Destin, FL

I have had calls from potential renters about the current rates to stay at the Destin Pelican Beach Resort.

From Nov 1,2009 - Feb 28, 2010 the rental special is buy 3 nights get the 4th night free or buy 5 nights and get the 5th and 6th night free.

Here is a couple of scenarios for those rates to rent unit 1004.

4 night stay
$345.00 ($115 per night for 3 get one free)
$50 service fee
$43.35 tax
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$438.35 total

7 night stay
$575 ($115 per night for 5 get two free)
$50 service fee
$68.75 tax
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$693.75 total

For more information, please visit my Pelican Beach Resort blogsite.

Great article in the Wall Street Journal today addressing the extension.

http://online.wsj.com/article/SB10001424052748703808904574529512997057836.html

Investment Real Estate Buyer's Blues Destin, Florida

Investment Real Estate Buyer's Blues seems to be spreading like the H1N1 Swine Flu virus. Many Realtors may be familiar with this story.

My client swooped into town one day in late 2006 on a Sunday. We were closed that day, but being fresh to the business, I happened to be there when he called. He was on a mission to purchase a condo. He is a seasoned builder/investor from out of state. I practice real estate in Destin, Fl--a luxury, vacation-rental community located on the Gulf of Mexico.

My client had the pre-construction prices for the properties he was interested in buying. He had been watching the market diligently, and he was very sure that he had timed his purchase precisely to the second where the market had hit the "bottom". He liked the feeling of being in control and did not feel the need to consult with a Realtor about market trends or CMA's.

I was able to negotiate the best deal for the property he wanted up to that date---about $100K less than pre-construction. He was very happy.

After he made his purchase, my client continued to watch the market. This time he had enlisted my real estate expertise. Six months after he had made his purchase my client was no longer very happy-- he had contracted a severe case of the Investment Real Estate Buyer's Blues.

He began by blaming the other owners whom he felt were devaluing his investment by short-selling for almost half of what they paid. Then, he started blaming the local Realtors whom he felt had taken advantage of the run up in the market and had tricked everyone into buying over valued properties. He blamed the media, the local developers, the lenders, the folks who had no money to begin with and still bought real estate leading to their Investment Real Estate Buyer's Blues.--he even blamed the American people for electing a Democrat to the Presidency. He blamed everyone EXCEPT himself! Today, in late

2009, my client is really singing the Investment Real Estate Buyer's Blues.             .

If my client were to sell today he would have to sell for $200K less than he paid. I have explained to him that there are folks who have lost millions and that things could have been much worse for him.

He and his wife plan to move to Destin, Fl, and they are looking for a permanent residence. Because of this single slightly off timed purchase, my client has become vindictive in his search for additional property. His modus operandi is to offer 50% of a price that has already been reduced by 2/3's. Ninety-five percent of the properties I have shown him have proceeded to sell. He is still searching for the perfect permanent residence for a give away price.

I have dealt with many other "investors" who chime the same mantra.

The prudent investor would be wise to make the best deal they can and buy it now rather than watching the best properties being sold and being left with nothing else than to sing the Investment Real Estate Buyer's Blues.

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Welcome the Holidays!

Join us at Rulnick Realty Destin Florida

Wednesday, November 11, 12:00 noon

Open House, Pot-Luck Luncheon!

So far on the menu, we have ham, turkey, rolls, wine, beer, soda, turnips, carrots, broccoli casserole, bread pudding, green bean casserole, sweets, pie, pasta salad, sweet potatoes and more...

To our buyers, sellers, Emerald Coast Realtor friends, Facebook friends, vendors, business neighbors at Miramar Plaza and ALL OUR FRIENDS!

Bring a dish and join us for some merriment!

Address: 12889 Emerald Coast Pkwy. Ste 107-A, Destin, Florida 32550
We are 2.5 miles east of Destin Commons and the Mid-Bay Bridge, on the south side of Highway 98 in the Miramar Plaza.

Telephone 850-650-7883

We look forward to seeing you!

Wendy Rulnick, "It's Wendy!", Broker, Rulnick Realty, Inc.

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

• 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.
• Use the Far Bar As Is Contract: The standard inspection period language in the Florida FAR/BAR AS IS contract works well and I always start the inspection period upon lender acceptance. This inspection period is actually written like a due diligence period. I use this contract on all short sales.
• Buyer Friendly Cancellation Language: Have your attorney provide you with language that allows the buyer to cancel the agreement at anytime prior to lender acceptance, and allows for immediate release of the EMD. Some listing agents will not allow this but it offers flexibility to the buyer. Even with this language, most escrow agents will want a signed release.
• Closing Costs: I have had success requiring the seller to pay doc stamps on the deed and title insurance. Based on my experience, the banks do not have a problem paying these closing costs because they are looking at the net proceeds. I have never had a problem with doc stamps on the deed and title insurance. I typically do not ask for the short sale lender to pay mortgage related expenses because many banks will not pay these. Mortgage fees can change and this can create problems down the road.
• Only submit one offer to the bank: "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

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