About Lakeland's Hunters Greene

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?

Dear Fannie Mae,

I am writing on behalf of Mr Sell M. Short. Mr Short has hired me to sell his property and to assist with negotiating a short sale with Bank of America.

We have been diligently working on this since May of this year. In July we submitted a complete short sale package through the Equator system and have been going back and forth with our negotiator since then.

First, Bank of America wanted a higher purchase price and the buyer agreed. Then they wanted a cash contribution from the seller of $2,500. Even though he has to borrow these funds he has agreed.

Now they are asking him to sign a promissory note in the amount of $15,000 with payments of $100 per month. Unfortunately, the borrower does not have the financial means to make these payments. So of course he is not able to agree to this request.

In the last 3 years Mr. Sell M. Short has already lost 4 properties due to foreclosure and has completed a successful short sale on another. He is not in a financial position to contribute anything more than the $2,500 he has already agreed to.

Therefore, we humbly request that you remove the requirement for Mr. Short to sign a promissory note so we can get this short sale approved and move towards closing.

The buyer is ready, willing and able to close at fair market value for this property. Foreclosing on this property will just reduce the values in the area even further and will cause Fannie Mae and the tax payers more unnecessary expenses.

I own and operate a nationwide network of close to 5,000 agents and attorneys who work short sales every day, www.ShortSaleSupertars.com I would love the opportunity to post an article about a successful dealing with Fannie Mae.

Thank you in advance for your consideration.

Please feel free to contact me at any time.

Yours sincerely,

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc

Are you facing foreclosure in Florida?

Folks. This Lakeland Florida Short Sale has room to roam with 4 bedrooms/2.5 baths with 2885 sq ft of living area and built in 2005.

Located in Hunters Greene.