short sale: When Do You Request A Waiver Of Deficiency From The Short Sale Lender? - 01/20/14 11:06 PM

Hi folks. Recently I was asked by a Florida 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 for my Orlando Florida Short Sales.. 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. … (4 comments)

short sale: Who Pays The Orlando Short Sale Specialist? - 10/18/13 01:49 AM
Hi Bryant,   Since you are the Orlando Short Sale Specialist....
I have a couple questions.  I had to get a 2nd mortgage on the house when I refinanced. It was with GMAC Mortgage for approx $32,000.  I am not sure of the status, it may be with Ocwen now.  How does that impact this?
Is the 6% fee rolled into the closing? Or is that my "out of pocket" expense?
There was mention of 2.75% fee is that in addition to the 6% (its been my experience that fee is included in the 6%). Is it?   Thanks, Mr Short … (1 comments)

short sale: How To Dispute A Fannie Mae Value On A Short Sale - 10/16/13 10:48 PM

How To Dispute A Fannie Mae Value On A Short Sale
Hi folks. If you work Short Sales you know that one of the issues we have right now is Fannie Mae coming back with values that can not be supported by the market.
Inflated property values are the norm with FNNMA. They counter EVERY transaction with a very high price. You can count on it. If you are not prepared for this you can easily have your Fannie Mae HomePath Short Sale blown out of the water.
Since we know Fannie Mae is going to counter on price it … (41 comments)

short sale: Don't Let Fear Keep You From Taking Action To Avoid Foreclosure - 06/04/13 09:56 PM
  Don't Let Fear Keep You From Taking Action To Avoid Foreclosure As you may know, I list and sell a fair amount of Short Sales in Orlando Florida. One of the many issues I face is Sellers who are all gung ho about doing a Orlando Florida Short Sale and then they disappear. At any given time I could have a dozen listing packages out there that I am waiting on to be completed and returned. The Sellers and I have spent time on the phone discussing their situation and the way forward. All that’s left is for them to … (3 comments)

short sale: Common Questions And Answers About Florida Short Sales - 02/14/13 09:57 PM

1) What is the likelihood that the bank refuses to let us do a short sale on the grounds that they don't think our financial situation is dire enough?  Is the hardship we discussed sufficient or is there some specific amount of financial desperation we need to prove?  You may not have enough info from us to answer this at this point.  If so, please let me know what you need to know from us on this, or maybe get the lowdown from xxx on the phone of the overall financial picture.  If we have to prove something and can't quite … (3 comments)

short sale: Why Is My Lender Offering Me A Loan Mod When I'm Doing A Short Sale? - 12/25/12 08:46 PM
Good question. It's quite common for lenders to reach out to their borrowers to see if they qualify for a loan mod. Usually the Lenders have to offer foreclosure prevention options to the borrowers before they can pursue the Short Sale. It really has nothing to do with whether or not the Short Sale will be approved.
My experience is that loan mods are rarely given. However if you want to try and keep your property then you may want to give a loan mod a try. If you aren't able to keep your property then just opt put of the … (23 comments)

short sale: The Spouse In A Short Sale May Be Guilty By Association - 06/12/12 12:43 AM
“Hi Broker Bryant,  I'm in the process of doing a Short Sale on my home. My husband is on the deed but is not on the loan. After we do the Short Sale can he buy us a house using only his credit  for the mortgage?”
Well that’s a good question. The answer is.........I doubt it. At least not for a few years. Since he is not on the loan his credit will not necessarily be affected. However, in the new lender’s eyes, because he is on the Deed, he will be “Guilty by Association”.
This is because the property you … (38 comments)

short sale: Will I Have To Pay Taxes On The Deficiency After A Short Sale? - 05/27/12 10:50 PM
Well that’s a good question. As most of you know the Mortgage Debt Relief Act of 2007 expires on 31 December 2012. This is creating quite the stir in the Short Sale world. In fact, many of the “Short Sale Gurus” out there, including CDPE, are using this as a reason to scare homeowners into doing a Short Sale now before they end up owing Uncle Sam a huge tax bill.

As with anything this important I have spent the last week doing as much research as I could on the issue. My conclusion is that if you do a … (8 comments)

short sale: The Fear Of The Short Sale - 05/24/12 10:20 PM
As you may know, I list and sell a fair amount of Short Sales in Florida. One of the many issues I face is Sellers who are all gung ho about doing a Short Sale and then they disappear. At any given time I could have a dozen listing packages out there that I am waiting on to be completed and returned. The Sellers and I have spent time on the phone discussing their situation and the way forward. All that’s left is for them to complete the paperwork and get it back to me.
Then...nothing. Nada. Zilch. No response and … (9 comments)

short sale: Always Remember We Are Agents NOT Attorneys - 04/18/12 10:22 PM
Hi folks. One of my passions is helping other agents with their short sales. Everyday I spend time answering questions on Short Sale Superstars and other forums I participate on.

One of the questions I frequently see is from agents wanting lender contacts so they can have a foreclosure stopped or postponed. My standard response is that the borrower needs to speak with an Attorney and they need to do it ASAP.

It is not our job, as agents, to get involved with stopping foreclosures. Last I checked our licenses are for selling real estate not practicing law. Foreclosure … (56 comments)

short sale: Is Selling Your Short Sale To The Tenant A Good Idea? - 02/12/12 02:57 AM

 
In my opinion.....no...it’s not.
And here’s why. The Lenders want as much money as possible for the property. They want the property exposed on the open market to attract a Buyer at the highest price possible. They want it to be an “Arm’s Length Transaction”. The Landlord (Seller/borrower) and the Tenant have a “business relationship”. In direct conflict with most “Arm’s Length Transaction Affidavits” they “Share a business interest”.
Here’s what three of the major Lenders say about the “Arm’s Length Transaction”.
Wells Fargo Arms Length Transaction Notice:No party to this contract is a family member, business associate, or … (9 comments)

short sale: A Few Thoughts That May Help You Get Paid On Your Short Sale Transaction - 02/11/12 05:48 AM
Hi folks. OK so I feel compelled again to write about Short Sales and knowing how to get paid. There is so much bad information out there.

There are many agents, brokers, attorneys, negotiators and others that are just adamant that agents are at the mercy of the lenders when it comes to commissions.

I read an article on another site where the agent asked a simple question wanting to know if his seller could pay him additional commission above the 6% the lender approved.

Responders were shocked that he would even consider taking more money from his … (8 comments)

short sale: How To Handle A Short Sale On A Property That Is Owned By A Trust - 02/05/12 03:34 AM


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 … (8 comments)

short sale: Common Florida Short Sale Questions And Answers - 02/01/12 05:52 AM

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 … (6 comments)

short sale: When Should You Ask The Lender to "Waive the Deficiency"? - 01/28/12 05:37 AM
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 … (52 comments)

short sale: 10 Tips To Get The Sort Sale Lenders To Notice YOU! - 01/14/12 12:54 AM


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 … (11 comments)

short sale: Bank of America Now Dictating How We Market Short Sales. - 12/20/11 12:34 AM

Hi folks. Many of you may know that the Short Sale lenders are starting to get very proactive with getting short sales approved and closed.Some of the lenders are even paying the borrowers to do a short sale.All of this is good except for the part where they are also starting to completely control the real estate transaction.I really like streamlined short sales but I’m not sure I like this little diddy I received form Bank of America:
“Borrower is in a streamline Cooperative Short Sale program.  We require 3 open houses and a broker tour.  List price is determined … (13 comments)

short sale: How Much Time Do You Spend On A Short Sale File? - 12/14/11 11:13 PM
Hi folks. One of the biggest myths with Short sales is that it takes a lot of time to work them. I have been asked numerous times why I don't outsource my files and use a 3rd party negotiator instead of handling the process myself.
Well it's simple........I enjoy working short sales!! I like doing paperwork and I love negotiating with the lenders. Short sales fit my skill set perfectly.
Time wise I spend about 30 minutes per week per file unless I have something out of the ordinary going on. I can handle about 35 files without too much of … (10 comments)

short sale: Should You Replace Your Car Before You Do A Short Sale? - 12/10/11 12:10 AM
Hi folks. Recently I have had several Florida Short Sale sellers ask me the same question.....”We need to replace our car. Should we do that before we go through the short sale process?” The concern is that once they go through the short sale their credit will be dinged and financing an automobile will not be easy. One is even paying cash and is concerned how it will look that he went out and spent $15,000 cash on a car and then turned around and asked the lender to accept a short sale.
Interesting question. And one that certainly shows that … (18 comments)

short sale: Can The Short Sale Lender Reverse The Sale Weeks After Closing? - 12/02/11 07:55 AM

Hi folks. Just when I think I have this Short Sale stuff figured out I run across another issue that has the potential to really place my sellers, the buyers and the agents in a difficult quandary.Recently I received a phone message from Chase in relation to a Short Sale we closed on almost two weeks ago. It went something like this "Hi this is Sarah from Chase calling on LN# 11324567. I am preparing the post closing package to send off to the Investor and noticed that I need the last 2 months bank statements from the Borrower. Please … (8 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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