Is doing a Strategic Short Sale the right thing to do? First let me define Strategic Short Sale. A Strategic Short Sale is when you can afford your mortgage payments and are making payments on time BUT you owe more than the property is worth. You make a strategic decision to sell the property and offer your Lender less than what is owed as a settlement of your debt. If the Lender accepts your offer you have just completed a Strategic…
ContinueAdded by Bryant Tutas on May 30, 2011 at 1:49am — 8 Comments
WOW!! Check this out......
WASHINGTON – May 24, 2011 – U.S. banks and money lenders now own 872,000 homes, a number that could more than double in the coming years, real estate research firm RealtyTrac said.
Added by Bryant Tutas on May 24, 2011 at 7:54am — 1 Comment
Yes it's true. I didn't think it was when a potential Seller called me in December to see if I could place his Bellalago Short Sale on the market. He said that Chase contactied him and offered him $20,000 to short sale his Florida property. He had 3 days to get it listed and send them the listing agreement. They also told him he didn't have to provide them with any financial information. Just a listing agreement, contract, HUD 1 and a…
ContinueAdded by Bryant Tutas on May 21, 2011 at 2:06am — 8 Comments
In a nutshell, FIRPTA requires the closing agent or buyer to withhold 10% of the amount realized (usually the purchase price) to ensure that the tax due on the sale is given to the IRS. Basically the IRS doesn't want the…
ContinueAdded by Bryant Tutas on May 17, 2011 at 1:10am — No Comments
From the FAR newsletter:
Fla. files lawsuits for foreclosure rescue fraud TALLAHASSEE, Fla. – May 3, 2011 – Florida Attorney General Pam Bondi’s office filed a lawsuit on Friday against three South Florida companies that allegedly charged upfront fees for loan modification services to homeowners facing foreclosure. Charging upfront fees is illegal under Florida Statute 501.1377.Added by Bryant Tutas on May 3, 2011 at 8:27am — 1 Comment
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