Sun Trust Short Sale Approved and Closed in Kissimmee Florida

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

Legacy Dunes Condos

Well this one was not easy. Sun Trust took 11 months to approve this Short Sale! Nine of those were waiting on the file to be assigned to a negotiator. During this time we lost 2 buyers and finally found one to stick.....I thought. About 3 weeks ago I received the approval to close. Even though I had communicated with the Buyer's agent every week for the last 9 months I found out a week before closing that the Buyer had changed his mind!!!

So....I had to place the property back on the market as an "approved short sale". We needed a cash buyer that could close in 7 days at the full asking price. Luckily we found one. Lolita' Clay from Exit Realty brought a full price cash Buyer and they closed today. 3 days before the Short Sale approvals expired. Way to go Lolita!!!

Property:

4 bedroom 2 bath condo in Legacy Dunes. Legacy Dunes is a Short term rental community about 5 minutes from the main gate of Disney World in Orlando Florida. The condo was purchased in July 2006 for a whooping $335,400!! We sold it yesterday, 4 years later, for..........$60,000!!! That's a decrease in value of 82%.

Hardship:

Loss of income

Liens:

1st with Sun Trust for $269,150. Settled for $62,183 or $.23 cents on the dollar.

2nd with Sun Trust for $30,350. Settled for $10,973 or $.64 cents on the dolllar

HOA lien for $6,000. Received full payment from the Seller.

Details:

The Seller had to contribute $17,500 to Sun Trust plus had to pay the $6,000 to the HOA. No promissory note and Sun Trust issued a Waiver of Deficiency for both liens.

Another successful Central Florida Short Sale by Tutas Towne Realty!!

Are you facing foreclosure on your Sun Trust Mortgage? If so........

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

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The BIO for Bryant Tutas

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***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Topic:
Home Selling
Location:
Florida Osceola County Kissimmee Legacy Dunes
Tags:
suntrust
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Rainer
55,016
Nicole Kraus
Signature Realty Associates - Dover, FL

UNBELIEVABLE....are the banks ever going to learn?

Jul 29, 2010 09:01 AM #1
Ambassador
1,703,510
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

I don't know how you made it happen, but I'm glad that all worked out.

Jul 29, 2010 09:12 AM #2
Rainmaker
86,589
Keith Lutz
Keller Williams Metropolitan - Long Valley, NJ

That is incredible, how you must have negotiated this.  I can not believe the fall of in prices - 82%, is that typical or more on the high range?

Jul 29, 2010 09:33 AM #3
Ambassador
557,018
"The Lovely Wife" (Broker Bryantnulls Wife) The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

Hun...

Where's my cut? :)

TLW...ROAR!

Jul 29, 2010 10:51 AM #4
Rainmaker
123,176
Kent Dills
Broker, Dills Real Estate - Bellingham, WA
Real Estate 817-495-8028, Bellingham, Washington

BB, good job on this difficult short sale.

Just wondering - did you have to do separate negotiations with SunTrust on the 1st and 2nd or did the negotiator on the 1st just tell you how much to allocate for the 2nd?

Jul 29, 2010 11:00 AM #5
Rainmaker
525,052
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Bryant - What a relief for the seller and YOU!  Great work.

Jul 29, 2010 11:49 AM #6
Rainmaker
1,025,371
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

How frustrating? 11 months.  Is it any wonder that people can't stand these bankers?  Good for you that you closed another one.

Jul 29, 2010 01:25 PM #7
Rainmaker
354,843
Damon Gettier
Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert - Roanoke, VA
Broker/Owner ABRM, GRI, CDPE

OUCH! Bryant, what happened to the posted guidelines for times that Suntrust has?  I assume they do not follow them at all?

Jul 29, 2010 02:17 PM #8
Rainmaker
229,831
Nathan Tutas
Tutas Towne Realty, Inc. - Davenport, FL
Your Central Florida Real Estate Expert
11 months worth of work on a 60k short sale. Now that's dedication. It ain't easy, that's for sure. Good save!
Jul 29, 2010 06:50 PM #9
Rainmaker
434,738
Dick and Dixie Sells
Sells Real Estate, LLC - Trinity, FL
Realtors, Tampa Bay Florida Homes For Sale

Now that had to put a smile on your face and on the sellers as well. Great going!

Jul 29, 2010 11:56 PM #10
Rainmaker
4,797,386
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Great work Bryant.  These long ones with numerous buyers are the tough ones. 

Jul 30, 2010 12:48 AM #11
Ambassador
1,229,706
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

SunTrust is a challenge. I've done four deals with them. One was a breeze and the other three took forever.

Jul 30, 2010 06:41 AM #12
Rainmaker
1,142,210
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Keith. The average drop in my area is about 70%. These units were NEVER worth the amount of money they were getting for them. It was a rip off preying on out oif sttae "investors".

Jul 30, 2010 05:12 PM #13
Ambassador
2,054,049
Michelle Carr Crowe,Altas Just Call...408-252-8900!
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Great job! $60,000 sounds like a good price - is that what the "normal" (not short sale) price for these is too?

Jul 30, 2010 07:09 PM #14
Ambassador
2,079,919
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Congratulations - I have one right now that we have been waiting on for 5 months!

Jul 31, 2010 02:02 AM #15
Rainmaker
339,591
Karen Cooper
Karen Cooper | Sr Retail Loan Originator ! NMLS # 223305 | 360 Mortgage Group LLC Austin Texas - Leander, TX
Helping Homeowners w/Home Loans in 27 US States

Wow! I haven't heard that the servicers are negotiating terms like that here in our market.

Jul 31, 2010 09:34 AM #16
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Rainmaker
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