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

Hi folks. A few months ago I had  Sellers call me who had just received notice that their property was being sold at auction in 10 days. Of course they wanted to know if I could help. As the good little Broker that I am I said “Maybe”. I asked a few qualifying questions and found out the property was:

• Purchased as a “flip” that flopped.

• They had a first Mortgage with 1st  Horizon and a 2nd with Etrade.

• The mortgage balances totaled roughly $220,000 and the property was worth about $60,000.

• The Sellers had recently divorced.

• One was in California and the other was in China.
  

The biggest obstacle of course was the auction date barreling down on us. Both Sellers would have to get me their financial information very quickly AND we would need to find a Buyer…… yesterday.

So my question is……..would you take this listing?

***In order to be successful with Short Sales you have to be able to pick and choose who to work with. You have to make sure the Sellers qualify and you have to make sure they are motivated. Want to learn more?

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Hi folks. Here are some excerpts from my day. Nothing special really. Just a normal day with trying to sell REOs in my market. ALL of these properties were active in the MLS and had been placed on the market in the last 48 hours.

My Buyers made cash offers ALL well above asking price. Some as high as 20% above list price. Frustrating for the Buyers to say the least. Not to count the hours of my time spent writing and submitting offers. Oh well. The day is over and I am now relaxing by the pool with a good book. Enjoy!!!!

• This is a just a courtesy E-Mail Letting you know that we have received your offer. There are Multiple Offers on this property and we will be getting back to you within 2 -5 business days with the banks response. Have a great day.

• Thank you.. we just got an offer accepted today in the morning pending seller's signature..I will keep you offer as a backup.

• Good Afternoon. The seller has accepted another offer on the above property,  I will advise should anything change with the accepted offer.

• The bank has accepted another offer. Thank You for all your efforts. We look forward to working with you in the future.

• I already have an accepted offer on this property.

• Offer receive it, thank you. Please be advice that this property has multiple offers. The lender is reviewing offers at this time they will choose the highest and best offer

So how was your day?

Thank goodness I placed a couple of my Short Sales pending.

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What a difference 3 years makes. Right now the average price in Poinciana Florida is $73,000. You can still do 100% financing but only with VA, USDA(rural housing) or FHA with a gift from a family member or employer.

3 years ago I wrote this: (I highlighted the statements that truly show how far we have fallen)

Negotiated a deal on one of my listings yesterday. The Buyer is purchasing using 100% financing with Seller paying closing costs. My market is affordable housing with the majority of homes priced from $190s to $250s and it seems like most of the Buyers lately have been purchasing with no money down.

Now don't get me wrong I am in favor of home ownership for everyone but I fear a lot of the Buyers are going to have financial difficulties in the near future. With high insurance costs, property taxes and mortgage payments I am seeing payments of close to $2,000 per month for a starter home. That's a pretty big nut to crack every month in my area where most families are regular working class people and don't have any reserve funds if they should encounter a financial setback.

Also, a good number of these purchases are being made with ARMs with the Buyers basing their ability to pay on future raises at work or a part time job that they may or may not be getting. In my opinion Mortgage Brokers and Realtors are being overly aggressive in selling these folks on the advantages of home ownership without really taking the time to counsel the Buyers on the true costs involved. And since they don't have to come up with any money at closing they are sitting ducks for Mortgage Brokers who are charging them sometimes outrageous fees for doing these types of loans.

So my challenge to Realtors who are dealing with first time Home buyers with a little or no money down is to really take the time to explain the pros and cons of purchasing a home. If the Buyers are fully informed and are wanting to move forward then help them to negotiate fees or guide them to the myriad of programs available that can help them with financial assistance. Placing a Buyer in a home he can't afford can damage them for years. It can cause bankruptcies, divorces and even illnesses. So let's "Protect the public" it's what Realtors are supposed to do.

END

Maybe I really am psychic! What do you think?

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OK so I need some help today. I have potential Sellers who unfortunately have a swimming pool that was built on an utility easement. They've lived in this house for over 20 years. When the pool was added 20 years ago permits were pulled by a contractor and it was never mentioned that the pool would be an encroachment. The lot is big enough that it would have fit with no issue on the other side of the house.

Now they want to sell but are not able to give clear title AND no one will claim the easement. Behind the house is an old railroad and a closed sand mine.

It seems like it would be a fairly simple thing to vacate the easement or just move it back 20 feet. But noooooooo! We can't seem to get over this hurdle.

So far the only solution that has been given my Sellers is to move the pool. The Sellers are not able to sell and get on with their lives. They are in their 70s and bought a motor home last year with the intent of selling this house and using the money to help them travel around the country. Now their retirement dream has become a nightmare.

We're stuck. Any ideas?

Are you a Florida REALTOR(R) looking for a change? Check it out. http://TTRealtyNet.com

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

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All I can say is WOW!!! Poinciana is down to 648 active listings.  Considering there were almost 1100 in January this is incredible. That’s a decline in inventory of 59%. Yowsers!!! Inventory is flying off the shelves.

Here’s another goodie. There were 132 closings in May. To put that in perspective, last year from January through May, there were 162 sales TOTAL for the 5 month period.

This year for the same 5 month period there have been 559 sales. That’s an increase of 345%

AND…..values are UP!!! Not much. But they are up. 2.5% from April to May of this year.

Now folks, I personally feel this change, while very positive, is temporary. My opinion is that another huge wave of foreclosures will be hitting the market after the summer. I truly hope I’m wrong.

Anyway, lets enjoy a little positive news while we can.

Here’s the lowest priced home in Poinciana Florida today.

3 bedroom 2 bath built in 1989 with 1274 sq ft of living area. It’s a bank owned property priced at $24,900. It came on the market this morning.

The most expensive home is this 2658 sq ft home built in 2002 with 4 bedrooms, 3 baths ands a pool. This is a Short Sale priced at $350,000!!! Yikes!

OK that’s it for me. See ya!!!

***All data was pulled from the Mid-Florida Regional Multiple Listing Service and covers the Poinciana Neighborhoods excluding Cypress Woods and Lake Marion. 

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