Real Estate Resource for Buyers

**JoshMclean** · 05-20-2009, 12:13 PM

Looking for real estate in the Destin or 30A area and want to be able to search easily?

Foreclosures and short sales have become a very large part of our local real estate market. Here are links to easily search them by area and price.

Destin Foreclosures (Homes)

Destin Foreclosures (Condos)

Destin Foreclosures (Townhomes)

Miramar Beach Foreclosures (Homes)

Miramar Beach Foreclosures (Condos)

Miramar Beach Foreclosures (Townhomes)

Santa Rosa Beach Foreclosures (Homes)

Santa Rosa Beach Foreclosures (Condos)

Santa Rosa Beach Foreclosures (Townhomes)

30A Foreclosures (Homes)

30A Foreclosures (Condos)

Destin-30A Foreclosures (Land)

Santa Rosa Beach Short Sales (Homes)

Santa Rosa Beach Short Sales (Condos)

Santa Rosa Beach Short Sales (Townhomes)

30A Short Sales (Homes)

30A Short Sales (Condos)

Destin to 30A Short Sales (Land)

Destin Short Sales (Homes)

Destin Short Sales (Condos)

Destin Short Sales (Townhomes)

Miramar Beach Short Sales (Homes

Miramar Beach Short Sales (Condos)

Miramar Beach Short Sales (Townhomes)

Destin-30A Foreclosures (Homes) Under $200,000

Destin-30A Foreclosures (Homes) $200,000-$400,000

Destin-30A Foreclosures (Homes) $400,000-$600,000

Destin-30A Foreclosures (Homes) $600,000-$800,000

Destin-30A Foreclosures (Homes) $800,000-$1,000,000

Destin-30A Foreclosures (Homes) Over $1,000,000

Destin-30A Foreclosures (Condos) Under $200,000

Destin-30A Foreclosures (Condos) $200,000-$400,000

Destin-30A Foreclosures (Condos) $400,000-$600,000

Destin-30A Foreclosures (Condos) $600,000-$800,000

Looking for a property in Sandestin? Quickly search available properties in Sandestin by following these links.

All Sandestin Homes

All Sandestin Condos

All Sandestin Townhomes

All Sandestin Land

Sandestin Home Foreclosures

Sandestin Home Short Sales

Sandestin Condo Foreclosures

Sandestin Condo Short Sales

Sandestin Land Foreclosures

Sandestin Land Short Sales

Looking for a condo in the Destin or 30A area? Easily search by area or price.

All Condos under $100,000

All Condos $100,000-$200,000

All Condos $200,000-$300,000

All Condos $300,000-$400,000

All Condos $400,000-$500,000

All Condos $500,000-$600,000

All Condos $600,000-$700,000

All Condos $700,000-$800,000

All Condos $800,000-$900,000

All Condos $900,000-$1,000,000

All Condos $1,000,000-$1,500,000

All Condos $1,500,000-$2,500,000

All Condos Over $2,500,000

Okaloosa Island Condos

Destin to 30A Gulf Front Condos

Destin to 30A Bay Front Condos

Destin to 30A Harbor Front Condos

Destin to 30A Gulf View Condos

Destin Gulf Front Condos

Miramar Beach Gulf Front Condos

Sandestin Gulf Front Condos

30A Gulf Front Condos

**GoodWitch58** · 05-20-2009, 01:07 PM

Josh, are you saying that all of these are in foreclosure? If so, I think there is a problem with the list.

**JoshMclean** · 05-20-2009, 02:56 PM

No, the links have the categories listed on them. I also wrote a sentence at the top of each section separating them. Only the first section are foreclosures and short sales unless otherwise specified on the link. For example, I also have some links to Sandestin foreclosures under the Sandestin section.

**GoodWitch58** · 05-20-2009, 03:46 PM

Originally Posted by JoshMclean

No, the links have the categories listed on them. I also wrote a sentence at the top of each section separating them. Only the first section are foreclosures and short sales unless otherwise specified on the link. For example, I also have some links to Sandestin foreclosures under the Sandestin section.

Okay. thanks. I will take a closer look.

**Lynnie** · 05-20-2009, 04:06 PM

What is the success rate with the short sales? Do you know which lenders are cooperative, length of time and general percentage they are accepting?

Great info. Thanks!

**JoshMclean** · 05-20-2009, 08:05 PM

From my personal experience and after talking to a few title companies it is very low. The title companies will give you a great idea because agents have to present draft HUD's with the offer to the bank. One particular company told me about 10% were closing.

Many of the short sales that don't close are due to buyers walking before a decision is made by the bank. If you find the right property and hang in there, your chances of closing will increase dramatically. One thing to have your agent ask before writing an offer is if there are two mortgages and if they are with the same bank. The second lien holders are having a hard time accepting what the first lien holders are offering to do the short sale. If there is one loan it will be MUCH easier to do,

**Joe Mammy** · 05-21-2009, 08:28 AM

Success rate for shorties? If you have the patience then 10% is about right, but you may wait 6 months for your offer to be accepted only to get a counter.

This week has really been something. In areas 14 and 15 of the MLS (greater Destin area) there has been 38 properties that have gone under contract! We are on fire!

What is interesting is that there is a total of 134 properties that are under contract and of those 73 are shorties! They will drag on and on...

There has been 151 detached single family home closings this year in areas 14 and 15, of those 24 were shorties. So it is possible to close them but it is still a long shot and weighing the mortgages/lender/seller position is all tell tale in deciding whether to take the plunge.

If you do make an offer on a shortie be sure you do not put down a deposit (EMD) but instead make your deposit an X number of days after effective date of the contract, and make your effective date the day the lender accepts the offer. I just had a miserable experience trying to get back EMD for a client on a shortie where the contract had expired- the title company would not release the EMD until both parties signed off on a cancellation of contract and release of escrow and the seller was basically unavailable to sign off or did not want to be bothered with it. We did eventually get the deposit back but not after alot of consternation.

**JoshMclean** · 05-21-2009, 10:16 AM

Excellent point about the EMD Joe.

**ciclismo** · 05-22-2009, 08:23 AM

Originally Posted by Lynnie

What is the success rate with the short sales? Do you know which lenders are cooperative, length of time and general percentage they are accepting?

It depends on how you define a success rate...buyer versus seller. A successful short sell for the seller is to have the short sale go thru and prevent foreclosure. Our team has a success rate of over 90% with all short sales we negotiate.

If the buyer is willing to work through the process and have patience they will also have a high success rate 80% and above. Any short sale transactiion must have the seller and buyer to be qualified and willing to do a short sale. In addition the offer must be in-line with two very important metrics: the loss severity ratio and a percent of fair market value. Finally the short sale process needs to be handled systematically and managed through a very methodical process.

If any of these things do not happen then the short sale will fail and thus the 10% success rate you are seeing on the other posts.

As for Banks. Almost all banks are good to work with once your learn their individual procedures and policies. Some take longer than others...such as Countrywide. However, we have never had a Countrywide short sale not be accepted.

Finally, short sale guidelines change daily and there are new streamlined procedures and incentives that have been mandated by the Obama Administration as part of the Making Home Affordable program. The process will only get better.

Don't be afraid of short sales. They are excellent alternatives to help our friends and families in distress and give buyers an opportunity to help clear out our inventory.

**ray** · 05-22-2009, 09:57 AM

I have a question on the board for all real estate agents. WHAT IS THE ADVANTAGE OF A SHORT SALE FOR THE SELLER? It still goes on the credit as a default and they had to stop making payments to get the short sale going . It still destroys there credit and from what i understand if it was an investment property or second home the seller gets 1099'd for the loss. So please tell me why somebody wouldn't just let the home go?

**ciclismo** · 05-24-2009, 12:43 PM

Originally Posted by ray

I have a question on the board for all real estate agents. WHAT IS THE ADVANTAGE OF A SHORT SALE FOR THE SELLER? It still goes on the credit as a default and they had to stop making payments to get the short sale going . It still destroys there credit and from what i understand if it was an investment property or second home the seller gets 1099'd for the loss. So please tell me why somebody wouldn't just let the home go?

That is a great question. First this information is for information purposes only and if you are facing foreclosure you should consult with your attorney and accountant.

In my opinion Short sales and mortgage modifications are better alternatives than a foreclosure for the following reasons:
1. A foreclosure impacts your credit and credit history for 10 years and must be documented on all future loans for 7 years.
2. Banks will pursue a deficiency judgment against you. Short sales forgive the deficiency.
3. In some cases Employment, both future and current and special security clearance jobs will be impacted with a foreclosure.
4. Credit score 250 to 300 points with a foreclosure. Much less with a short sale
5. Credit can be repaired and your ability to purchase a home can occur in about 2-3 years versus 7 years with a foreclosure.
6. Short sale is typically noted on your credit as "paid in full, settled" or "paid as negotiated."
7. Short sales are being promoted as a preferred alternative to foreclosure by the Obama Administration and the Making Home Affordable Program. There are major changes coming down the pipe for sellers and lenders.

The 1099 is a big misconception with short sales. Every real estate transaction requires a 1099. Regardless if it is a standard sale or a short sale. This must be discussed with your accountant. But, your loss typically is more than the gain that the bank reports on your short sale. If you do owe taxes on the forgiven debt it can be negotiated. Again work with your accountant and lawyer.

If you want more information I have lots of info on my website and our most recent radio broadcast on 30a Radio discusses this topic. It airs Fridays at 9am. Ping me and I will send you the link.

I can also point you to some great places to do research about short sales and foreclosure alternatives including HUD, HopeNow and Making Home Affordable websites.

Thanks.

**rongspencer** · 05-24-2009, 02:21 PM

Originally Posted by ciclismo

That is a great question. First this information is for information purposes only and if you are facing foreclosure you should consult with your attorney and accountant.

In my opinion Short sales and mortgage modifications are better alternatives than a foreclosure for the following reasons:
1. A foreclosure impacts your credit and credit history for 10 years and must be documented on all future loans for 7 years.
2. Banks will pursue a deficiency judgment against you. Short sales forgive the deficiency.
3. In some cases Employment, both future and current and special security clearance jobs will be impacted with a foreclosure.
4. Credit score 250 to 300 points with a foreclosure. Much less with a short sale
5. Credit can be repaired and your ability to purchase a home can occur in about 2-3 years versus 7 years with a foreclosure.
6. Short sale is typically noted on your credit as "paid in full, settled" or "paid as negotiated."
7. Short sales are being promoted as a preferred alternative to foreclosure by the Obama Administration and the Making Home Affordable Program. There are major changes coming down the pipe for sellers and lenders.

The 1099 is a big misconception with short sales. Every real estate transaction requires a 1099. Regardless if it is a standard sale or a short sale. This must be discussed with your accountant. But, your loss typically is more than the gain that the bank reports on your short sale. If you do owe taxes on the forgiven debt it can be negotiated. Again work with your accountant and lawyer.

If you want more information I have lots of info on my website and our most recent radio broadcast on 30a Radio discusses this topic. It airs Fridays at 9am. Ping me and I will send you the link.

I can also point you to some great places to do research about short sales and foreclosure alternatives including HUD, HopeNow and Making Home Affordable websites.

Thanks.

What is your web address?