Special offer

Poinciana Short Sale Approval From Fifth Third Bank in 16 Days

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

Poinciana Florida

Another successful Short Sale approval in Poinciana Florida.

Property Value: $85,000 to $90,000

Amount owed: $185,000

Hardship: Loss of rental income on several rental properties (this one included)

Loan details: Fannie Mae with Mortgage Insurance

Property was placed on the market on May 8th for $109,000.

The price was slowly dropped until it went pending on June 10th at $85,000.

After about 6 weeks Fifth Third came back wanting the Seller to bring $35,000 to closing. The Seller offered $1,000. The transaction fell apart and the Buyer walked.

The property was placed back on the market on August 20th. On August 27th it went pending again at $87,500. A complete Short Sale package was sent in again on September 2. Within days Fifth Third came back wanting $35,000. The Seller stood firm on his offer of $1,000. Finally after several attempts to get him up Fifth third agreed to $1,000 cash at closing.

We received written approval on September 18 only 16 days after submitting the 2nd contract and package. Sometimes the second time is a charm.

Working Short Sales is very rewarding. If you want to learn more...........

Available Short Sale Training:

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

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 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, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Comments (15)

Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Reserved for TLW

Sep 19, 2009 11:02 AM
Stephen Kappre
KW Hometown - Mantua, NJ
Helping You Home

What's the saying, can't get blood from a rock? Somehow I think if the seller had $35,000 lying around he might not be so desperate to sell. Anyway, great job. After all, you are the short sale pros now? :D

Sep 19, 2009 11:06 AM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Bryant,

Well done! Short Sales are a free bet on the wheel, some times you can win! More importantly there are no losers! Buyers ether win or they don't. Sellers ether win or they are no worse off than they were.

Bill

Sep 19, 2009 11:17 AM
Jeanean Gendron
The Address Realty - Redding, CA
Specializing in Selling Unique Properties

Broker Bryant, I like the look of this post. Not a marketing perspective I've tried...but I like it. Short sales are so different in our market and new ideas are good. Thanks for your expertise in all matters!

Sep 19, 2009 02:55 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Hi Bryant!  Congrats on the quick approval from 5/3--the second go-round!  Just as someone said above, if the seller had $35K to bring to closing, chances are they wouldn't be in this position! 

Great job!  Hope you're enjoying the family and I'm sure TLW is still grinning from ear to ear, isn't she?!

Debe in Charlotte

Sep 19, 2009 03:21 PM
Steve Shatsky
Dallas, TX

Hi Bryant.  Congratulations on the quick approval on this offer!  That's a great result for everyone involved.

Sep 19, 2009 07:03 PM
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate

Why the heck is the bank trying to get the seller to bring $35,000 to the table on a short sale? If they've agreed to a short sale, obviously the seller doesn't have that much money? Unless they've been poking around in his personal bank accounts? And even if they did that, who's to say that the money in his accounts isn't for taxes?

Anyway, I wanted to send you over to another post to weigh in. You wrote a post a while back, about writing multiple offers. I remember you had some valid points, and I already know it's legal to do this if it's done properly. But I just read another post by John Occhi, asking if buyers think they're getting slick by making multiple offers, and agents are helping them to commit fraud! Sooo. I'd LOVE to hear what you have to say about that post.

Sep 19, 2009 11:19 PM
John Slocum
Premiere Property Group, LLC - Vancouver Washington - Vancouver, WA
Broker, SFR - Vancouver WA Real Estate

Hello Bryant, great to see persistent on the part of you and your seller to achieve a successful outcome.  I agree with Lisa that it seems quite counter-productive on the part of the lending bank to demand $35,000 from the seller; and clearly improves the odds of the property going to the foreclosure auction.  Thanks.  John

Sep 20, 2009 03:14 AM
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Fantastic job, Bryant!!  How did you do that? Also, this appears to be one  of those banks  that doesn't "start" at  the beginning...  good to know.

Sep 20, 2009 03:29 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Hi there. I wanted to mention that the request for money came from the MI company not 5/3. I guess I should have made that clearer in my post.

Sep 20, 2009 10:55 AM
Anonymous
Chris

Quick question for anyone that can answer this.. What ever happened to that proposed "60 million dollar" toll road that was suppose to connect to Champions Gate? My commute to work is nuts! You can tell the difference between the drivers in the Poinciana area with drivers in other parts of the state. Thanks

Sep 21, 2009 04:18 AM
#11
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Great job Bryant.  Do you want to do some negotiating for me?

Sep 21, 2009 10:47 PM
Anonymous
FED UP WITH LIES

CAN SOME ONE PLEASE ANSWER THE PREVIOUS QUESTION AND STOP OVERLOOKING SOMETHING SO IMPORTANT.. 

"Quick question for anyone that can answer this.. What ever happened to that proposed "60 million dollar" toll road that was suppose to connect to Champions Gate? My commute to work is nuts! You can tell the difference between the drivers in the Poinciana area with drivers in other parts of the state. Thanks"

 

Sep 22, 2009 05:27 PM
#13
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Chris, That's a good question. I have no idea. I've hearing about that road for many years. My guess is that it has now been put on hhold duie to the economy. However I do not know that sure.

Sep 22, 2009 11:39 PM
Anonymous
chris
That amazes me, if you google " Poinciana parkway" toll road - you will see a few articles that say construction already began and will open on 2008.. That's our money that has been wasted. Imagine how many people could have been assisted by the wasteful APV, even this city study was a waste because it included communities that have nor want anything to do with being apart of Poinciana. Just a rant
Sep 26, 2009 04:29 AM
#15