Short sales. It’s not only up to the Lender.

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS


The following is the reblogged post from Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc:

This is the third part of my series on short sales. As way of disclosure, I am NOT an expert on short sales, I am using this series as a way for me to think through the process and hopefully become better prepared to help some Sellers who may qualify for a short sale.

A short sale can be a very complicated transaction. Not only are we negotiating with the Lender but there is another entity who may be involved as well….the Private Mortgage Insurance (PMI) Company. Most Buyers, that did not put at least 20% down when they purchased their property, were required to purchase PMI for the benefit of the Lender.

PMI protects the Lender for loses usually up to 20% of the loan amount. So, they have a say so in whether or not a short sale is accepted.

I am in the process of negotiating a short sale right now where I am actually negotiating with the PMI Company instead of the Lender. This is a first for me but so far it seems to be going well. The lady I am dealing with has been very helpful and she is the one that is handling the negotiations with the Lender. Have you ever done this before?

I'm very anxious to see how this plays out. Brian Brady wrote a very good post about this a few months ago titled "A Realtor's guide to PMI and Short Sales". Give it quick read.

Anyway, the point of this post is to make you aware of the fact that a short sale is a lot more complicated than just getting the Lender to agree to a price. The Lender is looking at the bottom line. If the short sale does not NET them more than a foreclosure then it ain't happening.

When meeting with potential Sellers you need to find out if they have PMI. If they do, then do the math. Brian is better at that than I am so if you haven't already….go read his post.

OK that's it for today. These are my thoughts. What are yours?

Other posts in the series:

A "short sale" is an option NOT an entitlement!

Becoming a better "short sale" expert. A series by Broker Bryant.

Copyright © 2007 Broker Bryant Real Estate Ramblings | All Rights Reserved

Calling Seth Godin!!!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

www.homerome.comHi folks. My good friend and fellow ActiveRainer, Margaret Rome, is getting close to launching her first book “Real Estate the Right Rome Way”. I’m sure most of you know Margaret but if not….stop over and check out her profile.

Margaret and I joined AR at just about the same time, July of 2006. In fact, as far as I can, tell we actually joined on the same day. Her first post and my first post were both on July 8, 2006.

Margaret and I have always had a connection. We are very much alike and handle our businesses the same. I still believe we were separated at birth. Here are a few similarities.

  1. We are both “solo” agents
  2. We both specialize in listings
  3. I have a TLW she has a TLH.
  4. We both have tempurpedic craftmatic adjustable beds!!!
  5. We are both soooooooo good looking.  

Anyway….Margaret is really wanting to get Seth Godin to review her book and maybe writReal Estate the Rome Waye a blurb on the jacket. So she decided to have a little contest to see who could come up with a good idea to get Seth’s attention. My idea was to get as many Rainers as possible to place this phrase in their next post:  

Hey Seth Godin!!!! Come over and review Margaret Rome’s new book”

I figure Seth has his Google alerts activated and if enough of us do this he will not be able to ignore us and will have to come over to see what’s going on. If you are not familiar with Seth he is a master marketeer and a best selling author. Getting him to review Margaret’s book would be HUGE!! 

So…..if you would, next post you write, just take a minute and copy/paste this phrase….

Hey Seth Godin!!!! Come over and review Margaret Rome’s new book”

…..and place it at the bottom of your post. Or the top. Or the middle. Let’s show Seth the power of the Rain. How simple is that?

If you can’t do the time………

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Need a broker? 407-873-2747Hi folks. What better time, than the end of another year, to discuss………

Time management. This is a very important part of being a successful REALTOR(r). Or, in being successful at anything, for that matter. We all have 24 hours a day. That’s it, 24 hours. 24 hours to do business, spend time with our families, exercise, relax, eat and sleep. Now for me, I like to spend most of this time on the last two, eating and sleeping. Well, not really, even though I do love to eat and I cherish my down time, whether it’s spent relaxing, reading, blogging on AR, playing with “The Lovely Wife” or sleeping. So how do I manage “down time” while still handling my business. Especially since I’m a solo agent.

First, I am very organized. I wake up every day knowing exactly what I have to do that day and exactly how much time it will take to accomplish these things. I don’t like surprises. I try not to change my schedule unless absolutely necessary. And most importantly, if it’s on today’s list, then it gets done today. I don’t roll things over to the next day. At the end of the day, I start a new list, for the following day. All of this is kept on a legal pad that goes with me everywhere. It has my appointments for the day, phone calls that need to be made, signs that need to be delivered, task to do and so forth.

Here’s a list of a few other things that help me, with saving time. Hopefully, these will help you in your business.

  • One appointment listings. Do a short seller prequalification, on the phone, prior to your appointment and go over prepared, loaded with info and ready to list and put your sign in the yard. Before you leave, take all photos, measurements and give the Sellers their copies of the paperwork. In and out in 90 minutes. On to the next one.
  • Answer the phone. This is a major time saver. No calls to return. Answer the phone and you’re done.
  • Respond to E-mails as you read them. Read it, reply, you’re done.
  • Call your Sellers regularly. This way they don’t call you when you are busy. I do this while driving to and from appointments.
  • After a closing, close the file. I add the Buyers to my data base, send out thank you cards, go to quantum and send out my just sold mailers, order the Lowe’s Rewards for the Buyer, send over the press release for the newspaper and deposit my check. Same day as closing, the file is in archives. Next!
  • Advertsing is ordered for the year in January. The only thing left to do is pay the bills.
  • Group appointments and errands together. If you have to leave the office make it worth your while.
  • If you have to call a customer/client with negative news. Do it immediately. Don’t worry about it. Don’t stress over it. Don’t try to figure out how to break the news. Your customers are adults, pick up the phone and make the call. Get it off your plate and together you and your customer can work on a solution. A stressed out agent is no good to anyone.
  • And my favorite all time, time saver. Don’t take an overpriced listing or work with an unqualified and unmotivated Buyer. The ultimate time waster and stress maker.

That’s it. Broker Bryant’s crash course on time management. I’m a small time Broker (by choice) but by utilizing these time saving techniques, I am able to limit my work to about 5 to 6 hours a day and still make a very good living, working by myself and from my home. So I know it can be done.

So, get a grip on your time, enjoy your business and enjoy your life. And please don’t call me after 8pm……. because I will be playing with “The Lovely Wife” and the phone will be cut off.  

Copyright © 2008 | All Rights Reserved  

Good news for Poinciana Real Estate. Or is it?

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Sold!!! 407-873-2747What’s going on in Poinciana Real Estate?

Inventory is way down. For the first time in about 2 years we have less than 1,000 properties on the market in the Poinciana Neighborhood. We broke the 1,000 barrier about 2 weeks ago. Today there are 932 properties for sale. This is down from 1,100 to 1,200 that we have been averaging for about the last year. 

Closings are way up. February of 2008 we had 21 closings. This February there were 109!! That’s an increase of 500%. 

BUT……values are still declining. The median sales price in December 2008 was $82,000. For February 2009 it is $67,000. That’s almost a 20% decline in values in the last 60 days!!! 

So what gives? Here’s my opinion. 

  • The properties that are selling are REOs (foreclosures) and short sales. In fact more than 85% of the closings are distressed properties.
  • Sales have increased drastically because the prices are so low.
  • Inventory is declining due to all the moratoriums that have been placed on foreclosures.

Banks are NOT foreclosing right now. Which is a good thing because I deal in Short Sales. I listed five in the last week and Buyers are knocking the doors down to see them. Less REOs is a very good thing for me and my Sellers.


I hired a new agent yesterday. I gave her five Buyers right away with four that are coming into town over the next 2 weeks to buy. All are Europeans and all have cash. 

I still have 185 Buyers I need to find agents for. We have more Buyers coming in everyday. I just opened a new website to try and accomodate them all.  So if you want to make money AND you don’t mind working……give me a call. I need agents for Buyers looking in Kissimmee, Davenport, Poinciana, St Cloud and S. Orlando. I’m hiring not referring. 

OK that’s what’s on my mind today. What’s on yours? 



Copyright © 2009 | All Rights Reserved  

Buying Florida Foreclosures—–BEWARE!!!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Hi folks,. I sell a lot of properties sight unseen over the Internet. Including this one. Of course it’s prudent to go have a look before the final paper work is signed. If not…..well……you may end up with this ‘”Needs  TLC” property.


Beautiful Foreclosure “For Sale”

Please cut my grass


Hard wood flooring throughout.

wood flooring

Very open and roomy kitchen.

Who stole my stuff?

His and Her “Spickets” in the master bath.

Hid and her spigots

Reinforced storm windows

Built to withstand hurricane winds

AC pad included at no extra charge.


So what do you think? Need TLC or total Rehab needed?





Copyright © 2009 | All Rights Reserved




Smart Bears or Scamming Bears? What say Pooh?

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS
Broker B 407-873-2747A few months back Baby Bear called Broker Bear to see about placing his home on the market as a Short Sale. Baby Bear had not made payments in about a year.

Being the good little Broker that he is Broker Bear went over and met with Baby Bear. During the meeting Baby Bear mentioned that Papa Bear lived next door and Grandma Bear lived two caves down. Baby Bear wanted to know if either Grandma Bear of Papa Bear could purchase his cave at a reduced Short Sale price.

Hmmmm……it sounded like a great idea but unfortunately the Lender, Country Cave Bank, said “No, they can’t do that. It must be an Arms Length Transaction”.

Oh well….Country Cave Bank sucks!!!

So Broker Bear placed the cave on the market and worked towards finding a Buyer. After a few price reductions and several months later a Buyer Bear made an offer on the cave. Country Cave Bank had a mortgage on the property for $175,000 and Buyer Bear made an offer of $50,000!

This offer was very much in line with what caves on this side of the mountain were selling for so Broker Bear suggested to Baby Bear that he should accept Buyer Bear’s offer. 

BUT……Baby Bear said “NO”. Baby Bear, after talking to Papa Bear, decided to take the cave off  the market and let it be foreclosed on. Then once it comes back on the market at a  foreclosure price Papa Bear will buy it back for Baby Bear.

Broker Bear gets squat. Country Cave Bank will lose more money.

Baby Bear, Grandma Bear and Papa Bear can live happily ever after on their side of the mountain.

I wish I could say this was a fairy tale….but it’s not. Smart Bears or Scamming Bears? What say Pooh?

Copyright © 2009 | All Rights Reserved

Bryant Tutas
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker

***The content of this blog is solely my opinion***

Poinciana Short Sale Approval From Fifth Third Bank in 16 Days

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Poinciana Florida

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:

Bryant Tutas
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker

Are you a Florida REALTOR(R) looking for a change? Check it out.


Copyright © 2009 | All Rights Reserved was completely revamped last night!

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Go check the new layout and look for ShortSaleSuperStars. There is one slight problem though……..I didn’t ask Wendy and she hasn’t seen it!!! This look could be very temporary.

So… I going to be in trouble? I guess we’ll have to wait and see.

Anyway….here are my thoughts.

  • The site needed to have a cleaner look.
  • Wendy and I had talked about getting our “product pitches” off the front page. So I moved the pitches and replaced them with buttons and a “Short Sale Training” tab. We will also be adding a “SuperStar Store” tab that will have tee shirts, mugs and other ShortSaleSuperStar goodies.
  • The wording on and the position of the tabs were changed. It looks more like a news site (I think).
  • The profile questions have been changed. The change was made to make it easier to “Find An Agent”
  • Blog posts now have a new tab “Short Sale News” and the forums are under “Q&A”.
  • The tab for groups was changed to “Lender Info”.
  • We added an “Agent Referral Map”

These changes were designed to make the site more consumer friendly. We want potential Sellers and Buyers to be able to find us and be able to navigate the site with ease.

So what do you think? Wendy… you still love me or am I in trouble. I can fix it I promise.

Please pop over and give us your feedback.

Bryant Tutas
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker

Are you a Florida REALTOR(R) looking for a change? Check it out.


Copyright © 2009 | All Rights Reserved

Want to pick up a few extra customer/clients this year?

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

Central Florida Real Estate Broker 407-873-2747Try this….after you have a closing on one of your listings give it about 2 days before you go by and pick up your sign and lock box. You may think my timing on this is a little odd but actually…’s just right.

Since I am primarily a listing Broker, my customer, the Seller, is normally moving out of Sate and getting any future business from them is rare. So my goal is to be the “go to guy” for the Buyer that has just purchased one of my listings.

Picking up my sign and lock box, a couple of days after closing, is something I do on purpose. The reason is, I want to knock on the door and introduce myself to the new owners. In fact, Itake a minute and get a picture of then standing next to the “sold” sign in front of their new house. I Email it to them later with the video tour  I have for the property.

Even though they had an agent it is my experience, that in most cases, they never hear from their agent again once the deal is closed. The check is cashed and they are out of there. Foolish? Yes. But true.

So, like the good little Broker that I am, I seize this opportunity to snag a Buyer who more than likely will be my new Seller in a few years.

I’m not pushy. I just introduce myself and see if there is anything I can do for them. I let them know I have been selling Real Estate in the area for 14 years and let them know they can call me if they need any help.

And they do call. They call to get information related to the area and they also call if there are any minor issues with the house. Once they have called….they are mine. I will gladly help them out with anything they need. I become their new REALTOR®.

It’s a small thing to do but it’s great for business. I’m not quite sure why Buyer’s agents don’t keep in touch with their Buyers. But if they won’t….I will. After all, today’s Buyer is tomorrow’s Seller.

Marketing does not have to be complicated. What say you?

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

Want to find out more?


The BIO for Bryant Tutas

Copyright © 2010 | All Rights Reserved

The sharks have had their fill……………….

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS

I just got off the phone with Mr. Ive B. Screwed. Seems like a nice young man from South Florida, I could hear babies crying in the background. Mr. Ive B. Screwed bought a house in Poinciana, January of this year. He’s never been to Poinciana but based on advice, he received from one of his neighbors, he decided Poinciana would be a great place to purchase a new home, then turn around and sell it for a small profit. Well, unfortunately for Mr. Ive B. Screwed, he was connected with a builder, WeRipOff, Inc. who just happened to be building homes in Pionciana. Not only would they build you a house but they would finance it as well, with only $5,000 down and pay all the closing costs. What a deal!! And to sweeten the pot even more, they work hand in hand with a Real Estate Company named GetRichToday, LLC.

This Company, Realtors by the way, promise that when your $225,000 house is complete they will sell it at $265,000, before the first payment is due, and you get to keep the $40,000 profit minus selling expenses! Man what a deal! How come I didn’t buy me some of these gems. Let’s see, for $50,000, I could have bought 10 houses and made $400,000 before expenses. Wow! I could almost retire or pay cash for my dream home.

Ok, flash forward to my conversation with Mr. Ive B. Screwed today. According to him, WeRipOff, Inc is now out of business. GetRichToday, LLC, even though apologetic, have told him they can’t sell his house and have decided to withdraw the listing. Mr. Ive B. Screwed is now desperate. His mortgage payment is $1,800 per month and he has been borrowing money against the equity or his primary residence to make the payments. So he decided to call Broker Bryant to see what I can do for him. Being the good little Realtor that I am, I tell him to give me an hour and I will do a little research on his house to see what his options are and what I feel I can sell the house for in 60 days or less.

This is what I find out:

  • His house is worth $219,000, maybe, if we get lucky.
  • It was probably worth $199,000 when he bought it.
  • There are 200 homes, just like his, for sale, in the same neighborhood.
  • If I can sell it, he will have to bring at least $20,000 to closing. On top of the $20,000 he has already dished out. Remember, this money has been borrowed against the equity in his homestead.

Needless to say, Mr. Ive B. Screwed is not a happy camper. Then I asked him if he had a prepayment penalty. After checking, he does. Ok, another $8,000 to $9,000 out of his pocket. So maybe, if I get lucky, he can cut his losses for about $50,000. You do remember this is money coming from the equity of his homestead? Did I tell you about the crying babies in the background? Folks, I have to tell you, I feel like crying too. And I’m sure Mr. Ive B. Screwed feels the same way.

So the way I see it, here are his options:

  • Rent the house for about $800.00 a month and hold it for a few years to see if things change.
  • Sell it and take the loss.
  • Let the bank foreclose on it.
  • Pray.

Except for the name changes, this is an absolutely true story. And there are hundreds, just like it, in my market right now. This transaction reeks of loan fraud. This young man’s life and family have been damaged and it may take years to recoup his losses. And I’m sure, WeRipOff, Inc is now called OutToSrewU, Inc and is in another area doing the same thing again. And the Realtors? Well, shame on you. I hope you spend a lot of nights thinking about the lives you have ruined.

The sharks have had their fill and moved on to better feeding grounds! 

About us

I am a licensed real estate Broker in the state of Florida. My opinions on real estate have been formed from my experiences and 15 years of working in the business. My opinions are in line with Florida Real Estate laws and the REALTOR(R) Code of Ethics. Your State’s laws may differ. So do your own homework before implementing any of my business practices into your business.