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

 

Could Equator Propel Bank of America From Worse to First?

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

http://centralfloridashortsales.com

Maybe. In the last two weeks I have loaded five short sales into the Equator system. All have had BPOs (Broker Price Opinions) ordered and one has already been countered and accepted by the seller. We should have a written approval by the end of the week.

Now for those of you that have worked a Bank of America Short Sale in the past you know that having a BPO ordered in less than two weeks rarely happened. So having five BPOs ordered in less than two weeks is a miracle!!!

The beautiful thing is that I have not made one phone call. The entire Equator process is automated. For me that is a huge advantage as it frees me up to actually list and sell real estate.

While I know it’s too soon to sing praises, my experience with Equator, thus far, has been very positive. What’s yours been like?

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

Bank of America Short Sale Frustrations are Internal as Well.

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

http://centralfloridashortsales.comHi Folks. Here’s a comment that I received from an employee of Bank of America. I think it sums up some of the frustration that we are all going through. I will keep the comment anonymous and it has been edited for grammar. Here goes:

I have sat here and read through all of these messages and I am at a loss for words. I currently work as a supervisor in the short sale department for Bank of America. And YES I hate my job. I hate having to get on the phone with these homeowners and agents and explain to them that I do not have the authority to submit a same day postponement for a foreclosure. Nor do I have any more contact with their negotiator than they do.

My first week on this job had me in tears. I was on the phone with an Attorney who was trying to stop a foreclosure sale and in the background I was listening to the homeowner and her children crying. It is hard and some days I leave out of work in the worst mood. EVERY DAY I attempt to make some sort of contact with corporate to get some answers from someone. But just like the rest of you, my questions and calls go unanswered.” END

I posted this to remind all of us that most of the folks we speak with at the lenders/servicers are just doing their jobs. They are overwhelmed with files and calls and there is only so much they can do.

As hard as it is sometimes, we must try to remember that these folks also have families and could very well be experiencing financial hardships just as the homeowners we are working for are. Show them some respect. Be kind. Maybe…… just maybe you’ll get a better response. OK?

Image ***Sometimes we all just need a hug!

 

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

 

 

Has your “flip flopped?”

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

Had one of my Investor customers call me last week wanting advice. He has a $30,000 deposit on a house that will be completed next month. At that time he must come up with another $50,000 to close. He bought this house with the sole intention of “Flipping it for a profit. Thankfully I wasn’t the one who sold him this house. He made the mistake of getting in on this subdivision to late in the game. He also bought the largest model in the community. Never a good thing.

I pulled up the community of about 600 homes and found almost 100 active listings 1 pending and only 7 sales since January 1st. Needless to say he has a problem. He can afford to close but he can’t afford the payments and the rentals in this area will leave him with almost a $1,500 per month negative cash flow. So what are his options? The way I see it if he closes he is going to be throwing good money after bad. If he doesn’t close he will lose his $30,000. A very difficult position to be in. In my area I am expecting to get a lot of these calls over the next few months. The Realtor that sold him the houses loses, the builder loses, the mortgage company loses, the Investor loses and the subdivision loses. The only “winner” in this case is the infomercial guy who sold the “Can’t lose get rich quick in real estate or die trying six weeks to becoming a millionaire information pack available on cd or cassette tape guaranteed to work or your money back we promise” scheme.

Just another example of how investing in real estate is a serious business. The experienced Investors that I work with rarely sell anything. They make their money going in, cover the mortgage by the rent and wait. Flipping is great when it works and can wipe you out when it doesn’t. So, has your “flip flopped?”

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.