Home Closing Process

Bonita Springs Realtors, this event is just for you!

The Bonita-Estero Women’s Council of REALTORS is holding their business luncheon for November at the Grandezza Community Club House. The luncheon includes 4 speaks considered to be the “Veterans of our Industry”.  I was honored to be included as one of them. Here’s a roster of all the speakers:

• Listing REALTOR: D Michael Burker, Keller Willaims Elite Realty
• Selling REALTOR: Heather Wightman, John R Wood Realtors
• Marketing: Nella De Cesare, WBN Marketing
• Short Sales: Attorney Chris Black Winged Foot Title, LLC

“Veterans of our Industry” luncheon will run from 11:30 AM – 1:00 PM.

Register for this online at www.wcrbonitaestero.com.  The Grandezza Clubhouse is located at:

11481 Grande Oak Blvd
Estero, FL 33928-7601

If you have any questions, please don’t hesitate to give me a call (239) 985-4142 or contact me online.

-Chris Black

Attorney /Title Insurance
Winged Foot Title, LLC.

Be sure to follow me, Chris Black at Winged Foot Title online at:

• The Home Closing Process Blog at www.HomeClosingProcess.com
• Winged Foot Title Facebook Page at www.facebook.com/WingedFootTitle
• Winged Foot Title Twitter Page at www.twitter.com/#!/WingedFootTitle

Congratulations! Your short sale offer was approved!

We want you to know that as a short sale realtor, you’re in good hands with Winged Foot Title. We believe in exceptional service without exception.

As you know, there are three main ingredients to a successful short sale.  They are

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We got some great news last week.  Fort Myers, Florida Short Sale REALTOR® Betty Katke of Jones & Co. Realty reported to us that she successfully used our free eBook to earn a short sale listing that would have gone to a family friend of the owner.  Great job, Betty!  Watch Betty’s story now:

For more information from Betty, please call her at (239) 677-1818 or email her at bettykatke@gmail.com.

This was a great question I was asked earlier this week, during a short sale process presentation I did to a group of REALTOR’s from Sellstate Priority Realty, a very successful brokerage in Cape Coral, Florida.  It was a very engaged group, and I was glad when someone asked a question about what to do about a junior lien in a primary home short sale scenario.

Here is a short video clip (about 4 minutes) that addresses this common issue:

So as you heard, Liz and Lynda presented the following scenario of a primary home short sale of a Cape Coral property. The owner of the property is disabled and can no longer afford the home.  Here are the details:

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If you are a buyer’s agent and you’re searching for a Short Sale Specialist in Fort Myers and the outlying areas of Southwest Florida, we invite you to view the video above which explains our operation.

Winged Foot Title is comprised of 3 full time employees who are dedicated to the orchestration and the timely closing of your short sale. We do not get paid unless the transaction closes so we obviously have a vested interest in the completion of the short sale.

Here are a few additional talking points that I cover in the video:

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It’s possible to short sale your property even if your property is encumbered by two mortgages.

Here’s proof that if can really happen even with a Bank of America short sale.

The active players were “EMC Mortgage Corporation holding the 1st mortgage and Bank of America Home Equity Line of Credit holding the 2nd.

After EMC received a complete package, they approved the terms of the short sale in 67 business days! Then the package was handed over to the Bank of America short sale department, specifically the HELOC department out of Jacksonville. They work fast. They approved their side of the short sale in less than two weeks after receiving the complete package. (If you have been following my blog, you will notice that the key to a short sale success is a complete package )

Here’s the approval breakdown:

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The possibilities are endless when you choose the short sale specialists at Winged Foot Title to close your Bank of America short sale (or any other short sale for that matter ).

The details of this Bank of America Short Sale are remarkable:

• The original loan amount was $328,650.
• The approval netted the lender $215,196.93 which was approximately 65% of the original loan.
• The approval resulted in 91.73% of the approved purchase price of $234,600.
• The realtor commissions were approved at 6% of the approved purchase price of $234,600.
• Did we mention the approval came in 37 business days?

But that’s not all!

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When we begin to counsel our clients about the short sale of their homes, one of the questions that we get asked frequently is “Is it possible to sell my home as a short sale and not have a deficiency judgement placed against me?” The answer is Yes! It has happened before in the past. However, that’s certainly not the norm.

Not too long ago, I was quoted in a Florida Weekly article regarding lenders pursuing borrowers for the deficiency judgment. Here is the actual article:

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When the going gets tough the tough get it closed in 40 days!

Sometimes it may feel as though your short sale transaction is a life or death situation. Well, that’s how we were literally feeling in this particular Fifth Third Bank Short Sale. No pressure, right?

A very special senior citizen couple were dealing with their failing health on top of their short sale nightmare. Their need to move to a dependent living facility created the urgency and determination for this Fort Myers title company to excel at a rapid pace. Can you only imagine?

The Fifth Third Bank Short Sale approval only took 40 days from complete package submission! This included the time in which the file was reviewed for the Home Affordable Foreclosure Alternative Program…unfortunately, it did not qualify.

However, let’s focus on the positives – there are too many to ignore!

The final approved net to lender was $98,595.22! This was roughly 69.6% of the original loan amount of $141,650.

The realtor commissions were approved at 6% of the approved purchase price of $110,000.

We were all quite pleased with the fast results of the approval, however, the approval letter did not address Fifth Third Bank’s intent in regards to the deficiency rights. It is unclear if the couple will have any future liability for the deficiency amount.

Are you working on a Fifth Third Bank Short Sale that you would like to close? Contact us or call us at (239) 985-4142. We are a Fort Myers title company that services all of Southwest Florida including: Estero, Bonita Springs, Naples, Cape Coral, Lehigh Acres, Pine Island, Punta Gorda and Port Charlotte.

-Chris