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Santa Rosa Beach, FL

Just Sold, Topsail Village Short Sale - Santa Rosa Beach, Florida

Clayton Bonjean: Real Estate Brokerage in Sandestin, FL

Join Deal Alert: Be one of the first to find out about aggressively priced foreclosures, short sales and distressed properties by joining the Mainsail Realty DEAL ALERT email list. Click here to join Deal Alert.

JUST SOLD, TOPSAIL VILLAGE IN SANTA ROSA BEACH, FLORIDA - SHORT SALE

I just sold one of my short sale listings in Santa Rosa Beach, FL. The lender was Nationstar Bank and they were very easy to work with. Short Sales are very complex transactions. Make sure you hire an agent that has a proven track record closing short sale transactions. This particular short sale sold in less than 2 months. Below are the details on the Topsail Village short sale.

Location - Topsail Village in Santa Rosa Beach, Florida

Square Footage - 933

Number of Bedrooms 2

Selling Price - $102,000

Contract Date - 12-17-2009

Closing Date - 02-02-2010

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Clayton Bonjean, Broker, MBA, CDPE

850-585-1284

brokerclayton@gmail.com

www.mainsailrealtycompany.com

Just Sold in Driftwood Estates, Santa Rosa Beach, FL

Clayton Bonjean: Real Estate Brokerage in Sandestin, FL

Just Sold - Driftwood Estates Short Sale

Click Here to Search Santa Rosa Beach, FL Real Estate

Join Deal Alert: Be one of the first to find out about aggressively priced foreclosures, short sales and distressed properties by joining the Mainsail Realty DEAL ALERT email list. Click here to join Deal Alert.

Clayton Bonjean just sold this short sale in Santa Rosa Beach, FL - Driftwood Estates

Driftwood Estates - Santa Rosa Beach, FL

Contract Date - 1/11/2009

Date Sold - 1/29/2010

Sale Type - Short Sale

Selling Price - $180,000

Number of Bedrooms - 5

Square Footage - 2,488

Price per square foot - $72.35

I represented the short sale buyer on this transaction. We set two records on this one. The short sale closed 19 days from the contract date. (my personal record). The buyer also purchased this home for the lowest price per square foot for subdivision (per our MLS). The buyer is happy with his purchase.

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Clayton Bonjean, Broker, MBA, CDPE

850-585-1284

brokerclayton@gmail.com

www.mainsailrealtycompany.com

Developer Owned Short Sales Are Tricky! Destin, FL Short Sales

Clayton Bonjean: Real Estate Brokerage in Sandestin, FL

Developer Owned Short Sales - Tricky!

Click here to search Destin and Santa Rosa Beach Short Sales and Foreclosures.

I represent both buyers and sellers of Destin, FL short sales and every situation is different. Sometimes they can be very easy and some times short sales can be extremely complex. Some of the greatest challenges you will encounter when working on short sales will involve junior liens because the junior lien holder can prevent the short sale from taking place. Developer owned short sales can be a haven for liens and this creates a complex situation.

I am currently working on five developer-owned short sales (3 different developers) and two of them have been extremely complex. The current housing crisis has created a number of developer owned short sales. On newer projects the developer may still hold a number of units that are worth less than the balance to the bank. The bank will often prefer to work with the developer to sell these units in pre foreclosure or short sale. A short sale saves the bank money because they do not have to proceed with an expensive foreclosure. Below are some things that you will need to know if you plan to purchase a developer-owned short sale.

  • Be prepared to negotiate the contract. You are dealing with a developer and a bank and they love to negotiate. Be prepared to counter at least 3 times. If not, you may be leaving money on the table. Most developers are master negotiators and they will not show you all of their cards until they feel you have made your final offer.
  • Make sure you hire a good closing attorney and purchase title insurance. There is a strong chance that there are current and future leans from contractors, property taxes, HOA or condo association dues, and other liens. A title insurance policy should protect you against any future liens and the title search will identify current liens. In a short sale, the current liens will have to be cleared prior to closing.
  • Do not be surprised if your closing is delayed because issues pop up. The bank and developer may have to negotiate past liens and this can take some time. If the property is upside down and the bank forecloses, the junior liens will be wiped out at foreclosure, leaving the junior lien holders nothing. In a short sale, the seller or bank will try to clear the liens for pennies on the dollar. Many lien holders may prefer that the developer get foreclosed on because they are upset with the developer. This creates the need for a strong negotiator.
  • Financing may be a challenge - You may have trouble obtaining financing through your normal resources. Fannie Mae has restrictions regarding the number of developer owned condo units. This should not be a problem but it can be somewhat of a challenge.

Developer owned short sales are not easy, but they can be done. An ideal short sale situation includes one lender and no junior liens. In our current environment, junior lien holders like 2nd mortgages and home owners associations are experienced in dealing with short sales and they will work with sellers and lenders; therefore, these types of junior liens are normally not a problem. A good short sale listing agent can deal with second mortgage holders and HOA's. Also, back property taxes always get paid at closing and our standard FAR/BAR contract makes this the responsibility of the seller or bank. Sellers and banks may have more difficulty dealing with the strong willed general contractor or local roofing contractor because they are upset and would like to see the developer foreclosed on.

I love short sales! Short sales will be a major player in solving our current housing crisis.

Clayton Bonjean, Broker, MBA, CDPE

www.mainsailrealtycompany.com

850-585-1284

brokerclayton@mainsailrealtycompany.com

Seaside, FL Real Estate Search, Florida

Clayton Bonjean: Real Estate Brokerage in Sandestin, FL

Seaside, Florida MLS Search

Below you will find a custom Seaside, FL MLS Search. The search links below will show you Seaside, FL homes for sale, lots for sale, and Seaside, FL condos for sale. The information is pulled directly from the Emerald Coast of Realtors MLS system and the results are accurate and up to date. Feel free to call me at 850-585-1284 if you have any questions.

Click the links below to search homes and Condos in Seaside, Florida.

Click Here To Search Seaside, FL Homes For Sale

Click Here To Search Seaside, FL Condos For Sale

Seaside, Florida is one of the most desired communities on the Emerald Coast of Florida. Watch the sun set at Bud & Alleys after you catch a concert in the Park. Seaside, FL was also featured on the Hollywood hit "The Truman Show". Feel free to call me at 850-585-1284 if you have any questions about Seaside, Florida Real Estate.

www.mainsailrealtycompany.com

Clayton Bonjean, Broker, MBA, CDPE

BrokerClayton@gmail.com

Seaside, FL Real Estate

Do you Connect?

01-17-10
Kelly Klein
Kelly Klein: Real Estate Agent in Santa Rosa Beach, FL

Writing blog posts and emailing people I hardly even know may seem to some like a waste of time, but for many it is a matter of asking the right questions.

What you need to ask yourself is whether or not you are connecting in a meaningful manner. Ways that can help are open ended questions beginning with 1) Tell me about yourself 2) How did you get to where you are today? 3) When did you decide to do what you are doing now? 4) What brought you to make the decisions you've made so far in your life and would you have changed any of them? 5) Why do like living where you do.

Ask the right questions and pretty soon you will find yourself actually "connecting" instead of just blogging. People want their names to be said and they like hearing them, so use them often when talking to them.

Lastly, always thank them for their time.

When appropriate, use humor. Humor can lighten any circumstance.

Have a great day!

Kelly Klein, Broker / Owner

Lifeguard Real Estate, Inc.

Santa Rosa Beach, FL