It only took 7 months BUT we have another Bank Of America Short Sale Approval.
Location:
- Kissimmee Florida.
Details:
- Placed on the market with Tutas Towne Realty on March 1, 2009 at $89,000.
- Went pending on April 17th at $79,000 all cash Buyer.
Mortgages:
- $188,000 owed on the 1st Mortgage with Bank of America.
- $25,000 owed on the 2nd with Real Time Solutions.
Challenges:
- Keeping the Buyer on board for almost 7 months.
- The 2nd started out with Bank of America and was sold to Real Time Solutions about 5 months into the transaction.
- The Seller is an investor than owns multiple properties.
Outcome:
- Bank of America netted $69,000 (37% of what was owed).
- The 2nd received $3,000
- Only $500 cash contribution required from the Seller.
- NO note
- Happy Seller. Happy Buyer, Happy Agents
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com
http://ShortSaleSuperStars.com
Are you a Florida REALTOR(R) looking for a change? Check it out.
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BB - SEVEN MONTHS???? Oh, gosh please don't tell me that. I have a couple right now and it's as painful as a root canal!
Good job. Was this old B of A or Countrywide? I've got one with RealTime right now. Last year they were fairly flexibile, this year not so much. Oh well. . . . what are you gonna do, right?
Both mortgages were CW.
Carol, The CW short sales take 5-7 months. A true BofA can go quicker. It's no big deal as long as you have a whole bunch of them pending. They only take a few weeks to sell.
Melissa, I found RealTime to be very agreeable. Their first email to me of course told me they would only pay 4% commission and we want 10% of our mtg and blah blah blah. I just ignored it and then sent over the HUD the way I wanted it and they accepted it.
I believe a lot of this has to do with getting them a deal as close to market value as possible.
We just got a declined from BofA negotiator as their BPO was waaaaaaay off! I have a few choice words but nevermind... ~Rita
Great job, BB. We all have short sale experiences. Mine have been mostly good this year, so I am planning on doing more of them.
BB - That is helpful information to know because the one that does not already ahve an offer is a CW mortgage. At least now I know what to expect and how to set expectations. Well, Congrats on the short sale approval!!!
Such tenacity!
It's hard to know weather to praise you or have you committed.
O'well, you get my vote! Well done!!!!!!!!!
Bill
Being up here in Montreal, short sales are definitely not my thing. But I love the way you presented this post BB: short and to the point, very easy to read. Great presentation.
Tanya in Montreal
Hi BB...it's great when every one is happy...Congratulations !
Definitely congratulations are in order! I have also dealt with Countrywide on a few and they are long hauls, but in the end it is worth it. Great job!
Good job BB. I love to hear the short sale success stories. I am sure the seller is pleased.
Way to stick with it Bryant. I'm very impressed that the buyer stuck it out. I normally go through two or three when they take this long.
Now that sounds like a sweet deal all the way around! Persistence and patience pays off!
I have a 11 month old short sale with the 1st National City, 2nd BOA and Genworth Mortgage insurance. BOA has approved (actually a few months ago), NCM (has been the hold up and it was referred to a contract, Loan Resolution Corp before anything positive happened) has sent to MI for approval and if they approve it goes to investor. This one should close. I follow up two to three times a week.
Congrads on closing your deal.