Real estate blog entries tagged with short sale by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC)

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short sale: Your Home is Your Castle, NOT an ATM Machine! - 08/19/08 09:29 AM

This is one of my classic posts that I felt I needed to bring to the front of my blog. It shows that short sales aren't something new. This post was written in December of 2006. Enjoy!!!
Tomorrow, I'm placing a home on the market, that is going to require a short sale. Seems like I'm getting an awful lot of these lately. This is one where I just don't understand what some folks are thinking. Nice young family, who were first time homebuyers just about 2 years ago. They bought a great little house, new construction, and they only paid $135,000 … (28 comments)

short sale: Florida Department of Revenue Sucks on Short Sales! - 08/18/08 09:53 AM

OK so the Department of Revenue in Florida has decided to charge Documentary Stamps (tax) on the amount of mortgage forgiveness related to short sales. Doc Stamps in Florida are charged at the rate of $.70 per every $100 on the Deed of every real estate transaction.
For example: If you sell your house for $100,000 the seller pays $700 in doc stamps.
Now what the State is saying is that if you sold that same house for $100,000 BUT it was a short sale where the Lender forgave $50,000 the tax due is now $1,050!!!
So this brings up some interesting … (25 comments)

short sale: Florida Short Sales Don't Have to Suck! - 08/11/08 08:14 AM

In my last post I had mentioned that I was dealing with a PMI (private mortgage insurance) company during my short sale negotiations. Some of you guys didn't realize that this was one of the entities involved in the decision making. PMI is almost always required when the home is purchased with less than 20% down and is paid for by the home buyer BUT it can also be purchased by the lender even if the down payment was 20% or more. If you are dealing with short sales this is one of the first questions you want to ask the … (16 comments)

short sale: Short sales. It's not only up to the Lender. - 08/09/08 01:06 AM

This is the third part of my series on short sales. As way of disclosure, I am NOT an expert on short sales, I am using this series as a way for me to think through the process and hopefully become better prepared to help some Sellers who may qualify for a short sale.
A short sale can be a very complicated transaction. Not only are we negotiating with the Lender but there is another entity who may be involved as well....the Private Mortgage Insurance (PMI) Company. Most Buyers, that did not put at least 20% down when they purchased their … (26 comments)

short sale: Please......pay me for all my hard work!!! - 07/16/08 09:20 AM

Hi there. Today I'm going to write a little bit about short sales and commissions. Jack Lewitz wrote a post yesterday and in it he mentioned a Broker at one of his open houses who said "I don't like showing short sale properties because I don't know if I am going to get paid my commission!"
Well....OK then.....that's not a good thing. Getting folks to look at short sales is difficult enough due to the time involved in getting them approved. You certainly don't want to give your peers another reason to not show them.
If you have ever been involved … (30 comments)

short sale: Poinciana Short Sale..... For Sale. - 07/02/08 09:16 AM

Folks, this could be the one! Over 1500 sq ft living area and good as new. Only.....$115,000!
Folks this is a great opportunity to own a 4 bedroom home in Poinciana for a reasonable price. The house is in very good condition. This is a short sale and will require minimum 60 days to close. Seller will contribute towards your closing cost if the price is right. Ceiling fans in all rooms. Tile flooring through out. *****Listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges and sale of Property at full listing price may be … (17 comments)

short sale: MoJo Risin' in Poinciana FL. - 06/25/08 09:24 AM

Hi folks. This post is about finding your MoJo. As most of you know, my market, Poinciana FL has one of the highest foreclosure rates in the country. I heard it could be as high as 1 in 7 homes. That's about 15%. So needless to say it has been a very difficult year for selling real estate, thus far. BUT......I'm starting to get my MoJo back!!!
About 3 months ago I decided I needed to quit my whining about the market and make changes in my business. Based on what was happening in the market I had 3 … (27 comments)

short sale: Short Sale Negotiators. Needed or not? - 06/23/08 09:14 AM

Hi folks, today, I'm writing to pick your collective brains a little. With the huge amounts of distressed property owners in this current real estate environment a "new" business opportunity seems to have been born, The Short Sale Negotiator.
If you are like me, I'm sure you get numerous emails from these companies, offering to assist you with short sale negotiations. They go something like this:
"Why spend your time negotiating with Lenders when you could be spending your time listing and selling real estate. We are a National company helping real estate agents and homeowners deal with short sale negotiations. Our … (33 comments)

short sale: Poinciana Short Sale Deal. 675 Reindeer Dr Kissimme Fl 34759 - 06/11/08 08:22 AM

HOW ABOUT A DEAL TODAY ON A POINCIANA POOL HOME?
$119,000 > This is a SHORT SALE and will require 3rd party approval. Beautiful pool home with ceramic tile flooring throughout, travertine in the master shower, updated fixtures, solar heated inground pool, family room, heavily landscaped lot, new roof in late 2004, new AC in 2001 and much much more. Let this be you own tropical paradise. A place to call home and to build memories. Act today!
COME ON DOWN TO TUTAS TOWNE!!!
MORE INFO FROM BROKER BRYANT... THE SOURCE FOR POINCIANA REAL ESTATE

Copyright © 2008 http://www.brokerbryant.com/ … (22 comments)

short sale: Do you believe in miracles? - 05/23/08 03:51 AM

.....that's what my seller asked me today. I had set an appointment to meet with my Sellers because they had just been served the "20 days to respond" foreclosure "thingie". We knew it was coming since they hadn't made mortgage payments in a long time.
The reason for my appointment was to go over their options, discuss lowering the price and possibly attempt to get a short sale. I like these sellers a lot and have been trying to sell their property since January. We've actually had lots of showings and received, what I thought was a very good offer, within … (86 comments)

short sale: Short sales, 1099s, promissory notes and.......DUH!!! - 05/05/08 08:25 AM

Hi folks. Richard Zaretsky wrote a great post yesterday titled "Back to Basics...a Review on Short Sales". If you haven't read it please take a few minutes to do so. It is a very good perspective on Short Sales from an Attorney.
Richard's post brought up two very good points for me. Both were light bulb moments.
The first was the 1099 "thingie". Whether you receive a 1099, or not, has no bearing on whether you have income to declare. Well...duh!!! Why would it. All a 1099 does is reports the income to the IRS for you. If it's not done … (29 comments)

short sale: Bill HR 5830. Good, bad or too soon to tell? - 05/03/08 04:58 PM

Hi folks. I am writing today to pick your collective brains a little. Have you heard that the House of Representatives recently passed a bill, H.R. 5830, named the Federal Housing Administration (FHA) Housing and Homeowner Retention Act?
From what I've read, and understand, this Bill will give distressed Homeowners an opportunity to refinance with FHA at 90% of value IF their current Lender will agree to a short payment.
One of the caveats is that the FHA will own a piece of the action. When the borrower sells they will either pay, from any profits, a 3% exit fee (a percentage of the … (55 comments)

short sale: Trying to sell retail listings in a wholesale market!!! - 03/26/08 07:25 AM

Hi folks, today I want to talk about selling properties in Poinciana FL. It's brutal!!! The problem I'm running up against is Mr. and Mrs. Average Seller are just not able to compete with the wholesale market i.e. banked owned properties and short sales.
As primarily a listing Broker, I have been banging my head against the wall for about a year now. The biggest issue is a lack of equity. Homeowners in Poinciana have lost about 40% in value in the last 15 months.
What this means is most Sellers are just not in a position to sell, unless they … (61 comments)

short sale: Pricing and negotiating "short sales" in Poinciana FL. - 02/21/08 01:05 AM

Hi folks. Today I'm going to talk a little bit about short sales. As way of disclosure, I want to mention, that I am NOT an expert on short sales. However, I am an experienced Broker in Florida and do have short sale knowledge. I just prefer to not handle many of them.
But....I want to see if I can help when it comes to working with Sellers of short sales. How to price the property properly and how to negotiate the deal.
First, if you are a Seller facing foreclosure, a short sale could be a viable solution for you … (21 comments)

short sale: News flash!! Housing downturn culprit discovered!!! - 02/06/08 08:11 AM

Hi folks. As I was reading my daily "Early Bird News" put out by our Florida Association of REALTORS® I was enlightened by the real reason for our housing downturn. This may come as a shock to some of you......are you ready?
Speculators may have accelerated housing downturn!
Speculators! Who would of thunk it. Well I sure did. My market, Poinciana Fl, was raped by speculators. It seems like every "investor" from NY and South Florida swooped down on Poinciana to purchase every new construction home they could with the intent to flip for a profit.
The appeal was new houses that could … (39 comments)

short sale: Short sales. It's not only up to the Lender. - 01/15/08 07:45 AM

short sale: Becoming a better "short sale" expert. A series by Broker Bryant - 01/13/08 06:02 AM

I've been spending a lot of time this week thinking about short sales. My market, Poinciana FL, is going to have a bunch of them this next year so I figure it's time to brush up on my short sale skills to see what I can do to help some folks out.
The first thing I have decided is that I'm going to be very picky with who I work with. My last post touched on that a little. The percentage of getting short sales closed is very, very low. I hear 25% to 30%, if you're lucky.
My goal is … (50 comments)

short sale: A "short sale" is an option NOT an entitlement!! - 01/11/08 04:45 AM

"Short sale". The new buzz word. We've all heard it:
"I owe more than my house is worth and I WANT to move. I'll just ask the lender for a short sale." "I don't want to live here anymore and I need to do a short sale." "I want to take a new job up North but I just bought my house last year. I need to do a short sale." "I'm tired of making these payments and want something smaller. I need to do a short sale." "I quit making payments because my lender said once I was behind … (48 comments)

short sale: Hey!! Bubble heads......read this!! - 12/18/07 07:32 AM

Hi folks. How many of you have heard "REALTORS® are the reason prices skyrocketed so high during the boom"? I know I have. Especially from the "bubble heads". They feel that we were out there setting prices higher and higher because the Buyers would pay it. There is some truth to that but the price was dictated by the market, not REALTORS®.
I can remember, in 2005, going back and forth with Sellers on where to price their house. They would want to price $20,000 higher than the last sale and as hard as I tried, I couldn't talk them out of … (91 comments)

short sale: A Peek Into Poinciana FL Market Conditions. - 11/27/07 07:55 AM

Today, I have spent some time, trying to get my head around the current market in Poinciana Fl. I need to know how many properties in our MLS(Multiple Listing Service) are currently in foreclosure, bank owned or requiring a short sale. For the purpose of this post I will call these "default properties". I must say, this data is not easy to get.
The problem I'm having is a lot of the default properties are only mentioned in the comments section of the listing. If the REALTOR® hasn't clicked off the appropriate fields then the only way I can know if it … (29 comments)

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