Hi folks, I get asked legal questions every day about Short Sales, deficiency judgments, promissory notes and foreclosures. Folks, I am NOT an Attorney and I CANNOT give you legal advice. I can however direct you to this great resource from my friend Richard Zaretsky. Richard IS an Attorney and CAN give legal advice. Read these articles then give him a call.
Richard and I can work together to help you avoid a foreclosure.
Short Sale Loan Modification and Foreclosure Blog Articles
 A Periodic Listing of Articles by Richard P. Zaretsky, Esq.
Be sure to contact your own attorney for … (5 comments)

short sale: Ask The Short Sale Broker: Please Explain the Details of a Short Sale. - 12/01/10 09:57 AM
Broker Bryant, "Please explain me the details of a short sale, or other proposal that you can bring to my case. "
Dear Sinking Fast, Thanks for contacting me. A short sale is basically selling your property for current market value and convincing your lender to accept less money than what is owed to release the liens on the property so it can close. A short sale is an alternative to being foreclosed on. The short sale will mess up your credit for a couple of years and your lender may or may not release you completely from the liability of … (10 comments)

short sale: 21 Questions to Ask the Short Sale Seller - 11/23/10 08:13 AM
If you are thinking about doing a short sale here are some good questions you want to be prepared to answer. The more info we have the better prepared we'll be to assist you.
Thanks to my partner Wendy Rulnick for sharing this article.
Quick!  A potential short sale seller calls you to list his property.  What questions do you ask?  Here are a few to start the conversation....
1.       Who are the mortgage holders on your property?
2.       Approximate balances?
3.       Is your loan VA or FHA/HUD? 
4.       Do you have a hardship?  … (11 comments)

short sale: Ask The Broker. Short Sale Questions of the Week. - 11/15/10 09:02 AM

Broker Bryant,
I put an offer in for a condo that is for sale 3 doors down from one that I own (a Short Sale).
My questions are: How do I know whether or not my offer is accepted by the bank? When I call Chase they won't give me any information. What can I do? I offered them 45% less than what the Seller paid in 2005. Will this be accepted?  How do I know all of the past due taxes and HOA fees are being paid before I buy the property? Is there some sort of Code … (10 comments)

short sale: Dear Fannie Mae. - 11/12/10 06:18 AM

Dear Fannie Mae, I am writing on behalf of Mr Sell M. Short. Mr Short has hired me to sell his property and to assist with negotiating a short sale with Bank of America. We have been diligently working on this since May of this year. In July we submitted a complete short sale package through the Equator system and have been going back and forth with our negotiator since then. First, Bank of America wanted a higher purchase price and the buyer agreed. Then they wanted a cash contribution from the seller of $2,500. Even though he has to … (20 comments)

short sale: Short Sales and SOBs!! - 11/06/10 09:10 AM
Hi folks. There seems to be a new trend taking place in the Short Sale world. I'm hearing the following way too often.
"I helped my _________(fill in the blank...son, daughter, mother, friend etc) purchase a home since they had no credit. I just found out they haven't made a payment in 3 months. What can I do?" And then to make matters worse, the party living in the property doesn't want to move. Why should they? They are living for free and it's not affecting their credit at all.
I have a couple of these properties on the market … (75 comments)

short sale: As A Florida Short Sale Broker I WANT To Keep You In Your House! - 10/22/10 10:36 AM

Hi folks. One of the first rules for a Short Sale Broker is to make sure the potential Seller has already tried to do a loan modification if they want to keep their property. Especially if the property is their primary residence. We WANT folks to stay in their homes if at all possible.
A Short Sale should always be the next to the last resort. With foreclosure being the last.
I'm not that familiar with the loan modification process but do know that if the property is an investment property or 2nd home chances are the loan modification will … (17 comments)

short sale: 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.

short sale: Do You Submit Offers Or Contracts To The Short Sale Lenders? - 10/01/10 09:24 AM

Hi Folks. Here's an email I received yesterday from one our members at It shows the common misunderstanding that lenders handle short sales like they do REOs (foreclosures).
Hi Broker Bryant,
I read some of your comments on Short Sales Superstar.    I am a potential buyer.  We have bought several properties in the past but are very inexperienced with short sales.  We have been looking for a home for a long time and have not been able to find what we are looking for until now, except that the property is a short sale and an offer has already been … (26 comments)

short sale: Advantages to Signing a Promissory Note With a Florida Short Sale. - 09/25/10 03:22 AM

Hi folks. Here's a very good question asked by one of our members over at
I am losing deals left and right due to the MI companies. Looking for any suggestions please! The last deal I was working on, the MI company came back wanting a 76,000. promissory note...of course the sellers walked. Any helpful ideas out there? My response:
Prepare the Sellers better. If there is MI (Mortgage Insurance) then chances are the Seller (borrower) will be asked to sign a promissory note or make a cash contribution. Ask your Sellers point blank, at time of listing, if … (18 comments)

short sale: CANNOT Accept or Deny a Short Sale. - 09/19/10 01:06 AM
Hi folks. Today I want to clear up one big misunderstanding about the system. For those of you that aren't familiar with Equator, Equator is the online portal that Bank of America and GMAC use to help expedite their short sales. Quite often I hear from agents, buyers  and sellers that......"Equator accepted our offer" or "Equator denied our short sale." In fact, here's a question I pulled off of this morning.
"Equator accepted our counter. Then 5 days later said it "made a mistake" and rejected our offer, after it accepted. Has anyone seen this before?" MY RESPONSE:

short sale: Florida Short Sale Broker in Action. Negotiating Short Sales in Florida - 09/18/10 01:16 AM
Negotiating Florida Short Sales requires being organized and patient. Here's how one Florida Short Sale Broker manages.
Negotiating Short Sales in Central Florida. Selling Short Sale properties in Kissimmee, Davenport, Winter Haven, Haines City, Lakeland, Saint Cloud, Orlando, Celebration, Reunion, Dundee, Lake Wales, Poinciana, Solivita and all of Central Florida. Don't be foreclosed on. Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders.  
Chase Sun Trust GMAC Wells Fargo Bank of America US Bank PNC Bank Citi HomeEq Fifth Third Bank ING Direct GreenTree Capital One ASC First Horizon E-Trade Transland Financial USA Bank IBM … (22 comments)

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)

short sale: 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 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)

short sale: Please do NOT commit Fraud To Get A Short Sale Accepted! - 09/07/10 08:01 AM

We all know Short Sales can be very frustrating. Short Sale Lenders can make decisions that make absolutely no sense to us as agents. There are many times where we are tempted to be overly creative to get a deal through. Folks....being creative is OK. Committing fraud is a crime.
Not all Short Sales are successful. There are Sellers that will be foreclosed on. This is a fact. All we can do is our best. The only 100% way to NOT be foreclosed on is to make the mortgage payments. If you don't make your mortgage payments then the … (33 comments)

short sale: Short Sales Can Be Frustrating. However You Do NOT Have To Go It Alone!!! - 08/29/10 10:54 AM

Hi folks. Have Short Sales got you down? I know from experience that dealing with Short Sales all day every day can be very frustrating. is what it is. NAR put up a good fight a few years back to keep Banks out of Real Estate. And NAR won!!! You wouldn't think that today would you? Banks found their own way to control the Real Estate market.....REOs and Short Sales.
I struggle with this because I'm a control freak. Not only do I have to be in control but things have to make sense to me.
Kind of … (18 comments)

short sale: IBM is now in the Short Sale Business as LBPS... - 08/26/10 10:48 AM
.......Lender Business Processing Service.  Not quite sure how long they have been offering their servies to lenders but I have just had my first experience with them this week. In fact, I am on hold with them as I write this article. I've been on hold for over 2 hours!!!
I wrote a post a few weeks back about receiving Short Sale approval from Chase in 5 days. My approval was good until August 23rd. I had a really great Chase negotiator by the name of Gregory Williams. Mr. Williams is awesome at what he does and always responded to me … (56 comments)

short sale: NON-Negotiators Negotiating Short Sales. A Recipe For Failure! - 07/31/10 01:39 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 … (55 comments)

short sale: 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)

short sale: 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 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)

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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