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Poinciana Florida Short Sale Success With Chase

By Bryant Tutas

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

January 07, 2013 12:44 AM

Tutas Towne Realty and Bryant Tutas just had another successful Poinciana Florida Short Sale closing with Chase Mortgage.

The property:

Investment Property. 4 bedroom 2 bath single family home located in Kissimmee/Poinciana Florida. This home has 2,849 sq ft of living area and was built in 2005. It was purchased in 2005 for $173,000. It Sold 12/13/2012 for $101,500. That's a decline in value of 42% in 7 years.

Liens:

1st Mortgage with Chase for $206,000

Hardship:

Loss of income.

Summary:

Tutas Towne Realty placed the property on the market 30 April 2012 for $100,000. Three days later later we negotiated a deal at $101,500. It took 3 months to get the short sale approval with the seller making a $3,000 cash contribution to the lender's loss.

Two weeks later the buyer was denied their loan. So we placed the property back on the market and found a replacement buyer with the same terms and conditions five days later.

The short sale was resubmitted and 60 days later we received another approval. This time the lender was giving the seller $3,000 as an incentive!! Go figure.

Tutas Towne Realty closed the transaction on 13 December 2012. 227 days from listing to closing!!

Chase accepted $87,850 or .42 cents on the dollar for the 1st mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY with a $3,000 cash incentive to the seller as part of the Chase Incentive Program.

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