Short Sale approval with GMAC and Bank of America in 53 days.
Location: Vista Lakes Village Orlando Fl
- Listed with Tutas Towne Realty on May 18th at $275,000.
Liens:
- 1st Mortgage with GMAC with a balance of $420,000
- 2nd Mortgage with Bank of America at $63,000
Terms:
- Purchase price of $200,000
- Bank of America agreed to accept $5,000 (8% of the balance owed).
- GMAC agreed to accept $179,500 (43% of the balance owed).
- The Seller is not bringing funds to closing and is not signing a promissory note.
- The real estate commission is 6%.
Challenges:
- Rental property
And there you have it. Another successful Short Sale approval from Tutas Towne Realty.
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
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