Well this one was not easy. Sun Trust took 11 months to approve this Short Sale! Nine of those were waiting on the file to be assigned to a negotiator. During this time we lost 2 buyers and finally found one to stick.....I thought. About 3 weeks ago I received the approval to close. Even though I had communicated with the Buyer's agent every week for the last 9 months I found out a week before closing that the Buyer had changed his mind!!!
So....I had to place the property back on the market as an "approved short sale". We needed a cash buyer that could close in 7 days at the full asking price. Luckily we found one. Lolita' Clay from Exit Realty brought a full price cash Buyer and they closed today. 3 days before the Short Sale approvals expired. Way to go Lolita!!!
Property:
4 bedroom 2 bath condo in Legacy Dunes. Legacy Dunes is a Short term rental community about 5 minutes from the main gate of Disney World in Orlando Florida. The condo was purchased in July 2006 for a whooping $335,400!! We sold it yesterday, 4 years later, for..........$60,000!!! That's a decrease in value of 82%.
Hardship:
Loss of income
Liens:
1st with Sun Trust for $269,150. Settled for $62,183 or $.23 cents on the dollar.
2nd with Sun Trust for $30,350. Settled for $10,973 or $.64 cents on the dolllar
HOA lien for $6,000. Received full payment from the Seller.
Details:
The Seller had to contribute $17,500 to Sun Trust plus had to pay the $6,000 to the HOA. No promissory note and Sun Trust issued a Waiver of Deficiency for both liens.
Another successful Central Florida Short Sale by Tutas Towne Realty!!
Are you facing foreclosure on your Sun Trust Mortgage? If so........
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved
UNBELIEVABLE....are the banks ever going to learn?
I don't know how you made it happen, but I'm glad that all worked out.
That is incredible, how you must have negotiated this. I can not believe the fall of in prices - 82%, is that typical or more on the high range?
Hun...
Where's my cut? :)
TLW...ROAR!
BB, good job on this difficult short sale.
Just wondering - did you have to do separate negotiations with SunTrust on the 1st and 2nd or did the negotiator on the 1st just tell you how much to allocate for the 2nd?
Bryant - What a relief for the seller and YOU! Great work.
How frustrating? 11 months. Is it any wonder that people can't stand these bankers? Good for you that you closed another one.
OUCH! Bryant, what happened to the posted guidelines for times that Suntrust has? I assume they do not follow them at all?
Now that had to put a smile on your face and on the sellers as well. Great going!
Great work Bryant. These long ones with numerous buyers are the tough ones.
SunTrust is a challenge. I've done four deals with them. One was a breeze and the other three took forever.
Keith. The average drop in my area is about 70%. These units were NEVER worth the amount of money they were getting for them. It was a rip off preying on out oif sttae "investors".
Great job! $60,000 sounds like a good price - is that what the "normal" (not short sale) price for these is too?
Congratulations - I have one right now that we have been waiting on for 5 months!
Wow! I haven't heard that the servicers are negotiating terms like that here in our market.