Selling Poinciana One Property at a Time.: Bank of America Short Sale Success Kissimmee Florida

Bank of America Short Sale Success Kissimmee Florida

 

Legacy dunes short sale

Tutas Towne Realty and Bryant Tutas  just had another successful Kissimmee Florida Short Sale closing with Bank of America.

 The property:

  Investment Property. 2 bedroom 2 bath condo located in Legacy Dunes in Kissimmee Florida. This home has 1,110 sq ft of living area and was built in 2000. It was purchased in 2006 for $315,000. It Sold 8/30/2012 for $63,000. That's a decline in value of 80% in 6 years. 

  Liens:

  1. 1st Mortgage with Bank of America for $227,000
  2. HOA lien for $16,500

  Hardship:

  •  Loss of income. Loss of renters.

 Summary:

  Tutas Towne Realty placed the property on the market December 2011 for $59,000. 24 days later we negotiated a deal at $59,000.

It was a huge challenge to get the HOA lien paid. When we started the short sale the lien was for $10,000. I used a figure of $12,500 on the prelim HUD knowing the fees were still accruing. Afer 7 months of back and forth I was able to get BofA to agree to pay $11,250 in fees. We ordered a new estoppel only to find that the HOA had passed a new rule increasing the interest and late fees on past due accounts. The amount due shot up to $16,500!! And Bank of America came back and countered at $63,000.

The buyer agreed to the price increase and agreed to pay $2,000 towards the HOA. The HOA came done $1,600 and the Seller agreed to bring $2,000 to closing.

 Tutas Towne Realty closed the transaction on 30 August 2012.  257 days from listing to closing!!

 Bank of America accepted $46,900 or .21 cents on the dollar for the 1st mortgage. 

  ***The Seller received FULL WAIVER OF DEFICIENCY.

What the Seller said:

Dear Bryant


I am writing to say THANK YOU so much for guiding me and helping me with this long and tough short sale. You were so amazing every step of the way and you never made me feel this task was impossible or difficult. You were highly recommended by Jayne Sanders and you have deliver even more.  I am amazed with how professional you were on handling the negotiations with the bank. I recognized you for your hard work and you are going to be highly recommended.   Because of your kindness and generosity,
I survived avoiding being foreclosed. I am immensely grateful and I respect and appreciate you.
Sincerely
Dalia

What the other Agent said:


Bryant, You are truly a short sale superstar !!

Kind regards

Alan

Do you need help with your Florida Short Sale?

 

  Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Can we add you to our list of successful Short Sales?

 

Join Our Facebook Fan Page Check Us Out On Google+ Follow Us On Twitter

 

***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.

 Copyright © 2017 http://www.brokerbryant.com/ | All Rights Reserved

Comment balloon 7 commentsBryant Tutas • September 14 2012 07:00AM

Comments

Excellent recommendations BB and the market time was amazing.  HOA's have been the thorn for some time however understandably so.  Glad to see you were able to have them budge a little for you.  Congratulations on another TTR SS success!

Posted by Kevin J. May, Serving the Treasure & Paradise Coasts of Florida (Florida Supreme Realty) almost 7 years ago

Great to see a full deficiency waiver for your client's Kissimmee short sale. 7 months into my last but one ever short sale with B of A and waiting on a response. My seller has been a doll, paying her HOA through thick and thin to help it along. Fingers crossed.

Posted by Corinne Guest, Barrington Lifestyles (Corinne Guest, REALTOR® | Barrington Realty Company) almost 7 years ago

Bryant, it looks like the seller was very fortunate to have you in her corner and you are deserving of their praise.

Posted by Mona Gersky, GRI,IMSD-Taking the mystery out of real estate. (MoonDancer Realty, Dillsboro,NC) almost 7 years ago

You truly are a super duper short sale star!  So great to see that you helped that client - the letter the seller wrote was wonderful.

Posted by Debbie Cook, Silver Spring and Takoma Park Maryland Real Estate (Long & Foster Real Estate, Inc) almost 7 years ago

Congrats Bryant.  Another terrific job by the short sale superstar!

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 7 years ago

This is a great localism post and fabulous for those seeking a Bank of America short sale in Kissimmee, which I only wrote so I could try to guess how to spell it. I guessed wrong and had to fix it.

Posted by Elizabeth Weintraub Sacramento Realtor Top 1%, Put 40 years of experience to work for you (RE/MAX Gold) almost 7 years ago

Great post! Wow that's great for the buyers and excellent job with the shrot sale!

Thanks for sharing.

Posted by Adam Malachi, QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR (A 2 Z Realty LLC) almost 7 years ago

This blog does not allow anonymous comments