Hi folks. Short Sales DO get approved. It just takes patience, organization and negotiating skills. In the last 7 days the following lenders have issued approvals for our Florida Short Sales.
Orlando Florida Short Sale with Bank of America
- Property sold for $127,000. The amount owed Bank of America is $200,000 on the first and $38,000 on the 2nd. The 1st agreed to $109,894 (55%) the 2nd $3,000 (8%). The property was listed in March 2010. Bank of America denied a contract of $130,000 in April. This week they accepted $127,000!! I guess their decision back in April cost them us another few thousand.
Davenport Florida Short Sale with US Bank (FHA) and PNC Bank
Property sold for $60,000. Since FHA will only allow $2,500 to be paid towards the 2nd the Buyer agreed to pay PNC Bank an additional $4,000. US Bank was owed $93,500 and accepted $51,000 (53%) and the 2nd with PNC Bank was owed $61,500 they accepted $6,150 (10%). We had a buyer that fell out last week because they would not come up with the additional $4,000 for the 2nd. We placed it back on the market and found another buyer in one day.
Kissimmee Florida Short Sale with Bank of America
Property sold for $60,000. This one has taken over a year. Bank of America was owed $190,000 and accepted $54,000 (28%) the 2nd also with Bank of America was owed $38,000 and accepted $2,350 (6%). We have gone through 5 buyers on this one. The Buyer that is closing has been under contract for a year. Patience galore!!
Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders.
- Sun Trust
- Wells Fargo
- Bank of America
- US Bank
- PNC Bank
- Fifth Third Bank
- ING Direct
- Capital One
- First Horizon
- Transland Financial
- USA Bank
- IBM LBPS
Can we add you to our list of successful Short Sales?
Are you facing foreclosure in Florida?