About Destin's Foreclosures

Destin Foreclosures | Not All Bank Owned Properties are Good Deals.

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Destin and 30a Foreclosures

I am a Destin and 30A Realtor and I have sold many short sales and bank owned properties. I often have buyers call and tell me that they want to look at short sales and REOs (bank owned) ONLY. To tell you honestly, not all bank owned properties are great deals. I have dealt with many situations where we could not get the bank to accept a realistic offer. The truth of the matter is that sometimes the banks are not ready to sell. I have spoken with many bankers about this and it is all related to the banks books and the value of the property on their books. In some cases the bank may have the property overpriced on their books. Maybe they got a high appraisal or maybe the bank is not in a position to move the property and take their loss. Also, some banks price their properties high in the beginning and they are not interested in lowering their price until the property has been sitting on the market for a while. If a bank sells a property for less than their value on the books, they have to come up with the capital to cover the loss.

Do not be discouraged if you offer on a bank owned property and find that the bank is completely unrealistic. This is actually very common and you may just have to move on. Many bank owned properties can present fantastic opportunities and when you find that great deal, be sure to move fast and aggressively, because a under priced REO listing will almost always attract multiple offers. If you move fast, you may have the benefit of negotiating with the lender prior to the other offers coming in.

I tell my clients not to rule out traditional properties because you may have a realistic seller that understands he will have compete with short sales and REOs to make a sale. Be sure to look at all properties and study the comps and you should be able to find a great deal.

Please Submit Your Highest and Best - Destin FL Foreclosures

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Destin Foreclosure Search

If you are a Realtor or buyer in Destin, Sandestin, and 30A Florida, you have probably heard the phrase "Please submit your highest and best". You are hearing this because you are trying to acquire an aggressively priced property and chances are the property is a short sale or Bank Owned "REO" property. The listing agent is asking for your highest and best because we are now in the dreaded multiple offer situation. I have probably heard this 5 times in the past 2 weeks and I have gotten more comfortable with the situation. I have been winning more than losing recently because I have dealt with this situation many many times. I have won a few and lost a few.

When I get into a multiple offer situation, I have a system and it is below.

1. The first thing I do is pull the comps again. Lets forget about the other offer and pay attention to the comps. When we focus on the comps, it takes a lot of stress out of the deal. We base our decision on the comps and forget about the other offer.

2. I stay on top of the listing agent. If you call the listing agent frequently during the process, you will have the advantage. Sometimes you can read them and tell if you offer is not the best. Sometimes they will tell you that your offer is not the best. Sometimes you may find out that the stress was too much for the other buyer and now you have the only offer. The only way to figure this out is to stay on top of the situation and do not be afraid to ask questions. Persistence pays off in the multiple offer game.

3. It is not over until it is over. Understand, the listing agent has to submit all offers to the client. Even if the listing agent tells you that the property is under contract or tells you it is over, it really may not be. Be sure to ask if the contract is executed or ask them if the buyer signed all of the bank addendums? If not, you can submit a strong offer and win. I have done this before and succeeded. Some people did get their feelings hurt but it is my job to help my client win. On the flip side, If you are going back in forth via email or if you have not received all of the addendum, make sure you stay on top of this. Because the deal is not done until all of the paperwork is executed. Make sure the property is made contingent or pending on MLS.

Be sure to call me if you are looking to buy or sell Real Estate in Destin, Sandestin, and 30A Florida.

How to Buy a Destin Foreclosure

Below is a step by step plan that will enable you to acquire a great deal on a Destin, Sandestin, 30A, or Santa Rosa Beach Foreclosure or Short Sale.

Follow the steps below and you will be on your way to success.

1. Search Destin, FL Foreclosures by clicking the link below.

Destin Foreclosure Search - Click Here

2. Hire a Real Estate Agent or Broker with Distressed Property Training. Be sure to hire a professional that has closed multiple short sales and foreclosures. Please check out my website at www.MainsailRealtyCompany.com.

3. Make sure you hire a qualified home inspector. This may be the most important piece of the puzzle. Foreclosures and short sales are purchased AS/IS. This is not a bad thing because the AS/IS sale should always allow for an inspection/due diligence period. If you do not like the inspection results, you should have the ability to walk and retain your deposit. I make sure all of my client's offers are written up this way. So obviously, having the right inspector is key.

4. Always purchase title insurance: Foreclosures and short sales seem to attract liens and title defects. Be sure to purchase title insurance to protect your investment. All of my clients receive title insurance and in most cases the banks will pay this closing cost.

5. Check on the Association: In any Real Estate transaction, you need to check out the Homeowners or Condo association. This is very important. Make sure you review the condo docs and make sure you have your Realtor provide you with the Condo Association Disclosure. Make sure you or your accountant look at the budget. Are they funding the reserves? Are they operating in the black? A weak association can result in surprise assessments and increased fees. I advise all of my clients to call the association manager and ask questions about the health of the association and the possibility of raised fees and assessments.

6. Study the comps. I provide all of my buyers with detailed CMA Reports "Comparative Market Analysis". The CMA will show you recent sales and sales price per square foot. If you know the value of the property, you will be able to spot the great deal. This information is easy to obtain and all buyers should study the comps.

I would love to help you find a great deal on a Destin, FL Foreclosure. I am not afraid to submit any offer no matter how low. Feel free to call or email me with any questions.

Destin Bank Owned Condos

Click the Links Below to Search Destin, FL Bank Owned Condos, Homes, and Lots.

Destin Bank Owned Homes

Destin Bank Owned Condos

Destin Bank Owned Lots

Our Destin, FL Foreclosure page is the most accurate and up-to-date Destin foreclosure search page available. The foreclosure listings are pulled directly from the Emerald Coast of Realtors MLS system and the results are updated in real time. You will see every Foreclosure listing from every real estate brokerage. You will also find many other search options at www.mainsailrealtycompany.com. Feel free to call with any questions about Foreclosures in Destin, Sandestin, 30A, and Santa Rosa Beach, FL.

Destin, FL Bank Owned Homes, Condos and Lots

Click the Links Below to Search Destin, FL Bank Owned Properties.

Destin Bank Owned Homes

Destin Bank Owned Condos

Destin Bank Owned Lots

Our Destin, FL Foreclosure page is the most accurate and up-to-date foreclosure search page available. The results are pulled directly from the Emerald Coast Association of Realtors MLS system and the results are updated in real time. You will see every Foreclosure listing from every real estate brokerage. You will also find many other search options at www.mainsailrealtycompany.com. Feel free to call with any questions about Foreclosures in Destin, Sandestin, 30A, and Santa Rosa Beach, FL.