Tutas Towne Realty and Bryant Tutas just had another successful Kissimmee Florida Short Sale closing with Fifth Third Bank.
4 bedroom 2 bath single family home located in Poinciana Florida. This home has 2,025 sq ft of living area and was built in 2006. It was bought new in 2006 for $235,000 as an investment property.
- Mortgage with Fifth Third Bank for $205,000
Loss of income due to rents dropping and no longer able to find a tenant.
This property was placed on the market in May of 2010 at $95,000. It was placed under contract in June. That transaction fell through and the property was placed back on the market in August. It went pending again in November.
The Mortgage Insurance Company (Genworth) came back wanting the seller to sign a promissory note for $15,000. We pushed hard and they reduced it to $10,000. We kept pushing and got it down to $3,176 payable with zero interest and 72 payments of $51 a month. The sellers agreed and all was well. Or so we thought!!! About a week later we received the written approval.......
As one of the terms the Short Sale Approval Letter had the seller signing another promissory note for $30,000 payable to Fifth Third Bank!! What the heck? When questioned about this Fifth Third Bank stated that these were the terms and if the borrower didn't agree the file would be closed. NO SHORT SALE FOR YOU!!
So....we went back to the negotiating table. We told Fifth Third "NO". No more promissory notes, you can foreclose. Our Fifth Third Bank negotiator went back to management and came back agreeing to no promissory note as long as the seller understood that Fifth Third Bank would not waive their right to a deficiency judgement in the future. The seller accepted this and we moved towards closing.
Two days later the buyer's agent called me to tell me there was a problem with the buyers FHA mortgage. They needed 60 days to sort it out. Crap!!! So like the good little broker I am I told the buyers agent that the only way we would continue with this deal is if the buyers consulted with my mortgage broker, Lynne Rohde of Fidelity Funding. Lynne is an FHA expert and has been in the business for more than 20 years. She looked at the buyers situation and said "How soon do you want to close!!" We closed 3 weeks later without a hitch. 107 days from contract to closing.
The property sold for $68,000. Fifth Third Bank accepted $62,688 on the $205,000 that was owed. Or 31 cents on the dollar. Do you need help with your Kissimmee Florida Short Sale?
- 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 Kissimmee Florida Short Sales?
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