Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

Will I have to sign a promissory note if I do a Short Sale?

11-19-09

Floirda Short Sale Broker www.CentralFloridaShortSales.com

Possibly. I have found that more times than not the Seller is not only willing to but wants to make a cash contribution or sign a note to get the deal done. It helps them to feel better about their situation. Most people WANT to pay their bills and honor their obligations

Our job as your Short Sale Agent is to give you, the Seller, the facts and let you make the decision.

Here are two responses recently received from Bank of America and how they were presented to my Sellers.

What Bank of America is really saying is "Yes we approved your Short Sale request now let's work out the details". This is the response we want. Right?

CASE #1

In response to your counter offer, BofA will not budge. They rejected your offer of $500. Below are the 2 options they have given.

OPTION 1: total proceeds of sale toward the 2nd $7,500.00 Can be any combination of proceeds of sale AND 'cash contribution.

OPTION 2: $3,000 proceeds of sale PLUS new deficiency note for $5,000.00, payable at $150.00 each , 0% APR.

We already have $2,350 to give to the 2nd so subtract that from the $7,500 figure leaving $5,150 needed for the first option and for the 2nd option it would require $650 cash and a note for $5,000. The notes are soft which means they have zero interest and they are unsecured.

Now we could try to get the buyer up higher. Although I personally feel this may cause an appraisal issue with their mortgage. The note could possibly be negotiated for a longer term, say 5 years. That would make the payment $83.33. They may even go 7 to 10 years.

Please consider your options and let me know. We need to give them a response no later than tomorrow.

CASE #2:

I have just received an email from BofA. They are asking you to contribute either $3,000 cash at closing or they want you to sign a $10,000 soft note. The note would be interest free. I would think they would be willing to go either 5 or 10 years. on the note. 5 years would have a payment of $166.67 per month and 10 years would be 83.33

What are you thoughts? The other items are things I would take care of. Please let me know as soon as possible as time is of the essence.

***I am not an Attorney and cannot give legal advice. You are advised to seek competent legal and tax advice. Any decision you make may have negative repercussions.

Now I don't know what these particular Sellers will decide. They may accept the offers or they may want to negotiate. Once they decide I will act accordingly. I do feel that both of these Short Sales will get closed. Any questions?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

11 Comments

FHA and USDA Buyers are NOT 2nd class citizens! Or are they?

11-17-09

Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

FHA Buyers, at least in my market, are normally placing the minimum amount down, 3.5%, and asking the Seller to pay 6% towards their closing costs. In a market where 87% of the sales are distressed properties, FHA Buyers, in the eyes of the Seller, are second class citizens.

It's not only difficult for FHA Buyers to find a property and get an offer accepted but....they pay more. That's right, the folks who can probably least afford it have to pay more to get a home.

Here are some stats I pulled today that will back up that statement.

During the period 1 October to 17 November 2009 there were 162 single family homes that sold in the Neighborhoods of Poinciana Villages. 30 of these were purchased using FHA financing.

***Check out this little chart:

	Beds	Baths	Sq Ft	List Price	Sold Price	Price/Sq Ft	LP/SP
FHA	3	2	1821	$76,280	$78,880	$43.73	104%
Others	3	2	1847	$70,267	$70,404	$38.63	101%
Difference	NA	NA	(26)	$ 6,013	$ 8,476	$ 5.10	3%

***Data pulled from the Mid_Florida Regional MLS on 11/17/2009 and is deemed to be reliable.

So what do you think about that? FHA Buyers are getting less house and paying 11% more. Even if you take out the 6% in closing costs assistance FHA Buyers are still paying 5% more....for less house.

Should FHA Buyers be treated like second class citizens? I don't think so. Maybe Sellers Lenders should have more incentive to help these folks get a home without having to pay more than others. OR...maybe Buyers need to save more money before getting into the housing market.

What say you?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

22 Comments

Florida Foreclosures. Be prepared to pay higher than asking price

11-15-09

Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

Florida foreclosure stats

How many times have you heard "I want to buy a foreclosure so I can get a deal" and "I was told I could buy foreclosures for 20% less than asking price"?

I hear these things every day. It's frustrating when you try to explain the "market" to potential buyers and they don't listen to you. I'm sure they figure that all we are really doing is trying to sell them. Well they are right. We do want to sell them a house. BUT...we also want to make sure they get the house they want and are able to buy a house.

In my market, Kissimmee Florida, the well priced foreclosures are flying off the shelves. It is imperative that buyers understand the market or they'll end up without a property at all.

So....hopefully this article will help you to understand the market in my area. As you can see, there were only 21 REO (foreclosures) properties that sold in Poinciana Florida between 1 October and 14 November 2009 that fall within these parameters:

Built in 2000 or later.

At least 1500 sq ft living area.

Priced less than $65,000.

Of the 21 sales only FOUR sold for less than the asking price. The average was 110% of asking price. That means a house priced at $60,000, on average, sold for $66,000. This means if you are looking for this style of property offer at least asking price and be prepared to go higher.

Knowing what a property is worth will make it easier to prepare an offer that will be accepted. That's where we come in. Does this help?

Here a list of the properties used for this report with their asking prices and selling prices. Check it out.

Florida Foreclosure Report

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

10 Comments

Another Kissimmee Florida Short Sale Approval

11-13-09

Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

It only took 7 months BUT we have another Bank Of America Short Sale Approval.

Location:

Kissimmee Florida.

Details:

Placed on the market with Tutas Towne Realty on March 1, 2009 at $89,000.

Went pending on April 17th at $79,000 all cash Buyer.

Mortgages:

$188,000 owed on the 1st Mortgage with Bank of America.

$25,000 owed on the 2nd with Real Time Solutions.

Challenges:

Keeping the Buyer on board for almost 7 months.

The 2nd started out with Bank of America and was sold to Real Time Solutions about 5 months into the transaction.

The Seller is an investor than owns multiple properties.

Outcome:

Bank of America netted $69,000 (37% of what was owed).

The 2nd received $3,000

Only $500 cash contribution required from the Seller.

NO note

Happy Seller. Happy Buyer, Happy Agents

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

17 Comments

Foreclosure Tour Kissimmee Florida

11-12-09

Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

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 RealtyTrac there 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%

VIEW ALL DISTRESSED PROPERTIES FOR SALE IN POINCIANA FLORIDA

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.

Want to find out more? www.CentralFloridaShortSales.com

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

14 Comments

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Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc
Bryant Tutas-Tutas Towne Realty, Inc

Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc: Real Estate Brokerage in Poinciana, FL

Office: (407) 870-9003

Mobile: (407) 873-2747

Give me a try for professional and attentive service. My 15 years experience and good "Old fashioned" hard work will fulfill your Real Estate needs. My wife is expensive and I can't afford to lose!:

Photos from Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

Selling Central Florida one house at at time.

Tutas Towne Realty, Inc

Specializes in the listing and selling of residential properties in the Central Florida area including Orlando, Kissimmee, Davenport, Haines City and more. With 15 years of experience in Florioda real estate we have helped hundreds of Buyers and Sellers achieve their Real Estate goals.

As Broker/Owner I pride myself on my attention to details and my constant communication with my customers and clients.

Whether Selling or Buying in Central Florida...

Please contact the experts at:

Tutas Towne Realty, Inc.

I want to offer you my 15 years of experience with selling homes in Central Florida and an unconditional 45 day listing agreement that you can cancel at anytime with no fees to you.

My promise is to update you personally during the listing period at least once a week. And I promise to answer my phone when you call or return your call within 1 hour, Mon-Sun 9am-7pm. Try it! 407-873-2747

Finding solutions that get your property “sold” is what I do.

Folks, if you still need to sell your home then give me a call today and let’s talk! All calls are confidential. I can help……

….if you’re facing foreclosure. www.CentralFloridaShortSales.com
….if you need to sell a Holiday Home. www.BuyProperty.ning.com
….expose your property to over 500 web sites. www.TutasTowneRealty.com
….educate you on current market conditions. www.BrokerBryant.com

I take selling your property serious, so make the call. You have nothing to lose.

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If you answered YES to any of these questions then Tutas Towne Realty, Inc may be the Brokerage for you. Give me a call today for your confidential consultation. My direct line is 407-873-2747.

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Testimonials

Bryant, I want to thank you for all the help you provided in a professional manner. The short sell went well considering all the negotiations you had to do with First Horizon and Etrade. The end result saved us money and I hope some of our credit rating. I would not hesitate to recommend you to anyone interested in purchasing a home or doing a short sell.

Best Regards to you in the future,
David Fisk Successful Short Sale closing Feb '09

Hi Bryant,

Thank you very much for doing the video of the community of where our new villa is. I would like to take this opportunity to thank you for all your help finding us our vacation home in sunny Florida and making it so easy. You have been extremely patient with us and with your immense knowledge of the process of buying a property in the USA and helping us every step of the way.

Even though this has been an extremely fast process, we would have found it impossible doing this without you as we could not spend enough time in Florida to find our ideal home and stay until we exchanged contracts. You have taken wonderful photographs of several properties and describe them in detail and pointed out any potential problems. We are extremely grateful for all your help and making this an enjoyable experience.

I would not hesitate recommending you to anyone in the UK thinking of buying a property in Florida.
Once again, thank you very much.

Kind regards,
Richard

Thank you for all your professional and expert assistance in selling my home so quickly. You always followed up with me each step of the process. Selling or buying a home can be one of the most stressful times in a person's life, but you helped make it a very positive one for me. I was pleasantly impressed from beginning to end. I would highly recommend you to anyone in the market. Thanks for everything!

Lisa Hylton

"My family relocated to Florida several years ago. It so happens that Bryant Tutas was the listing broker/agent on the home we purchased. As Bryant stated his success with range pricing. We are one of the 100's that purchased one of his listings. I will state that our home was range priced and had it not been the chances are that we would have never came up with the property in our search is not very good. For us it was the best home to meet our needs and for a few dollars more, the best deal"

Ron Withers-Mortgage Broker

Photos from Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

Will I have to sign a promissory note if I do a Short Sale?

FHA and USDA Buyers are NOT 2nd class citizens! Or are they?

Florida Foreclosures. Be prepared to pay higher than asking price

Another Kissimmee Florida Short Sale Approval

Foreclosure Tour Kissimmee Florida

Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, IncBryant Tutas-Tutas Towne Realty, Inc

Photos from Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc

Selling Central Florida one house at at time.

Florida REALTOR(R) Opportunities. YES...we are hiring!

Testimonials

Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc
Bryant Tutas-Tutas Towne Realty, Inc