Another Successful Davenport Florida Short Sale With Bank Of America

Tutas Towne Realty and Bryant Tutas just had another successful  Davenport Florida Short Sale closing with Bank of America.

The property:
2 bedroom 2 bath condo used for short term rentals in Davenport Florida near Disney World. This condo was purchased for $221,000 in March of 2006. Last week it sold for $45,000. That's an 80% decrease in market value over 5 years.

Liens:

• 1st Mortgage with Bank of America for $172,000
• 2nd Mortgage with Bank of America for $22,000
  
• Polk County Tourists Tax Lien for $5,500
• HOA Lien for $6,200
  

Hardship:

• Lack of rental income. Increased costs. Excessive debt. This property was owned by a high income individual that got caught up with an investment guru in 2004. He ended up owning 10 properties around the country. All have either been foreclosed on or sold as short sales.
  

Issues:

• I first listed this property in May of 2009. It took 5 buyers to finally get the short sale approved and closed. When we first started it had a value of $50,000. Then an investor stepped in and bought 80 units, rehabbed then and started selling them for $75,000. These units however were completely redone and tenants were in place. We couldn't compete. Finally we were able to get a BPO agent that understood the market and we were able to close at $45,000.

• The tourist tax lien was negotiated down to $2,200 and was paid by Bank of America as part of the closing. The seller paid the HOA prior to closing.

The property sold for $45,000. Bank of America accepted $36,000 on the 1st or .21 cents on the dollar. 

Bank of America accepted $3,000 on the 2nd or .14 cents ion the dollar.

Do you need help with your Davenport Florida Short Sale?

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

• Chase Short Sale
  
• Sun Trust Short Sale
  
• GMAC Short Sale
  
• Wells Fargo Short Sale
  
• Bank of America Short Sale
  
• US Bank Short Sale
  
• PNC Bank Short Sale
  
• Citi Short Sale
  
• HomeEq Short Sale
  
• Fifth Third Bank Short Sale
  
• ING Direct Short Sale
  
• GreenTree Short Sale
  
• Capital One Short Sale
  
• ASC Short Sale
  
• First Horizon Short Sale
  
• E-Trade Short Sale
  
• Transland Financial Short Sale
  
• USA Bank Short Sale
  
• IBM LBPS Short Sale
  
• Nationstar Short Sale
  
• BAC Florida Short Sale
• Real Time Solutions Short Sale
• Fannie Mae Short Sale
• FHA Short Sale

Can we add you to our list of successful Short Sales?

Are you facing foreclosure in Florida?