Selling Poinciana One Property at a Time.

So...how did you get into Real Estate?

Bryant Tutas-Tutas Towne Realty, Inc — Wed, 21 Jul 2010 19:10:09 -0400

Hi folks. Kind of a lazy hot Florida day today. I'm just sitting around and was thinking how fortunate we are to be in the business of real estate. Set your own hours, take a day off if you want, meet interesting people, solve problems, help people realize their dreams and get paid well.

So I was wondering how did you get into real estate? Was it a conscious decision or something you just fell into?

My journey began about 16 years ago while driving a taxi cab out at Disney World. I was driving families to the attractions all day and dropping them off to buy tickets at the gate where they had to wait in line. Waiting sometimes for an hour or more.

Then I had a flash. Why not buy tickets at a discount and sell them to the people in my cab for a profit? So I did this and made some pretty good money doing it. At about this same time The Lovely Wife interviewed with a vacation management company for a receptionist job. Since she was way over qualified the owner decided to hire her to open up a guest service company. She would be selling attraction tickets and transportation to UK vacationers staying in short term rental homes.

To make a long story short this evolved into a company that my wife and I started called Holiday Makers. From there I went to work at the same management company that had hired TLW. I became their property manager with the sole intent of increasing their management inventory so Holiday Makers would have more homes to sell tickets in. I figured more homes, more money for Holiday Makers. Eventually the guests started wanting information on purchasing homes. And from that TLW and I opened Tutas Towne Realty, Inc. That was 13 years ago.

So I was wondering...... how did you get into real estate?

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Tenants in Florida Can Now Be Ordered to Pay HOA Fees!

Bryant Tutas-Tutas Towne Realty, Inc — Mon, 19 Jul 2010 13:56:50 -0400

Hi folks. As most of you know Florida has been hit very hard by the Real Estate bust. One of the biggest issues we have is Home Owner Associations (HOA) that are struggling to stay afloat due to so many owners not paying their HOA Fees.

Tutas Towne Realty works quite a bit with foreign investors and insolvent HOAs are a major issue. Communities built for vacation homes usually have HOAs that have high fees. When these fees aren't being paid the community is in dire straights. Community pools cannot be serviced. Lawns are not mowed. Group insurance policies get canceled. And of course these service people are experiencing a loss of income because of it. It's a nightmare for the HOA, property owners, buyers, agents and lenders.

To try and help these HOAs Florida passed a new law that went into effect July 1st. Check it out......

PONTE VEDRA BEACH, Fla. – July 19, 2010 – Under a new Florida law, homeowner association boards can go after renters for association fees when the homeowners fail to pay up. READ THE ARTICLE HERE

Foreclosures, short sales and distressed sellers are hurting the economy in many ways. Things are going to get far worse before they get better in Florida. That's a fact. Whether you believe it or not...it's still true. What say you?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Are Homes at SoliVita in Poinciana Florida Selling?

Bryant Tutas-Tutas Towne Realty, Inc — Fri, 23 Jul 2010 16:33:52 -0400

Hi folks. Let's talk a little bit about Real Estate market conditions in SoliVita. Recently I have spoken to several SoliVita homeowners and the first thing they mention is that NOTHING is selling in SoliVita. Well lets look at some facts. The figures below are based on the first half of each year.

In 2006, at the peak of the market, there were 72 closing in the first half of the year. This year there were 91 sales! That's an increase of 20%. In fact that's the most resales in SoliVita for that time period EVER! So...properties are selling at a rapid pace.

Now let's explore why properties in SoliVita are selling. This one is easy. PRICE! It's all about the price. At the peak of the market, 1st half of 2006, the average sale was at $276,600. This year, 2010, the average selling price in SoliVita is $165,301. That's a decrease in value of 40%. Considering homes in Poinciana have had a decrease in value of 70%....the values in SoliVita have held up pretty good.

So.....will your SoliVita home sell in this market? ABSOLUTELY!!! As long as the price is right. If you want to know what that price is just give me a call....I'll figure it out for you. OK?

Want to find out more? 407-873-2747
www.RealEstateSolivita.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Responsible Rex and his Responsible Default.

Bryant Tutas-Tutas Towne Realty, Inc — Mon, 05 Jul 2010 13:06:14 -0400

Hi folks. Let me tell you a little story about one of my Short Sale Sellers. Let's call him "Responsible Rex". I met Rex many, many years ago. On most days we are very good friends and on some days I don't like him at all. But overall he's a pretty good guy. And he happens to be a Real Estate Broker.

Back when Real Estate was really booming Responsible Rex, like many others, started buying property. He did OK on a couple of flips and reinvested that money into rental properties. All were financed. Things were going well. The rentals were mostly paying for themselves and his Real Estate business was booming. Cash was flowing.

Then it seemed like over night his Real Estate business hit the proverbial wall. Responsible Rex went from selling 60-70 properties a year to less than 20. And to make matters worse property values dropped by more than 50%. Do the math. 66% decline in business. 50% decline in value. This equates to an income loss of almost 85%!!!! Holy reduction Batman. Overnight, Rex went from making more money than his Doctor to less money than.......well....just about anybody with a job.

Responsible Rex needed to do something. He needed to do something fast. Rex needed to unload debt. So he placed a few of his properties on the market. The properties sold but in order to make it happen Responsible Rex had to bring big checks to closing. He drained his finances to do so.

Responsible Rex was an honorable man and honored his financial obligations. No strategic default for Rex!! The mortgages were paid in full even though it wiped him out. Rex went from being a homeowner to being a tenant.

Rex was also a smart man and very quickly started revamping his Real Estate business. Before long he found a new niche and his business started climbing upward. Then, as fate would have it, life threw a curve ball and smacked Responsible Rex right upside the head. His wife, Sassy Sadie, started having serious health issues and almost died.

Rex, unable to focus on his business, started sliding into despair and his business once again started to nose dive. Things were very difficult. Rex didn't know what to do. He needed money and he needed it bad. At this time, Responsible Rex was actually staying in a hotel in another town to be close to Sassy Sadie while she was under going treatments.

Out of necessity, Rex, missed a couple of payments on his remaining two rental properties. He used the rent to pay for necessities instead of mortgages. Low Life Scumbag!!

BUT....Rex is a master at moving forward. Within a few months he was able to send in the 3 payments he had missed on his mortgages. Rex was back on tract!!! Sassy Sadie was out of the hospital. Things were looking good.

Then surprisingly, Responsible Rex received letters from Bank of America. They returned his checks and stated that they needed certified funds. So Rex, being Responsible, ran down to his bank and sent them cashiers checks. About a month later these too were returned. What the......!!!!

Bank of America had started foreclosure. They told Rex to contact the foreclosure Attorney to find out how much money was needed to reinstate the mortgages. So he did. However, the Attorney couldn't give Rex an amount. The Attorney said to call back.

This went on for many months. Bank of America would NOT give a reinstatement figure nor would they accept any payments. In the meantime, the tenants in both properties were served foreclosure papers and moved out.

After about 8 months of this Responsible Rex, totally frustrated with Bank of America, contacted me. To be rid of his frustration it was decided to list his properties and sell them as Short Sales. So we did. Both properties were sold and were closed on in May.

Fortunately, Responsible Rex Broker Bryant was able to make it through all of this with his head held high. He did the responsible thing. And now he and Sassy Sadie The Lovely Wife have moved forward and are living in their new home in Solivita and Tutas Towne Realty is having one of it's best years ever. The Storm has passed.

Folks...if you are struggling with keeping your property and are thinking about doing a Short Sale then give me a call. I CAN relate and I can help. Sometimes being Responsible requires making hard decisions. What say you?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Florida Retirement at it's best. SoliVita. Florida's World Class Active Adult Community

Bryant Tutas-Tutas Towne Realty, Inc — Sat, 03 Jul 2010 10:09:20 -0400

SoliVita. The place for active adults to enjoy all that Florida has to offer. Amenities include 2 par 72 golf courses at Stonegate Golf Club. The Riviera Spa and Fitness Center with full gym, indoor track, indoor aquatic center, 2 out door spas, heated pool, dance studio and much more.

Also enjoy the Village Center with its restaurants, 17,000 sq ft Starlight Ballroom, pool hall, ceramic and art studios and waterways for canoeing, boating and fishing. And as if that's not enough there are 11 heated pools through out the community.

And the new Palms Amenity Complex with it's state of the art fitness studio and 4,000 sg ft pool. Professional staff on site. Oops! I forgot to mention the tennis courts, pickle ball courts, horse shoe pits, dog park, softball fields and nature preserves. You really just need to come have a look. Houses from the low 100s to mid $500s.

Want to find out more? 407-873-2747
www.RealEstateSolivita.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Purchase the Solivita Lifestyle for $149,000. Furnished house included!!!

Bryant Tutas-Tutas Towne Realty, Inc — Mon, 21 Jun 2010 17:34:48 -0400

FOR SALE

185 Rialto Rd Solivita-Poinciana FL 34759

Beautiful Solivita home being sold completely furnished. Backs up to a small pond. Screened and covered lanai. Tile flooring in all wet areas. Upgraded fixtures and window treatments through out. One buyer must be at least 55 years old. No children under 18. Manned guard gate. Solivita community fees include basic Brighthouse cable, lawn maintenance and use of all the facilities. Solivita facilities included in the fees are heated community pools, tennis, indoor aquatic center, indoor jogging and walking track, spa and fitness center, yoga, dance, aerobics and many other classes.

Over 100 different clubs to join. 2 restaurants on site... Two world class golf courses. Waterways for canoeing. baseball fields, dog park, tennis and so much more. This is the Florida retirement lifestyle you have been dreaming about. And all located 45 minutes to the major attractions including Disney World, Sea World and Universal Studios.

ALL THIS FOR ONLY $149,000!!

Want to find out more? 407-873-2747
www.RealEstateSolivita.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Breaking into the Solivita Real Estate Market.

Bryant Tutas-Tutas Towne Realty, Inc — Sat, 19 Jun 2010 12:28:11 -0400

Hi folks. As some of you may know TLW and I have just purchased a home in Solivita. Solivita is Central Florida's World Class Retirement Community. Of course now they're called "Acitve Adult Communities".

This is a new opportunity for both us. Now that we are both older (and wiser) we needed to move to a place that enables us to downsize our responsibilities while upgrading our lifestyle. Soilvita was a perfect match.

Anyway, now that we're here, the next logical step is to start selling properties in Solivita. Values are about 60% higher than my normal market, Poinciana, and Short Sales and REOs only make up 35% of the market as opposed to over 80% in Poinciana.

So this is a great opportunity for Tutas Towne Realty, Inc.

With that in mind we've launched a new website at http://RealEstateSolivita.com and a new YouTube channel at http://youtube.com/user/solivitarealestate.

Over the next few months you can watch as we transform our business once again. While we'll still be helping folks avoid foreclosure in Florida by listing, selling and negotiating Short Sales we are also going to focus on breaking into the Solivita Real Estate Market.

I've set a personal goal of selling 20 properties in the next 12 months in Solivita. The beauty is I will be able to do this from my golf cart!! For some reason that really appeals to me.

In the last 12 months there have been 170 sales in Solivita. That means I need to take over about 12% of the real estate closings (I did a community analysis and know this is doable). That's about 3.6 million in business or roughly an extra $120,000 in gross commission income. This will supplement my Short Sale business very well.

OK......that's it for now. It's Saturday morning and TLW and I have a date at the Riviera Spa and Fitness Center at Solivita. See ya later!!!

Want to find out more? 407-873-2747
www.RealEstateSolivita.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Lakeland Florida Short Sale For Sale

Bryant Tutas-Tutas Towne Realty, Inc — Tue, 15 Jun 2010 16:42:07 -0400

Folks. This Lakeland Florida Short Sale has room to roam with 4 bedrooms/2.5 baths with 2885 sq ft of living area and built in 2005.

Located in Hunters Greene.

Only $129,000

Short Sale. Listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges and sale of Property at full listing price may be conditioned upon approval of third parties. Please only serious buyers. Great property for the money. Very spacious. Huge family room/kitchen area. Formal living room. All bedrooms upstairs. Walk in closets. security system. Property backs up to a small pond. Please allow at least 120 days for closing.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Central Florida Short Sales, Upfront Fees and Anti-Trust .

Bryant Tutas-Tutas Towne Realty, Inc — Thu, 26 Feb 2009 17:13:13 -0500

John MacArthur wrote a post yesterday expressing his disapproval of a Real Estate Company in his area that charges Short Sale Sellers a fee in addition to the commission. John’s opinion is that this is taking advantage of people. I thought his opinion was way off base. But hey…..that’s just my opinion. Go read his post and form your own.

My question to John was “Is it the fee or the amount of the fee that has you riled?” I asked this question for two reasons.

1. If it’s the AMOUNT of the fee then I would consider his opinion a possible violation of Sherman Anti-Trust Laws.

2. I list short sales AND I charge an upfront fee to my sellers. It's a very reasonable fee and they pay me prior to listing the property. I also charge a commission at time of closing.

For number one you can do your own homework.

Here is my explanation of number two.

I charge an upfront fee because Short Sales are riskier, more time consuming and contingent on the Seller and their Lender cooperating.

As any good businessman would I charge a small listing fee upfront to help offset my costs and risk. I am certainly not unethical and I am not taking advantage of people in a difficult situation. I am doing everything I can in my power to help them EXCEPT work for free.

Did you know I pay more for E&O insurance because I list Short Sales?

Did you know I NEVER reduce the amount of the co-broke if the lender reduces the commission? This is a benefit to my Sellers because Buyer Agents know they will get a FULL co-broke if they bring a Buyer for one of my Short Sale listings.

I closed on three Short Sales last week. All of my Sellers were very happy that I was able to help salvage some of their credit and get them out of a difficult situation.

I have only heard of one other broker that charges an upfront fee on Short Sales in my area. I tell my Sellers right upfront that MOST broker/agents will not charge a fee. They pay me anyway. Why? Because I build value. I bring a lot of knowledge and expertise to the table. I have 2 Sellers right now that are Attorneys and even have one who owns a C-21 brokerage.

A few months ago I had a Seller decide one week before closing that he would just let the house be foreclosed on. I had worked for five months on the deal. His Attorney advised him to do this so he would not have Federal tax issues. It was my Seller’s homesteaded property. He was exempt from Federal tax on the sale. His Attorney was wrong and probably just wanted to get the fee for filing bankruptcy. I had zero control over this outcome. I stared charging an upfront fee the very next day.

I refuse to have my compensation controlled by outside forces.

Below is what one of my recent Sellers had to say. What say you?

Bryant,

You are amazing! From the bottom of our hearts we want to thank you for this smooth transaction even from across the United States. We are all spread out - David in China, you in Florida, and I am here in California. Even with the distance this transaction did not skip a beat. You did everything on your end and we did whatever you told us to. Your hard work and dedication paid off! You even got us a better deal than what we expected - with the 2nd being forgiven. Your professionalism, patience, persistence, and follow through mentality kept this transaction out of foreclosure and made it into a smooth Short Sale. You are the King of Short Sales! Thank you again for all you did. We wish you and your family the best and keep up the good work.

Sara & David Fisk

FAQ #1 What is a Short Sale?
FAQ #2 What is a Hardship and why do I need one?
FAQ #3 What goes in the Hardship Letter?

DISCLAIMER: I am a Florida Licensed Real Estate Broker. This article is my opinion based on years of experience and the laws of my State. All Sellers are urged to seek competent legal and tax advice. I am NOT qualified to give advice in those areas.

CENTRAL FLORIDA REAL ESTATE SHORT SALE INFORMATION

MORE INFO FROM BROKER BRYANT... THE SOURCE FOR POINCIANA REAL ESTATE

How to win the battle of "Highest and Best" offer!

Bryant Tutas-Tutas Towne Realty, Inc — Wed, 09 Jun 2010 12:43:46 -0400

Solivita Downtown

Hi Folks. As some of you may know TLW and I have just bought a new home. It was quite the journey as we were focused on one specific community, one specific street and it had to be an even number address so it would back into the conservation area. Not too picky. Anyway, we were good qualified Buyers. So like any good qualified Buyer we decided we needed a Broker to help us out. We hired Broker Bryant. Wait a minute.....that's me!! OK so I guess we didn't hire a Broker since I am already the best and most good looking Broker in Poinciana.

The job was mine and I knew I needed to make TLW happy. To make a long story short we found the perfect property and made an offer on it. Being that it was a foreclosure and at the bottom price range for this particular community we knew we had to go in strong. Our initial offer was for 15% above the asking price. Strong deposit. Pre-approval letter. 21 days for closing. But wouldn't you know it? We still got stuck in a bidding war with multiple offers. The listing agent came back and asked for "Highest and Best".

Now folks, as a listing Broker, I LOVE asking for "Highest and Best". In means we have multiple offers and I'm getting ready to sell my listing. As a Buyer.......I HATE "Highest and Best"!!! The issue is that you have no clue where your offers is in the scheme of things.

Is it already the best?
Are there offers that are higher?
Should we let our offer ride?
Should we increase it?
Should we withdraw it?
How many other offers are there?

So many questions and no answers forthcoming from the listing agent. TLW and I knew we wanted this house so we made the decision to increase our offer another 10%. We now had an offer on the table for 25% more than the asking price. BUT.......and here's the key......it was still less than the market value of the property by about 5%. This is where knowing the market value of the property and knowing the condition of the market is valuable. Being a Broker I knew when I saw the listing price of this property that it was too low. I knew there would be a bidding war. And I knew what the property was worth. So armed with this information TLW and I were confident that would end up with the house we wanted at a fair price. And we did!!

TLW and I are now the proud owners a new home in Solivita. Solivita is an active adult community for folks 55 and over (we were able to get an exception). We now have a World class resort to live in with many amenities and activities for us older folk.

Oops......got to go. TLW and I have a date at the Solivita Riviera Spa and Fitness Center. It's time to get active!!! See ya later.

Are you looking to buy or sell in Solivita?

Solivita homes from the low $100s to $500s

407-873-2747

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Disney World Vacation Home in Southern Dunes Country Club

Bryant Tutas-Tutas Towne Realty, Inc — Fri, 04 Jun 2010 16:21:13 -0400

Check it out. Only 25 minutes to Disney World Orlando. World class links style golf course.

2993 Kokomo Loop Dr Haines City Florida 33844

This 3 bedroom 2 bath pool home is being sold completely furnished and ready for holiday rentals. World class 18 hole "links style" golf course is the center piece of Southern Dunes Country Club. Located only 25 minutes to Disney World Olando this home would make the perfect Florida get away. Zoned for nightly rentals. Advanced bookings and management are in place for a turn key vacation home.

Only $138,995

(Furnishings included)

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Another Successful Short Sale With Citi Mortgage.

Bryant Tutas-Tutas Towne Realty, Inc — Thu, 20 May 2010 17:38:32 -0400

Property:

3 bedroom 2.5 bath townhouse in Kissimmee Florida.

Hardship:

Investor owned property. Loss of income.

1st Mortgage with Citi Mortgage for 92,000. Agreed to accept $55,200 or 60% of the balance owed.

2nd Mortgage with Chase in the amount of $62,400. Agreed to accept $3,000 to release the lien and an additional $12,000 to release liabilty.

Seller contributed $1,700 to closing and $12,000 to the 2nd.

The transaction took 90 days from contract to closing.

Challenges:

Getting a squating tenant out on day of closing. I finally had to go over and put on the "ugly face" to make it happen.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Winter Haven Florida Pool Home. Just reduced $40,000!!

Bryant Tutas-Tutas Towne Realty, Inc — Tue, 11 May 2010 15:26:16 -0400

715 S Lake Florence Dr Winter Haven Florida 33884

$200.000

Great Winter Haven Florida Pool Home with over 2800 sq ft of living area. Wet bar and fireplace in the family room. Master bath has garden tub with jets. Tile flooring in family room, kitchen and all baths. New wood laminate flooring in the rest of the house. In ground pool and spa. Owner financing available. Minimum $25k down. Fenced rear yard. Side entry garage with small work shop area. Inside utility room with sink and cabinets. Recessed lighting in kitchen and family room. One of the lowest priced homes in the area. One block from Lake Florence and about a mile to Cypress Gardens. Privately owned. No banks to deal with.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

OK...So how fast was your fastest closing?

Bryant Tutas-Tutas Towne Realty, Inc — Wed, 05 May 2010 19:00:34 -0400

From contract to closing? Mine was 4 days and took place in May of 2007.

A four day closing! Yep, that's right, my Sellers and I negotiated a deal on a Monday and closed it Friday afternoon. Not only that but it was a 100% financing deal on a $230,000 property and a mail away to the Seller!

Is that fast or what? The contract was fully signed late Monday and sent to the Title Company on Tuesday morning. Appraisal and survey were done Tuesday afternoon. Final mortgage approval was on Thursday and Seller docs were Emailed to them on Thursday afternoon. They signed and had them notarized and placed back in UPS by 6:30 for a Friday delivery. The Buyers signed at 4:00 pm on Friday and we were closed. How's that for a job well done?

This was no Fickle Fantasy. It was a real deal. The Sellers were pleased, the Buyer was excited, the Title company, Lender and the REALTORS® came together like a finely tuned machine. It was poetry in motion.

In contrast, next week I'll be closing (hopefully) on a Bank of America Short Sale that has been under contract with the Buyer since September. This is my 5th Buyer for this particular property!!! Things sure have changed over the last few years. So what was your fastest closing?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

Breaking News!!! Approximately 93% of Homeowners are just fine!!

Bryant Tutas-Tutas Towne Realty, Inc — Tue, 13 Apr 2010 12:49:52 -0400

That's right. By far, the overwhelming majority of Homeowners in this country are NOT losing their homes. They either own their properties free and clear or are making their payments on time.

It's hard for us to see this because we are in the business. If you are like me you live and breathe Real Estate. We talk to people all day long who are struggling and it's very easy for us to forget that most Homeowners are living in and enjoying their homes.

I've mentioned many times over the last couple of years how more than 85% of the real estate closings in Poinciana Florida are distressed sales. But what I don't mention is that there were only 1,654 sales for 2009 out of 20,700 properties. About 8%. So 92% of the folks in Poinciana stayed put. That's right in line with the National average.

From what I could find online there are approximately ****129,400,000 homes in the US. Depending on where you look only 7-10 mil of these are in some stage of default. That's roughly 7%.

Approximately 93% of the Homeowners in this country are doing OK. That makes me feel good. How about you?

****I spent about an hour this morning pulling stats and data and there really are no numbers that agree. So for the purpose of this post I just used averages. If you want more precise figures then feel free to do your own research.

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.