Tutas Towne Realty and Bryant Tutas just had another successful Orlando Florida Short Sale with Bank of America and Real Time Resolutions.
The property:
Primary Residence. 4 bedroom 2 bath single family home located in Orlando Florida. This home has 1,687 sq ft of living area. It was purchased in November of 2006 for $281,000. It Sold 3/14/2012 for $129,000. That's a decline in value of 54% in a little over 5 years.
Liens:
- 1st Mortgage with Bank of America for $224,000
- 2nd Mortgage with Real Time Resolutions for $56,000
- HOA Lien for $23,000
Hardship:
- Loss of income.
Summary:
When I first took the listing both mortgages were with Bank of America. This was part of the Bank of America Florida Enhance Cooperative Short Sale Program. We were able to get Bank of America to give us pre-approved pricing and agree to pay the seller $12,000 at time of closing.
The property was placed on the market 1 November 2011 for $132,000. We negotiated a deal at $129,000, 11 days later. The deal was submitted for final approval and all was well.
One day before receiving final approval the 2nd was serviced release to Real Time Resolutions! I contacted them asap and they requested a complete short sale package. Prior to this the seller had not been asked to provide any documentation. Not even a hardship letter. So needless to say we were not happy.
We gathered the needed documents and submitted a 175 page short sale package ofering Real Time Resolutions 6% of the principle balance. This is the deal we had when Bank of America was the 2nd. They quickly repsonded that they would not even consider the short sale without at least an additonal $3,000. The seller agreed to pay this out of the incentive money so I redid the HUD and sent it over.
The next day I received an email stating that Real Time Resolutions had a policy that they would now allow the seller to receive any funds at closing. They wanted the entire $12,000 incentive.
Instead of escalating to Real time Resolutions I escalated to the Bank of America Social Media Team on Twitter at @BofA_Help I knew that Bank of America really wanted to do this short sale since they had agreed to not only pay the seller but had also agreed to pay the $23,000 in HOA fees!
Turns out Bank of America has a liason for Real Time Resolutions. They contacted the 2nd and I had the approval within 12 hours. Not only did they agree to let the seller keep the incentive money but they also lowered the amount back to the original offer of 6%. Kudos to Real Time Resolutions!!
Tutas Towne Realty closed the transaction on 14 March 2012. 134 days from listing to closing!!
Bank of America accepted $83,000 or .37 cents on the dollar for the 1st mortgage.
Real Time Resolutions accepted $3,375 or .06 cents on the dollar for the 2nd mortgage.
***The Seller received FULL WAIVER OF DEFICIENCY from both lenders. Bank of America $12,000 to the seller and $23,000 to the HOA.
Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
- Chase Short Sale
- Sun Trust Short Sale
- GMAC Short Sale
- Wells Fargo Short Sale
- Bank of America Short Sale
- USA Bank Short Sale
- PNC Bank Short Sale
- Citi Short Sale
- HomeEq Short Sale
- Fifth Third Bank Short Sale
- ING Direct Short Sale
- GreenTree Short Sale
- Capital One Short Sale
- ASC Short Sale
- First Horizon Short Sale
- E-Trade Short Sale
- Transland Financial Short Sale
- US Bank Short Sale
- IBM LBPS Short Sale
- Nationstar Short Sale
- BAC Florida Short Sale
- Real Time Solutions Short Sale
- Fannie Mae Short Sale
- FHA Short Sale
- Selene Finance Short Sale
- Indy Mac
- One West Bank
- DTA Solutions LLC Short sale
- Aurora Short Sale
- Ocwen short Sale
Can we add you to our list of successful Short Sales?
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