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Is Selling Your Short Sale To The Tenant A Good Idea?

02-12-12
Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc
Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc: Real Estate Brokerage in Poinciana, FL
  • view my blog
  • Office: (407) 870-9003
  • Mobile: (407) 873-2747

short sale superstars

In my opinion.....no...it’s not.

And here’s why. The Lenders want as much money as possible for the property. They want the property exposed on the open market to attract a Buyer at the highest price possible. They want it to be an “Arm’s Length Transaction”. The Landlord (Seller/borrower) and the Tenant have a “business relationship”. In direct conflict with most “Arm’s Length Transaction Affidavits” they “Share a business interest”.

Here’s what three of the major Lenders say about the “Arm’s Length Transaction”.

  • Wells Fargo Arms Length Transaction Notice:No party to this contract is a family member, business associate, or share a business interest with the mortgagor. Further, there are no hidden terms or special understandings between the seller or buyer or their agents or mortgagor.

  • Bank of America Arms Length Transaction Notice: The Parties acknowledge and agree that the Subject Property must be sold through an “Arm‟s Length” Transaction. Arm‟s Length means two unrelated parties characterized by a selling price and other terms and conditions that would prevail in a typical real estate sales transaction. No party to this contract is a family member, related by blood or marriage, business associate, or shares a business interest with the mortgagor (Sellers).

  • SunTrust Mortgage Arms Length Transaction Notice:The Short Sale must be an “arm’s-length” transaction. The property may not be sold to anyone the seller has a close personal or business relationship with, including family, friends or neighbors.

Now folks, I know there are exceptions. I know that some lenders in some cases will allow the Tenant to purchase the property. But what’s the advantage to the Seller? I can’t think of any. To me it’s just an easy fix to try and soothe a Tenant that doesn’t want to move.

And it’s risky. What if the Seller spends several months trying to have this exception approved by the Lender only to have the Short Sale denied over it? Now they have just wasted good time that could have been spent finding an “Arm’s Length” Buyer.

Recently I had a Seller who was being pressured so hard by the Tenant to sell her the house that the Seller almost cancelled the listing over it. The Tenant who is staying in the property, at a reduced rent, is telling the Seller that the price doesn’t matter and that the Lender will have no problem with it and blah blah blah. The main problem is that the Tenant can’t afford the property and is trying to pressure the Seller into accepting a offer that will cost the Lender about $25,000. This is EXACTLY why Lenders do not want the Seller to sell the house to the Tenant.

This particular Short Sale is a Bank of America Florida Enhanced Co-op Short Sale. It gives the Seller a full “Waiver of Deficiency” and is paying the Seller more than $10,000. Because of these great incentives Bank of America gets to control the price and wants an “Arm’s Length Transaction”. Isn’t that fair? I think so and I’m glad the Seller now agrees.

So folks, play it safe. Don’t be bullied into making a costly mistake. What say you?


Are you facing foreclosure in Florida?

Contact Bryant Tutas

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.

The BIO for Bryant Tutas

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved

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1338 STALLONE CT, KISSIMMEE FL 34744 Pebble Creek

02-10-12
Steve Glose ,TRC, CIPS, Vacation Homes, Orlando Real Estate,Orlando Medical City
Steve Glose ,TRC, CIPS, Vacation Homes, Orlando Real Estate,Orlando Medical City: Real Estate Agent in Orlando, FL
  • view my blog
  • Office: (407) 616-7286
  • Mobile: (407) 616-7286

1338 STALLONE CT, KISSIMMEE FL 34744 $$$ 62,500 $$$

Exterior Front
Living Room
Dining Room
Kitchen
Kitchen
Garage
Master Bedroom
Master Bath
Bedroom 2
Bedroom 2
Exterior Front
Exterior Front

Check out this cute 3 bedroom, 2 bath home waiting for a little attention from you. The great room offers room to entertain, while the garage conversion will make a great hang-out for young and old alike. Your open patio opens to your side yard, ready for grilling out while the game goes on in the spacious backyard. Located near the intersection of 192 and Michigan, you have dining and shopping nearby. Imagine what you can do with this inviting home as your blank canvas! All information recorded in the MLS is intended to be accurate but cannot be guaranteed, buyer advised to verify.

For the latest status on this property and many more in the Kissimmee Area, contact Steve Glose with Keller Williams Realty direct at 407-616-7286 or visit www.thefloridalivingteam.com. For a faster reply you can also email me at steve@thefloridalivingteam.com. Prospective U.K. Buyers please call: 020-3239-7286. All information is deemed reliable but not guaranteed on the date posted. All Short Sale Properties are subject to bank approval of Sale Price.

Visit www.hunterscreekliving.com for more information on all properties for sale in Hunters Creek Orlando.

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2816 BOATING BLVD, KISSIMMEE FL 34746 Shingle Creek Reserve at The Oaks

01-25-12
Steve Glose ,TRC, CIPS, Vacation Homes, Orlando Real Estate,Orlando Medical City
Steve Glose ,TRC, CIPS, Vacation Homes, Orlando Real Estate,Orlando Medical City: Real Estate Agent in Orlando, FL
  • view my blog
  • Office: (407) 616-7286
  • Mobile: (407) 616-7286

2816 BOATING BLVD, KISSIMMEE FL 34746 $$$ 175,000 $$$

Exterior Front
Entrance
Dining Room
Kitchen
Great Room
Master Bath/Spa
Master Bath
Patio/Deck
Entrance
Other
Loading Dock
Other

SHORT SALE APPROVED**APPROVED**APPROVED*** This property is ready to close*** This home features beautiful tile floors, stainless steel appliances, spacious bedrooms. All the bedrooms are located upstairs. The kitchen opens to the family room. Separate living/dining combo. The master bathroom has dual sinks**antique brickel fixtures** separate garden tub and separate huge stand-up shower. The master closet is very spacious. It is sitting on a premium lot. It has 2 AC's (upstairs/ downtairs). This home is located in a Golf Community. Boat ramp on site.

For the latest status on this property and many more in the Kissimmee area, contact Steve Glose with Keller Williams Realty direct at 407-616-7286 or visit www.thefloridalivingteam.com. For a faster reply you can also email me at steve@thefloridalivingteam.com. Prospective U.K. Buyers please call: 020-3239-7286. All information is deemed reliable but not guaranteed on the date posted. All Short Sale Properties are subject to bank approval of Sale Price.

Visit www.hunterscreekliving.com for more information on all properties for sale in Hunters Creek Orlando.

2 Comments
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3184 WATERBRIDGE LN, KISSIMMEE FL 34744 Fells Cove

01-25-12
Steve Glose ,TRC, CIPS, Vacation Homes, Orlando Real Estate,Orlando Medical City
Steve Glose ,TRC, CIPS, Vacation Homes, Orlando Real Estate,Orlando Medical City: Real Estate Agent in Orlando, FL
  • view my blog
  • Office: (407) 616-7286
  • Mobile: (407) 616-7286

3184 WATERBRIDGE LN, KISSIMMEE FL 34744 $$$ 169,000 $$$

Exterior Front
Kitchen
Master Bedroom

Elegant 4/3 home is designed for easy living, comfort & entertainment. Gorgeous TRAVERTINE tile throughout. Custom designed tile entry way. Oversized MBR has sitting area for reading or nursery. Gourmet kitchen has upgraded appliances and built in desk.VERY large fenced yard surrounded by majestic oaks. View of Water and Park Like Setting in Back, Fenced Yard, Inside Fantastic loft/office. Wired for Surround sound. Formal Dining area, Long, brick paver driveway leads to 3 car garage. Escape to Country yet close to Lake Nona and airport. Incredible home for incredible price. Few homes like this in area. Short sale, No appliances or window treatments convey with the sale

For the latest status on this property and many more in the Kissimmee area, contact Steve Glose with Keller Williams Realty direct at 407-616-7286 or visit www.thefloridalivingteam.com. For a faster reply you can also email me at steve@thefloridalivingteam.com. Prospective U.K. Buyers please call: 020-3239-7286. All information is deemed reliable but not guaranteed on the date posted. All Short Sale Properties are subject to bank approval of Sale Price.

Visit www.hunterscreekliving.com for more information on all properties for sale in Hunters Creek Orlando.

1 Comment
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GMAC Short Sale Success In Kissimmee Florida

01-25-12
Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc
Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc: Real Estate Brokerage in Poinciana, FL
  • view my blog
  • Office: (407) 870-9003
  • Mobile: (407) 873-2747

Kissimmee Florida Short Sale

Tutas Towne Realty and Bryant Tutas just had another successful Kissimmee Florida Short Sale closing with GMAC Mortgage.

The property:

Primary Residence. 4 bedroom 2 bath single family home located in Forest Edge in Kissimmee Florida. This home has 2,190 sq ft of living area. It was purchased new in June of 2004 for $218,500. It Sold 1/17/2012 for $155,000. That's a decline in value of 29% in 7.5 years.

Liens:

  • 1st Mortgage with GMAC Mortgage for $281,000

Hardship:

  • Loss of income.

Summary:

I placed the property on the market 8 September 2011 for $165,000. We negotiated a deal at $155,000, 7 days later. The deal was submitted for HAFA but was denied. It was resubmitted as a regular short sale and was approved.

Tutas Towne Realty closed the transaction on 17 January 2012. 128 days from listing to closing!!

GMAC Mortgage accepted $138,250 or .49 cents on the dollar for the 1st mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY with no contributions. GMAC paid 6% commission and paid 3% in buyer closing costs.

Do you need help with your Florida Short Sale?

Seller Testimonials

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

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

Are you facing foreclosure in Florida?

Contact Bryant Tutas

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.

The BIO for Bryant Tutas

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved

3 Comments