Wellington Florida Short Sale Success With Wells Fargo and LCS.

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

 

Wellington Florida Short Sale Specialist

Tutas Towne Realty and Bryant Tutas  just had another successful Wellington Florida Short Sale closing with Wells Fargo and LCS. 

 The property:

Investment Property. 4 bedroom 3 bath single family home located in Wellington Florida. This home has 2,986 sq ft of living area and was built in 2007. It was purchased new in 2007 for $522,000. It Sold 04/4/2013 for $305,000. That's a decline in value of 42% in 6 years. 

  Liens:

  • 1st Mortgage with Wells Fargo for $427,500
  •  2nd Mortgage with LCS for $76,500

   Hardship:

  • Financial

 Summary:

The property was placed on the market 13 August 2012 for $300,000. Ten days later we negotiated a cash deal at $285,000. The short sale was submitted. The investor, Fannie Mae, countered at $346,000. We disputed the value and they would not budge. The property was placed back on the market at $346,000.

After several months and price reductions we found another cash buyer at $300,000. This was submitted to the lender and Fannie Mae countered again at.......$379,500!!!

The buyer increased thier offer to $305,000 and I submitted a value dispute directly to Fannie Mae through their Short Sale escalation tool. After a few days Fannie Mae agreed with our value of $305,000 and the short sale was apporved.

The transaction closed on 4 April 2013.  Only 234 days from listing to closing!!

Chase accepted $275,500 or .54 cents on the dollar for the 1st mortgage. 

LCS accepted $6,000 or .08 cents on the dollar for the 2nd mortgage.

   ***The Seller received FULL WAIVER OF DEFICIENCY for both loans.

 

This West Palm Beach Florida Short Sale was listed by Michelle Gibson of the Hansen Real Estate Group. The Short Sale was negotiated by Bryant Tutas of Tutas Towne Realty, Inc

Do you need help with your Wellington Florida Short Sale?

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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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Comments (3)

Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Congrats on your successful closing. Great job.

Apr 11, 2013 02:15 AM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Congrats on your short sale closing. Some short sales can be challenging, but it sounds like you did a great job with this one!

Apr 11, 2013 09:23 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Another fantastic job, Bryant.  These are the ones where it takes a lot of time and work.

Apr 11, 2013 09:37 PM