Pleasant or not. Giving or condescending. Friendly or dull. It’s a lot easier working with another real estate agent who does not act like a computer or a director. I’ve recently experienced both, as the listing agent and the buyer’s agent.  Charm school they did not attend. Realtors primarily communicate on the phone. Voices convey everything. Nuances in tone convey smiling, openness, and manners.  Two things are important, the proper representation of the agent’s client, and business and interpersonal demeanor.  Proper representation of the client is normally aided by being polite and easy to deal with (fun is even better). It doesn’t matter if it’s a three-million dollar sale or a $100,000 sale.  Asking how someone’s day is, and being sincere about it, makes the wheels of business run smoothly.  Kindness is more important than being right.  Respect and non-judgment are more important than a sale.  Heck, they could even make the sale.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, lists and sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Okaloosa Island, Fort Walton Beach, Niceville, Freeport, Bluewater Bay, Navarre, Florida.

You’ve signed the listing agreement. You’ve filled out your property disclosure. The photographer has taken photos and your pictures are ready. All the details of your home have been researched, a fantastic description has been written, and your Multiple Listing Service entry is ready to go live. What’s next?

Your house will sell within days, if not the first day. (47% of homes sell within 7 days. 90% of homes sell within 30 days.)

Here are the scenarios that may occur after you “hit the market”, and how you may handle them:

You have several showings on Day 1. This is a very common scenario. Your agent may have to schedule agents in thirty-minute intervals. Agents may try to schedule for the next day, or so, as well. Typically, you won’t have a showing scheduled far out, as most agents and buyers know that the property will be sold within days.

You receive an offer or multiple offers on Day 1. What should you do now? You still have showings set for the next day.  Here’s where the situation gets tricky. If one of the offers is incredible, for example, is cash, with proof of funds (bank statement or letter from the bank indicating sufficient funds to close), a substantial earnest money deposit, over your list price (if that’s important to you – it’s not to everyone), a short inspection period (or waived inspection), and a closing date that you desire, what would be not to like? You could simply accept the offer and cancel the other showings.

OR, you can wait to “see” if a better offer comes in. If you are going the route of waiting to see, it’s recommended that you set a deadline for other offers, and specify that the offers should be “highest and best”.  If you don’t request “highest and best”, then you potentially will have put yourself in a situation where you will have to individually counter-offer your preferred offers. There is nothing wrong with that, but it’s more efficient to ask for the strongest offers from multiple bidding parties at the outset.

To review, here are the strategies for responding to multiple offers:

You can accept one of the offers. That’s right. Just because you have multiple offers does not mean you have to engage all of them.
You can reject all offers. You are not required to do a thing when you receive an offer. You do not have to counter offer.
You can counter-offer just one of the offers.
You can counter-offer more than one offer with individual terms. This is normally not recommended, as you have to make it clear that you reserve the right to accept whichever offer you wish. You have to be careful not to obligate yourself to sell the house to more than one party, should the buyers agree to your terms.
You can ask for the “highest and the best” from all parties. 

There is a Florida Realtors form that is nice to use to notify all parties about the multiple offer situation:

If you set a deadline for highest and best offers, when should that be? Typically, allowing one or two days maximum after you know there are multiple offers, with end-of-business, or sooner, deadline and a decision sent to the parties by the next day. Why? Because dragging on a bidding war would possibly lose some buyers.  Offers have response deadlines. No buyer wants to be in a situation where there are dozens of bidders.  Because being gracious is always a winning strategy.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, lists and sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Okaloosa Island, Fort Walton Beach, Niceville, Freeport, Bluewater Bay, Navarre, Florida.

One common mistake in writing an offer in this competitive market, or any real estate market, is that your agent does not speak with the listing agent first.  Much valuable information can be garnered to help you and your agent to write a better offer (i.e. WIN the contract), by asking these questions, versus blindly sending in an offer you think is good enough. Remember, you will likely be bidding against several other prospective home buyers for the same property. The listing agent may have a spreadsheet comparing the bullet points of your offer with the others (like I do), in order to summarize each offer to the seller. You want the “checkboxes” to be in your favor.

Here are sample questions your agent should ask the listing agent (seller’s agent), to help prepare and strategize writing the winning offer:

1. Does the seller have a preferred closing date? Some sellers need a delayed closing date in order to move first, or to close on another property.
2. Does the seller want a rent-back period to stay in the house after closing? This is becoming more common nowadays, as sellers may need a few weeks to find another house and close. Should you be asking the seller to pay rent to you, in this case? Think about how competitive that would be against another buyer not asking for rent.
3. What title company do you prefer? Note, this is asked of the listing agent. Even though, in our Emerald Coast market, the buyer is now typically paying for title insurance, and they usually select the title agent, you want a title agent that the listing agent LIKES. This is very important. Believe me, there are individual preferences here.
4. Does the seller have a minimum price requirement over asking price? (50% of homes in the U.S. sell for list price or more.)
5. Are you desiring the highest and best offer now, or will there be an opportunity to present “highest and best” should there be multiple offers?
6. How many offers do you have? How many more offers are coming in?
7. How competitive do we have to be? This is an open-ended question to solicit suggestions from the listing agent.
8. Does the seller only want cash offers?
9. What other terms are important to the seller? They may want to leave the furnishings, or items they don’t want. They may want to take out some fixtures. Fine, let’s list those.
10. Is there a deadline for presenting offers to you? Here, don’t do something silly, like ask the seller to respond in two hours at 8:00 p.m. that night. That obvious game of preventing them from responding to other offers likely won’t work.
11. What is the time frame for the seller to review offers?
12. Do you have a preferred contract format? (Florida has two state-wide real estate contract types, the Contract for Residential Sale and Purchase, commonly called the “CRSP” contract, and what’s commonly called the “CRSP” contract, and the Residential Contract for Sale and Purchase (FloridaRealtors/FloridaBar-5x), commonly call the FAR/BAR. The listing agent or brokerage may have a preference.  You want to submit your offer on the contract format they like and understand the best. That way, they can explain it to their seller better.
13. Is there anything else I should know? Is there anything else I should ask you?

Oftentimes, simply by talking with the listing agent, your agent will be able to find out more helpful information about what’s important to the seller. Armed with answers, your agent should be able to advise you on the best strategy to write your offer and win the sale!

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, lists and sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Okaloosa Island, Fort Walton Beach, Niceville, Freeport, Bluewater Bay, Navarre, Florida.

You are buying a house in Miramar Beach, 30A, or Destin, Florida, and it comes with a golf cart – or does it?  I just sold two houses in Walton County that included “golf carts”.  However, one of them was really a “low speed vehicle” (LSV). What’s the difference?  In Florida, a golf cart is designed for use on a golf course or for personal use. A golf cart cannot go over 20 mph.  A low speed vehicle, on the other hand, can go 20-25 mph, and has Federal safety requirements.  Some of those requirements are:

1. Headlamps
2. Stop lamps
3. Turn signals
4. Tail lamps
5. Reflex reflectors
6. Parking brakes
7. Rearview mirrors
8. Wind shield
9. Seat belts
10. Vehicle identification number

In Florida, anyone driving a low speed vehicle (LSV) must have a valid driver’s license. The vehicle must also have Personal Injury Protection (minimum $10,000) and Property Damage Liability (minimum $10,000) issued from a Florida licensed insurer.  Low speed vehicles may only be driven on public streets where the posted speed limit is 35 mph or less. Golf carts may be converted to low speed vehicles if Federal safety requirements are met and registration is completed.  Golf carts may have different local safety requirements, and do not need to be covered by insurance (you can still insure them on your homeowner’s policy). Golf carts may only be driven, per Florida statutes, by someone 14 years or older, on golf-cart designated roads, with speed limits of 30 mph or less.

To register a low speed vehicle that was included in your new home purchase in Walton County or Okaloosa County, you must get the title signed by the seller, a Bill of Sale, proof of insurance, pay appropriate fees and provide documentation to the local tax collector.  You can complete the daunting six-page packet to register your low speed vehicle here.

Here is a summary of resources if you are buying a home with a golf cart or low speed vehicle in Okaloosa or Walton County, Florida:

“Your Guide to Drive Florida -Low Speed Vehicle, Golf Cart, Off-Highway Vehicle”

“How to Register Your Low Speed Vehicle in Florida” and other motor vehicles

Video Guide to Golf Carts or LSVs from the State of Florida

Florida Highway Safety and Motor Vehicle Guide to Low Speed Vehicles

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, lists and sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Inlet Beach, Freeport, Okaloosa Island, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.

I’ve seen it happen again and again. A buyer is out-of-state and has their eye on a piece of property for sale in Destin, Fort Walton Beach, Niceville or Santa Rosa Beach, Florida.  Not being in town, they are at a disadvantage compared with local buyers who are lined up to personally view homes the moment they hit the market. Those local buyers write an immediate offer and win the sale.  Out-of-town buyers are afraid.  They want to see the property in person.  They want to see the neighborhood. They want to think about it.  They are nervous because they are not in town. And they lose. They don’t write an offer in time, or if they do, it’s too low.

It’s time to stop messing around.

Not that many homes are “hitting” the market. Inventories are down over 20% from a year ago.  There are not enough properties for sale on the Emerald Coast of Florida to meet buyer demand, thus they sell almost immediately, especially single-family homes (versus condos or lots).  Average days on market is about 30, but just a cursory look at today’s MLS hot sheet, I see days on market to pending ranging from “0” to “11”.  It seems as though Destin-Fort Walton Beach metro real estate is selling faster and faster, especially for owner-occupied residences or second homes. Real estate agents are begging other agents and sellers to list their properties. (A common solicitation email would state “I have buyers coming to town this weekend – please send me whatever pocket or upcoming listings you have up to “X” price with “X” criteria!”) If a hot property hits the market, it is normally sold within a matter of  hours.  Sellers are putting deadlines for offers to come in, as they cannot keep up with the interest – and it would not stop.

How are you, then, being out-of-state, going to win a multiple-offer bid on your perfect Niceville, Santa Rosa Beach or Fort Walton Beach home for sale?

1. Don’t mess around.
2. Have your pre-approval or cash proof of funds in PDF format.
3. Have your real estate agent picked out. This should be someone who responds quickly and is experienced.
4. Be ready to write over full price. Yes, over asking price.
5. Know the neighborhood you are interested in. You can get automated updates for sales and listings here. Your knowledge will reduce your fear of price.
6. Do not ask the seller to make repairs i.e. write an “as is” offer (with right to inspect).
7. Have a short inspection period – for example, five business days. A good buyer’s agent should be able to arrange this for you. If you are confident, you can waive the inspection. That would put you in the plus column to make up for your “out-of-state” status.  That is, many sellers would prefer to sell a home to someone who looked in person, all other things being equal. They are aware that buyers who come in from out-of-town for an inspection may cancel the contract upon viewing, and what seller would want to waste time?
8. Do not ask the seller to pay your closing costs.
9. Consider paying your own agent (this will save the seller’s expenses on commission).
10. Close fast.
11. Don’t load up the contract with extra addenda.
12. Don’t load up the contract with extra contingencies.
13. Don’t make your sale contingent on personally viewing (see #7 above).
14. Don’t wait for “in person” video – you may not have time.
15. Make up your mind that you will act fast and be decisive in advance – before your “right” property hits the market.

IF – IF you really want to live on the Emerald Coast of Florida and purchase a home now, and you don’t live here, you just have to go for it. Be brave. Trust your desire.  Get the house.

It’s Wendy… It’s Sold!

Wendy Rulnick Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, sells short sale, pre-foreclosure, REO and traditional real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Okaloosa Island, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.

Short sales are fewer than they used to be, but they are still around on the Emerald Coast of Florida.  I recently inquired about a short sale listing in Destin, Florida that was represented by another real estate agent. Without going into the agent specific idiosyncrasies, this seller deserved better handling of his short sale listing.

Quick points:

The agent specified that the buyer pay title insurance. Actually, in most short sales, the short sale lender will pay title insurance on behalf of the short sale seller. This added cost makes the property less attractive to a buyer, as it’s not expected that a buyer pay the title insurance for a short sale.

The agent specified that in addition to the purchase price, the buyer was to pay off the seller’s substantial judgment lien for default on a personal loan (unrelated to the sale of the real estate).  This amount was approaching $20,000.  When asked if the amount had been negotiated down with the judgment debtor, the response was it would not be “until there was an offer”. Again, that’s not often the case and not great advice to the short sale seller. In many  scenarios, I’ve had my seller negotiate down a judgment at the beginning of the listing, so there would be a more palatable amount to be paid – by the seller himself – or the buyer. Let’s use $1500 as an example – vs. $30,000?  Which is more likely to procure a sale and attract a buyer?

When there is a known judgment that may affect the ability to sell a short sale listing, face it at the beginning. I ask my potential sellers if they have any judgments or have debt in collections.  If they are not sure, I suggest we run a title search.  The cost is usually around $95. It will forestall future issues, such as dealing with liens and judgments discovered after a property has already gone to contract. A lien or judgment may interfere with a closing and may have to be paid in full prior to a successful sale. Ask your attorney for advice if you are concerned about selling your short sale real estate when you have other credit issues such as a judgment lien.

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-259-0422
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, sells short sale, pre-foreclosure, REO and traditional real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Crestview, Sandestin, Seaside, Rosemary Beach, Okaloosa Island, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.

This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.