short sale: What's price got to do with anything?
- 11/23/09 10:00 AM
Hi folks, Have you noticed that the contract price means absolutely squat these days? Nada. Zilch. It used to be that once a purchase price was negotiated you could be fairly certain that was the price the property would close at.
Not anymore.
Properly pricing real estate has always been one of my strong points. I know the price is right. The Buyers and Sellers know the price is right. The ones having the problem are the Lenders.It doesn't even matter what side of the transaction the Lender is on. If they are the Short Sale lender they want … (29 comments)
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short sale: Will I have to sign a promissory note if I do a Short Sale?
- 11/19/09 08:36 AM
Possibly. I have found that more times than not the Seller is not only willing to but wants to make a cash contribution or sign a note to get the deal done. It helps them to feel better about their situation. Most people WANT to pay their bills and honor their obligationsOur job as your Short Sale Agent is to give you, the Seller, the facts and let you make the decision. Here are two responses recently received from Bank of America and how they were presented to my Sellers. What Bank of America is really saying is "Yes we approved … (14 comments)
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short sale: Another Kissimmee Florida Short Sale Approval
- 11/13/09 08:45 AM
It only took 7 months BUT we have another Bank Of America Short Sale Approval.
Location:
Kissimmee Florida. Details:
Placed on the market with Tutas Towne Realty on March 1, 2009 at $89,000. Went pending on April 17th at $79,000 all cash Buyer. Mortgages:
$188,000 owed on the 1st Mortgage with Bank of America. $25,000 owed on the 2nd with Real Time Solutions. Challenges:
Keeping the Buyer on board for almost 7 months. The 2nd started out with Bank of America and was sold to Real Time Solutions about 5 months into the transaction. The Seller is an investor than … (16 comments)
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short sale: 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)
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short sale: Kissimme Holiday Villa For Sale. 20 minutes to Disney
- 10/28/09 06:37 AM
Kissimmee Florida Short Sale. Listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges and sale of property at full listing price may be conditioned upon approval of third parties. Centrally located. Vacation rentals are OK. Very good unit for the price. Close to downtown Kissimmee. 25 minutes to Disney World and the Airport. This is a short sale and does require patience. Please only qualified buyers.
Do you need help selling your Florida Short Sale? Central Florida Short Sales
Bryant TutasBroker/OwnerTutas Towne Realty, IncLicensed Florida Real Estate Brokerhttp://CentralFloridaShortSales.com
http://ShortSaleSuperStars.com
Are you a … (7 comments)
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short sale: Short Sale Approval letters
- 10/14/09 09:10 AM
Hi folks. Ever wondered what your Short Sale Approval will look like? Wonder know more. I have embedded several Short Sale approvals that I recently received for my sellers. These will give you an idea of what to expect when you sell your Central Florida Short Sale.
I have included:
Bank of America Short Sale Approval Wells Fargo Short sale Approval GMAC Short Sale Approval Green Tree Short Sale Approval HomEq Short Sale Approval ASC Short Sale Approval Chase Short Sale Approval 1st Horizon Short Sale Approval PNC Bank Short Sale Approval Fifth Third Bank Short sale Approval I have … (14 comments)
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short sale: Need a Short Sale Agent? Here are 250 of them!!
- 10/03/09 11:02 AM
Wendy Rulnick and I opened www.ShortSaleSuperStars.com on August 1, 2009 and today we reached 250 members!! The 250th member is Melissa Zavala a fellow ActiveRain member. If you haven't joined yet now would be a good time to do so. It's FREE for Pete's sake! CLICK HERE TO JOIN.
ShortSaleSuperStars is the place to go if you are working Short Sales or want to work Short Sales. It will make your job so much easier. COME JOIN US.
Yesterday I was getting ready to list a FHA Short sale. This is something I hadn't done before so the first … (70 comments)
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short sale: Kissimmee Short Sale Approval in 60 Days
- 09/21/09 07:15 AM
Location: Buenaventura Lakes Kissimmee Florida 34743
Value: $69,000 to $79,000
Hardship: Loss of rental income on this investment property
Amount owed: $175,000 on a 1st with GMAC and $32,000 on a 2nd with Green Tree
Property was listed on May 19th at $89,000. Priced reduced to $73,000 on June 10th. Went pending on July 9th at $73,000.
Complete Short Sale Package was submitted on 20 July.
Buyer had inspections and appraisal done within 10 days of contract acceptance.
Green Tree asked for 5% of the purchase price or $3,650.
GMAC offered them $3,000 and wanted the Real Estate commission reduced … (13 comments)
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short sale: Poinciana Short Sale Approval From Fifth Third Bank in 16 Days
- 09/19/09 11:03 AM
Another successful Short Sale approval in Poinciana Florida.
Property Value: $85,000 to $90,000
Amount owed: $185,000
Hardship: Loss of rental income on several rental properties (this one included)
Loan details: Fannie Mae with Mortgage Insurance
Property was placed on the market on May 8th for $109,000.
The price was slowly dropped until it went pending on June 10th at $85,000.
After about 6 weeks Fifth Third came back wanting the Seller to bring $35,000 to closing. The Seller offered $1,000. The transaction fell apart and the Buyer walked.
The property was placed back on the market on August 20th. On … (15 comments)
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short sale: Short Sales......LEARN, KNOW AND GROW!!
- 09/07/09 06:43 AM
Hi folks. I hope everyone is having a great Labor Day. Today I want to talk about Short Sales. Big surprise right? More specifically I want to talk about the tools available to help you if you choose to handle Short Sales.Whether you are on the listing side or the selling side you need to understand how Short Sales work. You need to have “insider“ information and support from your peers if you want to weed through the jungle that is Short Sales.I’ve been debating with Richard Weisser on his recent post. His post and many of the comments are … (69 comments)
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short sale: Florida Short Sale Approved by Chase in 137 days!
- 09/02/09 09:11 AM
Another successful Short Sale approval in Central Florida!
Lender: Chase
Amount owed: $129,000
Hardship: Loss of income and medical
The property was placed on the market on February 14th at $110,000. The price was slowly reduced to $85,000 on April 11th and went pending on April 18th at $87,500.
The complete Short Sale Package was submitted to Chase on April 24th.
On July 17th we were asked by Chase to reduce the Seller concessions from 6% to 3%. So we rewrote the contract at $84,500 and reduced the Seller concessions.
On August 4th the Buyer's appraisal came in at $60,000. We … (22 comments)
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short sale: Why do we work Short Sales?
- 08/25/09 09:36 AM
Working Short Sales is certainly not a glamorous job. Short Sales don't pay very well (at least in my area). Short Sales are hard work. Short Sales can be very frustrating. Short Sales take a long time to get approved and closed. Would I still work Short Sales if I had it to do all over again? Absolutely!!!! And here are a few reasons why..........
My husband and I currently live just outside of Manchester, New Hampshire. We owned a house in Haines City, FL that we’d been trying to sell for over two years, but to no avail. After … (30 comments)
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short sale: A Short Sale Contract is STILL a Contract!
- 08/15/09 09:10 AM
Hi folks. Allison Stewart wrote a very good post this week titled WALK THIS WAY... CAN BUYERS JUST WALK AWAY FROM A CONTRACT?. Allison’s post is talking about Buyers who feel they can just walk away from a Short Sale transaction and get their deposit back because they are just tired of waiting. They feel the contract is not binding.Here is my opinion on why Buyers feel this way. They are misinformed. A Short Sale contract is no different than a regular contract with the exception of the 3rd party approval contingency. This contingency is related to the Lender approving the … (174 comments)
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short sale: Do You Defend Your Defaulting Buyer?
- 08/10/09 01:31 PM
Good stuff from Wendy!!!
In the last few months, I have had three incidents of buyers defaulting on purchasing my listings. In each case there was an earnest money deposit held in escrow at a title company.
Case #1: Buyer defaulted because he said he did not want to own three properties.
Case #2: Buyer defaulted because he wanted to pay $10,000 less than the contract price the day before closing.
Case #3: Buyer defaulted because he found a new home he wanted to buy instead of my listing.
There was no provision in … (6 comments)
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short sale: Bank of America Short Sale Approval.
- 08/06/09 07:12 AM
Short Sale Approval from Bank of America in less than 60 days.
Property is located in Southern Dunes Country Club in Haines City Florida. Amount owed....$225,000. All on a first lien with Bank of America. Contract accepted on June 6th for $136,000 cash. Buyer and Seller provided by Tutas Towne Realty, Inc. Complete Short Sale package faxed to Bank of America on June 17. Broker Price Opinion (BPO) completed on July 8. Short Sale Negotiator assigned on July 14. Short Sale approval received on August 4. No contribution required from the Seller. Closing scheduled for August 11. Contractual closing date … (25 comments)
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short sale: 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)
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short sale: Smart Bears or Scamming Bears? What say Pooh?
- 07/27/09 12:18 AM
A few months back Baby Bear called Broker Bear to see about placing his home on the market as a Short Sale. Baby Bear had not made payments in about a year.Being the good little Broker that he is Broker Bear went over and met with Baby Bear. During the meeting Baby Bear mentioned that Papa Bear lived next door and Grandma Bear lived two caves down. Baby Bear wanted to know if either Grandma Bear of Papa Bear could purchase his cave at a reduced Short Sale price.Hmmmm......it sounded like a great idea but unfortunately the Lender, Country Cave Bank, … (90 comments)
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short sale: It's not the Lenders job to get you paid!
- 07/23/09 10:15 AM
Hi folks. I want to address Jim Paulson's recent post..........
Realtors need to stand up to lenders on short sales! In his post Jim is talking about the frustration with Lenders changing our commission on Short Sales AND Brokers changing the co-broke offered in the MLS based on what the Lender will allow. Please stop over and read Jim's post. It is "Member's Only".
Here's the deal. MLSs should not allow the co-broke to be altered. This is wrong and needs to be changed. But......
As for the lender adjusting the commission, this is NOT what they are doing. The lender … (85 comments)
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short sale: Short Sale Basics, Session III--Just What I Needed Today!sh
- 07/18/09 11:57 PM
Debe Maxwell is one of Short Sale Basic's students and has this to say about session 3. Thanks Debe!!!!
Short Sale Basics, Session III--Just What I Needed Today!Our own Bryant Tutus (BB or Broker Bryant) & Wendy Rulnick just hosted their third, short sale webinar today and boy, was it a jam-packed lesson in short sales! The information gleaned from this series has just been incredible. I have taken courses on short sales and their presentation is just so much more informative and I have learned an enormous amount from them. In the beginning stages of a couple of … (10 comments)
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short sale: Taking Control of the Short Sale Transaction.
- 07/13/09 09:38 AM
Hi folks. Having success with Short Sales requires being in charge of the situation from the get go. Buyers and their agents MUST have realistic expectations about Short Sales or...........well just read this.
I have attached the counter offer from the Seller. Only the pages with changes have been included. If the Buyer is agreeable have her initial the changes and then I will send the entire contract to the Seller for signatures and initials.This is a Short Sale. It will require MINIMUM 60-90 days to get closed. If the Buyer is not prepared to wait this long then this property … (48 comments)
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