Real estate blog entries tagged with bank of america by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC)

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bank of america: Short Sale File Closed Over An "E"!! - 08/09/11 12:42 AM

Yesterday I heard the words that make a short sale agent cringe, "Sorry but we have to close the file". This after working on a short sale for over a year. 5 buyers. $33,000 condo. That's right $33,000. If I ever get this closed I'll make a whooping $1,072!!!OK back to the story. This is a Bank of America HAFA short sale that was submitted through Equator for the 5th time back in April. Last week I escalated to @BofA_help on Twitter and got immediate assistance. The file was put on a fast track. Friday I received a call from the … (24 comments)

bank of america: Another Successful Davenport Florida Short Sale With Bank Of America - 07/12/11 12:56 AM

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. … (6 comments)

bank of america: Lakeland Florida Short Sale Success With Bank of America - 06/30/11 03:14 AM

Tutas Towne Realty and Bryant Tutas just had another successful Lakeland Florida Short Sale closing with Bank of America.
The property: 4 bedroom 2 bath single family home located in Lakeland Florida. This home has 1,747 sq ft of living area and was built in 2006. It was bought new in 2006 for $205,000 for a family member.
Liens:
Mortgage with Bank of America for $185,000
Hardship:
Loss of income due to unemployment. Issues:
Keeping the buyer onboard for 4 months The property sold for $101,200. Bank of America accepted $89,000 on the $185,000 that was owed. Or … (1 comments)

bank of america: The Worst Short Sale Lender. The results are in. - 04/21/11 01:47 AM

Hi Folks. I sent out a Poll yesterday trying to determine who Short Sale Agents from around the Country believe to be the worst Short Sale Lender. Bank of America won the title of Worst Short Sale Lender with 27% of the votes!!

I guess this isn't much of a surprise. Bank of America has been trying hard to turn it around by offering training to agents and using systems like Equator to make things easier. BUT......I guess it just ain't working. Why is that?
Is it because of all the old Country Wide loans they took over? Is it … (19 comments)

bank of america: Bank of America Short Sale Success - 01/28/11 08:23 AM

Hi folks. I LOVE successful Short Sale closings. This one had a few issues but I was working with an awesome Buyer's Agent, Evelyn Broxterman, with Keller Williams in Lakeland Florida, she was able to keep the buyer on board for 6 months!! Evelyn is also one of our Short Sale Superstars. The property: 4 bedroom 2 bath single family home located in Lakeland Florida. It was bought new in 2005 for $190,000 as an investment property. Liens:
Mortgage with Bank of America for $170,000 HOA lien for $2,500 Hardship:
Loss of income due to rents dropping and no longer … (23 comments)

bank of america: Will the Short Sale Lender Really Make You Pay a Deficiency? - 09/09/10 01:51 AM

Hi folks. Do you ever wonder what happens after the Short Sale? If the lien holder states they will be contacting you after closing to make arrangements for you to pay the rest of the money you owe....do you believe them? Well you should.
I had a closing a few months ago where Bank of America was the 2nd lien holder. The lien was a HELOC (home equity line of credit) for $65,000. For those of us that work Short Sales we know that these HELOCs can be very unforgiving. The reason is that these loans are normally taken out … (52 comments)

bank of america: Helpful Info for the Bank of America Short Sale Site for Sellers - 07/13/10 10:31 AM

Hi Folks. If you are involved with any Bank of America Short Sales then you know that they have been using www.Equator.com to help make the process go smoother. My opinion is that it is working like a charm. Bank of America Short Sale approvals are coming in 45-60 days instead of the 6-12 months they used to take.
The Equator system is quite simple. Just upload the contract information and away you go. If you do your assigned "tasks" in a timely fashion you shouldn't have much difficulties.
However, you also have to make sure the Seller is doing … (20 comments)

bank of america: A Guide To Assist With Your Bank of America Short Sales - 07/09/10 10:43 AM

Hi folks. Here's a helpful guide put out by Bank of America. To find more useful information like this be sure to visit http://ShortSaleSuperStars.com We now have almost 3,000 Short Sale Professionals sharing information to make handling Short Sales easier for all. Pop over and check us out. It's FREE!!!

BofA Agent Education Guide

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.

Copyright © 2010 http://www.brokerbryant.com/ | All … (99 comments)

bank of america: Another Successful Florida Short Sale With Bank of America. - 07/07/10 10:09 AM

This wasn't the easiest Short Sale but after 14 months and 5 buyers we finally got it closed. Another Florida Short Sale success story. The property: 3 bedroom 2 bath single family home located in Saint Cloud Florida. It was bought new in 2006 for $253,500. The owner was transferred almost immediately and was never able to move in. It has never been lived in. Liens:
Mortgage with Bank of America for $235,000 HOA lien for $3,800 County lien of $300 for mowing Hardship:
Loss of income Issues:
This property was placed on the market in March of 2009. … (18 comments)

bank of america: Lenders Once Again Didn't Kiss Us Before......... - 06/30/10 09:44 AM

.......ramming it home!!!
You know I read stuff like the article below and it really just pisses me off. Brokers and agents like myself have been busting our butts for several years now working Short Sales to help salvage people's credit and help reduce the losses to the lenders.
Short Sales help keep neighbiorhood values up and are a service to the community. We convince people to not just walk away from their obligations but instead to try and do the right thing. Then I read this........
Lenders use deeds-in-lieu to clear out inventory
WASHINGTON – June 30, 2010 … (25 comments)

bank of america: Persistency is the Key Ingredient in a Successful Short Sale. - 05/12/10 10:47 AM

Hi Folks. If you deal with Short Sales you know they can be very frustrating. And of course Bank of America has always been one of the worse to deal with. At least until Equator.com came along. Now, at least from my experiences, Bank of America Short Sales are becoming much easier. In fact I have closed on two in the last 10 days where I NEVER spoke to a person. The transactions were started on Equator.com and were completed in less than 60 days. All automated. I LOVED it!!Then....I have this one. My last remaining "old" Bank of America … (15 comments)

bank of america: Tid Bits From The Life of a Short Sale Broker in Florida. - 05/08/10 10:16 AM

The life of a Short Sale Real Estate Broker in Florida can be very entertaining AND very frustrating. Here's an outline of some of my interesting "thingies" this week. You can decide which ones were entertaining and which ones were frustrating. Come on. It'll be fun. Or not.
Had an agent want to claim a deposit for her Seller because my Buyer did not accept the counter offfer! Bank of America says the Short Sale is valued at $67,500. Bank of America, on the Buyer side, says it's worth $60,000. Sun Trust, after 8 months, finally responded to our Short … (22 comments)

bank of america: OK...So how fast was your fastest closing? - 05/05/10 12:00 PM

From contract to closing? Mine was 4 days and took place in May of 2007.
A four day closing! Yep, that's right, my Sellers and I negotiated a deal on a Monday and closed it Friday afternoon. Not only that but it was a 100% financing deal on a $230,000 property and a mail away to the Seller!
Is that fast or what? The contract was fully signed late Monday and sent to the Title Company on Tuesday morning. Appraisal and survey were done Tuesday afternoon. Final mortgage approval was on Thursday and Seller docs were Emailed to them on Thursday … (20 comments)

bank of america: Another Successful Bank of America Short Sale - 04/22/10 09:17 AM

Hardship: Financial and medical. The Seller is in his 80s and had never made a late payment on anything his entire life until he missed 3 payments on this property. He had lived here for almost 20 years. The property was refinanced to help pay the medical expenses of his terminally ill wife who recently passed away.
1st Lien with Bank of America for $179,000
No other liens
Property was listed on 12/05/2009 at $95,000. It was slowly reduced and on 1/18/2010 went pending for $75,000 all cash.
The challenge: I wanted to avoid going through the Equator system … (24 comments)

bank of america: Bank of America Short Sale Frustrations are Internal as Well. - 04/15/10 08:22 AM

Hi Folks. Here's a comment that I received from an employee of Bank of America. I think it sums up some of the frustration that we are all going through. I will keep the comment anonymous and it has been edited for grammar. Here goes:
"I have sat here and read through all of these messages and I am at a loss for words. I currently work as a supervisor in the short sale department for Bank of America. And YES I hate my job. I hate having to get on the phone with these homeowners and agents and explain to … (36 comments)

bank of america: Could Equator Propel Bank of America From Worse to First? - 04/06/10 05:55 AM

Maybe. In the last two weeks I have loaded five short sales into the Equator system. All have had BPOs (Broker Price Opinions) ordered and one has already been countered and accepted by the seller. We should have a written approval by the end of the week.
Now for those of you that have worked a Bank of America Short Sale in the past you know that having a BPO ordered in less than two weeks rarely happened. So having five BPOs ordered in less than two weeks is a miracle!!!
The beautiful thing is that I have not made … (27 comments)

bank of america: Bank of America Short Sales Require More Than Just Waiting Around. - 03/19/10 08:24 AM

I have a Short Sale with Bank of America that I have been working on for a very long time. In fact we are on our 4th Buyer. This Buyer has been under contract since August and has been very patient. I won't bore you with the details but just suffice it to say that today was the day I needed to get some answers. So I fired off this email to a whole bunch of people in high places.
To who it may concern,
Bank of America's lack of response to this short sale is disheartening to say the least. … (114 comments)

bank of america: Bank of America and Equator.com make it personal. - 03/13/10 03:43 AM

Hi Folks. Recently I have had two Buyers balk at providing me personal info I need if they want to purchase a Bank of America Short Sale. I really do understand where they coming from but....most of the big lenders including Bank of America and GMAC are now running most of their short sales through http://www.Equator.com.
Supposedly the Equator system will help to shorten the time involved with getting these Short Sales approved. From what I'm hearing Bank of America is giving approvals in 60-90 days as opposed to the 6-9 months they were taking. That's a good thing. The … (29 comments)

bank of america: Bank of America and Equator. Are you frustrated yet? - 03/04/10 08:37 AM

Hi folks. If you deal with short sales on a regular basis then you probably know by now that most of the major lenders are now requiring the transaction to be processed through the Equator system.
Have you had the opportunity to use Equator yet? If so what was your experience? Did it help? Was it frustrating?
Supposedly the system is designed to "reward" due diligence. In theory, agents that are on the ball and perform their tasks not only on time but completely will be "rewarded" by having their short sale file move through the Equator system faster.
… (14 comments)

bank of america: Orlando Florida Short Sale Approval. GMAC and Bank of America - 11/30/09 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 … (16 comments)

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