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

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foreclosures: Florida Has 8 Of The Top 10 Cities For Foreclosure Rates!! - 02/17/14 10:16 PM

Florida Has 8 Of The Top 10 Cities For Foreclosure Rates!!
Well what's new? Florida is always in the lead when it comes to foreclosures. As an Orlando Short Sale Specialist I can help you avoid becoming a foreclosure statistic.
Check out this foreclosure market update from the Florida Association of Realtors
IRVINE, Calif. – Feb. 13, 2014 – Florida’s January foreclosure activity (all homes in some stage of the foreclosure process) increased 19 percent month-to-month but fell 13 percent year-to-year. According to RealtyTrac, it was the state’s sixth consecutive month for an annual decrease in foreclosure activity.
RealtyTrac credits the … (2 comments)

foreclosures: Do you have any idea who holds the mortgage to your property? - 12/07/09 08:45 AM

Hi Folks. A few weeks ago I decided to start asking my past Short Sale Sellers to send me the Release of Mortgage notice once they received it from their lender after the short sale was completed. I’m just getting started on my quest but have received several “Release of Mortgage” notices thus far. As I was reading through them I noticed 2 things that were the same even though the Lenders were completely different.First they all state “…..acknowledge that it has received full payment and satisfaction, and in consideration thereof, does hereby cancel and discharge said Mortgage”.And secondly the … (14 comments)

foreclosures: Florida Foreclosures. Be prepared to pay higher than asking price - 11/15/09 05:27 AM

How many times have you heard "I want to buy a foreclosure so I can get a deal" and "I was told I could buy foreclosures for 20% less than asking price"?
I hear these things every day. It's frustrating when you try to explain the "market" to potential buyers and they don't listen to you. I'm sure they figure that all we are really doing is trying to sell them. Well they are right. We do want to sell them a house. BUT...we also want to make sure they get the house they want and are able to … (11 comments)

foreclosures: Foreclosure Tour Kissimmee Florida - 11/12/09 08:04 AM

Hi folks, Depending on who you listen to the foreclosure rate in Polk County Poinciana Florida is any where from 15% to 20%. I have no problem believing this since roughly 85% of the sales in this area are either foreclosures or distressed sales.
According to RealtyTrac there are 1,401 properties that are in foreclosure (Lis Pendens filed) on the Polk County side of Poinciana. There are 10,685 homes in this area. So let's call the foreclosure rate a minumum of 14%
VIEW ALL DISTRESSED PROPERTIES FOR SALE IN POINCIANA FLORIDA
Here's a little video I made yesterday that will … (14 comments)

foreclosures: Selling Florida Foreclosures Virtually. - 10/24/09 07:07 AM

Tutas Towne Realty specializes in the listing and selling of Short Sales and foreclosures (REOs) in the Central Florida area.Since most of these properties are sold over the Internet sight unseen we try to capture the essence of the properties by use of numerous pictures and video tours. Touring foreclosures in Central Florida is always an adventure. You just never know what you will find. Folks facing foreclosure have a tendency of taking out their frustrations on the property. I’ll never understand why.Anyway…..here’s a little tour I did today on a Poinciana Foreclosure. Enjoy. Need help buying or selling … (28 comments)

foreclosures: My Buyer only wants one house. Why make 14 offers? - 06/24/09 10:59 AM

Making offers on Multiple properties. Do your Buyers do it? Mine do. And here’s why.In the Central Florida market right now REOs (bank owned properties) make up a HUGE percentage of the saleable inventory of homes. Most sell very quickly, for higher than listing price and with multiple offers. This can be very frustrating for Buyers and their agents. It seems like every time you make an offer on a REO property it is either pending or a bidding war is going on. So what do you do?What I do is have my Buyers make offers on numerous properties at the … (188 comments)

foreclosures: Selling REOs in Central Florida. It Sucks!! - 06/16/09 09:27 AM

Hi folks. Here are some excerpts from my day. Nothing special really. Just a normal day with trying to sell REOs in my market. ALL of these properties were active in the MLS and had been placed on the market in the last 48 hours.My Buyers made cash offers ALL well above asking price. Some as high as 20% above list price. Frustrating for the Buyers to say the least. Not to count the hours of my time spent writing and submitting offers. Oh well. The day is over and I am now relaxing by the pool with a good … (35 comments)

foreclosures: Buying Florida Foreclosures-----BEWARE!!! - 05/28/09 12:06 AM

Hi folks,. I sell a lot of properties sight unseen over the Internet. Including this one. Of course it's prudent to go have a look before the final paper work is signed. If not.....well......you may end up with this '"Needs TLC" property.

Beautiful Foreclosure "For Sale"

Hard wood flooring throughout.

Very open and roomy kitchen.

His and Her "Spickets" in the master bath.

Reinforced storm windows

AC pad included at no extra charge.

So what do you think? Need TLC or total Rehab needed?

CENTRAL FLORIDA REAL ESTATE SHORT SALE INFORMATION
MAKE … (36 comments)

foreclosures: So....you want to buy a Florida Investment Property? - 05/22/09 07:29 AM

Buying an Investment property in Florida right now can be lucrative but it's not easy. Here is some information that may help.If you want to purchase a Foreclosure you will not have time to look at the property prior to making an offer. The “deals” will have multiple offers within hours of being placed on the market. If the numbers work….go for it.We suggest making strong offers and making them quickly. You may also want to make offers on multiple properties to increase your odds of getting one accepted.However, the offers must be realistic. If the property is priced right … (20 comments)

foreclosures: Why must there be a Hardship to do a Short Sale? - 05/20/09 09:40 AM

Hi folks. Today I have mixed emotions. Lenn Harley has a great featured post today basically showing how asinine our Government has been by throwing away trillions of dollars to bail out banks while ignoring the true issue……lack of equity. According to Lenn (and I agree) we have an equity problem in this country. Until this problem is solved nothing else matters.Homeowners will need to move or want to move at some point and if they can’t sell because they owe too much they are stuck. So they are forced to make hard decisions. Some will stay and stick it out … (119 comments)

foreclosures: Good news for Poinciana Real Estate. Or is it? - 03/10/09 10:56 AM

What's going on in Poinciana Real Estate?
Inventory is way down. For the first time in about 2 years we have less than 1,000 properties on the market in the Poinciana Neighborhood. We broke the 1,000 barrier about 2 weeks ago. Today there are 932 properties for sale. This is down from 1,100 to 1,200 that we have been averaging for about the last year.
Closings are way up. February of 2008 we had 21 closings. This February there were 109!! That's an increase of 500%.
BUT......values are still declining. The median sales price in December 2008 was $82,000. For February … (30 comments)

foreclosures: Purchasing Foreclosures in Central Florida. FAQ for International Investors - 02/10/09 10:15 AM

Foreclosed Mansions 1 Mil+Foreclosed Holiday Homes Near Disney
WILL YOU SEND US ADDITIONAL PHOTOS OF THE PROPERTIES THAT INTEREST US?
Of course. After you have "proofed"..........
Some of the property details you receive will have numerous photos attached and some may only have one. In most cases we are NOT the agent for the Sellers and have no control over what information they may or may not make available.
Due to the tremendous interest in these Florida foreclosures we do not go out and take additional photos unless the Buyer has "proofed". What this means is we need to see … (21 comments)

foreclosures: Buying Bank Owned Properties in Central Florida. Or NOT!! - 12/11/08 08:58 AM

Typical REO in my area.
Hi folks, I have to say that my job right now sure is a lot harder than it needs to be. With over 85% of the closings in my area being either banked owned properties (REOs) or short sales it has never been more difficult to get a simple real estate deal to closing. Someone, please tell the Banks that selling real estate is NOT brain surgery!!!
It works like this:
You have a property you want sold. You list it "for sale". A Buyer comes along wanting to buy. A deal is negotiated. Then all … (31 comments)

foreclosures: Florida Foreclosures and Investment Properties. - 12/09/08 09:13 AM

Thank you for visiting our website and inquiring about Florida Foreclosures and Investment Properties. In order for us to better serve you, please take a couple of minutes to REGISTER FOR PROPERTY DETAILS HERE. Registering is the easiest and best way to receive details for properties that meet your investment needs and budget. If for whatever reason you do not want to register you can search on your own at our FLORIDA PROPERTY SEARCH WEBSITE.

However, unless you are very familiar with the area, it may be more difficult to weed through the 10,000s of properties that are available on your own. … (4 comments)

foreclosures: Buying Central Florida Foreclosures Part 1 - 12/03/08 09:21 AM

Purchasing Florida Foreclosures

So.....you want to buy a foreclosure? Here are a few things you need to know.When offers are made we have to present either a pre-approval letter from your lender and/or proof of funds i.e. bank statement or certified letter that funds are available from a credit line. A deposit of $1,000 to $5,000 in certified funds will be required.
If you need to finance, the seller (bank), may require you to be qualified through their preferred lender. You don't have to use them but you may have to be qualified through them.
In my area, Central Florida, foreclosures are … (10 comments)

foreclosures: Foreclosures, swimming pools and thieves!!! - 07/24/08 09:01 AM

I'm dedicating this post to swimming pools. That's right...swimming pools. We have swimming pools everywhere in Florida. Here is a picture of our pool.

This is what they are supposed to look like, sparkling, refreshing and very inviting. It makes you want to jump in doesn't it?
Now contrast our swimming pool with these.

This is what pools look like when the property is a REO (bank owned) or a short sale. Not all the time but certainly most of the time.
Needless to say these can be a HUGE problem. There are probably 1,000s of … (59 comments)

foreclosures: There is now help for Florida homeowners! - 07/10/08 09:05 AM

Hi folks. Here's an update on the foreclosure situation in Florida. I read an article earlier today on our Florida Association of Realtors website stating that Florida has 77,000 homeowners in foreclosure!!! This is second only to California.
I also spoke to a loss mitigation negotiator at Countrywide yesterday who mentioned Countrywide, or I guess Bank of America now, has 76% of the Nation's foreclosures and that they are expecting this number to increase in August when ARMs (adjustable rate mortgages) are set to adjust again. EDIT:< Is this figure accurate? I don't know but it does line up with what I am … (14 comments)

foreclosures: Tenants beware. Your cash may be nothing but trash!!! - 06/07/08 09:14 AM

Hi folks. I was on the phone early today speaking with a Legal Process Server, you know, the people that serve foreclosure papers. This server, Tammy, was talking to me about her job and how busy she has been, swamped, was the word she used. According to her she has been spending most of her days delivering papers in Poinciana and Davenport FL.
Poinciana, of course, is my market area and Davenport is an area near Disney World that is predominately short term rental vacation homes. This market has also been hit real hard. With the declining economy, folks are … (36 comments)

foreclosures: Trying to sell retail listings in a wholesale market!!! - 03/26/08 07:25 AM

Hi folks, today I want to talk about selling properties in Poinciana FL. It's brutal!!! The problem I'm running up against is Mr. and Mrs. Average Seller are just not able to compete with the wholesale market i.e. banked owned properties and short sales.
As primarily a listing Broker, I have been banging my head against the wall for about a year now. The biggest issue is a lack of equity. Homeowners in Poinciana have lost about 40% in value in the last 15 months.
What this means is most Sellers are just not in a position to sell, unless they … (61 comments)

foreclosures: Foreclosures ain't purdy!! - 03/25/08 08:41 AM

Today, I decided to go out and show a couple of foreclosure homes to a potential buyer. The buyer's a Broker from up north ....so, it was fun.
The house, we looked at, sounded pretty decent in the MLS, 5 bedrooms 4.5 baths with over 2800 sq ft living area and only 4 years old with an in ground pool!!
You know, I know that REOs can look pretty rough inside but I figured it's only 4 years old and it's in a very good neighborhood, how bad can it be?
The home sold for $375,000 in 2006 and was foreclosed on mid … (32 comments)

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