Tutas Towne Realty and Bryant Tutas just had another successful Orange City Florida Short Sale closing with Bank of America.
Investment Property. 3 bedroom 2 bath single family home located in Orange City Florida. This home has 1,240 sq ft of living area and was built in 2005. It was purchased new in 2005 for $158,900. It Sold 8/15/2012 for $65,600. That's a decline in value of 59% in 7 years.
1st Mortgage with Bank of America for $112,000
- Loss of income. Loss of renters.
Tutas Towne Realty placed the property on the market 13 February 2012 for $69,000. We negotiated a deal at $60,000, 5 days later. Unfortunately we lost the buyer and had to place the property back on the market.
90 days later we placed the property pending again at $65,000. This buyer also walked!! So...we placed the porperty back on the market and found another buyer in 2 days at $65,000.
After 60 days Bank of America countered by $600 to $65,600. The buyer had already cleared out every contract contigency and had placed a $5,000 deposit. This $600 counter almost cost us the buyer as they were already impatient. The counter gave them to opportunity to walk and get their $5,000 deposit back. In order to keep them on board the seller agreed to pay $600 towards their homeowners insurance. The Buyers agreed.
This was a Bank of America Co-op short Sale and Bank of America agreed to pay the Seller an incentive fo $5,900 to do the short sale. Remember this was also an investment porperty. the property does not have to be a primary resident to receive incentive money form Bank of America.
Tutas Towne Realty closed the transaction on 15 August 2012. 184 days from listing to closing!!
Bank of America accepted $53,400 or .52 cents on the dollar for the 1st mortgage.
***The Seller received FULL WAIVER OF DEFICIENCY with a $5,900 cash incentive to the seller.
We closed on 3 investment property short sales for these sellers. All closed within a 30 day time frame. Full Waiver of Deficiency on all 3 loans. 3 different lenders. NET $3,000 to the seller.
Do you need help with your Florida Short Sale?
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 Bank Short Sale
- HomeEq Short Sale
- Fifth Third Bank Short Sale
- ING Direct 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
- Green Tree Servicing Short Sale
- Ocwen Short Sale
- Flagstar Bank Short Sale
- Freedom Short Sale
- Seterus Short Sale
Can we add you to our list of successful Short Sales?