Successful Kissimmee Florida Short Sale With Fifth Third Bank

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

 

Kissimmee Florida Short Sale

Tutas Towne Realty and Bryant Tutas just had another successful  Kissimmee Florida Short Sale closing with Fifth Third Bank.


The property:

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.

Liens:

  • Mortgage with Fifth Third Bank for $205,000

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 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?

Tutas Towne Realty has already successfully negotiated Central Florida Short Sale closings 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 Kissimmee Florida 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.

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Rainmaker
274,211
Ron Tarvin
Residential, Investment properties, rehab projects, property management, luxury homes, new construction! - Katy, TX
Broker, Katy, Houston, Cypress 77450,77494,77095

Really great stuff Bryant!  Time frame is great too!

 

Feb 25, 2011 12:59 AM #1
Ambassador
2,740,947
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

The banks just never stop pushing, do they???

Feb 25, 2011 01:00 AM #2
Rainer
216,072
Joe Kenny
Realty Executive Midwest - Darien, IL
Better Than Your Average Joe

Bryant, my hat goes off to to you.  I really can't figure out why the banks are trying to get blood from a rock.  Have a great weekend

Feb 25, 2011 01:17 AM #3
Rainmaker
333,694
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Bryant, short sale is a like a battle, it takes constant fighting many times.  I am glad you guys closed it, congrats!

Feb 25, 2011 02:03 AM #4
Rainer
85,164
Kim McMahon
Executive Realty Group - Skokie, IL

BB~ Congrats!!!  That says a lot for you.... Fifth Third is the worst.

Feb 25, 2011 02:29 AM #5
Rainmaker
1,025,871
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

You are the man.  Glad to see that persistence pays off.

I see that FAR finally put out info about the MARS law after you and Wendy told them about it.

Feb 25, 2011 02:33 AM #6
Rainmaker
535,357
Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI RE Adventures

Congrats, these can be really tough and take a lot of time.  Glad it all worked out for all involved

Feb 25, 2011 03:12 AM #7
Rainmaker
1,047,834
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant

WELL DONE !!

Have a Great weekend

Feb 25, 2011 03:32 AM #8
Rainmaker
564,273
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Bryant,

Great case study. As your example proves FHA is always the same. All FHA lenders however are not.

Best,

Steve

Feb 25, 2011 03:45 AM #9
Rainmaker
621,529
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

Great job...and I like the format of how you blogged this ....to tell the facts!    And by the way...congrats on closing it!   Once again tenacity and persistance wins out!!!

Feb 25, 2011 03:46 AM #10
Rainmaker
1,010,206
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

When I saw Fifth Third Bank in the title I had to check it out.  The synopsis of your dealings was excellent, another great ending added via extended effort.  

Feb 26, 2011 02:59 AM #11
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Rainmaker
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