Central Florida Short Sales: September 2009

Location: Buenaventura Lakes Kissimmee Florida 34743

Value: $69,000 to $79,000

Hardship: Loss of rental income on this investment property

Amount owed: $175,000 on a 1st with GMAC and $32,000 on a 2nd with Green Tree

Property was listed on May 19th at $89,000. Priced reduced to $73,000 on June 10th. Went pending on July 9th at $73,000.

Complete Short Sale Package was submitted on 20 July.

Buyer had inspections and appraisal done within 10 days of contract acceptance.

Green Tree asked for 5% of the purchase price or $3,650.

GMAC offered them $3,000 and wanted the Real Estate commission reduced by 1%

Green Tree said no and I said no.

GMAC gave us a written approval on Friday 18 September agreeing to $3,650 to Green Tree and full commission to Tutas Towne Realty, Inc. Green Tree gave us final approval 21 September.

Another successful Short sale approval from Bryant Tutas of Tutas Towne Realty, Inc.

If you are a seller that needs help.......give me a call. All calls are confidential. Or check out.....

http://CentralFloridaShortSales.com

If you are an agent wanting to get into the Short Sale market...........

Available Short Sale Training:

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

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

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

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

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:

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

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

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

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

Hi folks. Today I want to give you a little taste of the real estate market in Central Florida. If you are not in Florida, California or Nevada it may be hard to comprehend how bad things got. How drastically values declined.

Let’s use Ginn Reunion Resort as an example. Reunion was designed to be a would class vacation resort. It features 54 holes of Championship golf designed by Arnold Palmer, Tom Watson and Jack Nicholas. Reunion Resort also has a 10 acre water park, 17 pools, horse stables, tennis, spas, shopping, ANNIKA Golf Accademy, condos, townhouses, single family homes and the topic of today’s post…….lots.

In 2004 and 2005 this was the place to buy and flip vacant lots. Standard size single family lots (4500 to 6500 sq ft) on the golf course were selling for as high as $600,000 in 2005. Today……..

• Bought in February 2003 for $82,900. Sold for $339,900 in May of 2005 with a mortgage of  $271,900. Today it’s on the market as a REO at………$14,.900. That is NOT a typo.

• Bought in December 2004 for $184,900. Sold 3 months later for $310,000. It was foreclosed on and is on the market today for……$19,000.

• Sold for $546,700 in September of 2004 with a mortgage of  $410,025. Available now for $25,000. Not sure what you could build on this one since it’s only 35 x 115.

Does it get any worse than this? What was the Lender thinking when they lent $410,025 on literally a strip of land 35 ft wide?

Anyway…...if you are looking for a deal in Reunion let me know. I’m sure we can find you something.

Reunion Lots from the $20,000s

Reunion Townhouses from the $110,000s

Reunion Condos from the $150,000s

Reunion Single Family Homes from the $200,000s

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

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

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

Another successful Short Sale approval in Central Florida!

Lender: Chase

Amount owed: $129,000

Hardship: Loss of income and medical

The property was placed on the market on February 14th at $110,000. The price was slowly reduced to $85,000 on April 11th and went pending on April 18th at $87,500.

The complete Short Sale Package was submitted to Chase on April 24th.

On July 17th we were asked by Chase to reduce the Seller concessions from 6% to 3%. So we rewrote the contract at $84,500 and reduced the Seller concessions.

On August 4th the Buyer's appraisal came in at $60,000. We rewrote the contract at $60,000 and submitted to Chase with the appraisal.

We received written approval from Chase on September 1st for $60,000. The amount of the "Short" is $77,000 or 60% of the mortgage. No note or cash contribution is required of the Seller.

From contract to approval took 137 days. Not too bad for Chase.

Available Short Sale Training:

• The Negotiator Interview $27.00
  
• www.ShortSaleSuperStars.com FREE
• Short Sale Agent Training Webinars 8 Hours of training and materials for $197.00
• Short Sale Listing/Submission Package $47.00 Click for details
  

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

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

Hi folks. This current real estate market and economic climate is really taking it’s toll on people. We’ve recently heard of  “Strategic Defaults” and “Delaying your foreclosure” now we have the “Walk Away” or mailing your keys back to the lender. Jingle mail is what the lenders call it.

And its spreading.

Not only are people doing this with their houses but they are also doing it with their other debts. Stop paying. Walk away.

If you want to get a better feel for people’s thought process just read through the comments on this article:

The New Consumer Debt Strategy: Just Walk Away

People are fed up. They are getting fed up with their credit cards' interest rates going up even though they have never been late on a payment.

People are fed up with corporations getting trillions of dollars in bail out money while they get squat.

People are fed up with FICO scores and the control they have over our lives:

5 People Who Check Your Credit

People are fed up with creditors and their lack of willingness to help.

People are fed up. Are you?


So walk away
And close the door
And let my life be as it was before
And I'll never never know
Just how I let you go
But there's nothing left to say
Just walk away

*** Celine Dion---Just Walk Away---Lyrics by Albert Hammond.

Available Short Sale Training:

• The Negotiator Interview $27.00
  
• www.ShortSaleSuperStars.com FREE
• Short Sale Agent Training Webinars 8 Hours of training and materials for $197.00
• Short Sale Listing Package $47.00 Click for details
  

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

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