Destin, FL

Destin and Santa Rosa Beach, Florida Short Sales

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Tips for the Short Sale Buyer

I have short sale listings and I work with short sale buyers. My strategies for buyers and sellers are completely different. This article is written to benefit the short sale buyer.

I never suggest that a buyer place multiple properties under contract with the intention of buying one property. I feel this is a horrible approach and a complete waste of everyone's time. However, it is possible that a better option may come along while waiting out a short sale. I am looking out for my buyer's best interest and in some cases it may be in their best interest to purchase another property.

Any time there is a legal contract and/or a deposit in escrow, there is a risk to the buyer and I tell my buyers this. Typically, when there is a legal battle, the attorneys are the ones that benefit. Buyers need to know that the escrow agent will require a signed release from both parties to release the funds from escrow.

I often use some or all of the tips below to help protect my buyers. Some agents and sellers may strike these items, but I have had many contracts accepted with these terms. In many cases, the seller is willing to work a contract with contingencies. In a short sale, the seller cannot guarantee my buyer the home at the price and terms, so why should the buyer be 100% obligated to purchase the home?

Tips to Benefit Your Short Sale Buyer

1. "Deposit to be placed in escrow within 5 days of lender acceptance" - If your buyer can place a short sale under contract without even placing a deposit in escrow, they are in a fantastic position. The argument is that the bank may require the deposit in their package; this really depends on the bank . I have done this successfully and the short sale closed. Advise your buyer that the bank may require it prior to lender acceptance.

2. Avoid large deposits - Of course, many agents will advise their sellers not to accept your offer without a deposit. On my short sale listings, I advise my clients to require a deposit. I have seen bank owned (REO) properties that require a 10% deposit on a cash deal. I would never advise my clients to do this on a short sale. I try to stick with a $500 to $1,000 deposit, depending on the value of the property.

3. The standard inspection period language in the Florida FAR/BAR AS IS contract works well but you must start your inspection period upon lender acceptance. This inspection period is actually written like a due diligence period. I use this contract on all short sales.

4. "Buyer can cancel this agreement at anytime prior to lender acceptance, and the deposit will be immediately released from escrow" - This one is great and I have had contracts accepted with it many times. Some listing agents will not allow this language but it offers incredible flexibility to the buyer. Even with this language, most escrow agents will want a signed release.

5. "Seller pays doc stamps on the deed and seller pays title insurance". The banks do not have a problem paying the majority of the closing costs because they are looking at the net proceeds. So have the seller pay these expenses.

6. "Seller agrees to make property "contingent" on MLS and any new offers will be placed in a back up position. Only one offer will be submitted to the lender at a time" I believe that submitting multiple offers to lenders on short sales slows the process and is not good for the buyer. I advise my buyers to avoid short sales that involve submitting multiple offers to the bank.

I look forward to hearing some feedback and any other strategies that help short sale buyers. Every short sale that I have been involved in has been different. There really is no set strategy, just use common sense and protect your buyer.

Clayton Bonjean, Broker, MBA, CDPE

850-585-1284

Brokerclayton@gmail.com

DESTIN AND SANTA ROSA BEACH FL SHORT SALE SEARCH

I looked at the calendar this morning and my unit #1004 at the Destin Pelican Beach Resort is still open for the week of Christmas.

My wife wrote a poem inviting your family to Destin for Christmas vacation. For the next couple of months, the rate is rent 3 nights get the 4th night free or rent 5 nights get 2 nights free.

A snowbird has the condo booked from Jan 1- March 14th.

Today's Spotlight is on Villa Coyaba....one of Destin Florida's finest Condominiums. One of the most attractive things about this property is it's size. Villa Coyaba is a 4 story complex with 30 total condos. Many buyers enjoy the intimate setting and lack of crowd that is offered.

Built in 2006, Villa Coyaba is built with incredible construction. Poored concrete and complete with the latest in wind resistant glass. With the exception of the top floor penthouse, all floor plans are identical with the exception of furnishings and upgrades.

Size: 2200 sq ft

Beds: 4 plus office/bunk room

Baths: 3 full

Kitchen includes 3cm granite and all Viking appliances.

There are many things that attract buyers to Villa Coyaba. But 4 stick out as the most popular. The amenities, location, style, and rental income.

The Amenities include a full gulf front swimming pool and lounge area, outdoor grilling and dining area, full state of the art work out facility, and owners private movie theatre with leather reclining chairs.

The location is central to all of Destin's most popular shopping and dining....but on a very quiet stretch of beach.

Villa Coyaba's exterior demands your attention as you past buy. As you will see in the picture below...the developer's wasted no expense to the quality and detail.

For those seeking a return, Villa Coyaba has become one of Destin's most sought after rental options. Because of the amenities, style, and location, Villa Coyaba is set to bring a healty return and appreciation to all of the owners who wish to take advantage of this option. Gross rental revenues currently range between $85,000-$100,000 per year!

I have personally sold 2 condos in Villa Coyaba this year and would love to invite others to take advantage of the current opportunities. Prices range currently from $990,000-$1,499,000.

Many are interested in owning Gulf front real estate, but do not understand what is involved with permitting etc....

Below is a breakdown from the Florida Department of Environmental Protection that outlines the control. If you have any questions about a specific property in Destin, Fl, do not hesitate to contact me and I will answer or get you in touch with the person who can.

The Coastal Construction Control Line Program (CCCL) is an essential element of Florida's coastal management program. It provides protection for Florida's beaches and dunes while assuring reasonable use of private property. Recognizing the value of the state's beaches, the Florida legislature initiated the Coastal Construction Control Line Program to protect the coastal system from improperly sited and designed structures which can destabilize or destroy the beach and dune system. Once destabilized, the valuable natural resources are lost, as are its important values for recreation, upland property protection and environmental habitat. Adoption of a coastal construction control line establishes an area of jurisdiction in which special siting and design criteria are applied for construction and related activities. These standards may be more stringent than those already applied in the rest of the coastal building zone because of the greater forces expected to occur in the more seaward zone of the beach during a storm event.

Chapter 62B-33, Florida Administrative Code, provides the design and siting requirements that must be met to obtain a coastal construction control line permit. Approval or denial of a permit application is based upon a review of the potential impacts to the beach dune system, adjacent properties, native salt resistant vegetation, and marine turtles.

Coastal Construction Control Line Permit Managers

The CCCL permit managers are in charge of reviewing permit applications, issuing permits, ensuring compliance and consulting with permit applicants.

Destin-ation Paradise! Seeking investment partners for the most spectacular resort destination on the FLorida Emerald Coast featuring sugary sand beaches and pristine emerald waters. Emerald Grande is a new fractional ownership resort overlooking the Destin Harbor and Gulf of MExico. Unit E406A is a 2481 square foot 4 bedroom, 3 bath with balcony and the best views at the resort! This is the largest floor plan available making it extremely popular with vacationing families. This fractional offers four one-week periods throughout the year plus one two-week period in the summer. Try before you buy! Coma and stay and experience the hospitality and wonder of the resort and Harbor Walk VIllage before you invest. Get pampered! Relax! Dream big! Enjoy the full-service European spa, world-class fitness center, kid's arcade and club, private owner's Grande Club room, the beach club, state-of-the-art business center, conference center. Enjoy the night life at Harborwalk VIllage, the water activities including dolphin cruises, deep-sea fishing, snorkeling, pontoon rentals, wave runeer rentals, and parasailing! Indulge in a magnitudeof restauant options including Creole specialities from Pat O'Briens, the Lucky Snapper, Harry T's Boathouse. Browse the quaint shops and exclusive boutiques. To directly access this property, use this shortcut: http://www.fizber.com/florida-buy-rental-timeshare-vacation-home-11649073.html