gmac: GMAC Short Sale Success In Kissimmee Florida - 01/25/12 01:26 AM

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. 
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 … (3 comments)

gmac: Will the Short Sale Lender Really Make You Pay a Deficiency? - 09/09/10 01:51 AM

Hi folks. Do you ever wonder what happens after the Short Sale? If the lien holder states they will be contacting you after closing to make arrangements for you to pay the rest of the money you you believe them? Well you should.
I had a closing a few months ago where Bank of America was the 2nd lien holder. The lien was a HELOC (home equity line of credit) for $65,000. For those of us that work Short Sales we know that these HELOCs can be very unforgiving. The reason is that these loans are normally taken out … (52 comments)

gmac: GMAC Short Sale Verbiage is Stealing MY Money! - 02/14/10 10:00 AM
Hi Folks. Richard Zaretsky wrote apost earlier this week titled SHORT SALE MARKET EVOLUTION - GMAC SOLUTION TO FALSE BUYERS  If you haven't read it pop over and do so.
Richard's post spawned an article by Bill J Archambault titled Successful REALTOR Or Failed Social Reformer.
Bill's post got me thinking about this one. Funny how that works!
Here is the language GMAC wants if you have a short sale with them as the lender:
2-3% earnest money must be agreeable to buyer. Contingencies must be removed 14 days after we issue approval letter and earnest money becomes non-refundable. If buyer … (71 comments)

gmac: Orlando Florida Short Sale Approval. GMAC and Bank of America - 11/30/09 08:04 AM
Short Sale approval with GMAC and Bank of America in 53 days.
Location: Vista Lakes Village Orlando Fl
Listed with Tutas Towne Realty on May 18th at $275,000. Liens:
1st Mortgage with GMAC with a balance of $420,000 2nd Mortgage with Bank of America at $63,000 Terms:
Purchase price of $200,000 Bank of America agreed to accept $5,000 (8% of the balance owed). GMAC agreed to accept $179,500 (43% of the balance owed). The Seller is not bringing funds to closing and is not signing a promissory note. The real estate commission is 6%. Challenges:
Rental property And there you have … (16 comments)

Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) Rainmaker large

Bryant Tutas

Selling Florida one home at a time

Winter Garden, FL

More about me…

Tutas Towne Realty, Inc and Garden Views Realty, LLC

Address: 628 Grand Canal Dr, Poinciana, Fl, 34759

Office: (407) 870-9003

Mobile: (407) 873-2747

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