Central Florida Short Sales

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

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I HATE strongly dislike having transactions fall apart at the last minute. Last Friday, I was supposed to close on one of my Poinciana Florida short sale properties. It was a pretty difficult deal that required almost 3 months of negotiating with Wells Fargo. 

After many days of going back forth on the negotiating of a promissory note we finally arrived at an agreement between Wells Fargo and the Seller and received the written "Short Sale Approval". All was right with the world!!! 

The next step was to make sure the Buyer was still on track by getting a closing date addendum signed. The Buyer signed. One of the reasons I wanted the Buyer to sign another addendum was to make sure they were still motivated to get this deal closed. We also had them place an additional escrow deposit which they did. 

Feeling pretty confident, that everything was a go, I ordered the pool clean up. The pool was a disgusting green and needed to be cleaned up prior to the appraisal being done. 

The pool is cleaned, the appraisal is good and closing is right around the corner. I can almost smell my TLW's check!!! 

Then, much to my surprise, the buyer decides to change lenders two weeks prior to closing!!! Holy crap!! Now I have to go back and get an extension on the Short Sale approval. Fortunately, I had a great loss mitigation negotiator and getting this extension was not an issue.

A few days later I get the updated approval letter from the new lender only to find out they had approved the Buyer for a USDA Rural Housing Loan. That's all well and good except........you can't use that loan program on a house with a pool!! I call the loan officer and point this out and he says "No problem I'll just switch it over to a FHA". Well OK then!!! Just don't forget to mention to the Buyer that he now needs additional funds to close. 

Reluctantly, I have to call my favorite negotiator and ask for another Short Sale extension. This angel grants it immediately and sends me over my second extension.

In the meantime, my Seller is served the "Final Summary Judgement" informing her that the sale date has been set for.......17 October. That's right....it's today. 

I'm sad to say that after getting everything sorted out with the Buyers loan and scheduling a closing for the 10^th, the Buyer decided to NOT close. He got so fed up with the process that the day before closing he decided to walk!!! 

I tried everything I could to assist the Buyer's REALTOR® and mortgage broker with getting the Buyer back on track but nothing worked. The deal died. 

I contacted my favorite negotiator to see what my options were but her hands were tied. The Investor, FreddieMac, would not delay the auction without a new contract on the table. 

So, this morning, at around 10 a.m., my Seller lost her house at auction. 

Folks, working Short Sales can be frustrating. I win more than I lose but it still sucks not being able to win them all. I learned a lesson with this one.....if at all possible, have a back up contract. 

I am not yet an expert at Short Sales BUT I will be. Will you?

POINCIANA FLORIDA REAL ESTATE SHORT SALE INFORMATION

POINCIANA FLORIDA REAL ESTATE MARKET REPORTS

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

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