Hi folks. I LOVE successful Short Sale closings. This one had a few issues but I was working with an awesome Buyer's Agent, Evelyn Broxterman, with Keller Williams in Lakeland Florida, she was able to keep the buyer on board for 6 months!! Evelyn is also one of our Short Sale Superstars.
The property:
4 bedroom 2 bath single family home located in Lakeland Florida. It was bought new in 2005 for $190,000 as an investment property.
Liens:
- Mortgage with Bank of America for $170,000
- HOA lien for $2,500
Hardship:
Loss of income due to rents dropping and no longer able to find a tenant.
Issues:
This property was placed on the market in May of 2010. It had actually been on the market for several years with another company. For whatever reason they were never able to get it sold.
We placed the property under contract in exactly 60 days. Then the games began. The transaction was submitted through the Equator system. After about 45 days BofA came back asking the seller for a $2,500 cash contribution and a $5,000 promissory note. We negotiated this down to just the $2,500 cash contribution and all was well......we thought!! Bank of America issued the written approval asking for the $2,500 but now they not only kept the note in the deal but raised it to $15,000!! YIKES! No matter how hard we tried they would not remove the note.
Soooo......I wrote the investor, FannieMae, a letter seeking help since they were the Investor involved in the transaction. Unfortunately they wouldn't help and sent me back to Bank of America.
We kept pushing and pushing and fianlly Bank of America agreed to remove the note requirement and do the deal with the Seller contributing $4,000 in cash. The Seller agreed and the transaction closed.
The property sold for $120,900 and Bank of America accepted $113,000 on the $170,000 that was owed. Or 66 cents on the dollar. Do you need help with your Florida Short Sale?
Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders.
- Chase
- Sun Trust
- GMAC
- Wells Fargo
- Bank of America
- US Bank
- PNC Bank
- Citi
- HomeEq
- Fifth Third Bank
- ING Direct
- GreenTree
- Capital One
- ASC
- First Horizon
- E-Trade
- Transland Financial
- USA Bank
- IBM LBPS
- Nationstar
Can we add you to our list of successful Short Sales?
Are you facing foreclosure in Florida?
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
Sounds like Bank of America felt this was a strategic short sale.
Most of mine are. Investors that bought properties to flip and then the market crashed. It doesn't really matter as long as the borrower is willing to partcipate in the loss. My goal is to make sure their participation is minimal if possible.
Bryant - good instruction. Congrats on your success in this interesting outcome.
Well done Bryant!
"Do you need help with your Florida Short Sale?"
Are you offering short sale processing, or cooperative listings in addition to your great service to consumers?
Bill
Exactly the post I needed to read today because the Bank's Attorneys sold us at the Sheriff Sale yet the Loan Servicer said the Sale was Stopped. We are going to court but there is no reason why they haven't performed. As always, Thank You!
Hey Bill. I do both!!
BB,
Good going..
I just closed a few weeks ago with BOA...it took 30 days from the list date to get a contract and closed in 4 months with is not bad considering BOA's time frame for closing. We did have an issue on the buyers side but it was cleared up and the closing was to go off on Dec 31st in order for the buyers tp qualify for portability. Unfortunately it was moved to the 7th of Jan. They wanted 3,000 which we got down to 1200 but the second wanted a 6500 debt paid off. Please note that the second lien holder was not BOA..it was another lender. They told my client he had to pay and additional 4000 to cover attorney costs and he was never late! Geez Lueez! Sounds a bit like extortion to me. Well he decided just to pay it off instead of being forced to pay those outlandish fees...I think he might even go after them later on. I believe it was just a tactic to get him to pay the whole thing off. They originally agreed to let him continue making his small payments but wanted this 4000 up front for no reason.
BB, I am just not surprised. You are the man to see for short sales in your part of Florida, and the guy some of us call just before we set our hair on fire... :D
Always like to hear the success stories....even the ones that took forever:) Nice job!
How do you like the equator system, I have a deal going now that has been sidetracked by their response system.
I'm surprised to hear what Steve says above. I haven't had too much trouble. Congrats on the closing.
Steve. I have had no issues with equator at all. Any thing I can help with?
Congratulations on a job well done!
BB - I think that's great that you went right to the investor, even though it didn't work out this time. I've heard that the servicers don't always look out for the best interests of investors and tend to work their own agenda.
Woo Hoo! It's nice to hear when something actually gets done through BofA. You are a true professional and your clients are blessed to have you in their corner.
Bridget "Maryland Mortgage Mama" McGee
Six months is a ling time to wait for it, but what an awesome feeling having it done. Only 100 more this year to go... :)
BB,
Bank of america closed short sale.
That puts you on some kind of short list of closed deals with them :)
Did they pay for the HOA.
One of my friends in the business is having a problem with an HOA fee and B of A.
Any suggestions.
Thanks,
Hi Ray and Karten. Yes they did pay the HOA. The initial HOA bill was for $2,400. The attorney handling the collection got it down to $1,800 and BofA paid it no problem.
I've closed all of my BofA short sales. I find them easy to work with. Especially now with the equator system.
If you need assistance check us out at http://ShortSaleSuperstars.com It's FREE and it will help
Great job on getting BOA to approve the short sale. I find them difficult to deal with but eventually they do approve the short sale.
To: Bryant Tutas
From: A Grateful New Yorker
I just wanted to express my heartfelt gratitude to you for doing such outstanding work on my short sale that closed a few days ago. You were extremely instrumental in getting a quick buyer, helping with the documents to the bank, following up with the negotiator, and getting this closed!
I don’t know what I would have done without you; you were truly the answer to our prayers!
Thank you for sticking through this. Many times I was on the verge of giving up, but you were encouraging, hopeful, and kept working on this until we closed.
I will never forget you, and will continue to refer you to anyone I know needs help in your line of business!
Thanks
Bickram (Mark)
B of A has been getting easier to work with since Equator. I have also found that it makes a big, huge difference on who is in charge of the file. Overall, most of the negotiators that I have been assigned have been pretty good. My motto is to work the phone calls with a smile and it tends to reciprocate.
Great success story, specially on an investment property.
I have a BofA short sale with similar numbers. Loan in 180's and sale at 115k. Equator, Loan Resolution Corp, and BofA are a terrible combination. What a bad experience it was but just like you, we push and push and I think we will close within the next few weeks with a total offer to close of over 25 weeks. Thanks for posting!