Central Florida Short Sales

Have you ever thought about purchasing a holiday home in Central Florida? Florida may be known mostly for it's beaches but don't ever forget we have so much more to offer. Hundreds of lakes with some of the best bass fishing in the World. And of course Disney World, Sea World, Wet N Wild and Universal Studios.

Here's a little peak at my world.

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?

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You really need to see it to appreciate the craftsmanship that went into this home. And best of all it can be yours for the incredible price of $289,000. Call today 407-873-2747 or email at BrokerBryant@gmail.com

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.

Hi Folks. I went out last week and did a photo shoot for a property I sold back in late 2005. It sold for $170,000. Now it's a pre-foreclosure Short Sale and will be going on the market for around $50,000.

When I first listed this property back in 2005 the owners were so proud of it. It was their little peice of paradise and it was in immaculate condition. It was purchased by an Investor in September of 2005 By early 2006 the market had crashed and this house has sat empty ever since.

The difference between what it looked like then and what it looks like now is striking. Sad.

What does it say about a real estate market when I won't even place my sign in the yard?

.......you can't sell people on trust...you have to build it.

And that's all I have to say today, so....check out this stuff..

I found this to be an excellent article "Who are you trying to impress?"

By this summer well over half of all Internet users will likely visit Facebook each month. Are you there?

I need a buyer quick on this one. Both lenders have approved the transaction in writing at $200,000. Approvals are good until 1/31/2010, Current buyer may not be able to close on time. Their loss may be your gain.

This is an incredible property with over 3,000 sq ft living area, pool, media room, extensive tile flooring, 5 bedrooms and 3.5 baths. Check it out.

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

Want to find out more? www.CentralFloridaShortSales.com

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

.....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.

• The Short Sale Package was submitted in it's entirety 3 times. 

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

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

Hi folks. Here's a short compilation of some of the conversations going on this week at www.ShortSaleSuperStars.com

Short Sale Lenders asking for cash contributions off the HUD.

Sellers of Short Sales wanting to rent the property back.

2nd lien holders being unreasonable.

Is a hardship really needed to qualify for a Short Sale?

Getting Short Sales approved through REOTrans/Equator

Investors refusing to postpone the foreclosure auction.

Bank of America and Titaninum Solutions

Short Sale Lenders seizing bank accounts

Dealing with Multiple offers and Short Sales

Tools to assist you with your Short Sales

Available Short Sale Agent Training:

LEARN, KNOW AND GROW

• The Negotiator Interview $27.00
  
• www.ShortSaleSuperStars.com FREE 878+ Members Strong!!
  
• Short Sale Agent Training Webinars 8 Hours of training for $97.00
• Short Sale Listing/Submission Package $27.00 Click for details

Wendy Rulnick and Bryant Tutas
www.ShortSaleSuperStars.com

Copyright © 2010 REGrow, LLC | All Rights Reserved

Did 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

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