Well this one was not easy. Sun Trust took 11 months to approve this Short Sale! Nine of those were
waiting on the file to be assigned to a negotiator. During this time we
lost 2 buyers and finally found one to stick.....I thought. About 3
weeks ago I received the approval to close. Even though I had
communicated with the Buyer's agent every week for the last 9 months I
found out a week before closing that the Buyer had changed his mind!!!

So....I had to place the property back on the market as an "approved short sale".

We needed a cash buyer that could close in 7 days at the full asking price. Luckily we found one.
Lolita' Clay from Exit Realty brought a full price cash Buyer and they
closed today. 3 days before the Short Sale approvals expired. Way to go
Lolita!!!

Property:

4 bedroom 2 bath condo in Legacy Dunes. Legacy Dunes is a Short term rental community about 5 minutes from the
main gate of Disney World in Orlando Florida. The condo was purchased in
July 2006 for a whooping $335,400!! We sold it yesterday, 4 years
later, for..........$60,000!!! That's a decrease in value of 82%.

Hardship:

Loss of income

Liens:

1st with Sun Trust for $269,150. Settled for $62,183 or $.23 cents on the dollar.

2nd with Sun Trust for $30,350. Settled for $10,973 or $.64 cents on the dolllar

HOA lien for $6,000. Received full payment from the Seller.

Details:

The Seller had to contribute $17,500 to Sun Trust plus had to pay the $6,000 to the HOA. No promissory note and Sun Trust issued a Waiver of
Deficiency for both liens.

Another successful Central Florida Short Sale by Tutas Towne Realty!!

Are you facing foreclosure on your Sun Trust Mortgage? If so........

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com