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Short Sale approval with GMAC and Bank of America in 53 days.

Location: Vista Lakes Village Orlando Fl


  • 1st Mortgage with GMAC with a balance of $420,000


  • 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%.


  • 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?

The BIO for Bryant Tutas

Copyright © 2009 | All Rights Reserved

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This is Loss Mitigation, How May I Help You?

Ring ring ring ring. Thank you for calling Short Sale. For priority service, please enter your 10-digit account number followed by the pound sign.


Please enter the last four digits of your social security number followed by the pound sign.


That number is not found. One moment please.

"Hello. This is Loss Mitigation, what is your account number?"


"Thank you, and your name?"

Wendy Rulnick, listing broker - authorized.

"Let me find your authorization... OK, I have it. The borrower's name?"

Joe Miles III

"Mailing address?"

12 Kemp Court, Onedon, IL 34003

"Thank you. We have on file a home telephone of 307-368-7110."

I don't have that number.

"We also have 307-993-0204. Do you have that?"

No, the only number I have that I know you have is 833-293-6624.

"The homeowner needs to call in and update his records."

He has already done that, yet every time I call I am given the wrong phone numbers.

"Thank you. The property address?"

20 Holmes St., Destin Florida 32541

"What are the last four of the social?"


"The buyer's name?"

Cecil Bedwell

"Thank you. How may I help you?"

I am calling for the status of the short sale.

"We have no further information on the file. Is there anything else I may help you with?"

No, thank you, have a great day!

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy's Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy:

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

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Possibly. I have found that more times than not the Seller is not only willing to but wants to make a cash contribution or sign a note to get the deal done. It helps them to feel better about their situation. Most people WANT to pay their bills and honor their obligations.Our job as Short Sale Agents is to give the Seller the facts and let them make the decision.Here are two responses recently received from Bank of America and how they were presented to my Sellers.What Bank of America is really saying is "Yes we approved your Short Sale request now let's work out the details". This is the response we want. Right?CASE #1In response to your counter offer, Bank of America will not budge. They rejected your offer of $500. Below are the 2 options they have given.OPTION 1: total proceeds of sale toward the 2nd $7,500.00 Can be any combination of proceeds of sale AND 'cash contribution.OPTION 2: $3,000 proceeds of sale PLUS new deficiency note for $5,000.00, payable at $150.00 each , 0% APR.We already have $2,350 to give to the 2nd so subtract that from the $7,500 figure leaving $5,150 needed for the first option and for the 2nd option it would require $650 cash and a note for $5,000. The notes are soft which means they have zero interest and they are unsecured.Now we could try to get the buyer up higher. Although I personally feel this may cause an appraisal issue with their mortgage. The note could possibly be negotiated for a longer term, say 5 years. That would make the payment $83.33. They may even go 7 to 10 years.Please consider your options and let me know. We need to give them a response no later than tomorrow.CASE #2:I have just received an email from Bank of America. They are asking you to contribute either $3,000 cash at closing or they want you to sign a $10,000 soft note. The note would be interest free. I would think they would go either 5 or 10 years on the note. 5 years would have a payment of $166.67 per month and 10 years would be 83.33What are you thoughts? The other items are things I will take care of. Please let me know as soon as possible as time is of the essence.***I am not an Attorney and cannot give legal advice. You are advised to seek competent legal and tax advice. Any decision you make may have negative repercussions.Now I don't know what these particular Sellers will decide. They may accept the offers or they may want to negotiate. Once they decide I will act accordingly. I do feel that both of these Short Sales will get closed. Any questions?
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Another Short sale story...where a BPO done from a-far was the kiss of deathWorking on a short sale in a project where the last sale was over a year ago, I advised the seller of the likely selling price and asked for the price adjustment...subject to his lenders acceptance on a short sale offer.90 days from listing date (showing this was still not a give away price) a 90% offer is made, with the only condition being the seller lender accepting the short sale. Two months in to the process two superior locations, of twice the size sell for twice as much as the current short sale offer.Along comes a distant BPO (done of $50- sight unseen), and the value is set at double the offer. My Offer is declined end of discussion. I tell the seller, "sorry this is your banks decision - game over". This loan had a 3 yr. balloon note clause whose date has already passed, there is no place to go, the lender tells me we are better off foreclosing on the property...Based on the BPO which they will not accept from me-is flawed.Everyone loses, except maybe the next agent to receive the listing post foreclosure...they will offer a new opinion of value upon listing and once its bank owned it will be negotiated...without the flawed data that killed the short sale option.Whats the harm you ask?, The seller has a foreclosure on his record, the bank has the added expense of the foreclosure (as they wouldn't take the property as a deed in lieu of) and the buyer will move on to another property...The bank, the seller, the buyer and the listing broker (me) all lose out on the opportunity to get this deal off the books and retire another bad loan. Why?...a $50 BPO done by an out of town agent, who the lender wouldn't tell me who it was...and even if I knew wouldn't change the opinion now anyway.The sales I used to set the asking price 5 months ago...were not even noted in the "new Broker opinion of value" they gave me the comps over the phone (but wouldn't send me the report) but wouldn't look at the 5 other listing still for sale at the subject project with asking prices in the same neighborhood (as the subject) .We are in trouble here when the lenders make counter offers for more than they are owed for their payoff, then outright decline market value offers based on flawed BPO's....Hire a licensed appraiser if you don't believe me? Did it ever occur to you the person doing the BPO thinks they'll get the listing and ask for a price drop later?Thanks Wells Fargo you are doing a great job, make sure you reflect this in your next request for government bailout money
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Bank OF America Short Sale Approved!

I have a BOA Short Sale on a vacant piece of land that I have been working on myself.The owners owed money to the HOA and our in house short sale specialist that I would normaly have working on this was told by her attorney boss that unless the sellers sign a waver and pay the HOA fees she had to stop what she was doing with the file. The attorney also handle the HOA and does the leins for them.So of course I'm not going to let a good offer go South. I submitted and completted the sale myself.The vacant 1/2 acre piece of land was originaly purchased for $165,000. The mortgage amount was $130,000.I had several offers at $30,000 which is what they have been selling for lately. The BOA negotiator said they wanted to see an offer in the $40's.One weekend I get the call I have intrest excited buyers and I put it under contract for $45,000. Of course explain the short sale process to them and like everyone they're fine with it.My buyers where getting antsie after 2 1/2 months. By this time BOA had actually ordered an appraisal. Of course I sent all the comps possible and kept on them on what a great offer this is and that there hasn't been a sale at that price in 2 years.By the way the appraisal came in at $32,500.I had called BOA every week and of course you can't get through the gate keeper. So every week I made the person I spoke to send an IM to the BOA negotiator with my cash buyer needs an answer before they walk.Last Friday 11/13/ I called and told them I just recieved an email that my buyer had sent and they are walking.I really did get an email from the buyer saying they where considering another option. I then did some research to see what else was available and honestly this location they had an offer on was one of the best locations for they're needs. I wrote the buyer a long email asking if they really wanted to start the process all over again?I got the short sale approval that afternoon and called the buyers to let them know WE HAVE APPROVAL! They where happy and are ready to close next week.Yes they (BOA negotiators) ask for papers that you've faxed 2,or 3 x's just put a smile on and resend. Kill them with Kindness. Don't be affraid to call them once or twice a week for an update.Even if they say they have nothing in they're note make the check that all the papers a there.They don't need 10 days like they say for it to get into the system. Usually they have it in less then 24 hours.Do call to confirm it was recieved (don't wait the 10 days to confirm).Try to get a IM or email through to the negotiator as often as possible this way you know they have had to touch or think about that file.Take notes lots of them. Just be persisent in a nice way.Always Thank them for all there help and info.This is the 3rd BOA Short Sale Approval I've got in 3 weeks it works.Good Luck!
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SuperStars Shop

Hi folks. We now have goodies! T-shirts, hats, mugs and tote bags. Quality items designed by Wendy and ready just in time for Christmas.Go check it out. Just click on the tee.

All proceeds go to maintaining and paying for this site. There are real costs involved with keeping this site running so if you think you are getting value pop on over and buy a shirt. They look cool too.Let us know if you want us to add some items or make any changes to the design.
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Reo Trans for Short Sales?

Need direction...have a Bank of America Short Sale in process and they called me...Good Right? Well...they gave me the website to sign in as an agent...all well and good but it does not link me with my current offer...mind you I am the listing agent on the Short did however give me access and let me list it on the site, I have offers in on the property and want to get this baby off my books....anyone have any calls on BofA properties, specifically Short Sales?Thanks-Melissawww.TheShortSaleAgents.comMelissa Polce, 704-450-4335
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SuperStar Update 11-13-2009

Hello fellow SuperStars,What a week we have had!! The site revamping seems to have gone over very well. Thank you for all of your positive comments on the new look.Would you believe that in the last week we have had 785 absolute unique visitors? And we had 11,569 page views!!!

40 new members this week brings our total to 533. What else can I say? The growth of the network this week has been phenomenal. Thank you!Due to this rapid growth we asked Jeff Payne to help us moderate the site. He gladly accepted his first order of duty which was to delete duplicate profiles and make sure all members are using First name/last name in your profiles. The first is for obvious reasons the second is to help with the new short sale agent search features.That reminds me......please add yourself to the short sale agent referral map. We want to be able to find you to give you business. Just hover on the "Find an Agent" tab and you'll see the link to the map.OK one more thing. Groups. Groups are the backbone of the site. Being able to find accurate info on the lenders we are working with is paramount to our success. If you are working with a short sale lender and can't find a group set up for them then please set one up. Or email me, Wendy or Jeff and we'll set it up for you.I can't stress enough how important this is. The group should be set up in the name of the short sale lender. It should have current contact information, web address and any forms they require as part of their short sale package. You can place this stuff in the first text box. Ask for help if you need it.We really want to make sure the short sale lender information is kept current. Please help. OK?OK I think that's it for now. As always let us know if there is anything we can do to improve the site. Our goal is to make this the best place on the web for folks dealing with short sales to get their information. How are we doing so far?Until next time....Learn, Know and Grow.Together we can make a difference.Wendy and Bryant
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I recently canceled three short sale listings after a client insisted that I pay to do some advertising that is not part of my marketing plan. We decided to go our separate ways after I broke down the numbers for them and showed them just how much money I was going to make off the listing if I were able to negotiate the short sale.I was actually losing money after paying my admin staff. It started me thinking, how low is too low? At what point do you say no to a short sale listing?I thought maybe some smarties here at short sale superstars might have some insight.
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The bulk of real estate sales continues to be pre foreclosed and foreclosed properties, largely because they are, square foot by square foot, the best deals on the market. With the number of foreclosures on the market and more on the way, cities are reacting to ensure the integrity of neighborhoods, and long term property values. This is equating to some additional costs for buyers.The saavy buyer already has some upfront costs when purchasing a property. I always recommend, and nearly all of my clients do, a home inspection. This can run from $250 to $400. In addition, more and more buyers are electing to have their potential new home tested for radon. This test can run from $180 to over $200 depending on the footprint of the home and the layout of the living spaces above.In addition to these costs associated with purchasing any home, bank owned properties are bringing some extra expenses. Many of these properties have been winterized by the property preservation departments of the owner/bank. This means that the water has been shut off, pipes drained, gas shut off, and often the electricity. A buyer on this property must pay to have the home “de-winterized” for their property inspection. The buyer then must pay to have the property re-winterized, whether they decide to pursue the purchase of the home or not. This cost has typically been around $300 to de- and re- winterize.A second cost to buyers of bank owned properties is being instituted by local cities and villages. Both Romeoville and Aurora now have a mandatory city inspection of all bank owned properties paid for by the buyer before a certificate of occupancy can be issued for the home. This inspection can also hold up the closing of the sale, and the new owner may not occupy the property without the inspection. The new owner is also responsible for any repairs, if any, that the inspection turns up. The inspection is mainly for safety and building code issues. In addition to this, the city of Romeoville now also mandates an air test for mold for all bank owned properties, at a cost of $200 or more. If mold is found in the air, it must be professionally mitigated and the property must pass a second air test before the buyer may close on the home.The reasons for all of this testing is not just to make the purchase of a bank owned home difficult or to raise revenue for the city. Municipalities are simply taking action to ensure the quality and integrity of their neighborhoods. An unaware buyer purchasing a home with mold, then becoming extremely ill, could result in the home going right back into foreclosure. Buyers must make sure that the “deal” they are getting is good enough to cover all of these potential costs. Agents may want to call the cities that they do business in and be sure you can educate your buyers on what each city is requiring.
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This week happens to have a very important day in it. This Wednesday is Veterans day. A day when we get to remember our nations heros. It's a day to really think about all we have and the small things we take for granted. For instance, going to Starbucks for coffee, being able to go to any house of worship anytime we like, being able to listen to country music at my desk while my neighbor is listening to rock. These things don't seem inportant but someone put their life on the line so we could have OUR choice, not the governments imposed choice. Oh. I can hear the natsayers now, but I come from a long list of war veterans. My grandfather was in WWII and then he was stationed in Greenland, my uncle was in Vietnam and so on. I have friends and family members still on active duty. Now, I don't support war, but I do support the troops. I was darn glad to see the improvements to the VA loan last week. I am even more proud to be able to offer the vets a loan program that works and is deserving of the work they accomplish in foreign lands so I can lay my head on a nice soft feather pillow every night.The response to the loan has been a good one. What's even better is that they don't have to sell their current home to take advantage of the credit. It now enables our vets to build real estate wealth if they want a move up home. I think they deserve everything they have worked for. I heard someone say that they were not heros, they were people doing the job they signed up for and death was a part of their job. That may be true, callous, but true. However, most people are not kicked out of their home if their husbands are killed on duty. Which is what happens when a vet has on site housing. If you lost your home in foreclosure it's your fault. I understand that for some people their were extenualting circumstances, sickness, long term job loss, etc. But, lets be realistic, how many of those people who lost their jobs would consider working at McDonalds? Not a lot. It would be too embarrassing, I understand. But, what was the alternative. Now I'm not here to judge anybody, it's far from me to do that. Everyone has their own burden to carry, I've had my own this year. All I'm saying is that they deserve the same respect that everyone else gets, to date some of them are still on the outside looking in. I think the new improved VA loan is wonderful. I hope a lot of vets find there way to me, because I'm going to do everything I can to hep them get that loan.
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Successful Short Sale with Fifth Third Bank.

Avoid foreclosure. Another successful Short Sale Closing with Fifth Third Bank.Mortgage amount: $185,000.00Sales price: $87,500.00Lender agreed to 3% in closing costs and a 6% commission.Net to Lender: $77,078.00Fannie Mae was the Investor and there was Mortgage Insurance (MI).Challenges: The Mortgage Insurance company started out wanting $60,000 in any combination of cash and/or promissory note. We negotiated for 2 weeks. The Seller ended up bringing $1,000 to closing. No note.The first Buyer walked after keeping the property off the market for 60 days. The 2nd Buyer closed 38 days after going under contract.Total time from placing it on the market until closing: 205 days.Seller testimonial:Dear Bryant"I want to personally thank you for your exemplary handling of our recent real estate transaction. From day one you were a professional; courteously and patiently guiding me through the entire process. Your response time was unparalleled; you responded to my emails and phone calls within minutes, as if I were your only client!And I believe that’s what every seller (and buyer) wants – to get the idea, or enjoy the feeling, that Bryant Tutas is their exclusive agent! I tried quite a few real estate agents before I finally came to you, and you jumped into action from day one! My property had been on the market for more than a year; within days of contacting you I had my first real offer, and very soon the house was in contract. We just closed a few days ago, and I am so grateful for all your help. Thank you Bryant, for everything!"Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
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When the REOs started hitting the market 2 years ago, the supply on the listing side was overwhelming REOs. This caused agents being solicited by companies offering the secret road to obtain REO. Not only that but some REO companies also saw an opportunity to have extra revenue to their bottom line by charging a fee to be in their list. Now that the lenders are realizing that the best way to maximize their profits is short sale, the REO inventory has decreased. And believe it or not, due to increase in short sale supply, there are already companies charging a fee in exchange for short sale business. Do you think it is worth?
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OK so I guess unless you are blind you have noticed the new layout and look for ShortSaleSuperStars. There is one slight problem though........I didn't ask Wendy and she hasn't seen it!!! This look could be very I going to be in trouble? I guess we'll have to wait and are my thoughts.The site needed to have a cleaner look.Wendy and I had talked about getting our "product pitches" off the front page. So I moved the pitches and replaced them with buttons and a "Short Sale Training" tab. We will also be adding a "SuperStar Store" tab that will have tee shirts, mugs and other ShortSaleSuperStar goodies.The wording on and the position of the tabs were changed. It looks more like a news site (I think).The profile questions have been changed. The change was made to make it easier to "Find An Agent"Blog posts now have a new tab "Short Sale News" and the forums are under "Q&A".The tab for groups was changed to "Lender Info".These changes were designed to make the site more consumer friendly. We want potential Sellers and Buyers to be able to find us and be able to navigate the site with ease.So what do you think? you still love me or am I in trouble. I can fix it I promise.Please give us you feedback.
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September 9, 2009¦AdvertisementThe Treasury Department plans to announce financial incentives for servicers to pursue short sales and deeds in lieu of foreclosure for troubled homeowners who do not qualify for the Obama administration's loan-modification program.In a short sale, a home is sold for less than is owed on the mortgage, whose holder accepts a discounted payoff. It is often considered less costly than a foreclosure.Under the Treasury plan, which is expected to be announced this month, servicers would get a $1,000 "success fee" when a short sale is completed, according to short sale experts who have been briefed on the policy. The home seller would receive up to $1,500 to assist with relocation expenses, similar to the "cash for keys" programs that various servicers offer.Treasury officials are working with an advisory committee to determine how to accommodate the holders of second liens, which have been a big hurdle to completing short sales. Much of the debate around short sales is centered on whether the holders of second liens will receive a fixed amount or a percentage of the short sale price."Second liens have been a considerable problem for short sales," said Matt McCabe, the president of Loan Resolution Corp., a Scottsdale, Ariz., company that helps lenders work out defaulted mortgages.Currently there is no uniform policy for banks to accept a payoff for a second lien in order to complete a short sale, McCabe said.Many of the largest banking companies have adopted their own internal policies, which vary. For example, in March, Bank of America Corp. adopted a new policy requiring that 5% of the short sale proceeds go to pay the second lien in situations where there is no equity available, particularly for standalone home equity lines of credit. (B of A's old policy required that 10% of the balance of the home equity loan be paid.)A Treasury spokeswoman, Meg Reilly, confirmed Thursday that a directive on short sales will be issued this month but she declined to provide details.In April, Treasury said it planned to offer incentives for short sales the following month, but the policy has taken took longer to implement.
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I have been recently informed that Phase 1 can now take up to 15 days!! It has been a 10 day process.So much for improvements and getting them closed sooner.Phase 2 still up to 30 days.I've noticed a lot of problems in the last 30 days at BOFA, negotiators disappearing, files being to new negotiators, negotiators not responding to emails or calls, saying short sales are open then saying oops not in the system, etc..My recent negotiators for my Las Vegas Short Sale were great at responding in a timely fashion,,,wish I could get them on all my files!
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Day in the Life of a Tampa Bay Florida Short Sale AgentI have experience working with short sales. The last ones were in Clearwater Florida and two in New Port Richey Florida.Today I am working on another one in New Port Richey Florida. This means that I will be calling the lender... repeatedly.So far the buyers have not walked. Sometimes they do though the ones who are willing and able to wait it out are successful.
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The Negotiator Interview $27


"Absolutely outstanding webinar! Best information I could have received and well worth the time and money!" testimonial from Suzanne Hinton, Realtor

Available to order on MP3 now-- Wendy and have interviewed a Short Sale Negotiator from one of the major lenders. He's been doing this for 18 years and is a wealth of information. He has spent 90 minutes answering our questions and those of our participants. He will give you insider tips, timesaving tricks, questions to ask when you call in, percentages MI companies cover and all the details you could ever want to be a Short Sale Superstar!.

It's feels kind of like "The Insider"!

We can assure you that the Interview is awesome.

This knowledge WILL make you money!

The cost is.......


The Interview is now available on MP3. Folks...... this may be the best $27 you have spent in a long time. If you want to soak up this knowledge..........

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WHAT TO DO?????????

I am so tired my eyes hurt and I really just want to sleep without being disturbed for a day or two. I'm at my minds end trying to deal with a cash client. All the other agents in my offoce say they would love to have a cash client headache, maybe, but not this one! He has pretty much tied my hands as to what he wants. He does have the cash, it's verified. But he only wants to lookin three areas and is unwilling to look anywhere else. That would not usually be a problem except he want the property rented! Thats the problem. When there is a short sale or an reo or the tenants find out their home is being sold the first thing they do is move. So, all the homes in his areas are vacant and he dosen't want to have to find a tenant. I did have one in the area and price range. The owners came to me, I did the CMA, the price was not what they expected so they are trying to decide what it is they want to do. Now, mind you, they HAVE to move. They have no choice. It is a win-win situation. They can stay and pay fair market rent and my buyer is happy. Everyone wins. The husband is not realizing that they will not be able to keep the house in their current situation, but she was expecting more money. Not in that area with the size of the house and the repairs that need to be made. Of course, she knows the house down th
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