Selling Poinciana One Property at a Time.: December 2011

Tutas Towne Realty and Bryant Tutas just had another successful Kissimmee/Poinciana Florida Short Sale closing with Fifth Third Bank.

The property:

Investment property. 4 bedroom 2 bath townhouse located in Kissimmee Poinciana Florida. This home has 2,234 sq ft of living area. It was purchased new in May of 2005 for $234,000. It Sold 12/28/2011 for $72,200. That's a decline in value of 70% in 6.5 years! 

Liens:

• 1st Mortgage with Fifth Third Bank for $230,000

Hardship:

• Loss of rental income. Reduction in value.

Summary:

I placed the property on the market 29 April for $75,000. Negotiated a cash deal at $72,200 on 19 May. It took until 18 December to get the approval from Fifth Third. Most of this time was negotiating promissory notes that were required form Fifth Third and the Mortgage Insurance Company. After almost 3 months of trying to make these go away the seller agreed to pay Fifth Third $15,000 over 15 years and the MI Company $23,000 over 15 years. After finally receiving the written approval on the 18th of December the buyer decided to walk!!!

Even though the Buyer and his agent had been updated weekly for 7 months he still walked. Anyway I placed it back on the market as an "approved" short sale and we found a Buyer the same day for $72,200. We scheduled the closing for 2 days later and this Buyer made it to the closing table before getting cold feet and walking.

So...I placed it back on the market and found another cash buyer on 22 December. We closed and funded on 28 December.

Tutas Towne Realty placed the property on the market 20 April 2011.  The transaction closed on 28 December 2011. 243 days from listing to closing!!

Fifth Third Bank accepted $65,500 or .28 cents on the dollar for the 1st mortgage. 

***The Seller received FULL WAIVER OF DEFICIENCY on an investment property. He did have to participate in the loss by signing two promissory notes.

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 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

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Recently, I was sitting on my adjustable, vibrating, craftmatic, tempurpedic bed enjoying my morning coffee and "working" on ActiveRain, when my phone rang. I answer...."Good morning Tutas Towne Realty, this is Broker Bryant your local area Real Estate expert, how can I help you on this beautiful sunny Florida morning?" Well, maybe I didn't say EXACTLY that, but it was close.

Anyway, a very pleasant lady on the other end starts asking me about one of my listings. She said she was a Buyer, so I answered her questions about my listing and then asked her if she was working with a Realtor. "Yes, I am, and I'm just helping her out today" Then she started asking me about a few ofmy other listings and wanted to know if they were vacant or Seller occupied. I politely told her... “I can’t give you this info but  please have your agent give me a call.”

Well, I guess she didn't hear me because then she asked me if the properties were on electronic lox boxes or did she need a code. She wanted to look at them between 12:00 and 1:00. I asked her again if she was an agent because I thought maybe I had misunderstood her. After all, she was very good at asking for showing instructions.... polite, informed, clear speaking and very precise with her questions and her showing times. But nope, she confirmed again she was a Buyer and was just helping her agent out. I eventually managed to get it through to her that I could not give her this information and that she really needed to have her agent give me call. She finally understood and hung up. I never did get a call from her agent.

So what do you think? Overzealous buyer?Redfin? ZipRealty? Is this the way of the future? “If we are giving you back a commission rebate then you need to arrange your own property showings?”

Whatever it was, I adjusted my bed upward and cut on Regis and Kelly. I hope I didn't miss a sale!!

Are you facing foreclosure in Florida?

DiscussionsRepliesLatest Activity

BOA Alleged Equator Fraud I was recently advised that BOA recently restricted all agents of a large brokerage because one short sale file allegedly contained fraudul… Started by Stephen B. McWilliam 8 14 hours ago Reply by Bryant Tutas Short sale after Chapter 7? Hi all, Homeowner went through Chapter 7 -- everything was discharged. Homeowner got a letter from Chase saying they were eligible for $20K… Started by Coleen DeGroff	2	9 hours ago Reply by Coleen DeGroff
Sellers attorney /negotiator asking large fee Hi We are buyer and received the number from our lender but the sellers attorney is asking for about 9% in fee in addition to lenders amoun… Started by James	1	12 hours ago Reply by Bryant Tutas
Robosigning is the same as electronic signatures? I think I heard the DUMBEST thing come from a bank negotiator yesterday. I submitted a listing agreement that was electronically signed wi… Started by Jeff Payne	3	20 hours ago Reply by Jeff Payne
Listing a relative's home as short sale Hello fabulous short sale superstars! I don't know if I had seen this question here before, but should you try and list a family member's h… Started by Laura Rivera	4	20 hours ago Reply by Jeff Payne
Buyer Willing to Offer the Second Cash I'm struggling a little and feel like I'm going to be on the verge of fraud if I'm not careful. I have a first and second on a short sale.… Started by Samuel Hilbert	8	yesterday Reply by Bryant Tutas
Electronic Signatures and Bank of America Just closed a Bank of America short sale. Buyer signed with Docusign and seller signed with Dotloop electronic signatures. Hopefully this… Started by Jeff Payne	8	yesterday Reply by Kevin M. Lancaster - Willson
Can you short sale while in Active Bankruptcy? Can you do a short sale with Wells Fargo while in Active bankruptcy? Started by Cherrie Brown	5	yesterday Reply by Wendy Rulnick

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