foreclosure: Buying Cheap Houses In Kissimmee Florida Can be A Challenge! - 08/06/11 12:58 AM
Folks, If you are looking for a real deal on a house in Kissimmee/Poinciana Florida be prepared to do some cleanup and repairs. Foreclosure and short sale houses under $40,000 are priced that low for a reason. They need work. Sometimes lots of it. But still if you are handy or willing to throw some money at itr you can find a pretty good deal.
These small 3 bedroom houses will rent for $750-$850 per month once fixed up. So even if you have $50,000 in it you'll still be receiving 12% or so on your money.
By the way you … (7 comments)

foreclosure: Foreclosure Fire Sale. Those sirens you hear may not be the fire department. - 12/29/10 02:33 AM

Hi folks. Over the last couple of weeks I have sold 3 houses in Poinciana Florida to one of my investor buyers. A few days ago they called needing to get in one of the houses to do some measurements. They needed in ASAP. Now since they hadn't even closed on the house yet I asked them why there was a rush.
The answer was that they found a guy on Craigslist who was being foreclosed on and he was having a sale that day. He was selling everything. Doors, fixtures, switch covers, cabinet knobs, toilets, sinks, vanities, kitchen … (25 comments)

foreclosure: Foreclosures in Poinciana Florida Illustrated - 12/11/10 11:24 PM
Hi folks. Here's a map showing the current foreclosures in Poinciana Florida as of December 12, 2010. The red dots are properties being foreclosed on. They do not include properties that have already been foreclosed on. Need I say more?
 

Since January 2007 there have been 4646 residential sales in Poinciana according to the MLS. Of these 2540 were REOs. That's a liitle over 55%.
There are roughly 21,000 homes in this area. So 12% of the homes in Poinciana have been sold as foreclosures through the MLS in the last 3 years. This of course doesn't count anything … (20 comments)

foreclosure: Making Mutiple Offers On REO Properties. Risky or Practical? - 12/11/10 01:11 AM

Well my answer is easy.....practical. And here's why based on a real life example from this week.
REOs (foreclosures) in my area of Poinciana Florida make up 25% of the inventory of homes for sale but 60% of the closed transactions (last 90 days)!! What that means is that REOs are by far the best deals and are flying off the shelves. They also sell for 100% of the asking price.
The foreclosure market in Poinciana Florida is very, very competitive. Most of these foreclosures are being bought by Investors looking for good rental properties. On average they are able … (20 comments)

foreclosure: Buying a Cheap Foreclosure in Florida is Hard Work!! - 12/04/10 07:53 AM
Trying to buy a cheap REO (foreclosure) in Poinciana FL is hard work!!
 

Hi Help Me Bi, Still no fully accepted offers. Here's where your offers stand as of today1018 Tower. You agreed to the counter offer of $57,900 to close by 12/17/10. I sent the agent the revised paper work on 11-24. Yesterday I sent her an email looking for an update. I have not heard back. We should just be waiting on bank addenda to sign and return. 1006 New Orleans. Your offer was increased to $53,000 and submitted on 11-30. No response back yet. 448 … (2 comments)

foreclosure: How to Find A REALTOR(R) Willing To Work Cheap.......Or Not! - 11/08/10 03:40 AM

Hi folks. I received the following email earlier today. I'm sure with prices so low and agents being so busy that this is a very common occurrence. I was getting ready to write him a long winded email and then remembered....I have a blog article that will help him!!!
This is one of the advantages of having a blog full of helpful info. Instead of writing long emails we can just link folks to our articles. So here goes
I have had the hardest time getting a reply from a Realtor about what I m interested in buying. … (42 comments)

foreclosure: A Picture Paints a Thousand Words!! - 10/13/10 07:56 AM
Foreclosures and short sales have changed the way we look at we real estate. Instead of looking for the ideal home to raise a family in Buyers now just want a deal. It's all about the price and getting the best house for the least amount of money.
But what I see as a Florida Real Estate Broker is broken dreams and lives. Families uprooted and torn apart. The frustration and stress of losing one's home mounts and anger takes over. These pictures will give you an idea of what's left. I find the pictures to be very sad. Forget … (36 comments)

foreclosure: MERS. Who Will Kill The Beast? - 10/12/10 07:00 AM
Hi folks. While cruising around Face Book this morning I found a link posted by Matt Heaton that really helps to explain the beast that is MERS (Mortgage Electronic Registration Systems).
The key points.....in a nut shell are:
* Tax Avoidance. In the mid 1990s Mortgage Bankers set up MERS to avoid paying State and County transfer taxes. All the assignment of mortgages would take place within this shell company so technicallly the owner of record would not change. * "Employees" who really aren't. MERS "owns" 60% of the Nation's mortgages yet has no real employees!! They allow employees of mortgage … (52 comments)

foreclosure: Short Sales Have Just Become WAY More Attractive Than Foreclosures! - 10/06/10 09:48 AM
Hi folks. If you have been paying attention to the news over the last couple of weeks then you know that Chase, GMAC and Bank of America have suspended foreclosures in 23 States, including Florida. This is all related to employees signing documents and submitting them to the courts even though they never read them.
On top of this, the Attorney General in Florida is investigating 4 law firms for filing fraudulent foreclosure documents. And we have Title Companies refusing to issue policies on some of the foreclosures due to title risk.  Richard Zaretsky wrote a great article about this yesterday.
(67 comments)

foreclosure: WHY IS THE BANK FORECLOSING IF I AM DOING A SHORT SALE (OR LOAN MODIFICATION)? - 09/16/10 12:02 AM
 
Richard Zaretsky as usual has posted a vewry good article about how the foreclosure process interacts with a short sale or loan modification attempt. This is another reason why it's very imortant that you notify your agent or attorney or ANY written communications you receive while we work together through the short sale process.
There's nothing worse than getting foreclosed on a week before you close on the short sale.
 
Why does the bank file and aggressively continue a foreclosure suit even though you are negotiating a short sale or modification of the loan?  This is a most often … (8 comments)

foreclosure: Tenants in Florida Can Now Be Ordered to Pay HOA Fees! - 07/19/10 06:56 AM

Hi folks. As most of you know Florida has been hit very hard by the Real Estate bust. One of the biggest issues we have is Home Owner Associations (HOA) that are struggling to stay afloat due to so many owners not paying their HOA Fees.
Tutas Towne Realty works quite a bit with foreign investors and insolvent HOAs are a major issue. Communities built for vacation homes usually have HOAs that have high fees. When these fees aren't being paid the community is in dire straights. Community pools cannot be serviced. Lawns are not mowed. Group insurance policies get … (50 comments)

foreclosure: Foreclosure Deficiency Judgment Compared to Deed In Lieu and Short Sale Scenarios - 07/05/10 12:15 AM
 

Folks. if you want the real scoop on deficiencies, judgments, Deed in Lieus, foreclosures and short sales in Florida please read this great article by Richard Zaretsky, Esq.
 
We get so many questions about what is a DEFICIENCY JUDGMENT and how it differs from other possibilities including DEED IN LIEU OF FORECLOSURE or SHORT SALE.  Recent blogs and Broker Bryant provided a request that I write a detailed article explaining and differentiating these three items.
This article is written based on Florida law, but most state laws are similar.  Be sure to contact your own attorney for your … (10 comments)

foreclosure: 7 months after submission we have Short Sale approval from Chase!! - 12/01/09 09:38 AM
 
Yep....7 months ago I submitted a complete Short Sale Package to Chase on April 27 2009. After many months of frustration I received another Chase Short Sale Approval yesterday. We are closing on 11 December.
You know sometimes I am left just scratching my head. This one should have been a no brainer. The Sellers are both retired and disabled. They were able to purchase this home in late 2005 using a $100,000 cash settlement they received from a wrongful death suit for their son. Their son had always wanted to live in Florida so they took the $100,000 and … (30 comments)

foreclosure: Foreclosure Prevention. Another Successful Kissimmee Florida Short Sale. - 11/09/09 08:10 AM

Avoid foreclosure. Another successful Short Sale Closing with Fifth Third Bank.
Mortgage amount: $185,000.00
Sales price: $87,500.00
Lender agreed to 3% in closing costs and a 6% commission.
Net to Lender: $77,078.00 (42% of amount owed)
Fannie Mae was the Investor and there was Mortgage Insurance (MI).
Challenges:
The Mortgage Insurance company started out wanting $60,000 in any combination of cash and/or promissory note. We negotiated for 2 weeks. The Seller ended up bringing $1,000 to closing. No note. The first Buyer walked after keeping the property off the market for 60 days. The 2nd Buyer closed 38 … (14 comments)

foreclosure: Jingle Mail. The next big thing. - 09/01/09 08:26 AM

Hi folks. This current real estate market and economic climate is really taking it’s toll on people. We’ve recently heard of  “Strategic Defaults” and “Delaying your foreclosure” now we have the “Walk Away” or mailing your keys back to the lender. Jingle mail is what the lenders call it.
And its spreading.Not only are people doing this with their houses but they are also doing it with their other debts. Stop paying. Walk away.If you want to get a better feel for people’s thought process just read through the comments on this article:
The New Consumer Debt Strategy: Just Walk … (17 comments)

foreclosure: Stall Your Foreclosure........Guaranteed!!! - 08/01/09 10:53 AM

Hi folks. Last night I was cruising around Craigslist.com deciding whether or not to place some ads for my short sale services. It's getting a little sleazy over there. Ads for short sale services, loan mods and foreclosures assistance are every where.
Some were pretty good and some were.....well.........just check out this one:
Do You Need To Hold Off Your Foreclosure? Do You Need Time to Arange a Short Sale? Do You Just Want to Stay in Your Home For Up to 15 Months? For $200/month we Offer a Money Back Gaurantee if we Can't Stall Your Foreclosure. I copied … (143 comments)

foreclosure: Morally Wrong....OR...Financially Sound? - 07/05/09 08:48 AM
Richard Zaretsky’s recent post..........
"WALK AWAY FROM THE PROPERTY - STRATEGIC MORTGAGE DEFAULTS GROW TO 26%" got me thinking. His post is talking about the amount of people who are making the "Strategic” decision to default on their mortgages.
TheTruthAboutMortgage.com site had this  to say about the topic.“A new survey conducted by the Kellogg School of Management in Chicago suggests that more than a quarter of mortgage defaults are strategic, especially when negative equity exceeds 15 percent.”Some of the comments on Richard’s post were calling this a moral issue. As in “It is morally wrong to strategically default on your mortgage”.So…….my … (214 comments)

foreclosure: Beware of the Bank's Non-Disclosures!!!! - 02/20/09 08:36 AM

Hi folks. Lately I have been selling quite a few REOs (banked owned) property. As you know if you deal in these properties the sellers (banks) always offer them for sell in "As Is" condition. No biggie since most of my Buyers are experienced Investors.
"As Is" in Florida means As Is with right to inspect. This means the Buyer normally has 7-10 days to have the property inspected after a contract has been accepted and signed by all parties. If during this inspection the Buyer finds structural or mechanical issues that they weren't made aware of during negotiations the Buyer … (39 comments)

foreclosure: Every Picture Tells A Story Don't It? (Rod Stewart) - 02/12/09 09:01 AM
As most of you know by now my market area is in the pits. Foreclosures and Short Sales abound. Property values have plummeted almost 65% in the last 24 months. Properties that sold for $350,000 can now be had for as low as $100,000 in some areas. Deals are every where.
Since I specialize in selling Short Sales and Foreclosures business is booming. I have so many Buyers wanting to "purchase a deal" that I can't get to them all. 
"More business than I know what to do with." I can't even count how many times I have said that in the last … (43 comments)

foreclosure: Foreign Investors Buying Foreclosures in Florida. - 01/22/09 09:07 AM
Purchasing a property over here is pretty straight forward. When you see something you like I prepare a 5 page written purchase offer with the price and terms you want to offer. This is presented to the sellers agent with proof of your ability to purchase i.e. bank statements, letter of credit or mortgage approval letter.
Once the transaction is negotiated you will sign the final contact and place a deposit, usually $1,000 to $5,000 in escrow. That can be handled by wiring funds to the closing agent(title company) in Florida.
All foreclosure properties are purchased "As Is" with right to inspect. … (16 comments)

 
Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) Rainmaker large

Bryant Tutas

Selling Florida one home at a time

Winter Garden, FL

More about me…

Tutas Towne Realty, Inc and Garden Views Realty, LLC

Address: 628 Grand Canal Dr, Poinciana, Fl, 34759

Office: (407) 870-9003

Mobile: (407) 873-2747

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