Bank Of America Short Sale Success In Orange City Florida

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

orange city florida short sale

 

Tutas Towne Realty and Bryant Tutas  just had another successful Orange City Florida Short Sale closing with Bank of America.

 The property:

  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. 

  Liens:

  1st Mortgage with Bank of America for $112,000

  Hardship:

  •  Loss of income. Loss of renters.

 Summary:

  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.

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

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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
4,433,283
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for sharing the details . It will help me when I have to deal with Bank of America.

Aug 26, 2012 10:32 PM #1
Rainer
37,354
Gladys Webb
Kreative Realty LLC - Tuscaloosa, AL

Work it! You know your stuff, I need training and a mentor do they offer your program for the State of Alabama?

Aug 28, 2012 11:46 PM #2
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Rainmaker
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Bryant Tutas

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