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Destin and Santa Rosa Beach, Florida Short Sales

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Tips for the Short Sale Buyer

Let me start by apologizing to all short sale listing agents for this post. 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

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Help for the Buyer - Multiple Offers Without The Stomach Ache

I stay very busy working with buyers writing offers on short sales and bank owned properties in Destin, FL. I like to seek out the best deals for my clients and this often leads to multiple offer situations. This can be a very uncomfortable and stressfull situation for all agents and buyers involved. The tips below will help any buyer in this situation.

1. Do not make your offer based on the other offer. For all you know the other offer could be ridiculously low and have contingencies all over it or it could be above asking price. You will have no way of knowing the other offer unless the seller advises the listing agent to tell you. Speculation will get you nowhere.

2. Look at the comps and have your realtor provide you with a CMA "comparative market analysis". Make your decision based on the comps and base your offer on this analysis.

3. When you are told to submit your "Highest and Best Offer", submit your highest and best offer but understand that the bank or seller may ask for "Highest and Best" again. I have had this happen a few times.

4. Make your offer as clean as possible. Do not include too many contingencies because you may lose out to a lower offer.

5. I have seen many foreclosures and short sales sell for over the asking price. This happens all of the time. Sometimes banks and agents price homes under market to create a bidding war and many investors are aware of this.

6. The other agent is not lying about the other offer. This would be a major violation and we cannot assume this.

Keep a cool head and make a good offer when there are multiple offers on the table. Do not offer way too much and be careful with the low ball offers.

Clayton Bonjean, Broker, MBA, CDPE

www.mainsailrealtycompany.com

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.

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WEST BAY - Southwest Airlines CEO Gary Kelly officially announced Wednesday the low-cost carrier will begin service to the new Northwest Florida-Panama City International Airport when it opens in May. Tickets will go on sale in December.

Kelly's announcement came shortly after 1 p.m. Wednesday live via "streaming video" as part of Southwest's media day from Dallas, about 15 minutes after the start of the a Panama City briefing attended by local business leaders and government officials. Kelly said the airline will bring an all-Boeing 737 fleet and the company's bags-fly-free policy.

"We have been overwhelmed by the energy Panhandle residents put on Southwest to come to their region," Kelly said during his video address. "It was very, very clear they wanted us. We are so flattered by that."

Southwest will fly up to eight daily flights to four cities, Kelly said. Nashville, Tenn., and Baltimore-Washington International in Maryland are two of the four destinations.

Speaking about the current airline situation in the Panhandle, Kelly said the region was an "underserved, overpriced tourist gem. ... It sees 16 million visitors by car each year."

Kelly said the company is entering into a strategic alliance with the St. Joe Co., which donated the land for the new airport.

The St. Joe agreement will "ensure Southwest will break even for the first three years, which reduces the risk profile that is typically associated with opening new markets," Kelly said.

Local and state leaders were meeting at the airport for the expressed purpose of hearing an update on construction progress and airline marketing efforts, but Southwest's announcement had been anticipated.

The new airport is set to open in May, and Kelly's confirmation answers one of several questions still remaining, such as whether a low-cost carrier like Southwest Airlines is coming to the West Bay location.

Officials and business leaders in Pensacola, Okaloosa County and Panama City have been courting the coveted carrier for months, citing lower fares that can bring in more tourists and businesses.

"The Panhandle has so much to recommend it," said U.S. Sen. Bill Nelson, D-Fla. and a leading advocate of the new airport serving the region. "I know that as more and more people and businesses learn about the area, we'll attract even more jobs and opportunities."