Bank of America Short Sales Require More Than Just Waiting Around.

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

Pissed off Broker BI have a Short Sale with Bank of America that I have been working on for a very long time. In fact we are on our 4th Buyer. This Buyer has been under contract since August and has been very patient. I won’t bore you with the details but just suffice it to say that today was the day I needed to get some answers. So I fired off this email to a whole bunch of people in high places.

To who it may concern,

Bank of America’s lack of response to this short sale is disheartening to say the least. My seller has been jumping through hoops for over a year trying to work something out with your bank. We now have the FOURTH buyer that is willing and able to close on this property at market value yet your bank has now closed the file for “Insufficient offer”.

The call center states the file was closed on 4 February even though I have emails from X on the 17th of February stating it was still at the Investors. Was she lying? Or just out of the loop? In fact a new BPO was ordered and done on February 5th.

Back in November I had a long email thread with L who had asked the buyer to raise the contract price from $65,000 to $67,500. They did.  She then asked the seller to contribute $2,700 in cash. He agreed. We thought at this time that we were close to getting an approval. 

The transaction went dead until I heard from L on 12-21-09 telling me the file had been switched over to X

At this time I started trying get an update from X. I was told by her on 2-1-10 that the file was with the investor and had been submitted on 1-8-10. I was again told by her on 2-17-10 that it was still with the investor.

On 3-5-10 the call center told me the file was approved by Freddie Mac on 3-3-10 and that I should be getting the letter at any time. I called back in on 3-09-10 and was told the file was closed. Since then I have sent numerous emails to X and a couple of emails to her supervisor and have not received a response from either. I have also left several messages on X’s voice mail that have not  been returned.

Today I am filing a complaint with the OCC and the BBB. Of course I’m sure you have a very long list of complaints so one more probably means nothing to you. 

I have been working short sales for several years and understand the frustrations on all sides of the transaction. What I don’t understand is the complete lack of communication on this file. If you are not going to approve the short sale then tell us so. Ignoring us is just wasting our time.

I am the co-owner and founder of a network of Short Sale agents throughout the country called www.ShortSaleSuperStars.com  From what I have read on our site, agents and consumers everywhere are pissed off with your complete incompetence. But that’s an issue for a media interview and has nothing to do with this email.

So back on topic. What can I do to HELP you get this file approved and off your desk? THE END

I received a response in 15 minutes and should have my approval tomorrow. Life is good. If you are facing foreclsoure please give ma a call. I may be bale to help.

 

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.

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

 

 

GMAC Short Sale Verbiage is Stealing MY Money!

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

Fluckers!!!Hi Folks. Richard Zaretsky wrote apost earlier this week titled SHORT SALE MARKET EVOLUTION – GMAC SOLUTION TO FALSE BUYERS  If you haven’t read it pop over and do so.

Richard’s post spawned an article by Bill J Archambault titled Successful REALTOR Or Failed Social Reformer.

Bill’s post got me thinking about this one. Funny how that works!

Here is the language GMAC wants if you have a short sale with them as the lender:

2-3% earnest money must be agreeable to buyer. Contingencies must be removed 14 days after we issue approval letter and earnest money becomes non-refundable. If buyer walks, buyer and seller must agree in writing that earnest money will be wired to GMAC.

GMAC is interfering with my listing agreement and interfering with a purchase agreement.  This is, in my opinion***, Tortious interference. They are NOT a party to either of these contracts and have no right dictating the terms.

GMAC’s new “deposit language” is interfering with my contractual right, as per my listing agreement, to a percentage of the deposit when a buyer walks. Why? I didn’t do anything wrong. In fact, I spent time, effort and money during the pending status of the contract and have the right to be compensated if the deal kicks due to the buyer walking. GMAC wants to steal my money.

And what about the fully qualified buyer that doesn’t have 2% to 3% to put up as a deposit? They could be purchasing the home using VA or USDA (100%) financing but may not be in a position to place 2% to 3% down as a deposit. Now due to this GMAC requirement they are blown out of the water. And of course these are exactly the buyers that are willing to pay a premium for a property.

Make no mistake about it this is just one more step towards banks dictating the real estate market.

Banks are now:

  • Limitting how much I can charge for my services.
  • Preventing me from being compensated for my time and effort.
  • Dragging property values down even further by limitting the buyer pool.

You can be sure I will work the system to my advantage. BUT…dictating how I can charge for my services is a violation of anti trust laws. GMAC can certainly choose to not accept a short sale. That is their decision. How I get paid is my business and they are interfering with my contract. GMAC is not losing money. They are the servicer. They get paid whether payments are made or not. This new verbiage is not to lesson their losses it is to increase their profits.

I wonder if they pass the claimed deposit off to the investor? I doubt it.

Short Sales Suck and I Ain’t Doin’ Them!! Agent Training.

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.

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

www.CentralFloridaShortSales.com

I’ve got news for ya. You already did. When you purchased the property. You signed two documents. The mortgage. That created the lien and gave the lender the right to foreclose on your property (their collateral). And, you signed a promissory note. That was/is your personal promise to pay back the money you borrowed.

The Short Sale releases the lien (mortgage). It may or may not release you from the note. If the Lender is offering to swap out your $200,000 note, that you already signed, for a $10,000 at ZERO interest over 10 years then……why not sign and be done with it?

Think about it before you answer. Consult with an attorney. Then make the decision that works for you. Just don’t say “I ain’t signing no frickin’ note!!!” without thinking it through. Make sense?

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.

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

Short Sale Lenders are Seizing Bank Accounts!

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

www.shortsalesuperstars.comDid you know that? I didn’t. Until I read this article by Sally K. & David L. Hanson.

This is pretty serious stuff. If you are working with Short Sales please be sure to notify your Sellers and give them this information. I am not an Attorney nor do I play one on TV so I do not know the legalities of this. I do know though, that if it were me, I’d much rather avoid the issue all together and pull my money out of the bank that I have my delinquent mortgage with. Better safe than sorry.

If you read the comments to Sally and David’s post you will see that this IS happening. And it’s happening all over.

And of course….Bank of America is one of the culprits.

Be a Short Sale Superstar to your Sellers and make them aware of this situation today. OK?

 

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

Want to find out more? www.CentralFloridaShortSales.com

 

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

New NE Orlando Florida Short Sale Opportunity

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

3953 Shawn Circle Orlando Florida 32826
3 bedrooms and 2 baths with 1613 Sq Ft Living Area Built in 1999
Click here for full details

$145,000

Beautiful home with many upgrades. Convenient NE Orlando location. Rounded drywall corners, tile flooring in the family room, screened and covered rear porch, fenced yard, upgraded blinds, light fixtures and ceiling fans through out. Community pool. Very clean and ready for a new owner. It is a short sale so please allow 90 to 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.

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

 

 

 

Short Sale Knowledge At Your Fingertips.

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS
Broker Bryant www.CentralFloridaShortSales.com
Well OK then. BUT…..did you know getting it removed is not enough? “What ya talkin’ ’bout Willis?” Having the deficiency language removed from a Florida Short Sale approval letter don’t mean squat.

Of course, I am NOT an Attorney nor do I play one on TV. So you need to seek legal advice if this is a big deal. But here’s my opinion. Not only would they have to remove the deficiency language BUT they would have to add a clause stating that they will NOT go after you for a deficiency. AND I personally don’t think this would make a difference either.

So you have to ask yourselfIs going ahead with the short sale better than being foreclosed on?” (Insert the NOT an attorney language). My opinion is “YES”. Yes a Short Sale is better than being foreclosed on. At least with a Short Sale you have tried to do the right thing. However a Short Sale is NOT a free walk in the park. There are consequences.

  • Your credit may be messed up.
  • You may have difficulties getting a mortgage for a few years.
  • You could be liable for some taxes.
  • Maybe that deficiency will come back to haunt you.
  • You will have to move out of your house.

These are pretty much the  same consequences you will have if you get foreclosed on. So why do a Short Sale? In my opinion, it’s the better of two bads.

I guess my point is that you need to take this stuff serious. Do your research. Seek the advice of a competent Attorney and tax professional. Then after all of your questions have been answered to your satisfaction….sleep on it. When you are ready to go the path of the Florida Short Sale, call me. I’ll be able to help. OK? 

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.

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

 

Chase Short Sale Approval…..

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

Avoid Florida Foreclosure www.CentralFloridaShortSales.com

…..only took 9 months!!! And we are not closed yet. Amazingly we still have the original Buyer that went under contract at the end of April 2009.

Property location:

  • Florida Keys (Vacation home)

Hardship:

  • Illness.

Lender(s):

  • Chase on the first and 2nd. About 5 months into the Short Sale transaction the 2nd was passed off to Allied International Credit (AIC).

Purchase Price:

  • $303,000

Amounts owed:

  • Chase was owed $693,000 on the first and agreed to accept $273,000 (39% of the debt)
  • AIC was owed $94,000 on the 2nd and agreed to accept $3,000 (3% of the debt)

Terms:

  • No note. No cash contribution.

Special conditions:

  • This was a co-listing with Kelly Willey from ActiveRain. She handled the property and I took care of the Seller and the Short Sale negotiations. There is also a Broker on the selling side. Chase agreed to pay 3 Brokers. There was a HOA lien for $18,000 that the Seller paid off. Took 90 days to get under contract.

We should be closing next week with a cash Buyer.

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

Want to find out more? www.CentralFloridaShortSales.com

 

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

 

Approved FHA Short Sale in Davenport Florida. $63,000

Posted by admin December - 31 - 1969 - Wednesday ADD COMMENTS
Three bedroom 2 bath home located in Davenport Florida. Royal Ridge is a gated community about 15 minutes to Disney. Less than 1 mile to I-4. 30 minutes to Orlando and about 45 minutes to Tampa. This two story house has 1276 sq ft of living area and a hard to find downstairs master suite. Fenced rear yard. Gas range and gas hot water. FHA approved Short Sale at only $63,000. Contact us today to arrange your private showing.

Only $63,000

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.

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

Buy a house in Poinciana Florida 407-873-2747

Real Estate Market Report for Kissimmee Poinciana Florida for 2009

Comments from Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc

OK so that chart was fun. I wanted to give a picture of the market in Kissimmee-Poinciana Florida from 2007 to the end of 2009. Check out the depreciation. Property values are down 67% during this 36 month period.

But the good news is values only fell 7% for 2009 and it looks like property values have not only started to level off but may be slowly increasing. 

Here’s another little goody for you. In 2007 there were only 420 sales. 2008 this number increased to 627. In 2009 Poinciana Florida broke an all time record with the most resale property sales in their HISTORY with 1,596!!! That’s awesome!!

Of those 1,596 sales 1,303 of them were either a Foreclosure (1,083) or Short Sale (220). That means that 82% of the property sales in Poinciana Florida for 2009 were distressed properties.

Currently there are 507 properties on the market in the neighborhoods of Poinciana. 102 are foreclosures. 291 are Short sales. 114 are regular listings.

Inventory is real low. It is getting very difficult to find a property in Kissimmee-Poinciana Florida.

Folks if you want to buy in Poinciana now is the time. Do not sit on the side lines any longer or you will be out of luck. If you find a property you like be prepared to make an offer of asking price or more.

If you need to sell…well chances are you will need to do a Short sale. If that’s the case…give me a call. If you are waiting for your homes value to go back to 2006 values…..it ain’t going to happen for many, many years, if EVER, so just get that thought out of your head.

OK that’s it for me. Any questions?

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.

The BIO for Bryant Tutas

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

 

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.