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Yep....7 months ago I submitted a complete Short Sale Package to Chase on April 27 2009. After many months of frustration I received another Chase Short Sale Approval yesterday. We are closing on 11 December.
You know sometimes I am left just scratching my head. This one should have been a no brainer. The Sellers are both retired and disabled. They were able to purchase this home in late 2005 using a $100,000 cash settlement they received from a wrongful death suit for their son. Their son had always wanted to live in Florida so they took the $100,000 and put it down on a house that was selling for $183,000.
Of course what they couldn't have predicted was that their daughter who was supposed to move in with them and help with the mortgage payment decided after living in Florida for 2 months that she didn't like it. So she moved, Mom and Dad were now stuck with a house they couldn't afford.
When I first met them they were very depressed and couldn't wait for a buyer to come along and pay them $150,000 so they could move back home. Their mortgage balance at the time was about $90,000 and they didn't understand that their property was worth far less. How could they be upside down on their mortgage already?
These folks had done everything "right". They bought a house that was priced OK and put 60% down. Who would have ever though that within 24 months their equity was gone. And this wasn't just paper equity that we hear about so often. It was $100,000 CASH!
I sure wish I would have met them before they placed all the money they had into a property. Telling people of this age they have lost everything is by far the worse part of my job.
Eventually I was able to get them to understand that all of their equity was gone. They needed to pack up and move back to NY to be with friends and family. So that's what they did. Almost 80 years old and having to start over while living with their daughter. My job is so sad some days.
And to make it worse. They told me the only reason they were even doing the short sale was so I could get paid because I was so honest with them. WOW!!! Incredible strength in the face of adversity. It's almost over Alline....I promise.
Location:
Kissimmee Poinciana Florida
Liens:
1st mortgage with Chase for $100,000. They agreed to accept $35,000 (35% or what's owed)
Seller is bringing no money to closing and is NOT siging a promissory note.
The biggest one was getting Chase to understand that these folks were disabled living on Social security and did not have bank accounts and did file tax returns.
Keeping the same Buyer on board for 7 months.
And there you have it. Another successful Short Sale approval from Tutas Towne Realty.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Hi folks, Depending on who you listen to the foreclosure rate in Polk County Poinciana Florida is any where from 15% to 20%. I have no problem believing this since roughly 85% of the sales in this area are either foreclosures or distressed sales.
According to RealtyTracthere are 1,401 properties that are in foreclosure (Lis Pendens filed) on the Polk County side of Poinciana. There are 10,685 homes in this area. So let's call the foreclosure rate a minumum of 14%
Here's a little video I made yesterday that will show you what a 15% foreclosure rate looks like. The video was made going about half way down the road and only shows one side of the street.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Avoid foreclosure. Another successful Short Sale Closing with Fifth Third Bank.
Mortgage amount: $185,000.00
Sales price: $87,500.00
Lender agreed to 3% in closing costs and a 6% commission.
Net to Lender: $77,078.00 (42% of amount owed)
Fannie Mae was the Investor and there was Mortgage Insurance (MI).
Challenges:
The Mortgage Insurance company started out wanting $60,000 in any combination of cash and/or promissory note. We negotiated for 2 weeks. The Seller ended up bringing $1,000 to closing. No note.
The first Buyer walked after keeping the property off the market for 60 days. The 2nd Buyer closed 38 days after going under contract.
Total time from placing the property on the market until closing: 205 days.
Seller testimonial:
Dear Bryant
"I want to personally thank you for your exemplary handling of our recent real estate transaction. From day one you were a professional; courteously and patiently guiding me through the entire process. Your response time was unparalleled; you responded to my emails and phone calls within minutes, as if I were your only client!
And I believe that’s what every seller (and buyer) wants – to get the idea, or enjoy the feeling, that Bryant Tutas is their exclusive agent! I tried quite a few real estate agents before I finally came to you, and you jumped into action from day one! My property had been on the market for more than a year; within days of contacting you I had my first real offer, and very soon the house was in contract. We just closed a few days ago, and I am so grateful for all your help. Thank you Bryant, for everything!" MARK
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
This is NOT a Short sale or a foreclosure. Just a good property priced to sell. There are 3 bedrooms and 2 baths with 1480 sq ft of living space in this never lived in home. Built in 2007.
Owner will consider financing with 40% down or buy out right. The price is low enough at only $75,000. Would make a great primary residence or rental property. Would easily rent for $750 to $800 per month.
Either way it's ready for occupancy. The AC and heating system was installed this week. Check it out....
Since most of these properties are sold over the Internet sight unseen we try to capture the essence of the properties by use of numerous pictures and video tours.
Touring foreclosures in Central Florida is always an adventure. You just never know what you will find. Folks facing foreclosure have a tendency of taking out their frustrations on the property. I’ll never understand why.
The most attractive communities in Poincianna are Belle Laga and Solivita,
Solivita® is very easy to get to, and travel from, via Orlando International Airport, with direct service to more than 70 U.S. cities and dozens of international destinations. This 55+ retirement community is a very special place to visit. And it's all just 20 miles south of Walt Disney World!
The most attractive communities in Poincianna are Belle Laga and Solivita,
Solivita® is very easy to get to, and travel from, via Orlando International Airport, with direct service to more than 70 U.S. cities and dozens of international destinations. This 55+ retirement community is a very special place to visit. And it's all just 20 miles south of Walt Disney World!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
