This wasn't the easiest Short Sale but after 14 months and 5 buyers we finally got it closed. Another Florida Short Sale success story.
The property:
3 bedroom 2 bath single family home located in Saint Cloud Florida. It was bought new in 2006 for $253,500. The owner was transferred almost immediately and was never able to move in. It has never been lived in.
Liens:
- Mortgage with Bank of America for $235,000
- HOA lien for $3,800
- County lien of $300 for mowing
Hardship:
Loss of income
Issues:
This property was placed on the market in March of 2009. It was actually a referral from an ActiveRain member. The biggest issue was that the community this property is located in has a CDD (Community Development District). The annual "fee" for this CDD is $2,700 a year. This is on top of the taxes and the HOA fee. So basically the cost to live in this house is well over $600 a month BEFORE you add in the mortgage and the insurance. This is OK on an expensive property but when the property is less than $100,000 the cost is way out of line. This exorbitant cost is the reason we had 4 buyers that could not or would not close. Here's a good article on CDDs in Florida.
Anyway, we were able to find a buyer that was willing to pay the costs of living in this community. Bank of America would only pay $1,000 towards the HOA lien so I had to negotiate this down as low I could get it. I got it from $3,800 to $3,100 and the seller was able to borrow money to pay the $2,100 that Bank of America would not pay. I personally paid the county mowing lien to help get the transaction closed.
The property sold for $91,000 and Bank of America accepted $81,829 on the $235,000 that was owed. Or 35 cents on the dollar. Do you need help with your Florida Short Sale?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
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Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale
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Bryant- Congrats on your closed sale! BofA is getting much faster these days:) Katerina
Bryant - Thank you for the CDD link. We have one in our area - and it has a ridiculous assessment for the pleasure of living there...
It takes a lot of patience and an Agent who can NEGOTIATE to make something like that work!
The last short I closed BOA had the second. They actually were better to work with than the first. I hope they continually get better.
Congrads on the closing.
BB - That is impressive for BOA to take such a reduction. I have begun to see more realistic terms coming from nearly all lenders. Substantiate, substantiate, substantiate, they are listening it seems. Congratulations!
Congrats on the closing. Great going on a difficult sounding situation. HOA's and CDD's can be a thorn in the side on short sales. Glad you got it done!
BB - Yippie! ANother notch in your belt! But, hey I thought RR and SS told us that using the word "BOA" would mean you had to wash your mouth out with soap.
That is a very short sale. How much impact is such a reduction having on market conditions?
Congrats on the business and with closing the short sale through BofA. So many people say it cant be done but I have read plenty of your posts that say otherwise. Kudos to you sir!
BB - Hurray, another success story with BOA. Sounds like this was another one of "those" transactions. The HOA lien issues is a big one, and BOA is not the only one who resists paying much, if anything, on them.
Jeff
Bryant, this looks like you did an awful lot of work and not a lot of pay to get this one closed. Great job.
Good job BB. I guess you actually HAVE learned how to do short sales over the past 2 years!
Have a great weekend!
Sounds like a lot of time and effort! But, you simply have to work the market that you have and to prevail you need determination.
You definitely have the short sale process down ... not too many realtors are successful but you are doing something right!
These are the transactions that never seem to close--many months and many buyers. You probably got several approvals inthe interim. Congrats to you, and great patience on the part of the seller, too!
Congratulations on this! You managed to get one done with the worst bank in the industry!
I was real happy to close this file last week. I'd been staring at it for a very long time. I have one more very old BofA file and then all my files will be fresh.