Central Florida Short Sales

Hi Folks. Recently I have had two Buyers balk at providing me personal info I need if they want to purchase a Bank of America Short Sale. I really do understand where they coming from but....most of the big lenders including Bank of America and GMAC are now running most of their short sales through http://www.Equator.com.

Supposedly the Equator system will help to shorten the time involved with getting these Short Sales approved. From what I'm hearing Bank of America is giving approvals in 60-90 days as opposed to the 6-9 months they were taking. That's a good thing.

The Equator system is asking for some personal Buyer info. I assume this is to make sure transactions are "arms length". If the Buyers want to purchase a Bank of America Short Sale then we have to enter the data.

The reality is it's less data than what the closing agent will want and far less than they would have to provide if getting financing.  What Equator is requiring is simply:

• Date of birth
  
• The first 5 digits of their social security number.
  
• The Buyer's address.

That's all we need. No big deal. Of course the Buyers always have the option of just not buying a Bank of America Short Sale. I just hate to see them miss out on a good deal over something so minor. What say you?

Here's the screen shot from Equator.

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.

Hi folks, Depending on who you listen to the foreclosure rate in Polk County Poinciana Florida is any where from 15% to 20%. I have no problem believing this since roughly 85% of the sales in this area are either foreclosures or distressed sales.

According to RealtyTrac there are 1,401 properties that are in foreclosure (Lis Pendens filed) on the Polk County side of Poinciana. There are 10,685 homes in this area. So let's call the foreclosure rate a minumum of 14%

VIEW ALL DISTRESSED PROPERTIES FOR SALE IN POINCIANA FLORIDA

Here's a little video I made yesterday that will show you what a 15% foreclosure rate looks like. The video was made going about half way down the road and only shows one side of the street.

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

Want to find out more? www.CentralFloridaShortSales.com

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

http://ShortSaleSuperStars.com

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CENTRAL FLORIDA REAL ESTATE SHORT SALE INFORMATION

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Hi folks. Today I want to put a different spin on Short Sales and third party approval. I've read a lot of posts and comments about the dreaded 3^rd party approval and how frustrating it is for Buyers and Buyer's agents. 

My thought on this is.........it's about time!!! As a listing Broker, my Sellers and I, have spent a lot of time waiting for Buyers to get their mortgage approval. Some took 30 days and some took 90 days. Some didn't close at all.  

When negotiating offers we relied on information provided to us from the Buyer's Lender stating they were "pre-approved" or "pre-qualified" only to find out a month later that it was all a lie. They were just writing deals and hoping to get them through. 

Doesn't this all sound familiar to Short Sales? Of course it does. The Buyer's Lender approving their financing IS 3^rd party approval. That contingency is NO different than having the Seller's Lender remove the 3rd party approval in a Short Sale transaction.

In fact, as a Listing Broker, I much prefer the Short Sale and the Seller's 3^rd party approval. It keeps me in control of the transaction. 

Things have not changed that much. It's just that now the "3^rd party approval" contingency is on the other side of the contract. Deal with it!!

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Hi folks. Today, I spoke with Countrywide (CW) about one of my short sale listings. This particular home was placed on the market back in July of this year. I priced it properly and within a few weeks submitted a cash contract to CW for $87,000. Since the 3 most recent sales were for $85,000, $87,000 and $90,000 I figured CW would jump all over this deal and remove their 3^rd party approval so we could move toward closing..... WRONG!!! 

After many attempts I could not even get this transaction in front of a negotiator. I tried and tried and tried but they kept telling me the offer was too low. After about 2 weeks of going back and forth I finally spoke to someone at CW that told me their opinion of value was $105,000 and to resubmit at that price if I wanted it to be accepted. Well the Buyer said "adios" and went and bought another house. This all took place back in August. 

In late September CW contacted me to let me know they had declined the short sale!!! Heeeeeeello.....you had already done that 6 weeks ago!!! 

Anyway......after the contract being declined, in August, I placed the property back on the market, at $105,000, to try and meet CW's expectations of value. Of course that got me exactly where I knew it would.....no where. The property languished on the market with 100s of other over priced listings while the properly priced REOs (bank owned properties) were selling with multiple offers. 

As usual, I started reducing the price every 10 to 14 days to try and find the sweet spot....AGAIN!! This morning, I reduced it to $79,000. Later in the day I contacted CW, as I do every week, to let them know I am still trying to get them another contract and to make sure they haven't set an auction date yet. I was fortunate to get a nice lady, who was very forthcoming with information, so I thought I'd check to see if she would tell me the price that the recent appraisal came back at. 

She placed me on hold and about 10 minutes later came and told me that CW has placed a value of $85,000 on the property!! $85,000!!! I had a cash buyer at $87,000, 3 months ago, and now they tell me $85,000. Holy crap batman!!! 

Folks, you need to buy this house today. Make an offer of $79,000 and my Seller will accept it. Check it out:

521 EAGLE CT KISSIMMEE FLORIDA 34759
$79,000
Listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges and sale of Property at full listing price may be conditioned upon approval of third parties. Folks.... this is a great opportunity to own a 4 bedroom home in Poinciana for a reasonable price. The house is in very good condition. This is a short sale and will require minimum 60 days to close. Seller will contribute towards your closing cost if the price is right. Ceiling fans in all rooms. Tile flooring through out.

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