Another successful Short Sale approval in Poinciana Florida.
Property Value: $85,000 to $90,000
Amount owed: $185,000
Hardship: Loss of rental income on several rental properties (this one included)
Loan details: Fannie Mae with Mortgage Insurance
Property was placed on the market on May 8th for $109,000.
The price was slowly dropped until it went pending on June 10th at $85,000.
After about 6 weeks Fifth Third came back wanting the Seller to bring $35,000 to closing. The Seller offered $1,000. The transaction fell apart and the Buyer walked.
The property was placed back on the market on August 20th. On August 27th it went pending again at $87,500. A complete Short Sale package was sent in again on September 2. Within days Fifth Third came back wanting $35,000. The Seller stood firm on his offer of $1,000. Finally after several attempts to get him up Fifth third agreed to $1,000 cash at closing.
We received written approval on September 18 only 16 days after submitting the 2nd contract and package. Sometimes the second time is a charm.
Working Short Sales is very rewarding. If you want to learn more...........
Available Short Sale Training:
- The Negotiator Interview $27.00
- www.ShortSaleSuperStars.com FREE
- Short Sale Agent Training Webinars 8 Hours of training and materials for $97.00
- Short Sale Listing/Submission Package $27.00 Click for details
Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com
http://ShortSaleSuperStars.com
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What's the saying, can't get blood from a rock? Somehow I think if the seller had $35,000 lying around he might not be so desperate to sell. Anyway, great job. After all, you are the short sale pros now? :D
Bryant,
Well done! Short Sales are a free bet on the wheel, some times you can win! More importantly there are no losers! Buyers ether win or they don't. Sellers ether win or they are no worse off than they were.
Bill
Broker Bryant, I like the look of this post. Not a marketing perspective I've tried...but I like it. Short sales are so different in our market and new ideas are good. Thanks for your expertise in all matters!
Hi Bryant! Congrats on the quick approval from 5/3--the second go-round! Just as someone said above, if the seller had $35K to bring to closing, chances are they wouldn't be in this position!
Great job! Hope you're enjoying the family and I'm sure TLW is still grinning from ear to ear, isn't she?!
Hi Bryant. Congratulations on the quick approval on this offer! That's a great result for everyone involved.
Why the heck is the bank trying to get the seller to bring $35,000 to the table on a short sale? If they've agreed to a short sale, obviously the seller doesn't have that much money? Unless they've been poking around in his personal bank accounts? And even if they did that, who's to say that the money in his accounts isn't for taxes?
Anyway, I wanted to send you over to another post to weigh in. You wrote a post a while back, about writing multiple offers. I remember you had some valid points, and I already know it's legal to do this if it's done properly. But I just read another post by John Occhi, asking if buyers think they're getting slick by making multiple offers, and agents are helping them to commit fraud! Sooo. I'd LOVE to hear what you have to say about that post.
Hello Bryant, great to see persistent on the part of you and your seller to achieve a successful outcome. I agree with Lisa that it seems quite counter-productive on the part of the lending bank to demand $35,000 from the seller; and clearly improves the odds of the property going to the foreclosure auction. Thanks. John
Fantastic job, Bryant!! How did you do that? Also, this appears to be one of those banks that doesn't "start" at the beginning... good to know.
Hi there. I wanted to mention that the request for money came from the MI company not 5/3. I guess I should have made that clearer in my post.
Quick question for anyone that can answer this.. What ever happened to that proposed "60 million dollar" toll road that was suppose to connect to Champions Gate? My commute to work is nuts! You can tell the difference between the drivers in the Poinciana area with drivers in other parts of the state. Thanks
Great job Bryant. Do you want to do some negotiating for me?
CAN SOME ONE PLEASE ANSWER THE PREVIOUS QUESTION AND STOP OVERLOOKING SOMETHING SO IMPORTANT..
"Quick question for anyone that can answer this.. What ever happened to that proposed "60 million dollar" toll road that was suppose to connect to Champions Gate? My commute to work is nuts! You can tell the difference between the drivers in the Poinciana area with drivers in other parts of the state. Thanks"
Chris, That's a good question. I have no idea. I've hearing about that road for many years. My guess is that it has now been put on hhold duie to the economy. However I do not know that sure.