Broker Bryant needs a hug!!!

By
Real Estate Broker Owner with Bryant Tutas-Tutas Towne Realty, Inc BK607690

 Yesterday, after seven months on the market, one of my listings finally sold. The sad part is it sold on the steps of the county court house as a foreclosure. I hate it when that happens. I feel like I failed in my attempts to help this Seller out.

His property was a flip that flopped. It was purchased in early 2006, at $225,000, with a $5,000 down payment. This particular builder sold about 30 of these homes to folks down in south Florida. I had written about here (A dollar short and many days late) and here (help stamp out fraud).

Unfortunately, by the time I took the listing, the property was only worth about $200,000 and we were going to need to negotiate a short sale in order to get it sold. Within six weeks of having it on the market we placed it under contract for $200,000. The buyer was a Mortgage Broker and was willing to give us time to get the short sale approved. The Seller, at my suggestion, hired an Attorney to negotiate the short sale with the Lender.

There were two loans on the property so it was the second lien holder who needed to accept the short. I don't know if they were just swamped with short sales or what but it took almost four months for them to finally, not accept the short, but ask for more information from the Buyer!! The biggest issue was they kept switching account reps on us. We were now dealing with our 5th account rep. Unbelievable. Anyway, by the time they finally got around to working the file, the Buyer had all ready moved on.

To make matters worse, the market values in Poinciana Fl had plummeted, and the property was now only worth about $175,000. We were still determined to do everything we could to get this house sold so we dropped the price to $179,000. No action. The market has crashed in my area and is saturated with pre-foreclosures and desperate Sellers.

About a month ago my Seller received the final foreclosure notice with a date of June 13th for the foreclosure sale to take place. So, in a last ditch effort, we reduced the price to $169,000. Within days we had multiple offers on the property and submitted them to the 2nd lien holder, to try, once more, to get them to accept the short sale, in lieu of foreclosing.

Well, again, they switched account reps on us. We never heard back from them and yesterday it was sold on the court house steps.

I've handled quite a few short sales in my career and this was the very first time that I lost. I'm disappointed. My Seller is kind of relieved that it's over but disappointed the Lender wouldn't work with us. We did everything we could. Now my Seller has to worry about the Lender filing a deficiency judgment against him on the mortgage note and attaching other assets. Of course there is nothing else I can do to help. I was defeated and I'm done. And that's all I have to say about that. Can I have a hug?

***"Pooh" Broker Bryant image compliments of Nick "Duh" Appraiser. 

All content copyright © 2007 - Broker Bryant Real Estate Ramblings

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The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Location:
Florida Polk County Poinciana
Tags:
short sale
foreclosures

Comments 83 New Comment

Rainmaker
245,524
Katrina Madewell
Tampa FL Homes for sale | Tampa Bay - (813) 777-1196
Charles Rutenberg Rlty- More than 5,000 agents(813) 777-1196
this IS sad.... short sales can get that way, HARD HARD part of our job.
June 16, 2007 04:17 AM
Rainmaker
181,983
Irina Netchaev
Pasadena CA Real Estate
Pasadena Views Real Estate Team, Inc.

BB, yes... you definitely need a HUGE HUG  ((((((((((((((:-))))))))))))))))))))

June 16, 2007 11:25 PM
Rainer
131,525
Susan Trombley
Broker/Realtor, Raleigh, Cary, Wake Forest, Youngsville
Trombley Real Estate

Bryant,

I to was sad to hear on the court house steps. I hope the seller did not blame you. XXOOOXOXOX

June 17, 2007 05:32 PM
Ambassador
248,503
Fran Gatti
Realtor, CDPE, RDCPro - Crescent City CA Real Esta
RE/MAX Coastal Redwoods

Bryant,

Sounds like the lender doesn't know a thing about customer service.  I feel for your seller, but I'm sure he knows you did everything in your power to help him out.

Fran

June 18, 2007 12:49 AM
Rainer
4,796
Preston Riley
Weichert Realtors, Dean-Kelby
Very bad news on your end, but you can't win them all. I'm sorry to say. Hey, 999 out of 1000 ain't bad. Keep up the good work
June 19, 2007 02:43 PM
Rainmaker
1,080,090

Bryant Tutas

Broker/REALTOR, Tutas Towne Realty, Inc
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