® and simply had a conversation and made a suggestion that she wisely went for. I say wisely, because the way the property was priced it would have NEVER sold. The listing would have expired and the REALTOR® would have got squat.

Instead she was able to get a referral fee on it. The Seller was happy, I was happy and the other REALTOR® was happy. It was a win, win, win. Everything was above board and everything was ethical and legal.

Sometimes, we just have to take the initiative. It would have been very easy to just tell this lady I couldn't help her but I would have been lying. I could help her and I knew it. I also could have just told her to fire her REALTOR® and call me back BUT that would have been unethical. So I took the high road, made the call and everything worked out just fine.

Aggressive? Yes. But just like everything else it's all in the presentation. Now you know how to handle these situations when they come up. How did I do?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Most Difficult And The Easiest Short Sale Lenders?

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 08 Jan 2012 13:26:57 -0500

DiscussionsRepliesLatest Activity

Easy Banks to Work With and Difficult Banks to Work With Hello Fellow Short Sale Agents: Just looking for some feedback from everyone on which banks you consider easier to work with and which ones… Started by Sherry Sims	2	6 seconds ago Reply by Bryant Tutas
Freddie Mac/Chase - Guidelines I am working on a sale. Buyer is cash, as property won't qualify for financing (other than rehab financing) - anyways, I got a call from C… Started by Smitty	17	47 seconds ago Reply by Bryant Tutas
Sellers negotiator fee Hi We are a buyer and we found out sellers listing agent outsourced the negotiation to a third party. What's the typical fee these third pa… Started by James	9	1 minute ago Reply by Bryant Tutas
B of A Short Sale needs HELP !!! I am buying a BOA short sale house. I signed the contract in Oct and received the short sale approval in the beginning of Dec 2011, loan wa… Started by M Bhatti	8	2 minutes ago Reply by Bryant Tutas
Trying to get a BOA pre-approved FHA SS I am having the worst luck with BOA even making it past step one. BOA has had all of the homeowners requested docs and financials since Nov… Started by Kimberly Azzam	8	3 minutes ago Reply by Bryant Tutas
Seller transferred title to another person leaving mortgage in place I am working on a short sale, and when I did my preliminary title search, I was surprised to learn that the seller had previously transferr… Started by Teresa Hejna	11	6 minutes ago Reply by Bryant Tutas
Trying to buy after a bankrupcy I have a client that filled for bankrupcy and it was discharged 21 months ago. Their house was included in the bankrupcy (upon advise from… Started by magaly muskus-nasser	7	7 minutes ago Reply by Eric Mieles
Innacurate BPOs, Why? I may have just figured out why there are so many inaccurate BPOS. Check out this email that I just got from someone who will do my BPOs fo… Started by Jeff Payne	5	14 minutes ago Reply by Sheyenne Schultz
FYI.....US Bank Was just informed US Bank is adding extra security and requesting on there Autho Letters the time frame you expect to speak on the file and… Started by Eric Mieles	5	21 minutes ago Reply by Eric Mieles
Trustee Sale date not granted How can one find out if the BOFA negotiator actually asked the investor for the "the request of postponement"? Started by Joseph N.	4	31 minutes ago Reply by Sheyenne Schultz

Need Training?

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1. Currently 10 Webinars with 4 more scheduled (Click to View)
Short Sale Listing Package
Expired Listing Letter
Lis Pendens Letter
FSBO Letter
Sample HUDs
Sample BPO Disputes
Private Member Forum
Direct Access to Wendy and Bryant For Short Sale Help

Membership is Only $197.00

This site is owned and operated by REGrow, LLC

A Licensed Florida Real Estate Brokerage

ShortSaleSuperStars@gmail.com

DISCLAIMER

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Customer Testimonials

10 Common Short Sale Mistakes And How To Avoid Them

Bryant Tutas-Tutas Towne Realty, Inc — Fri, 06 Jan 2012 15:34:31 -0500

10 Most Common Short Sale Mistakes And

How to Avoid Them

Not Qualifying the Seller
1. Their financial situation (current assets etc)
2. Hardship (will give clues to how you will get approval)
3. Type of mortgage
  1. If it’s FHA loan and other types, can try to get pre-approved
  2. Is Fannie or Freddie?
Not preparing the seller for cash contribution and/or promissory note (part of #1 but so important!)
Not doing preliminary title search
Not controlling the list price and subsequent price reductions
Advising your seller to accept an offer that is too low
Not controlling the terms of contract – buyer end, short sale approval time frame, deposit upon seller acceptance (not short sale approval)
Submitting an offer or multiple offers to the lender. Instead of one fully accepted and signed contract.
Not working multiple liens simultaneously
Not reviewing seller’s documents before sending to lender
1. Common financial worksheet mistakes
  1. Seller does not add the figures correctly
  2. Seller leaves out expenses
  3. Seller forgets about mortgage payment he is not making
2. Common package mistakes
  1. Leaving out documents, not labeling blank pages
  2. Not having exactly the same on all documents and as they are on the loan
  3. Common hardship letter mistakes
  4. Not providing supplemental hardship information
Not getting your emotions out of the transaction. Keeping your focus on the end result.

Join Short Sale Superstars

Need Training?

Visit the

Join the Advanced Training Group

Group members have access to:

ALL training webinars.
1. Currently 10 Webinars with 4 more scheduled (Click to View)
Short Sale Listing Package
Expired Listing Letter
Lis Pendens Letter
FSBO Letter
Sample HUDs
Sample BPO Disputes
You will become a "Featured Member" under "Find Agent" for leads
Private Member Forum
Direct Access to Wendy and Bryant For Short Sale Help

Membership is Only $197.00

This site is owned and operated by REGrow, LLC

Wendy Rulnick and Bryant Tutas

Brokers of Record

A Licensed Florida Real Estate Brokerage

628 Grand Canal Dr

Poinciana FL 34759

ShortSaleSuperStars@gmail.com

Customer Testimonials

Tips To Help You Learn Your Real Estate Market.

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 01 Jan 2012 11:11:28 -0500

Hi folks. During one of my interviews this year a listener posed a question that got me thinking. The question was "How do you learn your market?". It caught me a little off guard. Not that I don't know the answer but that someone in our business had to ask the question.

Knowing our market is what our job is all about.

Knowing our market is why buyers and sellers need us.

Knowing our market is what gives us confidence in our business.

Knowing our market is how we know where and who to market to.

Knowing our market is how we plan for the future.

Knowing our market is so important that if we don't know it we will surely fail. It's just a matter of time.

But having said all of that......"How do you learn your market?" is a very good question and one that I'm going to try and answer. To begin with, knowing your market means being able to answer the following questions if asked. There are many more but these will get you started:

How many properties are for sale in your market today?
What's the average price?
What's the average days on market (DOM)?
What's the median price?
How many properties sold last month? Last 6 months? Last year?
How many properties are currently under contract (pending)?
How many of the sold properties were Short Sales? Foreclosures (REOs)?
What's the "sold price to list price" ratio?
What's the absorption rate (Active listings divided by a month's average sales)?
Are values declining or increasing?
Is inventory declining or increasing?

These questions are asking for essential market information that buyers and sellers will want to know. The answers to all of them can be found in your MLS system. I check my MLS hot sheet every day first thing in the morning. I want to know what is going on in my market. Make this a DAILY activity. And while you are at it go ahead and solicit the expired and withdrawn listings. Kill two birds with one stone. This one little daily exercise will give you market confidence AND you will also pick up listings. I've done this daily for 15 years.

By answering this next batch of questions you will become even more of an expert on your market. By knowing the answers to these you will be able to laser focus your marketing.

How many total properties are located within your market?
What's the average age of the folks that live there?
Who's buying property there? Are they relocation buyers? Move up buyers? First time home buyers?
What mortgage products are they using? FHA? USDA? VA? Conventional? Cash?
On average how often do folks move OUT of your market?
Where are they moving to?
Who are the largest employers?
What Real Estate Company does the most business? What agent? Listing side? Selling side?
What percentage of business do they have?
Who sells the most REOs? The most Short Sales?

Folks, you may have to dig a little deeper for the answers to these questions. Some can be found in your MLS. For others you may need to contact your Chamber of Commerce. Or you can check online at sites like ZipSkinny.com (just remember these sites will be far more accurate once the census is completed).

So that's it for now. Hopefully this post will get you started in the right direction. Let me know if you have any questions for me. Does this help?

***By the way, I'm looking to hire more agents in 2012. I offer a fee based arrangement. OR if you just need some information to help you in your business feel free to join my network at TTRealtyNet.com. It's FREE!

****First published in August of 2010.

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Why Are You Doing Short Sales?

Bryant Tutas-Tutas Towne Realty, Inc — Sat, 31 Dec 2011 09:14:49 -0500

Happy New Year!

Short Sale Superstars

From Wendy and Bryant

This week's discussions


Why are you doing short-sales??? I'll admit, my experience is very limited in this arena - I've been a purchaser in two short-sale deals, one closed a few months ago, and t... Started by Mark	20	55 seconds ago Reply by Bryant Tutas
Kicked out of EQUATOR I have a Short Sale with a cash buyer. Had 3 negotiators..WF converted to EQUATOR...File has been closed. I have call 4 times and NO ONE h... Started by Harry Ackley	10	14 hours ago Reply by Joseph Brooke
Flat Fee Commissions Wondering if anyone has ever got a lender to agree to a flat commission? I would love to help everyone but this possible short sale would s... Started by Jennifer Luna SFR	8	16 hours ago Reply by Bryant Tutas

Arms length affidavit question I have a short sale where Freddie is the investor and we were given the short sale affidavit. It's been fun trying to get it notarized by a... Started by Pam Graham	0	17 hours ago
Arms Length Affadavit and Renting property back from new owner I have a question and have googled for weeks trying to get an official opinion on this from someone who might really know. It just doesn't s... Started by Paul Jones	34	17 hours ago Reply by Pam Graham
Citibank wants me sign a letter AFTER my closing took place stating it was ok for them to use portion of HAFA towards balance owed after closing was delayed Looking for some advice.... My home just closed on Tuesday and I found out at the last minute that the $3,000 HAFA amount was going to be r... Started by Kim Hendrick	3

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Customer Testimonials

Successful Fifth Third Bank Short Sale In Kissimmee Poinciana Florida

Bryant Tutas-Tutas Towne Realty, Inc — Fri, 30 Dec 2011 09:26:44 -0500

Tutas Towne Realty and Bryant Tutas just had another successful Kissimmee/Poinciana Florida Short Sale closing with Fifth Third Bank.

The property:

Investment property. 4 bedroom 2 bath townhouse located in Kissimmee Poinciana Florida. This home has 2,234 sq ft of living area. It was purchased new in May of 2005 for $234,000. It Sold 12/28/2011 for $72,200. That's a decline in value of 70% in 6.5 years!

Liens:

1st Mortgage with Fifth Third Bank for $230,000

Hardship:

Loss of rental income. Reduction in value.

Summary:

I placed the property on the market 29 April for $75,000. Negotiated a cash deal at $72,200 on 19 May. It took until 18 December to get the approval from Fifth Third. Most of this time was negotiating promissory notes that were required form Fifth Third and the Mortgage Insurance Company. After almost 3 months of trying to make these go away the seller agreed to pay Fifth Third $15,000 over 15 years and the MI Company $23,000 over 15 years. After finally receiving the written approval on the 18th of December the buyer decided to walk!!!

Even though the Buyer and his agent had been updated weekly for 7 months he still walked. Anyway I placed it back on the market as an "approved" short sale and we found a Buyer the same day for $72,200. We scheduled the closing for 2 days later and this Buyer made it to the closing table before getting cold feet and walking.

So...I placed it back on the market and found another cash buyer on 22 December. We closed and funded on 28 December.

Tutas Towne Realty placed the property on the market 20 April 2011. The transaction closed on 28 December 2011. 243 days from listing to closing!!

Fifth Third Bank accepted $65,500 or .28 cents on the dollar for the 1st mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY on an investment property. He did have to participate in the loss by signing two promissory notes.

Do you need help with your Florida Short Sale?

Seller Testimonials

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Chase Short Sale
Sun Trust Short Sale
GMAC Short Sale
Wells Fargo Short Sale
Bank of America Short Sale
USA Bank Short Sale
PNC Bank Short Sale
Citi Short Sale
HomeEq Short Sale
Fifth Third Bank Short Sale
ING Direct Short Sale
GreenTree Short Sale
Capital One Short Sale
ASC Short Sale
First Horizon Short Sale
E-Trade Short Sale
Transland Financial Short Sale
US Bank Short Sale
IBM LBPS Short Sale
Nationstar Short Sale
BAC Florida Short Sale
Real Time Solutions Short Sale
Fannie Mae Short Sale
FHA Short Sale
Selene Finance Short Sale
Indy Mac
One West Bank
DTA Solutions LLC Short sale

Can we add you to our list of successful Short Sales?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Broker Bryant’s Year End Ramblings On Short Sales

Bryant Tutas-Tutas Towne Realty, Inc — Thu, 29 Dec 2011 09:39:05 -0500

(CLICK THE IMAGE IF YOU NEED LENDER CONTACT INFO AND SHORT SALE PACKAGES)

Hi folks. Here we are at the end of 2011. I spent some time this morning reflecting on short sales and these are some of my thoughts, observations and predictions.

In 2012 Banks are going to have even more control over our real estate businesses when it comes to Short Sales.

“Pre-approved Short Sale” really means the Bank will now dictate how you market, how you are paid and who you can sell to.

Examples are:

Last week I received an email from BofA, for a Co-op Short Sale listing, stating that they require the listing agent to hold 3 open houses and have at least 1 broker caravan.
I saw an email from a different lender requiring the listing Broker to split the commission 50/50.
I have had lenders refuse to sell to a corporate entity even though they are NOT the Seller.

Banks are outsourcing more of their Short Sales to 3rd party vendors and are requiring the listing broker to pay for these services out of their commission.

Loan mods are rarely given. One reason for this is that Mortgage Insurance doesn’t pay out on a loan mod but will on a foreclosure or Short Sale.

I need to up my game as I did not help enough people avoid foreclosure in 2011.

I want to help 100 people avoid foreclosure in 2012.

If you think you are a Short Sale expert...you are wrong. You may be experienced but you are not an expert.

Short Sales will increase for 2012 in the hardest hit areas.

You may not need a hardship to sell your property as a Short Sale.

You may not need to miss payments to do a Short Sale.

Needing to sell but not being able to due to your mortgage balance being too high IS a hardship.

Since more lenders may start to dictate how we split the commission on a Short Sale I need to think of alternative ways to get paid and generate income.

Collect advance commission at time of listing.
Have the buyer pay part of my compensation.
Charge the seller and/or lender for clean outs and maintenance.
Increase our buyer side commissions and fees.
Hire more agents.
Cut costs.

My partner Wendy Rulnick and I have grown http://ShortSaleSuperstars.com to over 8,000 members and have made it the number one place on the web for folks to get reliable short sale information. We now have almost 50,000 unique visitors per month.

Lenders “google” the agents involved in a Short Sale. Remember this the next time you go to write a negative article about a lender or a Short Sale.

Lenders will be hand selecting more Short Sale agents for their distressed borrowers in 2012. (see my last bullet point)

Well folks, that’s it for now. I hope I have given you some food for thought. Please go out and help folks avoid foreclosure. If you don’t want to handle Short Sales send them my way. If they are in Florida I will take care of them personally, if not, I will refer them to one of our Short Sale Superstar. We cover all 50 States.

And if you are in Florida we can co-list and work the Short Sale together. You have options. Just don’t walk away from the Short Sale listing. You owe it to your community to help folks avoid foreclosure.

I will help you in any way I can. Fair enough?

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Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Another Happy Seller And Testimonial For Bryant Tutas

Bryant Tutas-Tutas Towne Realty, Inc — Wed, 28 Dec 2011 17:20:59 -0500

To: Potential Clients of Bryant Tutas

From: David Bernier

I have bought and sold many properties over the past 30 years both primary residences and Commercial Properties.

I want to take this time to highly recommend Bryant Tutas as the Real Estate Broker to represent you.

Bryant is by far the most professional person that I have ever dealt with in my entire life.

Whether it is Real Estate, Insurance, Medical, etc Bryant far surpassed the others. You too will be completely

satisfied with his Real Estate expertise. Whether it was another step of the process that had been

completed or just informing me that everything was going smooth he regularly kept me updated

via email or by phone.

If you have any further question please feel for to call my cell phone number below.

Thank you

David Bernier

850-830-4207

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Another Successful SunTrust Mortgage Short Sale In Oviedo Florida

Bryant Tutas-Tutas Towne Realty, Inc — Tue, 27 Dec 2011 15:51:58 -0500

Tutas Towne Realty and Bryant Tutas just had another successful Oviedo Florida Short Sale closing with SunTrust Mortgage.

The property:

4 bedroom 2 bath townhouse located in Hawthorne Glen Oviedo Florida. This home has 1,828 sq ft of living area. It was purchased new in March of 2006 for $277,200. It Sold today for $125,000.

Liens:

1st Mortgage with SunTrust Mortgage for $234,500

Hardship:

Curtailment of income. Current on payments. Purchased for their son when he was going to college. He graduated and they no longer needed the unit.

Summary:

This was a referral from my partner Wendy Rulnick. I placed the property on the market 2 September and had multiple offers within the first 3 days. Negotiated a cash deal at $125,000.Within 45 days we had an approval from SunTrust. However they wanted the seller to contribute $10,000 to the transaction.The sellers were not in a position to do so, so we asked the buyer to pay it. They said no.

We canceled the contract and placed it back on the market. Within 1 day we had a new buyer willing to pay $125,000 AND make the $10,000 cash contribution for the seller. This was agreed and fully disclosed on the contract, on the HUD and to SunTrust. The buyer paid the $10,000 at time of closing and the seller received FULL WAIVER OF DEFICIENCY on an investment property with out missing any payments!

I never saw the property, never met the seller or the buyer. The entire transaction was handled via email and text messages.

Tutas Towne Realty placed the property on the market 2 September 2011. The transaction closed on 27 December 2011. 113 days from listing to closing!!

SunTrust Mortgage accepted $125,600 or .54 cents on the dollar for the 1st mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY on an investment property with out missing any payments!

From Mrs Seller:

Thanks Bryant!!! Best news you could have given us. We will certainly keep you in mind if we should hear of anyone needing your services. You have been terrific to work with and we can't thank you enough for staying on top of the whole process.

From Mr Seller:

Thanks Bryant. You are by far the most professional person I have ever worked with! Kind of bummed though. I enjoyed having you in my life.

Do you need help with your Florida Short Sale?

Seller Testimonials

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Chase Short Sale
Sun Trust Short Sale
GMAC Short Sale
Wells Fargo Short Sale
Bank of America Short Sale
USA Bank Short Sale
PNC Bank Short Sale
Citi Short Sale
HomeEq Short Sale
Fifth Third Bank Short Sale
ING Direct Short Sale
GreenTree Short Sale
Capital One Short Sale
ASC Short Sale
First Horizon Short Sale
E-Trade Short Sale
Transland Financial Short Sale
US Bank Short Sale
IBM LBPS Short Sale
Nationstar Short Sale
BAC Florida Short Sale
Real Time Solutions Short Sale
Fannie Mae Short Sale
FHA Short Sale
Selene Finance Short Sale
Indy Mac
One West Bank
DTA Solutions LLC Short sale

Can we add you to our list of successful Short Sales?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials

Sorry. You Need Your Agent To Call For Showing Instructions!

Bryant Tutas-Tutas Towne Realty, Inc — Thu, 22 Dec 2011 10:14:07 -0500

Recently, I was sitting on my adjustable, vibrating, craftmatic, tempurpedic bed enjoying my morning coffee and "working" on ActiveRain, when my phone rang. I answer...."Good morning Tutas Towne Realty, this is Broker Bryant your local area Real Estate expert, how can I help you on this beautiful sunny Florida morning?" Well, maybe I didn't say EXACTLY that, but it was close.

Anyway, a very pleasant lady on the other end starts asking me about one of my listings. She said she was a Buyer, so I answered her questions about my listing and then asked her if she was working with a Realtor. "Yes, I am, and I'm just helping her out today" Then she started asking me about a few ofmy other listings and wanted to know if they were vacant or Seller occupied. I politely told her... “I can’t give you this info but please have your agent give me a call.”

Well, I guess she didn't hear me because then she asked me if the properties were on electronic lox boxes or did she need a code. She wanted to look at them between 12:00 and 1:00. I asked her again if she was an agent because I thought maybe I had misunderstood her. After all, she was very good at asking for showing instructions.... polite, informed, clear speaking and very precise with her questions and her showing times. But nope, she confirmed again she was a Buyer and was just helping her agent out. I eventually managed to get it through to her that I could not give her this information and that she really needed to have her agent give me call. She finally understood and hung up. I never did get a call from her agent.

So what do you think? Overzealous buyer?Redfin? ZipRealty? Is this the way of the future? “If we are giving you back a commission rebate then you need to arrange your own property showings?”

Whatever it was, I adjusted my bed upward and cut on Regis and Kelly. I hope I didn't miss a sale!!

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Customer Testimonials