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Orlando Florida Short Sale Approval. GMAC and Bank of America

By Bryant Tutas

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

November 30, 2009 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 it. Another successful Short Sale approval from Tutas Towne Realty.

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

Want to find out more? www.CentralFloridaShortSales.com

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Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Reserved for TLW

Nov 30, 2009 08:08 AM

William J. Archambault, Jr.

The Real Estate Investment Institute - Houston, TX

Bryant,

If you are going to keep closing these thing so often my "Well Done!" is endanger of becoming tripe!

Bill

Nov 30, 2009 08:11 AM

Brian Lee Burke

Kenna Real Estate - Lone Tree, CO

Broker & Advising Expert-Kenna Luxury Real Estate

WooHoo. It's just so different there and in many other areas than here it seems. It is almost unheard of for the banks to take less than 70% of what is owed around here, but then again I guess the values have not dropped off that greatly either. Wow. Great Job! ~Rita

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Good deal BB. Sounds like a real win-win for the seller. Congrats on another successful short sale.

Nov 30, 2009 08:12 AM

Tim Maitski

Atlanta Communities Real Estate Brokerage - Atlanta, GA

Truth, Excellence and a Good Deal

Wow! Those banks are taking a beating. With losses like that, I don't know how they can stay in business.

Nov 30, 2009 11:08 AM

Nathan Tutas

Tutas Towne Realty, Inc. - Davenport, FL

Your Central Florida Real Estate Expert

Congrats Dad. Maybe one of these days I'll get something closed too. LOL

Nov 30, 2009 11:27 AM

Stephen Kappre

KW Hometown - Mantua, NJ

Helping You Home

Great testimonial - great results. Great blog to share with clients and potential clients.

Nov 30, 2009 12:32 PM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Each time I read one of these on your blog I say that I better get to it and start doing our shout outs! SO much to write about! Congrats on another successful closing!

Nov 30, 2009 01:02 PM

Susan Neal

RE/MAX Gold, Fair Oaks - Fair Oaks, CA

Fair Oaks CA & Sacramento Area Real Estate Broker

Congratulations BB! That sounds like a tough one. I hope B of A will start eventually getting their act together so we can keep the same buyers from beginning to the end of the approval process! It's hard to keep them patiently waiting for months on end for that final okay to go ahead with escrow.

Nov 30, 2009 01:48 PM

Melissa Zavala

Broadpoint Properties - Escondido, CA

Broker, Escondido Real Estate, San Diego County

That's a very nice one. Congrats on all of your recent approvals!

Nov 30, 2009 02:01 PM

Petra Norris

Lakeland Real Estate Group, Inc. - Lakeland, FL

Realtor, Lakeland FL Homes for Sale

BB - Congratulations on another successful short sale closings. I always tell my buyers and sellers that they do close, just be patient and let us do our work.

Nov 30, 2009 02:45 PM

Lisa Hill

Florida Property Experts - Daytona Beach, FL

Daytona Beach Real Estate

What a beautiful house! And good job on the video. Did you make it yourself? I love making my own video tours =)

Nov 30, 2009 04:11 PM

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

Congrats on the approval Bryant. Just amazing prices. And the buyers still want more!

Nov 30, 2009 10:32 PM

Marzena Melby

Coldwell Banker Burnet Realty - Richfield, MN

Realtor, Twin Cities Minnesota Real Estate

Congratulations! Best wishes on your continued success!!

Dec 01, 2009 12:06 AM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

That is so good. I can't believe these banks are taking these small amounts. Hard work pays off!

Dec 01, 2009 12:08 AM

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Jul 01, 2011 05:18 AM

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