Photos from Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc
What else can I say? This is what Central Florida looks like when you are not at Disney.Located in: Poinciana, FL
Location: Buenaventura Lakes Kissimmee Florida 34743
Value: $69,000 to $79,000
Hardship: Loss of rental income on this investment property
Amount owed: $175,000 on a 1st with GMAC and $32,000 on a 2nd with Green Tree
Property was listed on May 19th at $89,000. Priced reduced to $73,000 on June 10th. Went pending on July 9th at $73,000.
Complete Short Sale Package was submitted on 20 July.
Buyer had inspections and appraisal done within 10 days of contract acceptance.
Green Tree asked for 5% of the purchase price or $3,650.
GMAC offered them $3,000 and wanted the Real Estate commission reduced by 1%
Green Tree said no and I said no.
GMAC gave us a written approval on Friday 18 September agreeing to $3,650 to Green Tree and full commission to Tutas Towne Realty, Inc. Green Tree gave us final approval 21 September.
Another successful Short sale approval from Bryant Tutas of Tutas Towne Realty, Inc.
If you are a seller that needs help.......give me a call. All calls are confidential. Or check out.....
http://CentralFloridaShortSales.com
If you are an agent wanting to get into the Short Sale market...........
Available Short Sale Training:
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
Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved
Another successful Short Sale approval in Poinciana Florida.
Property Value: $85,000 to $90,000
Amount owed: $185,000
Hardship: Loss of rental income on several rental properties (this one included)
Loan details: Fannie Mae with Mortgage Insurance
Property was placed on the market on May 8th for $109,000.
The price was slowly dropped until it went pending on June 10th at $85,000.
After about 6 weeks Fifth Third came back wanting the Seller to bring $35,000 to closing. The Seller offered $1,000. The transaction fell apart and the Buyer walked.
The property was placed back on the market on August 20th. On August 27th it went pending again at $87,500. A complete Short Sale package was sent in again on September 2. Within days Fifth Third came back wanting $35,000. The Seller stood firm on his offer of $1,000. Finally after several attempts to get him up Fifth third agreed to $1,000 cash at closing.
We received written approval on September 18 only 16 days after submitting the 2nd contract and package. Sometimes the second time is a charm.
Working Short Sales is very rewarding. If you want to learn more...........
Available Short Sale Training:
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
Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved
Hi folks. Today I want to give you a little taste of the real estate market in Central Florida. If you are not in Florida, California or Nevada it may be hard to comprehend how bad things got. How drastically values declined.
Let’s use Ginn Reunion Resort as an example. Reunion was designed to be a would class vacation resort. It features 54 holes of Championship golf designed by Arnold Palmer, Tom Watson and Jack Nicholas. Reunion Resort also has a 10 acre water park, 17 pools, horse stables, tennis, spas, shopping, ANNIKA Golf Accademy, condos, townhouses, single family homes and the topic of today’s post…….lots.
In 2004 and 2005 this was the place to buy and flip vacant lots. Standard size single family lots (4500 to 6500 sq ft) on the golf course were selling for as high as $600,000 in 2005. Today……..
Does it get any worse than this? What was the Lender thinking when they lent $410,025 on literally a strip of land 35 ft wide?
Anyway…...if you are looking for a deal in Reunion let me know. I’m sure we can find you something.
Reunion Lots from the $20,000s
Reunion Townhouses from the $110,000s
Reunion Condos from the $150,000s
Reunion Single Family Homes from the $200,000s
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
Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved
Hi folks. Let's talk a little bit about negotiating. Negotiating is one of the things I enjoy most about my job. I would be perfectly happy to never do anything but sit at my desk and negotiate deals over the phone.
Negotiating is an acquired skill that anyone can learn. It's one of those things that the more you do it the better you get. I also think everyone has their own way of doing it so I'm just going to try to explain what works for me and then you can tweak it or add to your current way of doing things so that it works for you and your market. And hopefully, you will be able to add some suggestions or techniques, in the comments, that will help me to improve. So here goes:
One of the first things I've learned about negotiations is that unless the offer is acceptable I always suggest to my Sellers that they counter offer. We rarely out right reject an offer. I've had offers that started out extremely low where the Buyers eventually came up. There are some Buyers who just have to get the low ball offer out of their system. It could be a cultural thing. It could be they have watched too much late night TV. Whatever the reason.....it's just an offer. Don't let the Sellers take it too personal and get upset over it. Counter it.
When I receive an offer on one of my listings, the first thing I do is call the agent and go over the offer with them. I do this for two reasons. One, I want to make sure I have the entire offer and I'm not missing an addendum that may have additional terms on it and secondly, I want to open up communications and get friendly with them. Why? Well, it's simple, they may tell me something that my Sellers and I can use while negotiating. You would be surprised at the things I've learned during the course of a conversation.
Next I call the loan officer or mortgage broker. Same strategy, ask questions and listen. You can find out quite a bit of information. But most importantly, I want to make sure the Buyers truly are qualified. You can usually tell if the LO is being truthful with you or not.
Now folks, I'm not working for the Buyer. I work for the Seller and my goal is to get as much money as I can for my Seller's property. There is nothing wrong with me asking questions. If the Buyer's side chooses to answer something they shouldn't, well that's their problem not mine.
Once I have taken these two steps, and I'm satisfied with the answers, I prepare a Net sheet and transaction outline for my Sellers. Now I'm ready to get with my Sellers and go over the offer. Initially I prefer to present the offer via Email or by phone. At this point in the negotiations I've just found it easier on the Sellers if I'm not burying them in paperwork right up front. I present the offer by using the Net sheet and transaction outline that I have prepared. I want the Sellers to concentrate on the things that are important to them not 10 pages of useless disclosures and addendums. We can go over that stuff later.
I suggest to my Sellers that they make a strong counter offer. We want the Buyer to be tempted to accept our counter. I also suggest they agree to as many minor things as they can i.e warranties, closing costs contributions, closing dates and the such. If the costs/terms are within reason, accept them. Give the Buyer the small stuff. It's easier to get a counter accepted if you are not changing or denying every little thing the Buyer is asking for. If the Buyer wants closing costs and warranties, these items are just reflecting in the counter offer price anyway......so why not leave them in?
Once the Seller has decided on a counter offer we make the changes on the contract and mark where the Buyer needs to initial. Now this step, may be a little controversial and some may not agree but here goes, my Sellers do NOT sign or initial the counter offer. I Email it to the Buyer's agent with no signatures or initials. "But Broker Bryant, why do you do that?" Well, let me tell you, I want the Buyer to commit before my Seller signs off on it. My Seller ALWAYS signs last.
We keep the property on the market and take showings and offers until the Buyer has agreed and signed and initialed everything AND put up his escrow deposit. I want my Sellers to be in a position to negotiate and accept another offer if one should come in that's better. I don't want the Buyer to sit on my Seller's counter for two days while they decide whether or not to accept it or counter it.
Also, NEVER give an ultimatum in negotiations. Don't say, "This is my Seller/Buyers final offer, take it or leave it." It slams the door shut on any further negotiations and it's not true. I can assure you, if my Seller comes back within $500, your Buyer will probably accept it. So just don't give ultimatums. Negotiate until the deal is accepted or dead and buried.
That's how I do it. Any questions or suggestions?
***More videos from ROAR!! Productions
Available Short Sale Training:
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
Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved
Another successful Short Sale approval in Central Florida!
Lender: Chase
Amount owed: $129,000
Hardship: Loss of income and medical
The property was placed on the market on February 14th at $110,000. The price was slowly reduced to $85,000 on April 11th and went pending on April 18th at $87,500.
The complete Short Sale Package was submitted to Chase on April 24th.
On July 17th we were asked by Chase to reduce the Seller concessions from 6% to 3%. So we rewrote the contract at $84,500 and reduced the Seller concessions.
On August 4th the Buyer's appraisal came in at $60,000. We rewrote the contract at $60,000 and submitted to Chase with the appraisal.
We received written approval from Chase on September 1st for $60,000. The amount of the "Short" is $77,000 or 60% of the mortgage. No note or cash contribution is required of the Seller.
From contract to approval took 137 days. Not too bad for Chase.
Available Short Sale Training:
Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com
http://ShortSaleSuperStars.com
***The content of this blog is solely my opinion***
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