Central Florida Short Sales

Ocwen Short Sale Success in Orlando Florida

Bryant Tutas-Tutas Towne Realty, Inc — Wed, 09 May 2012 08:32:14 -0700

Tutas Towne Realty and Bryant Tutas just had another successful Orlando Florida Short Sale with Ocwen Loan Servicing.

The property:

Investment Property. 2 bedroom 2 bath attached Townhouse located in Coach Home of Dover Villages in Orlando Florida. This property has 1,080 sq ft of living area and was built in 1994. It was purchased in June of 2006 for $165,900. It Sold 5/4/2012 for $50,000. That's a decline in value of 70% in 7 years!!

Liens:

1st Mortgage with Ocwen Loan Servicing for $132,700
2nd Mortgage with Ocwen Loan Servicing for $33,200

Hardship:

Curtailment of income.

Summary:

The property was placed on the market 27 October 2011 for $75,000. The price was steadily reduced until we placed it pending at $50,000 on 8 February 2012.

Issues: The biggest issue was my fear of dealing with Ocwen. I had never dealt with them before and everything I had read online was negative. They came across as the worse possible lender to have to do a short sale with. Their short sale package specifically states they will only pay 4% commission and that all closing costs have to be limited to 8% of the purchase price. We also had almost $4,000 in back HOA fees that needed to be paid.

Anyway, I submitted the short sale and said my prayers :) Ocwen was AWESOME!!! I had full blown approval in 43 days from submission. Full commission and they agreed to pay the HOA in full.

Tutas Towne Realty closed the transaction on 4 May 2012. 190 days from listing to closing!!

Ocwen Loan Servicing accepted $40,350 or .30 cents on the dollar for the 1st mortgage. And they accepted $1 on the second!

***The Seller received FULL WAIVER OF DEFICIENCY for both loans..

Do you need help with your Orlando Florida Short Sale?

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
Indy Mac
One West Bank
DTA Solutions LLC Short sale
Aurora Short Sale
Ocwen short Sale

Can we add you to our list of successful Short Sales?

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.

Customer Testimonials

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.

The Lender Don't Give Squat About The Deficiency Language In Your Purchase Contract

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 06 May 2012 08:00:34 -0700

Hi Bryant,

I am looking for techniques for obtaining Waivers of Deficiencies. I noticed that you have commented on this issue in the CDPE forums.

I recently listened to an interview and from what I can recall, the silver bullet was to put a rider on the purchase and sale contract which allows the seller the option to cancel the contract in the event that a Waiver of Deficiency can not be obtained.

My first thought was this was pointless, as the seller's lender is not a party to the sales contract. He went on to explain, however, that the rider serves as an effective tool with which to threaten the lender during the negotiation process, and that he had a lot of success with the technique.

Any thoughts on this technique? Any other effective techniques to obtain a waiver?

My thoughts:

Most short sale contract contingencies give the seller the right to cancel the contract if the terms of the short sale are not agreeable. So there certainly needs to be something in the contract related to this. However, it will have ZERO effect on whether or not the lender gives a Deficiency Waiver. This is a technique taught by people that don't actually negotiate short sales :)

The way to get a deficiency waiver is to just ask the lender. And start asking when you submit the Short Sale. It should be in your cover letter and then in every correspondence thereafter. If the lender says "no" then your next question is "What does the borrower need to do to get the full Waiver of Deficiency?" Usually the answer will be for the seller/borrower to make a cash contribution, sign a promissory note or both.

Negotiate as hard as you can. But even then some lender/investors will NOT place a Waiver of Deficiency in writing. If that happens the borrower just needs to make a decision whether or not to go through with the Short Sale or be foreclosed on. By the way, if the Seller decides to file a Bankruptcy they will STILL be foreclosed on.

But just because they won't put it in writing certainly doesn't mean they will spend time and money in the future to go back in front of a judge to get a judgment. My guess is few lenders will do this unless the Short Sale was not done in Good Faith.

A Deficiency Judgment may be more of a fear than a reality. I personally did Short Sales in 2010 on 2 properties I owned. BofA would not give me a Deficiency Waiver. I closed anyway. 6 months after closing I received letters in the mail forgiving the debt and waiving all rights to a deficiency.

Fannie, Freddie, BofA, HUD, HAFA, VA are all good bets that a deficiency will never be pursued if the short sale was done on good faith*****.

*****Of course I am not an Attorney nor do i play one on TV. Folks need to seek legal advice on this very important issue.

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.

Customer Testimonials

About Bryant Tutas. Disclaimer

Bryant Tutas-Tutas Towne Realty, Inc — Sat, 28 Nov 2009 16:29:46 -0800

ABOUT BRYANT TUTAS

I am not a lawyer or an accountant. Any legal or financial advice I give is my opinion based on my own experience. Always seek the advice of a professional before acting on something that I might say.

I am a licensed real estate Broker in the state of Florida. My opinions on real estate have been formed from my experiences and 18 years of working in the business. My opinions are in line with Florida Real Estate laws and the REALTOR(R) Code of Ethics. Your State's laws may differ. So do your own homework before implementing any of my business practices into your business.

Currently I am:

Known on the Internet as Broker Bryant

The Broker/owner of Tutas Towne Realty, Inc

Managing partner of REGrow, LLC

Co-founder of www.ShortSaleSuperStars.com and Agent Short Sale Training.

My main web sites are:

www.BrokerBryant.com

www.CentralFloridaShortSales.com

www.PoincianaProperties.com

www.TutasTowneRealty.com

www.TTRealtyNet.com

You can also find me on:

Facebook

Linkedin

Twitter

Activerain

Trulia

Zillow

Localism

YouTube

Scribd

Professional profile:

I specialize in the listing and selling of properties in the Central Florida area. My primary focus at this time is helping people avoid foreclosure. I also teach Agent Short Sale Training with my partner Wendy Rulnick through REGrow, LLC.

I am a member of the National Association of Realtors, The Florida Association of Realtors, Osceola County Association of Realtors and the My Florida Regional Multiple Listing Service.

Personal Profile:

I live in Solivita with my wife of 25 years, Billie aka TLW "The Lovely Wife". We have identical twin boys who are 36 and 6 grandchildren, ages 5 to 16. I love to read and learn. My favorite charity World Vision.

Best way to reach me:

brokerbryant@gmail.com
407-873-2747 Voice mail or text

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.

Customer Testimonials

What A Top Short Sale Broker Looks Like While Working

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 15 Apr 2012 07:09:50 -0700

OK....so there are advantages in working from home!!! My 5 year old granddaughter said I looked very pretty. Does anything else really matter?

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.

Customer Testimonials

Tax Foreclosure In The Middle Of Short Sale?

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 29 Apr 2012 05:39:14 -0700

Featured Discussions

Tax Foreclosure In The Middle Of Short Sale?

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Can I notarize client affidavits?

With more and more notarized documents needed, I'm wondering, will banks balk if I get a notary license and notarize the signatures (while…

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Need help with Arms Length definition FHA PFS

Hi Everyone, I have had my sister-in-laws home listed for4 months. We originally thought the sale would be a regular sale and sell for som…

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Short Sale Notification

Hi Everyone: We are having a difference of opinion. When there are two lenders involved and the sale of the house will bring enough money…

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Fannie Mae requires shorter short sale Timelines

April 25, 2012 Fannie Mae Sets New Short Sale Timelines New Guidelines Will Expedite Process, Improve Foreclosure Prevention Options Andrew…

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FHA ATP Question

So for those of you who know the PFS program very well I have a question you know on the ATP how it states language like this Acc…

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Need a real decision maker at Bank of America for urgent short sale

I am the selling agent on a B of A short sale where the property itself is truly distressed. There are three sump pumps in the basement. …

Started by Ellen Levy in Short Sale Discussions Latest Reply

We Are Being Asked to Get A Full Appraisal and Re-Submit?

Hi Everyone, Has anyone run across the latest trick by Wells Fargo AND Bank of America that we supply a full appraisal and re-submit the fi…

Started by Rhonda Duffy in Short Sale Discussions Latest Reply

Two Counter Offers from Bank of America

On April 4th Bank of America countered our offer on a short sale, they didn't change the purchase price just some of the closing numbers. …

Started by Rick Maron in Short Sale Discussions Latest Reply

Any way to "defeat" the Mortgage Insurance Company?

We've been working a Bank of America short sale for nearly a year now. Offers continue to be rejected when we get down close to approval. C…

Started by Gordon K in Short Sale Discussions Latest Reply

RSS

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.

Customer Testimonials

OK....tomorrow's the big day!!!! Don't miss out.

Bryant Tutas-Tutas Towne Realty, Inc — Fri, 26 Jun 2009 17:22:41 -0700

Hi folks. Did you know I have been giving away free information on Active Rain for three years? Just about everything I know about Real Estate I have shared and have never asked for anything in return. Today, is going to be different.

Starting Saturday June 27th at 11:00 am Wendy Rulnick and I, Broker Bryant, will be launching “Short Sale Basics”. This will be a 5 part, very comprehensive, course on Short Sales.

If you are not familiar with Wendy check out her blog here. Wendy is the Broker/owner of Rulnick Realty in Destin Florida and…..

“Wendy Rulnick, is a Florida Realtor and Broker, and has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy was featured in Kiplinger Personal Finance Magazine as a short sale specialist.”

Wendy and I will be your instructors. Our goal is to help as many REALTORS® as we can become better at handling Short Sales. By empowering you we can do our small part to help Mr and Mrs Homeowner get through these difficult times. Together we CAN make a difference.

Short Sale Basics is being presented as a Webinar. Each class will be 60-90 minutes long. As students you will be able to call in by phone or listen in on the Internet. We will take questions in advance of each class and will try to answer as many as we can during the session.

These sessions are NOT for trying to sell you a product. Instead these are training classes. If you attend all 5 classes you will have the knowledge and confidence needed to succeed at Short Sales. You will be in a position to help folks and make a good income while doing so. We want you to succeed and we'll be there to help you in any way we can.

Wendy and I will both be available during and after the course to answer any questions you may have as you start working with Short Sales.

Here’s the class schedule and curriculum:

June 27th Session 1: Short Sale Basics

What is a Short sale

How does it affect the Seller

Why would the Lender consider a Short Sale

What role does the REALTOR® play

July 11th Session 2: Taking the Listing

How to qualify the Seller

Questions to ask

Documents needed

Disclosures and addenda to the listing contract

July 18th Session 3: Placing the property on the market

Proper pricing

Price reduction strategy

Marketing

Seller disclosures

July 25th Session 4: Selling the property

Qualifying the Buyer

Negotiating the contract

Knowing what the lender will accept

Time frames

August 1st Session 5: Presenting the Short Sale to the Lender

Preparing the package

Making your case

Follow up

Negotiating the payoff

Folks as you can see we have a lot of information to cover. There will be course materials sent to you in advance of each session.

OK since I already mentioned this is not free…you’re probably wondering how much it is?

The cost is $67 per session or you can purchase the series for $297. All sessions will be recorded and given to you as a MP3 file so you can go back and listen at your leisure. AND....you will get a membership for our Short Sale Networking site.

The course is guaranteed. If for any reason you feel you didn’t get your money's worth just let us know and we will give you a full refund. All we ask is that you are honest with us and yourself. Let us know where we let you down so we can improve.

Wendy and I are just like you, we both work Real Estate full time. We both handle our own Short Sales from beginning to end. Wendy has tons of experience and is a wealth of information. My job will be to get this information from her and present it to you in a no nonsense style so we can all learn together.

Short Sales are going to be around for years to come. If you are not interested in listing them that’s OK. You may still be selling some on the Buyer side. This course will give you the knowledge needed to assist your Buyer in choosing the right property. Knowledge is power.

I can already see I’m going to need to write a few more posts about this. This one is waaaay too long.

So.....are you ready? All you have to do to register is send us an email at shortsalebasics@gmail.com Let us know what sessions you want to attend. We’ll then send you the instructions on how to pay and where to “go” for the class. We have room for 250 people. Who wants to be first?

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.

Customer Testimonials

"Padding The HUD"...Games People Play.

Bryant Tutas-Tutas Towne Realty, Inc — Wed, 25 Apr 2012 04:57:36 -0700

Hi folks. We have a good discussion going on over at Short Sale Superstars about “Padding the HUD”. If you are not familiar with this phrase, “Padding the HUD” is the practice of adding additional charges and/or inflated amounts to the estimated HUD before you send in the Short Sale request. The idea is that the Lender will take away some of the charges yet leave the ones you really need. It gives the Short Sale negotiator wiggle room.

Wendy and I completely do not approve of this tactic. We teach to submit a very clean HUD that is as accurate as possible then fight to get it accepted. "Padding the HUD" is a trick perfected by weak negotiators.

We negotiate deals where the only thing on the seller side of the HUD is Title search, Title work Title insurance, state doc stamps, commission, property taxes, HOA fees and mtg liens. That's it. We may include 3% seller concessions but only if we can't find a better buyer and we are under time restraints.

If the file has something unusual that needs to be paid we suggest you make it a Buyer requirement at time of contract . Fully disclose this in the MLS PRIOR to the buyer even looking at the property.

Repair issues and other stuff that may show up are determined at time of listing and the property is priced accordingly. If the property has major issues we only negotiate cash deals so financing and repairs are not an issue.

There is ZERO reason for there ever to be a surprise cost involved with a Short Sale. Unless it is a very rare mistake.

So...padding of the HUD is only needed if the negotiator is not doing their due diligence at time of listing. And that is why a 3rd party negotiator who is not handling the listing and the selling of the property has to resort to these tactics.

Therefore a 3rd party negotiator should have a detailed check list of items the listing agent needs to check. There also needs to be a lien search and title search done at time of listing to uncover any issues before the property is sold so any unusual items can be thrown on the buyer side at time of contract.

This stuff is not difficult. I recently saw a padded HUD that had almost $30,000 of expenses on a $180,000 property. $20,000 of these were bogus. Not surprisingly at all the lender countered with a ridiculous price. No one can tell me this wasn't related to the "Padded HUD".

I have personally spoken to lender negotiators about this practice and was told these HUDs are an inside joke. They are not stupid. You can expect guidelines in the near future where the lenders will be the ones giving us the HUD and requiring us to make the deal fit.

My advice is to quit playing games with transactions. Learn how to be a better Short Sale Negotiator. You're kidding yourself and taking the easy way out by thinking "Padding the HUD" is needed.

What say you?

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.

Customer Testimonials

Always Remember We Are Agents NOT Attorneys

Bryant Tutas-Tutas Towne Realty, Inc — Thu, 19 Apr 2012 05:22:04 -0700

Hi folks. One of my passions is helping other agents with their short sales. Everyday I spend time answering questions on Short Sale Superstars and other forums I participate on.

One of the questions I frequently see is from agents wanting lender contacts so they can have a foreclosure stopped or postponed. My standard response is that the borrower needs to speak with an Attorney and they need to do it ASAP.

It is not our job, as agents, to get involved with stopping foreclosures. Last I checked our licenses are for selling real estate not practicing law. Foreclosure defense is a legal issue not a real estate issue.

Usually the response I get when I answer like this is “Well I’m just trying to help these people out”. No. You. Are. Not.

You are harming them by trying to do something you are not qualified to do.

As Short Sale agents we have to know what we can and what we can’t do. Stopping a foreclosure is one of the things we can’t do. Now we may get lucky every now and then BUT it is still practicing law.

Sellers with a looming foreclosure date need an Attorney. As a Short Sale agent be sure to align yourself with an Attorney that you know and trust so you can feel comfortable referring your Sellers to them when needed.

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.

Customer Testimonials

Wells Fargo FHA Short Sale Success In Clermont Florida

Bryant Tutas-Tutas Towne Realty, Inc — Mon, 16 Apr 2012 05:58:54 -0700

Tutas Towne Realty and Bryant Tutas just had another successful Clermont Florida Short Sale with Wells Fargo. This was a FHA Pre Foreclosure Sale.

The property:

Primary Residence. 3 bedroom 2 bath single family home located in the Savannas in Clermont Florida. This home has 1,848 sq ft of living area and was built in 1999. It was purchased new in Septemebr of 1999 for $114,900. It Sold 4/6/2012 for $87,500. That's a decline in value of 23% in 13 years. This property was never refinanced and had the original 13 year old mortgage. Yet still......underwater.

Liens:

1st Mortgage with Wells Fargo for $96,000

Hardship:

Job transfer out of state.

Summary:

The property was placed on the market 11 December 2011 for $108,000. This was a pre-approved FHA Pre Foreclosure Sale. The price was reduced until we placed it pending at $87,500 on 5 February.

Issues: When the sellers contacted me about placing the home on the market they were under the impression the property was listed with another agent. Turns out the other agent had listed the property and then turned everything over to a title company to handle the short sale. The property had a buyer but they couldn't get Wells Fargo to agree to the price. Wells Fargo gave a pre-approved price of $108,000. The buyer walked and the listing expired. The seller was never informed of any of this.

In fact Wells Fargo also thought the property was still on the market. One of the requirements of the FHA PFS is that the homeowner have the property on the market. They have 120 days to sell it. When I took over the listing the property had never been on the market during this 120 day period. The PFS approval was 21 days from expiring.

Immediately I put in a value dispute and was able to get the value down to $94,000. This enabled us to find a buyer and get an extension on the HUD PFS to allow us time to get it closed.

Tutas Towne Realty closed the transaction on 6 April 2012. 117 days from listing to closing!!

Wells Fargo accepted $79,850 or .83 cents on the dollar for the 1st mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY and received $750 from HUD FHA for relocation incentive.

Testimonial:

Bryant contacted me after my daughter in law spoke to her realtor about the selling of our home. We live in Cali. my daughter in law and sons realtor researched and found Bryant. They contacted him and told him of our situation.

I have to admit when I was told that I would be contacted by another realtor I was quite skeptical.

We placed our home on the market as a traditional sale February, 2011. After no offers we decided a short sale was the best option. After the house being reduced quite a bit and still no offers. I was at the point of throwing up my hands.

Then Bryant called me. He gave us hope. He had our house on the market for less then 6 months, had multiple viewings and an offer. I closed on my house

April, 2012.

He is honest! He is caring! But most of all he follows through on his word!!!!

Thank you Bryant!!!!

C. London

Do you need help with your Lakeland Florida Short Sale?

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
Indy Mac
One West Bank
DTA Solutions LLC Short sale
Aurora Short Sale
Ocwen short Sale

Can we add you to our list of successful Short Sales?

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.

Customer Testimonials

Bank of America Short Sale Success In Davenport Florida

Bryant Tutas-Tutas Towne Realty, Inc — Mon, 16 Apr 2012 05:33:35 -0700

Tutas Towne Realty and Bryant Tutas just had another successful Davenport Florida Short Sale with Bank of America. This was a Bank of America Cooperative Short Sale.

The property:

Investment Home. 5 bedroom 3.5 bath single family home with pool located in Highgate Park in Davenport Florida. This home has 2,459 sq ft of living area. It was purchased new in March of 2006 for $377,000. It Sold 4/12/2012 for $165,000. That's a decline in value of 56% in 6 years.

Liens:

1st Mortgage with Bank of America for $235,000

Hardship:

Loss of value
Reduction in rentals

Summary:

The property was placed on the market 11 January 2012 for $177,600. After 21 days it was reduced to $169,000. We placed it pending at $165,000 on 22 February.

We received Short Sale approval 15 days later and moved towards closing.

Issues:

None

Tutas Towne Realty closed the transaction on 12 April 2012. 96 from listing to closing!!

Bank of America accepted $151,250 or .64 cents on the dollar for the 1st mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY.

Seller testimonial:

To Short sale my house was a very painful decision to begin with, losing the big down payment and all these years investments all together is already something very heavy for me to bear with, not to mention the thoughts of finding an offer, negotiate with bank for short sale approval, tons of document requests, many paper work...etc. However after talking to Bryant Tutas initially and working with him for while, I felt like the original pain and pressure was alleviated somewhat. Knowing that he is putting himself in my shoes and trying his best to minimize my suffer from the short sale process gave me great comfort. It turned out that Bryant made the whole process of selling fast, smooth and much less painful than I originally thought it would be. Furthermore, Bryant negotiate with bank to save me some money on some unpaid dues, even though those are not a lot, But in the situation we were in, any small money helps big. With Bryant's knowledge and experience, he saved me $3000 by separating the sale of the property and the furniture I bought for the house. I just want to say BIG thank you for everything you have done during my short sale experience. You are the best!!! E. Wang

Do you need help with your Lakeland Florida Short Sale?

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
Indy Mac
One West Bank
DTA Solutions LLC Short sale
Aurora Short Sale
Ocwen short Sale

Can we add you to our list of successful Short Sales?

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.

Customer Testimonials

The Bank Of America Cooperative Short Sale Is A Thing Of Beauty

Bryant Tutas-Tutas Towne Realty, Inc — Mon, 02 Apr 2012 05:18:32 -0700

Folks, as we all know, there are many things that are wrong in the Short Sale world. And in my opinion there is one thing that is very right. The Bank of America Cooperative Short Sale. The Bank of America Co-op is what Short Sales should be.

Low to no documentation from the Seller.
Pre-approved pricing with aggressive price reductions.
$2,500 cash to the Seller at closing.
Full Waiver of Deficiency.
6% Commission..
Can be an investment property.

It’s basically HAFA without all of the paperwork and time delays. I’ve done quite a few of these and have about a dozen on the works right now. One key point is that you want to be sure to go through the Co-op approval process prior to placing the property on the market.

It may take a couple of months on the front end to get approved for the Co-op and get a listing price but once you have these things the process is very straight forward.

List the property at the approved price.
Sell it.
Upload the contract and HUD into the Equator system.
Received the final approval. Usually within 15-30 days
Close the transaction.

Easy peasy.

From Bank of America

Important information on a Bank of America Cooperative Short Sale

■ If you successfully complete a cooperative short sale, you will sell your home and will be required to vacate the property.

■ You are responsible for all maintenance and expenses on the property until it is sold.

■ Financial hardship and inability to afford the payments on the property are needed to qualify for a cooperative short sale.

■ The short sale must be an “arm’s length” transaction. An arm’s length transaction means that you cannot list the property with or sell it to anyone that you are related to or with whom you have a close personal or business relationship.

■ Bank of America, N.A. will use proceeds from the sale to pay off the balance of your loan, and will work together with your listing agent on your behalf to facilitate the sale process.

■ We may begin or continue the foreclosure process while we review your request. We will suspend any foreclosure sale date until the expiration date of the signed Acknowledgement of Interest or the date of closing of an approved short sale, whichever is later, as long as you continue to abide by the terms and conditions of the agreement.

■ If the cooperative short sale is unsuccessful, Bank of America may offer you the opportunity to participate in a deed-in-lieu of foreclosure program.

■ Once your short sale is completed, Bank of America will report to the major credit reporting bureaus that your loan was completed as a short sale.

Benefits of a successful Bank of America cooperative short sale

■ If the cooperative short sale is successful, Bank of America will pay you $2500 for moving, relocation, or rental expenses.

■ If the cooperative short sale is successful, Bank of America will not pursue the deficiency balance on your loan.

■ If the cooperative short sale is successful, Bank of America will not foreclose on your home.

So folks, if you have a mortgage with Bank of America and need to do a Florida Short Sale, I can help. I’ll be waiting to hear from you. Any questions?

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.

Customer Testimonials

Bank of America FHA Pre-Foreclosure Sale Success in Lakeland Florida

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 01 Apr 2012 07:41:06 -0700

Tutas Towne Realty and Bryant Tutas just had another successful Lakeland Florida Short Sale with Bank of America. This was a FHA Pre Foreclosure Sale.

The property:

Primary Residence. 4 bedroom 2 bath single family home located in Lakeland Florida. This home has 2,484 sq ft of living area. It was purchased in July of 2006 for $214,000. It Sold 3/30/2012 for $160,000. That's a decline in value of 25% in a little over 5 years.

Liens:

1st Mortgage with Bank of America for $200,00

Hardship:

Divorce.

Summary:

The property was placed on the market 25 July 2011 for $230,000. The price was steadly reduced until we placed it pending at $160,000 on 21 October. The first buyer walked in January but we were able to find a new buyer in about a week at the same price.

We received FHA approval in late February and moved towards closing.

Issues:

None

Tutas Towne Realty closed the transaction on 30 March 2012. 249 days from listing to closing!!

Bank of America accepted $146,500 or .73 cents on the dollar for the 1st mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY and received $1,000 from HUD FHA for relocation incentive.

Do you need help with your Lakeland Florida Short Sale?

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
Indy Mac
One West Bank
DTA Solutions LLC Short sale
Aurora Short Sale
Ocwen short Sale

Can we add you to our list of successful Short Sales?

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.

Customer Testimonials

Bank of America Declines Short Sale Because Property Is Not On Zillow!

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 01 Apr 2012 04:36:43 -0700

BOA declines Short Sale because of lack of marketing????

BOA is declining short sale file due to the fact that they could NOT find the address on active status on ZILLOW ?????? I have send the MLS…

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Here's a hairball - I have a foreign seller doing a short sale, and while the seller won't realize any net at closing, is he still obligate…

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Just wanted to give my current story on what's going on and if anyone had any suggestions. Currently trying to short sale our house which…

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Home inspection contingencies etc...

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Value Dispute with Wells and listing was vandalized!

I have informed Wells and they are rekeying the property to secure it, they have not asked for a copy of the police report or pictures of d…

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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.

Customer Testimonials

2012 Short Sale Industry Outlook. Free Webinar

Bryant Tutas-Tutas Towne Realty, Inc — Sun, 25 Mar 2012 05:45:58 -0700

Hi Superstars,

Did you miss our recent member Webinar? If so here is the replay.

2012 Short Sale Industry Outlook-CLICK to play

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REGrow, LLC does not necessarily endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. REGrow, LLC takes no responsibility for the content on these pages that are written by the members of this community

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.

Customer Testimonials

New Bank of America 3rd Party Authorization Form. Not Licensed? No Authorization For you!!!

Bryant Tutas-Tutas Towne Realty, Inc — Sat, 24 Mar 2012 08:11:42 -0700

That's right. As of 14 April ONLY licensed real estate agents, real estate brokers and attorneys will be able to talk to Bank of America about Short Sales. And they must be licensed in the State where the property is located.

Now since I personally handle all of my own Florida Short Sale negotiations this will not be an issue for me. But what about others that have assistants or staff that communicate with the lenders on their behalf? What about 3rd party negotiators that work in multiple States where some may not require licensing to negotiate short sales?

The new Bank of America 3rd Party Authorization Form is causing quite the stink in the short sale world. It will be interesting to see how it all plays out.

Check it out and let me know your thoughts.

By the way, I AM a licensed Florida Real Estate Broker and CAN negotiate any of your Florida Short Sales with Bank of America or any other Lender. Call me.

BofA 3rd Party Authorization

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.

Customer Testimonials