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Citi Mortgage Approves Kissimmee Florida Short Sale AND issues a Waiver of Deficiency.

By Bryant Tutas

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

June 23, 2010 01:19 AM

Captiva Cir Kissimmee FL 34741

Property:

3 bedroom 2.5 bath townhouse in Kissimmee Florida.

Hardship:

Investor owned property. Loss of income. This is the 3rd Investor Short Sale we have completed for this Seller.

1st Mortgage with Citi Mortgage for $92,000. Agreed to accept $54,442 or 60% of the balance owed.

No Seller contribution or promissory note. Citi Mortgage issues a waiver of deficiency. It doesn't get any better than this.

Citi Mortgage Waiver of Deficiency

This Kissimmee Short Sale transaction took 35 days from listing to closing!!!

Challenges:

None. The property was placed on the market on May 18th. It went pending May 21st. The Kissimmee Short Sale was approved June 21st. We closed June 23th.

Sometimes things just fall into place.

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

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

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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

Rerserved for TLW

Jun 23, 2010 01:19 AM

Sally K. & David L. Hanson

EXP Realty 414-525-0563 - Brookfield, WI

WI Real Estate Agents - Luxury - Divorce

good job...good to hear that it isn't just homeowners but investors that are benefitting from short sales in your area ...blog on !

Jun 23, 2010 01:21 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Hot Dog!!!

You've got this down to a fine art. Wonder what would have happened had there been a 2nd???

They are causing some problems around here.

Jun 23, 2010 01:38 AM

Thanks Sally. Almost all of my short sales are investor properties.

Lenn. Most of my short sales have 2nds. Usually the seller has to contribute to make these deals work. 2nds normally only release the lien.

Jun 23, 2010 01:42 AM

Melissa Zavala

Broadpoint Properties - Escondido, CA

Broker, Escondido Real Estate, San Diego County

Thumbs up for this approval. I have not always beenthis successful with Citi, it has been a bit hit or miss. Great job on this one! I`m sure the client is very grateful!

Jun 23, 2010 01:43 AM

Ah ha! I wondered about that. We have had many sedond lien holder totally mess things up by holding out for more than the 1st is willing to pay and the seller is able to pay or willing to take a note for.

Jun 23, 2010 02:17 AM

Rob Arnold

Sand Dollar Realty Group, Inc. - Altamonte Springs, FL

Metro Orlando Full Service - Investor Friendly & F

Wow, now that's record time getting one of these done. You have really got your short sale systems down pat.

Jun 23, 2010 02:45 AM

Gabe Sanders

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

Stuart Florida Real Estate

Very nice Bryant. Another excellent job that I'm sure the seller will be grateful for.

Jun 23, 2010 02:59 AM

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

BB- great news for all. It seems some banks are more willing to issue a waiver than others these days.

Jeff

Jun 23, 2010 03:01 AM

Kent Dills

Broker, Dills Real Estate - Bellingham, WA

Real Estate 817-495-8028, Bellingham, Washington

BB, my experience with Citi is limited to two shorts but they included the language to forgive the deficiency without me even asking. Did you have to ask for it?

Jun 23, 2010 03:04 AM

Chris Ann Cleland

Long and Foster Real Estate - Gainesville, VA

Associate Broker, Bristow, VA

Bryant: I love to blog about my short sale success stories. It's stories like this that need to spread like wildfire, not the bad ones. Short sales do close and can do so without six or more months of waiting. Good job!

Jun 23, 2010 03:27 AM

Dick and Dixie Sells

Sells Real Estate, LLC - Trinity, FL

Realtors, Tampa Bay Florida Homes For Sale

Excellent. Very excellent. Know you and your seller were pleased!

Jun 23, 2010 05:14 AM

Wendy Rulnick

Rulnick Realty, Inc. - Destin, FL

"It's Wendy... It's Sold!"

Bryant - That "no pursue" clause is rare, great job on the Kissimmee short sale!

Jun 23, 2010 11:32 AM

Kent. We did not ask for it. We were very surprised they approved the sale so quickly and gave such a clean approval. I love it when that happens.

Thanks guys. It's good to get an easy one every now and then.

Jun 24, 2010 12:31 AM

Citi Mortgage Approves Kissimmee Florida Short Sale AND issues a Waiver of Deficiency.

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