short sale: 10 Things I Heard This Week, About Short Sales, That Suck..... - 11/19/11 12:29 AM


10 Things I Heard This Week, About Short Sales, That Suck....
I don’t think my mairrage will survive this.
Sometimes I just want to kill myself.
I feel like a loser.
We have no clue where we’re going to live after we close.
I’m 60 years old, jobless and getting ready to be homeless.
I had to go to the emergency room yesterday because I thought I was having a heart attack. It was stress.
We’ve lived here for 22 years.
Our lender denied our loan mod and pushed us into foreclosure.
The Attorney we hired just got indicted.
(51 comments)

short sale: Are You Serious About Short Sales? - 11/17/11 05:35 AM

Hi folks. Whether you like short sales, want to do short sales or want to avoid short sales, short sales are here to stay. Short sales are a major part of the market and in my opinion will become even more so. Lenders WANT to do short sales. A successful short sale cuts losses and keeps the lender from owning a declining asset. 
This post is about taking control of the short sale situation from the get go, knowing what we are doing, preparing the Seller in advance of what to expect and being strong enough in our negotiation skills so we do … (10 comments)

short sale: How To Deal With A Cash Contribution For A Short Sale - 11/15/11 12:15 AM


Folks, as you may know, Borrowers (Sellers) are often required to make a cash contribution to the Investor or Mortgage Insurance Company in order for the Short Sale to be approved.
There are several reasons why the Borrower may be asked to do this:
They are not late on their payments.
They have a good credit score and are current on their bills.
It’s an investment property.
A contribution is required in order to Waive the Deficiency.
They have cash on hand and/or large retirement fund accounts.
This is by no means a comprehensive list but you can see … (13 comments)

short sale: Is Your Short Sale Negotiator Really A Negotiator? - 11/14/11 07:15 AM
Title Companies handling Short Sale "negotiations" is the new trend in my area. I quote "negotiations" because they don't really handle negotiations at all. Instead they do what Title Companies do....shuffle paperwork. Here's an excerpt from one National company's solicitation to agents.

Now folks there may be Title Companies that are doing a good job with Short Sales but I have yet to experience one. I guess the issue is that handing your Short Sale over to a Title Company is handing it off to a 9-5 Monday through Friday hourly employee. They are NOT going to spend the … (8 comments)

short sale: Not All Short Sales Are Distressed Sales! - 10/29/11 03:57 AM
Hi Folks. There was a time when all Short Sales were “Distressed Sales”. That time has now passed. There are many Short Sales on the market where the Seller has no financial hardship at all. The only hardship they have is that they have to move and can’t sell because they are underwater on their mortgage.
There are also Short Sale Sellers that are just wanting to unload debt. These are Strategic Short Sales. These sellers have made a financial decision to dump a property that is drowning in debt with no hope showing. They have decided to quit throwing good … (37 comments)

short sale: Setting The Right Expectations Is Imperative For Short Sale Success - 10/25/11 01:20 AM

Hi folks. Having success with Short Sales requires setting the right expectations from the get go. Buyers and their agents MUST have realistic expectations about Short Sales. My satrategy is to outline the Short Sale process in the MLS listing. I do it again during the negotiation process. Setting the right expectations can be the difference between failure and success of the Short Sale transaction. Here's a good example of an email you can attach to the counter offer. 
***********************************************
I have attached the counter offer from the Seller. Only the pages with changes have been included. If the Buyer … (14 comments)

short sale: Mortgage Insurance "Won't Waive the Deficiency". Does it matter? - 10/22/11 02:01 AM

Well I'm not convinced it does. Matter that is. Before I give you my opinion let me preface it by stating that I am not an Attorney. Nor do I know the definitive answer to the question. This article is just my thoughts as I try to think this through.
So here goes.
First, can a deficiency even exist if a borrower never owed the entity any money to begin with? Last I checked the debt was with the Lender NOT the Mortgage Insurance Company (MI). How can the MI go after a deficiency on a note they don't own? … (8 comments)

short sale: Bank Of America Now Offering Up To $20,000 For Florida Short Sales - 10/05/11 09:07 AM

Hi folks. There's a new Short Sale incentive just rolled out from Bank of America. Florida homeowners facing a Short Sale may qualify for up to $20,000 short sale incentive from Bank of America.
The embedded email was sent out to agents late yesterday. This morning I called one of my potential sellers who was sitting on the fence about whether or not to do a short sale. She called Bank of America and they qualified her over the phone for $11,875!!
So.....if you are in Florida, need to do a Short Sale and have a mortgage with Bank of … (5 comments)

short sale: What Do You Do When The Short Sale Lender Says "It can't be on the HUD". - 09/27/11 12:25 AM

Let me guess....your first response is "That's a RESPA violation!!". Well guess what? That may not be true. RESPA does not dictate all real estate transactions. Did you know that?  In fact you don't even have to use a HUD 1 on non RESPA transactions..
What types of transactions are generally not covered under RESPA?
An all cash sale A sale where there's private financing (seller financing, money from a family member). A rental property transaction or other business purpose transaction. Now folks, if you handle Short Sales for a living this can be something you can utilize … (65 comments)

short sale: No More Market Reports For Me! - 08/16/11 01:25 AM

Hi folks. There once was a time a few years ago where I posted quite a few market reports. I constantly studied my market to see if prices were still going down and by how much. But you know what? I no longer care.
Does it really matter anymore? Property values in my market have dropped almost 80% from 2006 to today. Does it really matter if they have gone up 5% or down another 10%?
The truth of the matter is that in my area, Central Florida, chances are that if you have not been foreclosed on yet you … (16 comments)

short sale: 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)

short sale: Do Have Any Short Sale Questions I Can Help With? - 08/01/11 07:11 AM

Broker Bryant. Here are a few questions for you.
Scenario 1) I have a Seller with a first and 2nd mortgage with Wells Fargo. They have spoken to BoA and their 2 options are Loan Modification and Short Sale. They are leaning towards short sale and will contact me if that's what they decide to do.
Make sure they make a decision prior to placing the property on the market. There's nothing worse for you than a borrower being half way through a short sale to then decide they want to do a a loan mod. Question:  If they submit … (7 comments)

short sale: Should You File Bankruptcy Instead Of Closing On Your Florida Short Sale? - 07/23/11 01:38 AM
Broker Bryant. I have approval to close on my short sale from the 1st mortgage but the 2nd loan is only willing to release the lien and will not relieve me of future liability. Should I file Bankruptcy instead of closing on my Orlando Florida Short Sale? Undecided.
Hi Undecided,
Great question. Here is my opinion: ****I am not an Attorney. This is just my opinion based on my experience with short sales. Please seek competent legal advice.First, before you can consider closing you need to see the Short Sale Approval Letter for the 1st to make sure it states there … (12 comments)

short sale: What's Involved With Achieving A Successful Short Sale Closing? - 07/12/11 02:08 AM

Hi Folks. Today I want to give you an idea of what's involved in the Short Sale process from a Florida Short Sale Agent's perspective. I just recently closed on a Davenport Florida Short Sale that took over 2 years from time of listing to closing.
I sent out and received 315 emails. Made over 100 phone calls. With many hours on hold with BofA. This Short Sale was first submitted before BofA started using equator.com. Negotiated 5 contracts. 4 of those buyers walked. The last one just closed. I think I earned this $1,500!!!
Check out this 21 page … (7 comments)

short sale: Submitting A Short Sale Package That Will Get Noticed. - 07/06/11 12:55 AM

Hi folks. We had one of our members over at Short Sale Superstars ask:
An executed contract offer was submitted to Chase on June 24th. I have called into the Short Sale Department multiple times since. The rep. tells me the same thing each time - "a Negotiator has not been assigned". How long does it take to assign a Negotiator? One Customer Service Rep. said it takes 20 business days for assignment. Is this correct? Is there anywhere I can call to speed up the process? The issue: Sending in an incomplete Short Sale Package to the lender. This … (9 comments)

short sale: Could Sharing The Short Sale Approval Letter Kill The Deal? - 07/04/11 02:54 AM


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Hi folks. We have a very good discussion going on over at Short Sale Superstars about the Buyer's Lender needing to see the Short Sale Approval Letter. In some States like California and Florida our Short Sale Addendum to the Purchase Contract specifically states that the Short Sale Approval Letter will be provided to the Buyer and their agent.
But what if.....it's a Chase approval showing … (98 comments)

short sale: Will I Have A Deficiency Judgment If I Do A Short Sale In Florida? - 07/01/11 07:47 AM

Good question. I'm glad you asked out. Here's what I think.
There is NEVER an automatic Deficiency Judgment with a Florida Short Sale. However, they is ALWAYS a deficiency. What you are really wanting to know is "What will happen to that deficiency after the Short Sale?" In an ideal world it is forgiven as it is with a FHA Pre Foreclosure Sale.
In order to get a Deficiency Judgment the Lender has to go in front of a Judge and ask for it. It is not a given. In Florida, which is a deficiency State, the Lender has … (10 comments)

short sale: Florida Short Sale Sellers Beware Of Wolves In Sheep's Clothing. - 06/17/11 12:10 AM
Hi Folks. My son Nathan wrote an article that spawned this one. Go check it out:
Banks Giving Short Sale Leads? This is the flip side. A couple of months ago Keller Williams had a Short Sale Mastery class in Orlando that I attended. The class was sponsored by Citi Mortgage. After our lunch break Citi Mortgage made a presentation stating that the agents who completed the class could register on the Citi Mortgage site. Citi would then put their names in the letter Citi sends out to distressed borrowers owners recommending the agents as the go to short sale specialists … (14 comments)

short sale: Common Questions About Florida Short Sales- Answered - 06/10/11 12:08 AM


Does it matter how much I have in my bank accounts? It is what it is.

If I have money, is it better to transfer or withdraw it? You do not want to hide assets from the lender. It's fraud

I just sold a show car for 41k that is now in my account.  Is this going to hurt me? If you have a substantial amount of money available the lender may ask for some kind of a cash contribution. I just had a seller agree to bring $20,000 to closing. He makes $40,000 a month … (10 comments)

short sale: Is Your Short Sale Lender Delegated? - 06/06/11 06:56 AM

Delegated? What the heck are you talking about Broker Bryant. I'm glad you asked because it makes a HUGE difference with your Short Sale negotiations. With Short Sales delegate means exactly what it means:
DELEGATE-transitive verb to entrust to another <delegate authority> to appoint as one's representative If you pay your mortgage payments to Bank of America, Wells Fargo, Nationstar or any of the other "lenders" these entities are normally what we call servicers. Even though they may have lent you the money they have subsequently sold your loan to an Investor. So now all they do is collect your … (8 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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