Bank of America Short Sale Success

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

Lakeland Florida Short Sale

Hi folks. I LOVE successful Short Sale closings. This one had a few issues but I was working with an awesome Buyer's Agent, Evelyn Broxterman, with Keller Williams in Lakeland Florida, she was able to keep the buyer on board for 6 months!! Evelyn is also one of our Short Sale Superstars.

The property:

4 bedroom 2 bath single family home located in Lakeland Florida. It was bought new in 2005 for $190,000 as an investment property.
Liens:

  • Mortgage with Bank of America for $170,000
  • HOA lien for $2,500

Hardship:

Loss of income due to rents dropping and no longer able to find a tenant.

Issues:

This property was placed on the market in May of 2010. It had actually been on the market for several years with another company. For whatever reason they were never able to get it sold.

We placed the property under contract in exactly 60 days. Then the games began. The transaction was submitted through the Equator system. After about 45 days BofA came back asking  the seller for a $2,500 cash contribution and a $5,000 promissory note. We negotiated this down to just the $2,500 cash contribution and all was well......we thought!! Bank of America issued the written approval asking for the $2,500 but now they not only kept the note in the deal but raised it to $15,000!! YIKES! No matter how hard we tried they would not remove the note.

Soooo......I wrote the investor, FannieMae, a letter seeking help since they were the Investor involved in the transaction. Unfortunately they wouldn't help and sent me back to Bank of America.

We kept pushing and pushing and fianlly Bank of America agreed to remove the note requirement and do the deal with the Seller contributing $4,000 in cash. The Seller agreed and the transaction closed.

The property sold for $120,900 and Bank of America accepted $113,000 on the $170,000 that was owed. Or 66 cents on the dollar. Do you need help with your Florida Short Sale?

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 LBPS
  • Nationstar

Can we add you to our list of successful Short Sales? 

Are you facing foreclosure in Florida?

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

Want to find out more? www.CentralFloridaShortSales.com

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

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.

 Copyright © 2017 http://www.brokerbryant.com/ | All Rights Reserved

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Topic:
Home Selling
Location:
Florida Polk County Lakeland Hunters Greene
Tags:
bank of america
short sale approval

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Show All Comments
Rainmaker
592,907
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Well done Bryant!

"Do you need help with your Florida Short Sale?"

Are you offering short sale processing, or cooperative listings in addition to your great service to consumers?

Bill

 

Jan 28, 2011 08:45 AM #4
Rainmaker
287,577
Barb Van Stensel
Chicago, IL

Exactly the post I needed to read today because the Bank's Attorneys sold us at the Sheriff Sale yet the Loan Servicer said the Sale was Stopped.  We are going to court but there is no reason why they haven't performed.  As always, Thank You!

Jan 28, 2011 09:02 AM #5
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

Hey Bill. I do both!!

Jan 28, 2011 09:04 AM #6
Rainmaker
593,907
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

BB,

Good going..

I just closed a few weeks ago with BOA...it took 30 days from the list date to get a contract and closed in 4 months with is not bad considering BOA's time frame for closing. We did have an issue on the buyers side but it was cleared up and the closing was to go off on Dec 31st in order for the buyers tp qualify for portability. Unfortunately it was moved to the 7th of Jan. They wanted 3,000 which we got down to 1200 but the second wanted a 6500 debt paid off. Please note that the second lien holder was not BOA..it was another lender. They told my client he had to pay and additional 4000 to cover attorney costs and he was never late! Geez  Lueez! Sounds a bit like extortion to me. Well he decided just to pay it off instead of being forced to pay those outlandish fees...I think he might even  go after them later on. I believe it was just a tactic to get him to pay the whole thing off. They originally agreed to let him continue making his small payments but wanted this 4000 up front for no reason.

Jan 28, 2011 09:05 AM #7
Ambassador
1,041,795
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

BB, I am just not surprised. You are the man to see for short sales in your part of Florida, and the guy some of us call just before we set our hair on fire... :D

Jan 28, 2011 10:08 AM #8
Rainmaker
1,049,106
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Always like to hear the success stories....even the ones that took forever:) Nice job!

Jan 28, 2011 10:09 AM #9
Rainmaker
1,052,071
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

How do you like the equator system, I have a deal going now that has been sidetracked by their response system.

Jan 28, 2011 10:28 AM #10
Ambassador
1,229,706
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

I'm surprised to hear what Steve says above. I haven't had too much trouble. Congrats on the closing.

Jan 28, 2011 11:25 AM #11
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

Steve. I have had no issues with equator at all. Any thing I can help with?

Jan 28, 2011 11:53 AM #12
Rainmaker
873,184
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Congratulations on a job well done!

Jan 28, 2011 01:52 PM #13
Rainmaker
889,562
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT

BB - I think that's great that you went right to the investor, even though it didn't work out this time.  I've heard that the servicers don't always look out for the best interests of investors and tend to work their own agenda.

Jan 28, 2011 02:05 PM #14
Rainmaker
364,422
Bridget "Mortgage Mama" McGee
SWBC Mortgage 410-960-2061 - Baltimore, MD
Maryland Mortgage Mama NMLS#196068

Woo Hoo!  It's nice to hear when something actually gets done through BofA.  You are a true professional and your clients are blessed to have you in their corner.

Bridget "Maryland Mortgage Mama" McGee

Jan 28, 2011 02:41 PM #15
Rainmaker
229,831
Nathan Tutas
Tutas Towne Realty, Inc. - Davenport, FL
Your Central Florida Real Estate Expert

Six months is a ling time to wait for it, but what an awesome feeling having it done. Only 100 more this year to go... :)

Jan 29, 2011 09:55 AM #16
Rainmaker
228,991
Coldwell Banker Camelot Realty
Coldwell Banker Camelot Realty - Mount Dora, FL
Homes for Sale Mount Dora Realtor

BB,

Bank of america closed short sale.

That puts you on some kind of short list of closed deals with them :)

Did they pay for the HOA.

One of my friends in the business is having a problem with an HOA fee and B of A.

Any suggestions.

Thanks,

Jan 29, 2011 04:20 PM #17
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

Hi Ray and Karten. Yes they did pay the HOA. The initial HOA bill was for $2,400. The attorney handling the collection got it down to $1,800 and BofA paid it no problem.

I've closed all of my BofA short sales. I find them easy to work with. Especially now with the equator system.

If you need assistance check us out at http://ShortSaleSuperstars.com It's FREE and it will help

 

Short Sale Agent Training

Jan 29, 2011 11:09 PM #18
Rainmaker
525,654
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Great job on getting BOA to approve the short sale. I find them difficult to deal with but eventually they do approve the short sale.

Jan 30, 2011 11:27 PM #19
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

To: Bryant Tutas

From: A Grateful New Yorker

 

I just wanted to express my heartfelt gratitude to you for doing such outstanding work on my short sale that closed a few days ago. You were extremely instrumental in getting a quick buyer, helping with the documents to the bank, following up with the negotiator, and getting this closed!

I don’t know what I would have done without you; you were truly the answer to our prayers!

Thank you for sticking through this. Many times I was on the verge of giving up, but you were encouraging, hopeful, and kept working on this until we closed.

I will never forget you, and will continue to refer you to anyone I know needs help in your line of business!

 

Thanks

Bickram (Mark)

Feb 01, 2011 06:37 AM #20
Rainmaker
863,796
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

B of A has been getting easier to work with since Equator. I have also found that it makes a big, huge difference on who is in charge of the file. Overall, most of the negotiators that I have been assigned have been pretty good. My motto is to work the phone calls with a smile and it tends to reciprocate.

Feb 03, 2011 12:45 PM #21
Rainmaker
863,796
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Great success story, specially on an investment property.

Feb 09, 2011 05:27 AM #22
Rainer
162,068
Dylan Taft
Dylan Taft Broker/Owner Taft Street Realty, Inc. - Woodstock, NY
Ulster County Area Consultant

I have a BofA short sale with similar numbers.  Loan in 180's and sale at 115k.  Equator, Loan Resolution Corp, and BofA are a terrible combination.  What a bad experience it was but just like you, we push and push and I think we will close within the next few weeks with a total offer to close of over 25 weeks.  Thanks for posting!

Jan 04, 2012 01:04 AM #23
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Selling Florida one home at a time
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