R13-035 1 RESOLUTION R13 -035
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
ACCEPTING THE OFFER OF $4,500 AS
SETTLEMENT OF THE CITY'S SECOND
MORTGAGE AS A RESULT OF A PROPOSED
SHORT SALE FOR DAVID AND ALEXIS MASSEY
BASED ON THE CITY'S SHORT SALE POLICY
11 FOR FIRST TIME HOMEBUYER ASSISTANCE
1 PROGRAM; AND PROVIDING AN EFFECTIVE
1. DATE.
1
14
1 • WHEREAS, with the assistance of the City of Boynton Beach's first time
1: ' homebuyer assistance program David and Alexis Massey purchased their home at 8 Via
1 De Casas Sur #103 for $215,000 in June of 2006; and
1: WHEREAS, the City of Boynton Beach's second mortgage in the amount of
1 • $45,000 is a zero interest (0 %) lien that runs concurrent with the first mortgage; and
21 WHEREAS, rather than be foreclosed upon, the homeowner was able to secure
21 a buyer for the property and their bank has agreed to a short sale in the amount of
22 $85,000; and
23 WHEREAS, the proposed settlement offer is in accordance with the City's Short
24 Sale Policy for the City's First Time Homebuyer Assistance Program; and
25 WHEREAS, the City Commission of the City of Boynton Beach upon
26 recommendation of staff, deems it to be in the best interest of the citizens and residents
27 of the City of Boynton Beach to accept the offer of $4,500 as settlement of the City's
28 second Mortgage as a result of the proposed short sale for David and Alexis Massey.
29 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
30 OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
1)
1
Section 1. The foregoing "Whereas" clauses are hereby ratified and
' confirmed as being true and correct and are hereby made a specific part of this
Resolution upon adoption.
Section 2. The City Commission of the City of Boynton Beach, Florida
• hereby accepts the offer of $4,500 as settlement of the City's second Mortgage as a result
of the proposed short sale for David and Alexis Massey.
Section 3. This Resolution will become effective immediately upon passage.
s j PASSED AND ADOPTED this 16 day of April, 2013.
10 CITY OF BOYNTON BEACH, FLORIDA
11
1. `
13 T y Z a 7 /1,
1 4 ' /yor — Je T aylor
15
1 ��`
16 r 9
17 L icy`' -P"L -� e'`1 / 18 Vice 'Ma or — Woodrow L.
y y
19
20 1lk
21 1. ,i
22 Comm io -r — a . vid T. Merker
23
24 / /
25 Ai
26 Commissioner — Michael M. Fitzp (rick
27 t
28
29
30 Co missioner — Joe Casello
31 ATTEST:
32 /;QLJ) 33
34 1 M. Prainito, MMC
35 ;t
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36
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38 � rp S eal) 4$
39 s;)w ,. SO A ccept Mas 7 - Sale doc
HUD -1 OMB Approval No. 2502 -0265
A. Settlement Statement (HUD -1)
B Type of Loan
❑ 1 FHA ❑ 2 RHS ❑ 3 Conv Urns 6, File Number 7 Loan Number 8 Mortg Ins Case Num
® 4 VA ❑ 5 Conv Ins 533201
ID
C NOTE This form is furnished to give you a statement of actual settlement costs Amounts paid to and by the settlement agent are shown Items
marked "(p o c )" were paid outside the closing, they are shown here for informational purposes and are not included in the totals
D NAME OF BORROWER Steve Gelles
Address of Borrower
E NAME OF SELLER David Massey and Alexis Duarte - Massey, husband and wife
Address of Seller 8 Via de Casas Sur, #103, Boynton Beach, Flonda 33426
F NAME OF LENDER Veterans United Home Loans
Address of Lender
G PROPERTY LOCATION 8 Via de Casas Sur, #103, Boynton Beach, Flonda 33426
H SETTLEMENT AGENT FloridaTitleWorks, Inc
Address. 150 South Pine Island Road, Suite 417, Plantation, Flonda 33324 Phone 954- 915 -0510
Place of Settlement 150 South Pine Island Road, Suite 417, Plantation, Flonda 33324
I SETTLEMENT DATE 5130/13 DISBURSEMENT DATE 5/30/13
J. Summary of borrower's transaction K. Summary of sellr:r's transaction
100. Gross amount due from borrower 400. Gross amount clue to seller
101 Contract sales pnce 85,000 00 401 Contract sales pnce 85,000 00
102 Personal property 402 Personal property
103 Settlement charges to borrower (Line 1400) 1,234 70 403
104 404
105 405
Adjustments for items paid by seller in advance: Adjustments for items paid by seller i n advance
106 City/town taxes 406 City /torn taxes
107 County taxes (non ad valorem) from 05/30/13 to 09/30/13 73 38 407 County taxes (non ad valorem) from 05/30/13 to 09/30/13 73 38
108 Assessments 408 Assessments
109 409
110 410
111 411
112 412
120. Gross amount due from borrower 86,308 08 420. Gross amount due to seller: 85,073 38
200. Amounts paid or in behalf of borrower: 500. Reductions in amount due to seller
201 Deposit or earnest money 501 Excess deposit (see instructions)
202 Principal amount of new loan(s) 85,000 00 502 Settlement charges to seller (line 1400) 9,579 95
203 Existing loan(s) taken subject to 503 Existing loan(s) taken subject to
204 Pnncipal amount of second mortgage 504 Payoff of first mortgage loan (SPS) 68,187 66
205 505 Payoff of second mortgage loan (City of Boynton Beach) 4,500 00
206 506
207 507
208 Principal amt of mortgage held by seller 508 Pnncipal amt of mortgage held by seller
209 3% seller contribution 2,550 00 509 3% seller contribution 2,550 00
209a 509a
Adjustments for items unpaid by seller: Adjustments for items unpaid by seller
210 City /town taxes 510 City/town taxes
211 County taxes (ad valorem) from 01/01/13 to 05/30/13 255 77 511 County taxes (ad valorem) from 01/01/1310 05/30/13 255 77
212 Assessments 512 Assessments
213 513
214 514
215 515
216 516
217 517
218 518
219 519
220 Total paid by /for borrower: 87,805 77 520 Total reductions in amount due seller 85,073 38
300. Cash at settlement frornito borrower: 600. Cash at settlement tolfrom seller
301 Gross amount due from borrower (line 120) 86,308 08 601 Gross amount due to seller (line 420) 85,073 38
302 Less amount paid by /for the borrower (line 220) (87,805 77) 602 Less total reductions in amount due seller (line 520) (85,073 38)
303 Cash ( ❑ From ❑✓ To ) Borrower 1,497 69 603 Gash ( ❑ To ❑ From ) Seller 0 00
The Public Reporting Burden for this collection of information is estimated at 35 minutes per response for collecting, reviewing, and reporting the data This agency
may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number No confidentiality is assured,
this disclosure is mandatory This is designed to provide the parties to a RESPA covered transaction with information during the settlement process
Borrower's Initial(s) Seller's Initials)
DoubieTime®
HUD -1 U S Department of Housing and Urban Development Page 2
Setticni.r'. .I• .r.w..
700 Total Real Estate Broker Fees $5,100 00 Paid from Paid from
Borrower's Seller's
Division of commission (line 700) as follows Funds at Funds at
701 $ 2,550 00 to Charles Rutenberg Realty Settlement Settlement
702 $ 2,550 00 10 Charles Rutenberg Realty
703 Commission paid at settlement 5,100 00
704
705 to
JUi. aiLl, n nnnr.!niii ,ilh L s, .i
801 Our ongination charge (from GFE #1)
802 Your credit or charge (points) for the specific interest rate chosen (from GFE #2)
803 Your adjusted ongination charges to (from GFE A)
804 Appraisal fee to (from GFE #3)
805 Credit report to (from GFE #3)
806 Tax service to (from GFE #3)
807 Flood certification to (from GFE #3)
808 to
809 to
810 to
811 to
812 to
813 to
00.',',enr R: Lud:_r to 3� Paid in A.'v,uicy
901 Daily interest charges from to 5t /day (from GFE #10)
902 Mortgage insurance premium for months to (from GFE #3)
903 Homeowner's insurance premium fi years to (from GFE #11)
904 Flood insurance premium for years to
905 years to
1001 Initial deposit for your escrow account (from GFE #9)
1002 Homeowner's insurance months (a7 per month
1003 Mortgage insurance months 0 per month
1004 Property taxes months ( t per month
1005 Flood insurance months na, per month
1006 months a per month
1007 months an, Per month
1008 months (rt per month
1009 Aggregate accounting adjustment
1101 Title services and lender's title insurance (from GFE #4) 450 00
1102 Settlement or closing fee to Florida TitleWorks, Inc $450 00 750 00
1103 Owner's title insurance to Old Republic Nat Title/Flonda TitleWorks (from GFE #5) 488 75
OF6 -488 75
1104 Lender's title insurance to
1105 Lender's title policy limit
1106 Owner's title policy limit $85,000 00
1107 Agent's portion of the total title insurance premium $342 12 to Flonda TitleWorks, Inc
1108 Underwriter's portion of the total title insurance premium $146 63 to Old Republic National Title Insurance Compar
1109 Abstract or title search to Florida TitleWorks, Inc 350 00
1110 Document preparation to Scott Rosen, Esq 450 00
1111 Lien searches to A -1 Title Support Services 300 00
1112 Condo assoc estoppel /transfer fr to South Lake II Condominium As 300 00
1113 CounerMare transfer /overnight ma to Florida TitleWorks, Inc 75 00 75 00
ir,:nsl_i Charuu.,
1201 Government recording charges (from GFE #7) 242 20
1202 Deed $27 60 Mortgage(s) $214 60 Releases $38 20 $242 20 38 20
1203 Transfer taxes (from GFE #8) 467 50
1204 City /County tax /stamps Deed $0 00 Mortgage(s) $170 00
1205 State tax/stamps Deed $595 00 Mortgage(s) $297 50 595 00
1206
1207
1208
a:l 1'1 „h,,r
1301 Required services that you can shop for (from GFE #6)
1302 2012 real estate taxes (estim) to Palm Beach County Tax Collect( 883 00
1303 Water /sewer escrow to Florida TtleWorks, Inc 250 00
1304 to
1305 to
1306 to
1307 to
1308 to
1309
14(10 H:al .0 - NNIcr¢a". Chdci s
( Enter on lines 103, Section J and 502, Section K) 1,234 70 9,579 95
POC (8) = Paid outside of closing by borrower
* POC (5) = Paid outside of closing by seller
Borrower's In itial(s) Seller's Initial(s)
DoubleTime®
SETTLEMENT CHARGES AND LOAN TERMS
Page 3
Settlement Charges
Our origination charge # 801 $ 00 $0 00
Your credit or charge (points) for the specific interest rate chosen # 802 $ 00I $0 00
Your adjusted ongmahon charges # 803 $ OOI $0 00
Transfer taxes # 1203 $ 001 $467 50
Government recording charges # 1201 $ 00 $242 20
Title services and lender's title insurance # 1101 $ OO I $450 00
a . ,., � } $0 00 $692 20
�.'�S.$SAr2���"*t`a�lY� �•' ��raw�r- � � $692 20 or 0 00%
Initial deposit for your escrow account # 1001 $ 00 $0 00
Daily interest charges from # 901 $ 001 $0 00
Homeowners insurance premium for # 903 $ 001 $0 00
Loan Terms
Your initial loan amount is $ 85,000 00
Your loan term is years
Your initial interest rate is
Your initial monthly amount owed for principal, interest, $ includes
and any mortgage insurance is
E Principal r Interest r Mortgage Insurance
Can your interest rate rise? • No 0 Yes , it can rise to a maximum of 00b The first change will be
on and can change again every ;r
Every change date, your interest rate can increase or decrease
by 00% Over the life of the loan, your interest rate is guaranteed to never be
lower than 00/ or higher than 00
Even if you make payments on time, can your loan • No 0 Yes , it can rise to a maximum of $ 00
balance nse?
Even if you make payments on time, can your monthly • No 0 Yes , the first increase can be on Kd the monthly amount
amount owed for pnncipal, interest, and mortgage
owed can rise to $ 00
insurance nse?
The maximum it can ever nse to is $ 00
Does your loan have a prepayment penalty? • No 0 Yes , your maximum prepayment penalty is $ 00
Does your loan have a balloon payment? • No 0 Yes , you have a balloon payment of $ 00 ie in
years on 00 /00 /0000
Total monthly amount owed including escrow You do not have a monthly escrow payment p yment for items, such as property
account payments taxes and homeowner's insurance You must pay these items directly yourself
c You have an additional monthly escrow payment of $ 00
that results in a total initial monthly amount owed of $ is includes
principal, interest, any mortgage insurance and any items checked below
(— Property taxes ' Homeowners insurance
f Flood insurance (—
Note If you have any questions about the Settlement Charges and Loan Terms listed on this form, please contact your lender
Borrower's Initial(s) Seller's Initial(s)
DoubleTime®
HUD -1 SETTLEMENT STATEMENT ADDENDUM
File Number 5332 01
I have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief, it is a
true and accurate statement of all receipts and disbursements made on my account or by me in this transaction.
I further certify that I have received a copy of the HUD -1 Settlement Statement
Borrower(s)
Steve Gelles
Seller(s)
David Massey Alexis Duarte - Massey
Settlement Agent
The HUD -1 Settlement Statement which I have prepared is a true and accurate account of this transaction. I
have caused or will cause the funds to be disbursed in accordance with this statement.
Florida TitleWorks, Inc.
By Date'
WARNING: It is a crime to knowingly make false statements to the United States on this or any other similar
form. Penalties upon conviction can include a fine and imprisonment. For details see: Title 18 U.S Code
Section 1001 and Section 1010.
DoubleTime®
Community Improvement Division
File Memorandum
DATE: March 27, 2013
TO: Case File #4 -05 -028
David Massey and Alexis Durate, now Mr. & Mrs. David Massey, purchased their home
for $215,000 at 8 Via De Casas Sur #103, on June 28, 2006. The first mortgage was with
Fidelity Federal Bank & Trust, serviced by Select Portfolio Servicing, Inc, for $170,000
and the second from the City of Boynton for $45,000 in SHIP funds.
While I sympathize with the Massey's financial hardship, the loss of their unborn child,
and the hardship they experienced, the letter does not address their current financial
status. The Masseys were a moderate income family of two when they applied for the
SHIP funds and with the addition of a child they remain a moderate income family of
three.
The Masseys mentioned in the hardship letter that they have been paying rent in
Georgia, but did not disclose or provide proof of the amount. They did not list or
provide proof of their current income, list or provide proof of their current finances, nor
did they address these items in the hardship letter. I did receive bank statements with
direct payroll deposit for Mr. Massey by TG Madison, Inc., and estimated an income
post taxes and other deductions of $65,780 annually for him and based the household
income on this figure; however, there were other unidentified deposits in excess of
$1,000 made to the accounts that were not included in this amount. 2011 income tax
returns had an adjusted income of $75,247.
The Masseys have managed to keep their mortgage and HOA fees current. They may be
financial distressed but they have not provided proof that they can no longer pay either
of these obligations. However, the Masseys did relocate out of the state of Florida. A
United States veteran has been approved to buy their property. The approval letter
from the Veterans United Home Loans is addressed to the buyer at the property
address, which may indicate this is the veteran's present home address.
Based on one of the conditions of the Short Sale Policy that a Short Sale will be
authorized when the property owner must relocate out of Palm Beach County, the
Masseys have met that condition.
bj c
S: \Community Improvement \FORECLOSURE FILES \RECOMMEND FORECLOSURE\Massey & Duarte.docm
RECEIVED
MAR 81 2013
To Whom it may concern, COMMUNITY IMPROVEMENT
In 2006, my fiance and I were looking to start our lives together. Becoming homeowners was a part of
our plan to start out on the right foot. We found a modest townhouse that fit us perfectly. With all of
the exotic lending practices going on at the time, and with no nest egg of our own, we utilized a first -
time homebuyer's program called SHIP from the city of Boynton Beach. We were happy in the home and
as time progressed we got married and were luckily blessed with a little boy in 2010. We loved the
neighborhood and our neighbors. I was a member of the HOA board and felt great about helping to
improve our small community.
Then in 2011, the down -turn in the economy hit my small business with a vengeance. My small business
was a photography and design studio that specialized in family portraits. At this time the economy
forced many families to cut back on any "extra" expenses such as professional family portraits. My
business took such a substantial hit that I tried to keep it afloat with my own personal savings and lines
of credit. I maxed out all of my credit cards exhausted my savings and I was forced to place the business
into bankruptcy in the summer of 2011.
I was teaching at a small private college, but my wife and I were barely able to make ends meet without
the income from my business and the addition of the debts that it accrued against me personally. We
paid $1025 per month just for daycare alone. My wife worked for the state of Florida and did not see a
raise in 5 years. I began searching for a new job to help with our financial situation. I was looking for
almost 6 months before I got a response from a company located in Atlanta, GA. I had no other options
at that time but to accept the position to help support my family.
I started work in January of 2012 and my wife and son joined me in GA in February We are currently
leasing a home in Georgia. Sadly, the chances of buying a home again are low due to the fact that we do
not have savings to do so and because my credit took a horrible hit after my business went bankrupt.
My wife has been out of work since she moved to GA. She began looking for a job and then we got
pregnant again so her job prospects became even more slim. Then in June of 2012, halfway through the
pregnancy, she was forced to give birth early and we lost the baby. This was not only crushing
emotionally but it also put us under more financial strain as the hospital and doctor bills are very high
even with insurance. We have had to be put on payment plans to manage our medical debt.
We have been borrowing from friends and family to stay up to date with all of our bills. We can no
longer sustain living in GA and the mortgage on our house in Boynton Beach. We have no choice but to
put the house up for short sale. This pains us greatly, but we have no other choice or we may be also
facing personal bankruptcy.
We appreciate your understanding and compassion in helping our family move on.
RECEIVED
Complete Appraisal Adslyrs - Summary Apprud Report Fn. � 3a� 20 t3
Individual Condominium Unit Appraisal Report
The purpose of this summary appraisal report is to po.Ads the le nderAilerd vdM an aoeoaM, and adaqustsly supported. opinion of pre marten value of the sublet properly
f Prooapr Address $ VIA DE CASAS SUR Unit 0 103 City BOYNTON BEACH Sams PL Zip Code33426
Borrower/41A Owner a Pubile Record Dl1ARTE/MASSEY c0untyraQ ITY I MPROVFM r NT
i Legal Description SOUTH LAKES CONDO ONE & TWO DECL IN OR 38992854 uNTT 103
5 Assessor's Parcel 008 43.45 17.04. 008 - 1030 Tax Year 2012 RE. Taxes $ $73
V : Protect Name SO PC Phase a 1 Map Rslerenae45.43 -17 Census Tract 08 I-�
e1 1 0oou rot Owner X Tenant I �---1 ca I Vacant Spada Assessments • NA 140A $ 234 I i i ps year x pa month
J
E , Properly Rights/1p. Td^ea-d X Fes Simple Leasehold U Other Nascrlbs)
C A utoeue tt Type { 1 Purchosa T Refinance Transaction i X I Other (describe) ASSET EVALUATION
T I Landa?GMrd PRIVATE Address N/A.. �� ea i I I�I
i Is me subject property currently crewed n
ewed for sale or has it been offered for sale in the twelve months pdor to the effective dale o Mkt apprsisai? I A, 1 Y No
, Repot data souros(s) used. bash* prlce(e), and dales) SUBJECT IS LISTED IN MLS FOR 090.000 IT IS NOW A PENDING SALE WHICH WAS ON THE
1RKE Q x dui not analyze the contract for sale ter the subject purchase treroeclion Explain the results d the analysis or the contract for sae or why the analysis was not
O ` "'smiled f i _______
N - �I i
T I Contract Prtos • NIA Date d Contrail property NIA Is the prorly auger the current owner? I Yea El 1 No Dots Sms(.)
cu N!N/A. R Is there any f asaatance (loan charges, pie concessions, tit or downpaym.nt assistance, etc.) to be pad by any party on behalf of the borrower? 1 !Yea I !No
: Ise Yes, report the iota dollar amount and deaaibe the Items to be paid NO CONTRACT WAS PROVIDED FOR REVIEW.
TI„
I ....:. (ilea ... .. :. :. of fine .. , , ... arm rue! : - - fJ•afors.
Lab Tondo Qstrasitl[n► Proem* Land Una 1f.
N wcrlen Urban _ -_ Suburban Rural .. - `. Inveaskn. Dsd • PRICE AGE One - Unit 500 %
(' Buns ra Over 75% 25 I De nandnsu • ; IN * *! * •min Inewne. � 2 - 4 Unit %
a GrowM Rapid __,X t30.ble Slow Ma4stlrg Tins Under 3 mph ll 3 mitts Overawing .0 Low 20 Multi 40 0 %
R Neighborhood t3orndsrlea NORTH OF GATEWAY. SOUTH OF HYPOLUXO RD. EAST OF CONGRESS 100 I1 l' 50 Commercial 10,0 %
O AVE. WEST OF L -95. 0 Peed 25 -30 Other %
R Neighborhood Dwalpdon SUBJECT IS LOCATED IN A CIINVFNIENT AREA WITH NEARBY SHOPPING_ TRANSPORTATION. HOUSES OF WORSHIP
N r .. .s . , .: r . ,. ,, .. . ., . _ 'P•., TA; . . .n -
C D DUIINO INSPECTION. ` -
D Mantic xWMona9no tMirgeupportform.abovseonduams) SUPPLY AND DEMAND ARE CLOSER TO BALANCE WITH MORE SALES IN THE LAST 12
ONTHS THAN ACTIVE LISTINGS NOW. IN 2012. REO SALES AND SHORTS SA1 ES f)RCLINED IN TOTAL NUMBER AND PRICE PER SO PT SOLD
A NTAATRfI TO INeaP,ASE AT A 1.AW RATE.
Topopaply LEVEL TO ROAD 1Nea AVERAGE FOR AREA Dsns1gr AVERAGE View STREET
aped *o Zatftg CialielficatiOnip Zoning OuNdlitkin MULTI-FAMILY
Zoning Compliance IX !Legal 'Legal I Lega No nco i g - Do the zoning regulation permit rebuilding to se armed density? f Yes fl No
R I n No Zoning 1 I Illegal (d ocrbe)
C Is the highest and best use of subject property as Improved for as proposed per plans and sped5atlona) the present use? f ]C !Yes I 1 No It No, describe
j
E : Madam Public Other (doworL4 P at ap Claws (daaorby ONPaNa In r'ersaanho -Type PubNo private
C I Electricity f 1 Water Street ASPHALT I X � _ -
T I Gas y n I ] Sa iary hewer I X — Agcy NONE I _
S I PENA Specie Flood tles MA Fl
end Area MYes C I No FEood Zone FEW'. MEP • I201960005C FEA Map Ones 09(30.82
( A ele u llMiea are SQ-ME Mnprov menis 1'p8. for the mart t area? 1 xi Yes f No *No. describe
T Ti E . Al. wr
Mae y 140110010 sits obnd doal
tiora err =t lemon planar nan a Mn
o, rroecrds, environmental conditions. Lend uses, ate)? F Yes n No N Yes. describe 140
' APPARENT EASEMENTS OR ENCROACHMENTS WERE NOTED -
Data ;oaos(s) for info r allon 1 CONDO I ti OF RENT •
or
Oanaraf osurartpuan _ ammo oiama8tgn _ t _ Plaaa
0dStones 1 Moerler CBS 0 of Units 450
0 d EMwbn .....N' Rod svfecs nip 0 of Units Competed 450 f at Urils 0 d Planned Unita
, P ..a. F_tdmina 1 I Propw.d Total 0 Pie400 450 0 ol UNIs For Bale 6 i d Units tor Sale 6 0 NNUnlb for Sate
R Under Consaudlon Ratio (apaoaMNrdts) 1 1 • d Units Boil 450 *of Units Sold 450 • d units Soil
p R . Under
Bulk 1987 Typ. GAR 0 d unlle Rased 25% 0 of Uhl%Reined 25% idUnrs Rased
J 1 Effective Age 10 a Ouse Parting [ 0 oas
Oar Ocaaiad Units 7 0 d Owns Occupied UJnita 7556 0 d cup
Owner Occupied Urita
E l Protect P occupancy I X !Principle Residence {Second Horne or Raoreet mist ( Tenant
T 18 the dsysbpwbullder in control d m
the Fbaownene Association ctx 1 f Ta 511
w 1 Is No
I Management Group - a1 Homeowners' Aaso5EDeveloper M a
cn 1 I Developer ( fsn.o.nant Agent- Provide name of m
rent mp.ny
F I ▪ Does a y single entity (the same rndlvidusl. investor on
group. corporation, eta units ) own mere than 10% of the total units on s the prcjad? I I Yes n No N describe Yes, dee
0 RI —
R f ▪ lows the pro** Sealed by the conversion of an misting building(*) into a condominium? 1 1 Yea al l No If Yas. daseibe the anginal use end the dens of conversion.
TI
(!
N I Are the units, common elm rants, and recreation Wattles conspires (including any planned rehabilitation for a condominium conversion)? I l Yes n No If No, describe
r is there any commerda specs in le project? I 1 Yea i X I No M Yes describe and indicate the overall percentage 04 the cons erua .pace
Frad/die Mac Form 465 March 2005 Papa 1 of 6 Fannie Mae Form 1073 March 2005
Taylor Made Appraisals
Complete Appraisal Analysis - Summary Appraisal Report
individual Condominium Unit Appraisal Report FII. r 1303008
1 Omiribe the condition of the project end quality of construction. SUBJECT'S PROJECT HAS AN ABOVE AVERAGE APPEAJ, TO THE MARKET AND
R APPEARS TO BE WELL MAINTAINEI)
0'
J1
C , Describe the common elements and recreational faced.. COMMON AREAS. POOL CLUBHOUSE
T I
I : f ^�
Are any common elements based m or by the Homeowners' Assodatlon? L 1 Yes I X i No bees. describe the rental terms and options
F
OI f�7 .
M ,. b subject project surl to ground rent? n Yes 1 JC l No It year rsa. $ per year (describe terms and conditions)
A,
T
I Are the parking fi d110.$ adequate for the prate size and type? Yes ( / No If No, describe and comment on the effect on vakee and marketebay.
N !
p I 1 IJ did 1.x th
1dd not analyze e condominium project budget for the torrent year Explain e results of the analysis or e budget (adequacy of fees, reserves, etc), or why
R I to analysis was not performed.
O
J
e 1 � I
C i Are there any other fees (other then rsgulr ..--re Merges) for to use of the project facades? I Yes ®No If Yes, report the charges and desalbe
T +
N 1 Compared to other competitive projects of similar quality and design. the subject mot charge appears 1 !High rx 1 Average I I� �
I Low t High or Low, describe
A,
Y
Are there any special or hnu.ual characteristics of to project (based on the condominium documents. HOA m..v r n .. other information) known to the appraiser?
$ 1 Yee FX 1 No t Yes, describe and Lorain the effect on value and marketability CONDO DOCUMENTS NOT AVAILABLE FOR EXAMINATION
I
e
°°w1
1
in Charge 5 23400 per month X 12 e $ .00 p year Annual assessment dumps . are of gross living area •• 5 2.61
. Utilities as Included In t unt monthly assessment 1 1NNon r dumps dumps p .m
1Heat1 1AIr Conditioning riElectricity I 1Gari1 X 1 he) x 1sa'srla 1 Cable Sher (describe)
h
_ ... OBI .— HN lablata
es1or nvilarletil8 st I mo! AeaNtllbs_ . �11
A81p1ae . ,� Car Mom* e _
Floor* )ST FLOOR Floors TO IDM 00 — FireWace(s1s VI R frigrator _, Naha I—1
1 • of Levels t Walla DRYWALL/AVG — Wboheb len ve(s)• Rengafoh _ X Gragal I Covered 1 I Open
' Heating Typ.CE)1[ Fuel ELECT Trim/Finish WOOD.'AVG Deer/Patio Dip Fill Maavave • 1 Cars 1
• I� Ca
v�1{ fhkaldtlh W`Insoct AAIIClAYG _ Parch/Balcony hBalcony Dishwasher Assigned �1 Owned
I OIMr (d AC e. ) IndM
NO NE cal AC Beth
WOOD Y'a.A \'G Other X Washer/Dryer , Peking speosN
'1. Flnlshederea aSove grade0entalns: 4 Rooms 2 Bedrooms 2 Beats 1, 076 Equate FeetofGros. Using Ane.Abova Grade
T i Are the heeling and cooling far tite khdhAduo alb aeparatsy metered? 1 XJ_,Yas 1 - 1 No If No. describe and covenant an oorrpeebiNy to other projects In the market area.
E I Additional 8aturee (special energy etldeht Ibme, eke) TILE AND WOOD PI,OOYS IIPJ)ATF.D LIGHTING: FIXTURES AND FANS. SS APPLIANCES.
5 ISHUTTARS UPDATED BATHS
C1 Describe the condition of the property (including needed repair., detrioratah, renovations. remodeling. eta) UNIT APPEARS AVERAGE TO GOOD CONDITION
R ;AS COMPARED TO OTHER UNITS IN THE BUILDING AND SURROUNDING AREA
p1
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1.
N r Are there any physical deficiencies r adverse conditions that affect the livability, soundness. or e rudural integrity of the property? 1 11 x 1 No NY... describe _
NO ADVERSE ENVIRONMENTAL CONDITIONS WERE NOTED DUtING SITE INSPECTION
Does to properly genarely eantam to the neighborhood (functional uglily, style. condition, use. construction. Wit:.)? 1X [yes! 1 No if No, describe
I I x 1 cud 1 I did not research the sale or transfer history or the efrbbd propeny and comparable oars If not, explain —.
P ■ ...rchn di d 1 -( t did not reveal any prior sale. r transfers of ea
R MY property for the three yens per to the effeetva crab otthle appraisal _
1 Data aourna( %I.OtEST
O My remarchl 1 W i 1 X I did not reveal any prior sales or transfers of the comparable sales for to yaw prior o she Wale of sale tame comparable sale
R 1 Data wrw(s) REALOUEST
$ t Report the results of the research and analysis of to prior .ale or kanster history of to subject property and comparable .ales (report additional prior sales on page 3)
A ITEM SUBJECT COMPARABLE SALE e1 COMPARABLE SALE SO COMPARABLE SALE Ps
L d Dale of Prior Sal.Ii)rhlr
R WA N/A N/A N A
i Price of Prior Sale/Transfer
Hi Data Souroe(s) RFAL(NIE,ST REAI(YIRST RPAhfgFST REAL(XIEST
$ P_la.atlw Dale of Dave Soeaoe(s) 3/I0'2013 3/18,2013 3/16/2013 ? 18.2013
, Andy0s of prior r transfer history of the .kalj.et property 'r H
and comp - ibis sales THE 8DRIFJA�YDT TtA
I ' EE'P T)tPJ AST 36 MoNCHg,
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Freddie Mac Forrn 485 March 2005 Page 2 of 13 Fannie Mate Form 1073 March 2005
Taylor Mode Appraisals
Complete Appraisal Altalym - Summary ADprawl Report
Individual Condominium Unit Appraisal Report Fate M 1303008
I There are 6 comparable properties currently off al
rod for sea In TM subject nM M woe ranging os tom $ 59.900 b $ 9100
1 TIme are 9 comeara�■ Mlle In the subinct nsiohborhood stela the past testae nerds naming M sae Prise from i 69000 b $ 99000
FEATURE 1( SUBJECT COMPARABLE SALE 9 1 COMPARABLE SALE M 2 COMPARABLE SALE • 3
Address are 8 VIA DE CASAS SUR 7 VIA DE CASAS SUR 7 VIA DE CASAS SUR 22 VIA DE CASAS SUR
1 Unit 9 N103. BOYNTON BEACH, FL 33426 $102 j-1Q4 #104
Pso)sot Nara• en4SOUrH LAKES SOUTH LAKES SOUTH LAKES SOUTH LAKES
Phew
Proximity to Subject 1 0.09 meta S 0.09 mike 5 149.01118/a -
1 Sob Price $ NA I R• $ 99000 - _ - 1 184900 I i $ 86000 _
I Sale Price/Gross LN _
Area S eg t !592007435 An - 1578903346 sq. ft. ;579925651 sg•i-I
1 Data Sources) - -- -_ - J(EAL O EST/MLS 1— �� . 1 kJ G • 1
V•rleu5on Souros(s) _ r.• 3 5 5 159 _. .
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION K-) $ Adjustment OEt3CRIPT1ON + - $ Adjustment DESCRIPTION +( -) $ Adjustment
1 Sale or Finandnp :1 , 1 AL?,1i 1• i._
I Concessions t IONF NOTED I NONE NOTED MIII • NE NOTED
Dab of Sale/Time 11 2 Loan VERA(E. VERAGE VERA(* VERAGE
tew(ggltie < . .la 17a i.,r . .I" " r,d 1 . ,l, 1 _ 1e • _1_,„1
A Assessment Mo. Assessnd •. 400 • •
400 ,00 • 4
L 1 Common Moments • • . 1 •N 01.040N N OMMON OMMON
E ' and Rea Facilities .S'•'liL• ,l_. [+4.1 .:• Iire . '1.0u_
a Floor Location Mr, 1 0 '. 4 al IMMN
C Vlew _rZMIIIIIIIIIII 1J:_ 5 999 i -5,000
.M Jr.,• MIIIIIIIIIMII • , .
111 0 , orcanaevdlan _ . u... r .«:_. a; • c .. • /a; s — TIT /a: - c
A Ad u■l �. r r t •• " ID _
• Cands6an • l e f ; 4• 1 t� r � +10000 Is
. , + 0. ..
I Above Grade Toth Bans Baths Toed Bdnm, Bats Total Bdrm Bah Toed Sams Both
S , Rowe Count 4 2 2 4 2 2 4 2 2 4 2 2
pli i Gross Liwro Ares 1,076 sq. t 1.076 eq R 1,076 sq 11 1.076 sq. ft_
; Basement 8Finished i ONE ONE 4 N ONE
• Rooms Blow Grads
p Functional Uhl , . '-__...r. ! . r to .,r- la:..c"
A R .t '' u_.. �,, vur . Y ry . t C t. L
I ,., ■ ElagLrK Hams . '1 ._;r h1 p,;r r te ; r ,ir r
• r. ._. r �— .-- ..:..r� •`rte
H l Poreh/PalloKte:h . N : t • , °i n . t,• — : yi, p. • •_1_,I -_' ' A1l0
1111111 _
—N Nrt Adjuabrerit (769 1 I• ••s •F11111 •S s to ... _ _____ _ s 5 ..9.
' A L taw Prlc. i Not Adj. x
Of r • •
Summary of Baer Comparison Approach COMPS ARE ALL 1ST FLOOR UNITS LIKE THE SUBJECT WITH 1 CAR GARAGES, COMES 1 AND
r ARE LOCATED 114 THE BUILDING JUST BEHIND THE SUBJECT- COMPS 2 AND 3 WERE SOLD IN ORIGINAL CONDITION AS SEEN THRU Ai7.S
PHOTOS WHILE COMP 1 HAD MORE UPGRADES SIMILAR TO THE SUBJECT, ALL COMPS WERE LOCATED IN THE SAME GATED COMMUNITY OF
;THE SUBJECT WHICH-i5 >XyOWTJ AS SOUTH LAKE AT DOS LAGOS.
lndcalsd Value by Saks Corra■dson Approach $ 92000
I INCOME APPROACH TO VALUE (set mapriwl by lYnwb loci
14 Eatlmalsd Monthly Manua R■d $ N/A X Gross Rant abtdpier ■ $ nddsd Vase by berme Approach
CO Summary of Inoobve Approach (inies:t g auPpon ter mar rent anti GR tiffr ENOUGH RENTAL DATA TO ESTABLISH A ORM
M
E
indesld Vain by: Sete <teeparlesrn Apprsarr $ 92.000 Inman Apse. (f 11 •sM•Ma9 9 N.A
gMOST EMPHASIS PLACED ON SALES f10MPARJSON APPROACH AS rr BEST REFLECTS THE ACTIONS OF BUYERS AND SEILERS,
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A Thle apprseal is made n'as Ise. [ 1 subject to completion per plans and specifications on the base of a hypofrsYea condition that tM ImprovenwNS have been
j namPl•bd. 1 1 aubied to to following repebs or abssaona on the basis of a hypotedol email.. that et* reps* . aHwations have been completed. or 1 1 subject to
O the fallowing required inspection basal on We extraordinary assumption that to coraHOn or de6oenoy does not rapes emotion or repair
N SELLEEIRIOMISIDDIR
feed an a e i,Wuie vier impareen of re b■Obr ad anterior ash of the sulkiest ta.asrtY, dsbid soaps of vent, etaserrrt of asaiareeaa and angling
rumenst and ap ohm's o.Mloseai. my (eta) atsbdan of the minim wean as erred. at Me real pr p 9901 is ors stMsat of rte report Is
1 92 000 • es of MARCH 18 2011 • wean le 998 data et byeefss std be dibalve dos of ale saaerat
Freddie Mac Form 465 Mardi 2005 Papa 3 of 6 Fannin Man Form 1073 March 2005
Taylor Made Apprawb
The City of Boynton Beach
DEPARTMENT OF DEVELOPMENT
COMMUNITY IMPROVEMENT DIVISION
( (Pc 100 E. Boynton Beach Boulevard
Post Office Box 310
Boynton Beach, Florida 33425 -0310
TEL: 561.742.6066
FAX: 561.742.6089
www.bovnton- beach.orq
City of Boynton Beach - Community Improvement Division
SHORT SALE POLICY & GUIDELINES
The City of Boynton Beach provides second mortgage subsidy assistance to first -time home buyers through
its state SHIP housing assistance programs. The City Commission approved state regulations require the
Community Improvement Division to encumber, by way of a thirty (30) year mortgage, all single - family
residential property financially assisted with first time homebuyer grant funding. If the homeowner sells the
assisted property or transfers title in any way, the entire amount of the second mortgage subsidy becomes
due and payable to the City of Boynton Beach.
When assisted property owners become financially distressed and can no longer afford to pay their first
mortgage; or when the property owner must relocate out of Palm Beach County, a Short Sale will be
authorized based upon the following criteria:
1. The first mortgage lender must reimburse to City of Boynton Beach $4,000.00 or eight percent (8 %) of
the remaining balance owed on the City's Second Mortgage, whichever is less.
2. The buyer of the assisted property cannot be a relative of the seller.
3. The seller of the assisted property shall not receive any money from the Short Sale transaction.
4. Community Improvement Division must review and approve the HUD Settlement Statement prior to the
Short Sale closing.
5. Upon receipt of the Short Sale reimbursement, the City shall waive all rights to the file future judgments
for deficiency against the homeowner.
6. Upon receipt of the Short Sale reimbursement, the Community Improvement Division shall satisfy the
second mortgage subsidy. A request will be made for the City Attorney's office to prepare the
Satisfaction for the City Manager's signature.
7. Clients that have been assisted with the City's Short Sale Policy are restricted from applying to the City of
Boynton Beach for funding for any of its housing assistance programs for a period of five (5) years.
8. The owner of the property must provide proof of hardship that must indude itemization of finances,
bank statements, proof of income, tax returns, 1 Mortgage information and property information with
any request for a short sale.
"Breeze into Boynton Beach, America's Gateway to the Gulfstream"
5. ►Community Improvement )PoliciestShortSalePoliry4oc
The City of Boynton Beach
City Clerk's Office
100 E BOYNTON BEACH BLVD
BOYNTON BEACH FL 33435
(561) 742 -6060
FAX: (561) 742 -6090
e -mail: prainitoj @bbfl.us
www.boynton- beach.org
MEMORANDUM
TO: Debbie Reamsnyder
FROM: Janet M. Prainito, MM j •
City Clerk
DATE: April 17, 2013
SUBJECT: R13 -035 — David & Alexis Massey Short Sale
Attached for your information and use is a certified copy of the above - mentioned
Resolution. I have retained the original Resolution in the City Clerk's Office for the
City's records.
Please contact me if there are any questions. Thank you.
Attachment
S \CC \WP \AFTER COMMISSION \Departmental Transmittals \2013 \Debbie Reamsnyder - R13 -035 - David & Alexis Massey Short Sale.doc
America's Gateway to the Gulfstream
The City of Boynton Beach
City Clerk's Office
100 E BOYNTON BEACH BLVD
BOYNTON BEACH FL 33435
±, (561) 742-6060
FAX: (561) 742 -6090
e -mail : prainitoj @bbfl.us
www.boynton-beach.org
CERTIFICATION
I, JANET M. PRAINITO, CITY CLERK of the City of Boynton Beach, Florida,
do hereby certify that the attached Resolution No. R13 -035, consisting of two (2)
pages, related to the David and Alexis Massey short sale, is true and correct copy as it
appears in the records of the City of Boynton Beach, Florida.
WITNESS, my hand and the corporate seal of the CITY OF BOYNTON BEACH,
FLORIDA, dated this 17 day of April 2013.
O f i 1. P
ET M. PRAINITO, MMC
CITY CLERK
(SE
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,.,,,,,„ N i A'-
S: \CC \WP \certifications \Resolutions \2013 \R13 -035 - David & Alexis Massey Short Sale.doc
America's Gateway to the Gulfstream