Bryant Tutas's Blog – May 2011 Archive (5)

Is A Stategic Short Sale For You?

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…

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Added by Bryant Tutas on May 30, 2011 at 1:49am — 8 Comments

Lenders Now Own 872,000 Homes!!!

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.



The current number of properties owned by banks and lenders is nearly double what they owned in 2007, before the housing market began to collapse, The New York Times reported Monday.



Lenders frequently sell homes at a… Continue

Added by Bryant Tutas on May 24, 2011 at 7:54am — 1 Comment

Chase paid my seller $20,000 to do a short sale!

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…

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Added by Bryant Tutas on May 21, 2011 at 2:06am — 8 Comments

For Short Sales With Foreign Sellers....

...beware of FIRPTA. Foreign Investment in Real Property Tax Act of 1980

 

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…

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Added by Bryant Tutas on May 17, 2011 at 1:10am — No Comments

Florida Attorney General Files Charges Against Three Companies For Collecting Upfront Fees For Loan Mods....

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.



The three companies are:… Continue

Added by Bryant Tutas on May 3, 2011 at 8:27am — 1 Comment

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