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

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short sale: 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)

short sale: 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)

short sale: Approved FHA Short Sale in Davenport Florida. $63,000 - 04/10/10 08:37 AM

Three bedroom 2 bath home located in Davenport Florida. Royal Ridge is a gated community about 15 minutes to Disney. Less than 1 mile to I-4. 30 minutes to Orlando and about 45 minutes to Tampa. This two story house has 1276 sq ft of living area and a hard to find downstairs master suite. Fenced rear yard. Gas range and gas hot water. FHA approved Short Sale at only $63,000. Contact us today to arrange your private showing. Only $63,000
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT … (7 comments)

short sale: 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)

short sale: The Lender needs to remove the "Deficiency Language" from our Florida Short Sale Approval or we ain't closing!! - 03/25/10 09:49 AM

Well OK then. BUT.....did you know getting it removed is not enough? "What ya talkin' 'bout Willis?" Having the deficiency language removed from a Florida Short Sale approval letter don't mean squat. Of course, I am NOT an Attorney nor do I play one on TV. So you need to seek legal advice if this is a big deal. But here's my opinion. Not only would they have to remove the deficiency language BUT they would have to add a clause stating that they will NOT go after you for a deficiency. AND I personally don't think this would make a … (24 comments)

short sale: I ain't signing no frickin' promissory note on my Short Sale!!! - 03/23/10 10:25 AM

I've got news for ya. You already did. When you purchased the property. You signed two documents. The mortgage. That created the lien and gave the lender the right to foreclose on your property (their collateral). And, you signed a promissory note. That was/is your personal promise to pay back the money you borrowed.
The Short Sale releases the lien (mortgage). It may or may not release you from the note. If the Lender is offering to swap out your $200,000 note, that you already signed, for a $10,000 at ZERO interest over 10 years then......why not sign and be … (34 comments)

short sale: Short Sale Superstars Weekend Update - 03/20/10 09:31 AM

Hi Folks. Lot's of stuff going on over at www.ShortSaleSuperStars.com Our growth has been fantastic as we now have almost 1,600 members. For those of you that are on the site frequently you know that we have a great mixture of agents, buyers, sellers and investors. All sharing their experiences with short sales. If you are not a member pop over and join us. It's awesome and it's FREE!!! This is a very good thing. I do want to remind everybody though that this site was set up so that we can all help each other wade through the world of … (13 comments)

short sale: 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)

short sale: New NE Orlando Florida Short Sale Opportunity - 03/14/10 10:35 AM

3953 Shawn Circle Orlando Florida 328263 bedrooms and 2 baths with 1613 Sq Ft Living Area Built in 1999Click here for full details
$145,000
Beautiful home with many upgrades. Convenient NE Orlando location. Rounded drywall corners, tile flooring in the family room, screened and covered rear porch, fenced yard, upgraded blinds, light fixtures and ceiling fans through out. Community pool. Very clean and ready for a new owner. It is a short sale so please allow 90 to 120 days for closing.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I … (3 comments)

short sale: 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)

short sale: 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)

short sale: GMAC Short Sale Verbiage is Stealing MY Money! - 02/14/10 10:00 AM

Hi Folks. Richard Zaretsky wrote apost earlier this week titled SHORT SALE MARKET EVOLUTION - GMAC SOLUTION TO FALSE BUYERS If you haven't read it pop over and do so.
Richard's post spawned an article by Bill J Archambault titled Successful REALTOR Or Failed Social Reformer.
Bill's post got me thinking about this one. Funny how that works!
Here is the language GMAC wants if you have a short sale with them as the lender:
2-3% earnest money must be agreeable to buyer. Contingencies must be removed 14 days after we issue approval letter and earnest money becomes non-refundable. If buyer … (71 comments)

short sale: ***URGENT***Orlando Short Sale $200,000. Approved and ready to close. - 01/20/10 12:17 PM

I need a buyer quick on this one. Both lenders have approved the transaction in writing at $200,000. Approvals are good until 1/31/2010, Current buyer may not be able to close on time. Their loss may be your gain.
This is an incredible property with over 3,000 sq ft living area, pool, media room, extensive tile flooring, 5 bedrooms and 3.5 baths. Check it out.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

… (19 comments)

short sale: Chase Short Sale Approval..... - 01/19/10 07:35 AM

.....only took 9 months!!! And we are not closed yet. Amazingly we still have the original Buyer that went under contract at the end of April 2009.
Property location:
Florida Keys (Vacation home) Hardship:
Illness. Lender(s):
Chase on the first and 2nd. About 5 months into the Short Sale transaction the 2nd was passed off to Allied International Credit (AIC). Purchase Price:
$303,000 Amounts owed:
Chase was owed $693,000 on the first and agreed to accept $273,000 (39% of the debt) AIC was owed $94,000 on the 2nd and agreed to accept $3,000 (3% of the debt) Terms:
No note. … (26 comments)

short sale: Quit whining about Short Sales. YOU are the problem. - 12/28/09 05:41 AM

Hi folks. I was commenting on an article by Russell Shaw over at AgentGenius earlier and one person actually stated that instead of trying to solve the short sale issue we should be working on speeding up the foreclosure process.
Speed up foreclosures? Sorry but I’m in the business of helping people salvage some of their credit and get out of a bad situation with the least amount of damage. Speeding up the foreclosure process helps nobody.
Short sales fail due to:
Lack of knowledge on the part of the agent. Contract prices that are too low. Not qualifying the … (56 comments)

short sale: No Short Sale for you!! - 12/18/09 07:33 AM

Hi folks. Just when I think I have this Short Sale stuff figured out I run across another issue that has the potential to really place my sellers, the buyers and the agents in a difficult quandary. Yesterday I received a phone message from Chase in relation to a Short Sale we closed on almost two weeks ago. It went something like this "Hi this is Sarah from Chase calling on LN# 11324567. I am preparing the post closing package to send off to the Investor and noticed that I need the last 2 months bank statements from the Borrower. … (44 comments)

short sale: Only Deadbeats do Short Sales!! - 12/08/09 06:56 AM

Hi folks. Short Sales. Why do I spend so much of my time messing with these things? Isn’t it true most people are just doing them to avoid honoring their promissory note? They borrowed the money they should pay the mortgage. Deadbeats!I closed on a Short Sale a few months ago. The Seller had owned the house for 27 years. It was the retirement home for him and his wife of many years. After 30 years of hard work they were finally able to retire and move to Florida, pay cash for a home and enjoy their twilight years together.All went … (29 comments)

short sale: 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)

short sale: Kissimmee Florida Short Sale. You'll like this one. Only $95,000 - 12/05/09 07:06 AM

Short Sale for sale in Poinciana Florida. 4 bedrooms 2.5 baths with over 2200 sq ft of living area on a huge double lot (.91 acre). Ceramic tile roof, Atrium, screened and covered rear porch, garden off the master suite, lots of cabinets in the garage, gated entry, security system and much more. Located 1 mile from SoliVita and 2 Championship golf courses. An incredible price of $95,000
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

… (16 comments)

short sale: Florida Attorney General, Bill McCollum, Pleads with Lenders to help. - 11/25/09 07:04 AM

OK one more before I take my Thanksgiving break. The Florida Attorney General, Bill McCollum, sent this letter to the top executives at Bank of Amercia, Wachovia, JP Morgan/Chase and Wells Fargo.
Thank you Mr. McCollum for taking this current financial mess seriously. The lenders have way too much power right now and they are abusing it. Let's make them stop!!
Florida Attorney General Letter to BOFA
Now I got that out of the way....... Happy Thanksgiving to all from TLW and I. And for yor enjoyment....here's a whacky video from "Groovy Dancing Girl". I promise it will make you … (19 comments)

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