Davenport Florida Short Sale With PNC Bank and Ocwen

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

Davenport Florida short Sale specialist

 

Tutas Towne Realty and Davenport Short Sale Specialist Bryant Tutas  just had another successful Davenport Florida Short Sale closing with Ocwen and PNC Bank. 

 The property:

Primary residence. 4 bedroom 2 bath single family home located in Davenport Florida. This home has 1,478 sq ft of living area and was built in 2004. It was purchased in 2004 for $242,000. It Sold 04/15/2013 for $136,000. That's a decline in value of 44% in 9 years. 

   Liens:

  • 1st Mortgage with Ocwen for $176,000
  • HELOC (home equity line of credit) with PNC Bank for $66,000

    Hardship:

  • Relocation

 Summary:

The property was placed on the market 16 October 2012 for $120,000. 2 days later we negotiated a cash deal at $112,000. The investor, Fannie Mae countered at $145,000!! We lost the buyer. The property was placed back on the market at $145,000.

30 days later we negotiated another cash deal at $136,000. After disputing the value through the Fannie Mae Homepath short Sale site they accepted the deal at $136,000.

The transaction closed on 15 April 2013.  Only 185 days from listing to closing!!

Ocwen accepted $122,700 or .70 cents on the dollar for the 1st mortgage. 

PNC Bank accepted $9,100 or .14 cents on the dollar for the HELOC.

   ***The Seller received FULL WAIVER OF DEFICIENCY on the 1st with a $3,000 cash contribution. PNC Bank required the seller to contribute $3,100 and did not give a waiver of deficiency on the HELOC.

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Davenport Short Sale Specialist Bryant Tutas

 

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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 (1)

Ed & Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents
Congrats on this sale and keep it up, also good luck with your sales and business in 2012, E
Apr 29, 2013 11:51 PM