I turned away two Destin real estate buyers this week. Not intentionally. But I told them the truth. Each was an out-of-state purchaser looking to get a “deal”. One wanted to expand his rental holdings and another wanted to buy a tear down.

I told them they would not get a deal. There are no deals. Almost every real estate sale along the Emerald Coast of Florida is for full price and higher, with multiple bidders.  Properties sell within hours, or a few days at the most. In all price ranges, from $200,000 to $10,000,000.  Properties sell “as is”.  Some buyers waive inspections, some pay the difference if a property does not appraise at purchase price if they are getting a mortgage. Successful buyers purchase houses and condos without seeing them in person. They allow sellers to stay in the home, and rent back “free” until they move.  They pay cash.  They pay top dollar.

I told these buyers, if you really want to buy, you have to be aggressive. You have to be fast. You have to want it.  You have to be ready to compete. These buyers were casually looking, they had funds, but were looking to get something “on sale”. Guess what? There are no discounts.  There are no sales. I told them the truth.  I did not hear back from either of them.

If you are casually looking for a house in Destin, Florida, it’s not going to happen.

In the summer of 2021, that’s not how the real estate works anymore. It hasn’t worked that way for months.  Yet, I still get calls from people thinking they can buy a short sale, or “handy man special”, even an hour north of the Gulf of Mexico.  They think they’ll be the only ones.  That’s not true.  I had a buyer offer full price on a home under $100,000, way up north.  A couple of hours later, we were told someone else won the “bid”. There had been seven offers.

These casual buyers may give me their price range and criteria.  They tell me what towns they want, like Destin, Miramar Beach, Niceville or 30A. And they look and look. That’s all they do. They sign up for Zillow notices. They sign up on my website for listing alerts. Once in a while, they ask me a question about a property that catches their eye.  “What about this one?” they say, “Can you find out xyz about it?”  It’s too late. The property is sold.  They don’t understand that serious buyers are ready to pounce when anything in their target hits the market.

I can tell when someone contacts me if they are going to be successful.  The only buyer that is successful in this market is one who “needs” a property. They have to buy. They intend to buy. They will buy.  They must buy.  That is the difference.  I tell people straight who contact me. Some don’t like it. Some say “thank you” for being honest. And some, like these two, I never hear from again.

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.

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.