Successful Fifth Third Bank Short Sale In Kissimmee Poinciana Florida

Tutas Towne Realty and Bryant Tutas just had another successful Kissimmee/Poinciana Florida Short Sale closing with Fifth Third Bank.

The property:

Investment property. 4 bedroom 2 bath townhouse located in Kissimmee Poinciana Florida. This home has 2,234 sq ft of living area. It was purchased new in May of 2005 for $234,000. It Sold 12/28/2011 for $72,200. That's a decline in value of 70% in 6.5 years!

Liens:

• 1st Mortgage with Fifth Third Bank for $230,000

Hardship:

• Loss of rental income. Reduction in value.

Summary:

I placed the property on the market 29 April for $75,000. Negotiated a cash deal at $72,200 on 19 May. It took until 18 December to get the approval from Fifth Third. Most of this time was negotiating promissory notes that were required form Fifth Third and the Mortgage Insurance Company. After almost 3 months of trying to make these go away the seller agreed to pay Fifth Third $15,000 over 15 years and the MI Company $23,000 over 15 years. After finally receiving the written approval on the 18th of December the buyer decided to walk!!!

Even though the Buyer and his agent had been updated weekly for 7 months he still walked. Anyway I placed it back on the market as an "approved" short sale and we found a Buyer the same day for $72,200. We scheduled the closing for 2 days later and this Buyer made it to the closing table before getting cold feet and walking.

So...I placed it back on the market and found another cash buyer on 22 December. We closed and funded on 28 December.

Tutas Towne Realty placed the property on the market 20 April 2011. The transaction closed on 28 December 2011. 243 days from listing to closing!!

Fifth Third Bank accepted $65,500 or .28 cents on the dollar for the 1st mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY on an investment property. He did have to participate in the loss by signing two promissory notes.

Do you need help with your 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

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

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