Is That Listing “Coming Soon”? Explained – Destin, Florida

You see them advertised everywhere in the Destin Florida real estate market– “Coming Soon! New Listing!” But, what does that mean, exactly? The Emerald Coast Association of Realtors is guided by rules regarding entering listings into the Multiple Listing Service (MLS). “Coming Soon” is a special category for listings that are not quite ready to be fully activated on the market, or so they say.

Key points about the “Coming Soon Status” for the Destin, Florida market are:

  1. It’s only a short-term status when preparing a property for active status
  2. It’s used to notify other Realtors that the listing will be made fully available to the public once preparations are completed.
  3. The listing may be in “Coming Soon” status for 30 days before being fully “active” in the MLS

But, what difference does it make? Not much. The Emerald Coast Association of Realtors allows showings of “Coming Soon” properties. Many Realtor association across the nation do not allow “Coming Soon” listings to be shown.  In other parts of the country, that category builds up anticipation for a new listing to be premiered. But, locally, in the Destin Florida market, that’s not the case.

Of course, a seller, with the advice of his agent, may decide to place a listing in the “Coming Soon” category and not allow showings. Then the listing may be activated once the property is ready.  On the other hand, many listings that are newly activated already have a date specified on when showings may begin.  For example, a newly active listing may state that showings may begin in two days, for a period of two days, and only between certain hours. That’s because the real estate market on the Emerald Coast of Florida is quite vigorous and there are normally multiple showing requests immediately upon MLS entry.

The bottom line is, if your agent sends you a listing that’s in the “Coming Soon” category, and you want to see it now – ask.

 

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.

Sales Factors – How Important Are They in Pricing Real Estate?

What are terms and conditions of a real estate sale, and why are they important to know? When a listing “closes” in the Emerald Coast Association of Realtors MLS in Florida, a field is required where an agent enters “sales notes”. The requirement is as follows:

“Listings changed to a Closed status must include any applicable information regarding factors affecting the sales price in the Sales Notes section.”

It is important to know what terms or conditions affected a sale to help other real estate agents price new listings correctly, or to make adjustments to existing listings either with price or incentives. This information is also extremely important to real estate appraisers who are hired by lending institutions or individuals buying homes.

What are some terms and conditions that affect a sale price?

Some examples are:

  1. Seller paying buyer closing costs (like a credit to cover a percentage or dollar amount of buyer’s title insurance, loan expenses, points, lender charges, a property survey, inspections, etc.)
  2. Buyer paying seller closing costs (like real estate commission, doc stamps on the deed)
  3. Seller “crediting” the buyer for repairs (the credit could be a dollar amount applied towards buyer’s closing costs or pre-paying a contractor for the cost of the job)
  4. Agents waiving commission if it’s their own purchase or sale
  5. Buyer allowing a seller to remain in the property after closing, either with or without rent
  6. Property appraising under contract price. Was price adjusted downward or did buyer complete the purchase notwithstanding?
  7. Seller including furnishings that buyer wants
  8. Seller doing repairs for a buyer prior to closing (that may have been noted in a home inspection or termite inspection)
  9. Seller doing upgrades for a buyer prior to closing (like painting a house, putting on a roof, installing a new water heater – some of these are Florida specific items due to Florida insurance issues)
  10. Buyer allowing seller to use the property (if it’s a rental) at a future date, or dates, free of charge, or for reduced rate, as an incentive to accept a lower sales price
  11. Multiple offers which created bid atmosphere and pushed up pricing
  12. Buyer paying for upgrades which increased sales price (new construction add-ons or customization).
  13. Seller paying homeowners association or condo association special assessment in full or part, and for how much
  14. Buying agreeing to pay special assessments
  15. Seller including boat, car, golf cart, bikes, etc.
  16. Buyer waiving home inspection or other inspections
  17. Buyer using Florida escalation clause
  18. Property selling “as is”, if major repairs were needed, that should be noted
  19. Buyer paying cash
  20. Buyer closing faster than normal
  21. Seller financing

 

If I were doing a market analysis for a new Destin Florida listing, how would some of these sales terms affect my pricing suggestion? If similar properties sold for a certain amount, but they were sold furnished, and my seller did not want to sell furnished, that may reduce his sales price.  If a seller of a similar property were allowed a month extra to stay in the house, but my seller wasn’t asking for a free rent back, then his price may be higher.  If a similar property sold without a home inspection, then that’s a buyer contribution to price, so my listing might sell for more.  If a similar property sale included a golf cart and boat, but my listing does not, it may sell for less. Is this making sense?

Of course, there are many other pricing factors, but sales terms and conditions are critical to analyze the current market for the property.

It is our duty to the public to use our best skills and abilities to recommend a correct listing price to our sellers. Noting sales factors is imperative.

 

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.

Want That House? How to Beat the Other Offer – Florida Escalation Addendum

Do you want that house? You can bet others do, too. Chances are that when you make an offer on a Destin, Emerald Coast of Florida, house or condo, there will be at least one competitor trying to outbid you. If you had your agent ask the right questions first, you could only hope that the seller would pick your offer.  But you may have another option.

Florida Realtors has just released an official “Escalation Addendum” for use with the Florida real estate contract (either the FR/BAR, CRSP, commercial contract, or vacant land contract). An escalation addendum, or escalation clause, states that the offer price will automatically go up if certain conditions are met. By using this new addendum, you may potentially outbid the highest competing offer up to an amount you specify.

How does the Florida Escalation Addendum work? Let’s look at an example:

  1. Your agent found you a home in a very popular neighborhood, for example, in Bluewater Bay. Houses stay on the market there for less than a day, and most sell for over asking price. It’s a huge military and retirement community that has a very fast real estate market.  You’ve been looking for weeks and this is the house!
  2. Let’s pretend the house is listed for $500,000. With the advice of your agent, you are going to write an offer for $515,000.  The only catch is, there will likely be a dozen competing bidders, all of them submitting by the offer deadline. You decide that your maximum price in this situation would be $530,000, or $30,000 over asking price. You don’t, however, want to offer $530,000 initially and give all your  money away if you don’t have to.  That’s where the escalation addendum comes in.
  3. The Florida Escalation Addendum would specify the amount by which you are willing to increase your offer over a competing offer.  For example, you could state you would be willing to pay $5000 over another offer.  If the highest offer was $520,000, your offer would change to $525,000.  If the highest offer was $527,000, your escalation addendum stated you would not go over $530,000, so that would be your highest offer- not $532,000. Does that make sense?

What are the Florida Escalation Addendum’s stipulations?

  1. The Competing Offer that the seller may choose to show you (with buyer’s name redacted), must still be in effect. In Florida, offers have an expiration date.
  2. The Competing Offer must be bonafide. The seller cannot have trumped up a fake offer to entice you to offer more.
  3. You must specify if you will pay cash or finance any increased amount. You must show proof of the ability to do so along with the addendum.

What’s the catch?

There are several. First of all, the seller does not have to respond to your Escalation Addendum. It can be confusing and gimmicky. They may ignore your offer, or simply counter offer you without regard to your Escalation Addendum.  Why would they not outright counter with the maximum price you stated you would pay? On the other hand, “price” may not be the most important criteria to the seller.  They may like the terms of another offer better, even though the purchase price may be less. They might like the structure of another offer better. The seller may choose to simply ask for the “highest and best” offer from all parties. There could also be multiple offers with escalation addenda. What a mess!

Should you use the Florida Escalation Addendum?

It’s a matter of style. Some buyers prefer a more straightforward approach, rather than using a potentially confusing clause.  If you know what your highest offer is, why not just offer it?  Your agent should also ask the listing agent if the seller would be receptive to such an offer.

If you choose to use an Escalation Addendum, I recommend using the Florida Realtors’ addendum.  Previously, some Florida real estate agents would scribble something they made up to formulate an “escalation” clause. This was risky, because a real estate agent is not an attorney, and constructing complex clauses is not a good idea without legal advice.  The official Escalation Addendum is a form you can have confidence in, should you choose to use it.

 

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.

Yikes! Our Florida Homeowners Insurance Just Doubled!

First, we received a homeowners insurance cancellation notice for our Niceville Florida investment property.  Their mobile inspection had shown that there was some wood rot on the side of the house.  Although common in Florida, they said if it was not fixed within 30 days, they were going to cancel the policy. Scramble. My husband and I called a few contractors, and the price to replace the siding with comparable material was about $10,000.  So we thought, “Why not replace it with vinyl siding?”

The only problem was, we couldn’t get any vinyl contractors to call us back.  One finally responded, and we accepted their proposal for $22,000. The issue was… when could they do the work? It turns out… maybe never.  New paperwork showed that the work was to be done “at a future date to be determined”, and their price was mysteriously going up by $2000.  So, the next and only contractor we could get was… my husband.  He replaced the siding himself. Problem solved? Not exactly.

The homeowners insurance company then told us the policy for the Niceville Florida house was going to DOUBLE! That’s right, from  $3200 to $6400 per year. This is a little house – 1200 square feet, built in 1987.  (I mentioned this to my father in Connecticut, who told me the insurance for his house, about the same size, was only $800 per year! That’s less than 15% the insurance cost of a similar home in Florida!)

Of course, Florida has more insurance risk due to hurricanes. Part of the reason for rising insurance costs is industry losses of $30 billion dollars from Hurricanes Irma and Michael. But pricing a policy at $533 per month would kick affordability out for a typical buyer in the range of $250,000 to $300,000 home purchase.  It would make the total monthly mortgage and insurance payment go up by 50%!

What could be done to lower our insurance policy cost? The insurance company said we would have to replace the water heater, even though it worked fine, with one that was new. Also, they recommended a Wind Mitigation study to verify that the roof structure could withstand hurricane force winds, and a “4-Point” inspection, which checks the plumbing, heating/air conditioning, electrical system, and roof, to ensure they are adequate.

In order to obtain the best homeowners insurance rates in Florida, or to be insurable at all,  the following criteria are often used (courtesy Gilmore Insurance in Fort Walton Beach, Florida):

  1. Roof – A single roof should be no more than 15 years old, however with the attached roofing inspection showing the roof has a minimum of 5 years left on it, it is possible to get a company to accept the home; it will be more expensive though.  Some will only cover the roof at Actual Cash Value and other may not cover the roof at all.  Metal roofs are different, they will usually take those up to 40 years old.
  2. Wiring – There can be no aluminum or cloth wiring in the home.  If there is aluminum there is a special connector called, Alumi-Con that some companies are beginning to accept.  There is also a handful of electrical boxes that they will not take as well.
  3. Heating & A/C – Must be in good working order.   15 years at the oldest.
  4. Plumbing – The water heater must have been manufactured not replaced within the last 15 years.  If any of the plumbing in the home is cast iron, that is becoming harder and harder to place as well.  No PEX plumbing.

ALAS, after we have accomplished the required upgrades and received passing reports on this Niceville Florida property, our insurance policy will go down from $6400 to $4000 – which is still an increase of 25% from last year’s policy. We can live with that.

 

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.

Blackened Grouper from Destin, Florida – Get The Recipe!

I’ve been learning to cook for 18 years. Ever since I gave my husband, new boyfriend at the time, the years-frozen shrimp appetizer. After he bit into it, the look on his face was frozen. I had some learning to do. Fast forward 18 years. I am still learning to cook, but sometimes my dishes come out good.

We love fish. Living in Destin, Florida aka,  “The World’s Luckiest Fishing Village”, we have lots of delicious local seafood options that are brought in from the fishing fleet at Destin Harbor, the largest commercial fishing fleet in the nation. One of my favorite catches is grouper. We hadn’t had it in quite a while, and my husband was hinting that it would be a good treat. We weren’t going out. I was going to make it.

Grouper is not cheap.  At $32.99 a pound,  I almost had them put it back, but I bought 1.5 pounds and prayed that I wouldn’t mess up the dish. I went home and found a recipe for blackened grouper online and pulled out our well-used cast iron skillet.

How did it come out? Just WOW!!

Here’s the recipe:

 

BLACKENED GROUPER

  • 1.5 pounds grouper fillets 6 ounces each, skinless
  • 5 tablespoons unsalted butter divided
  • 1 lemon

Blackening Seasoning

  • 2 teaspoons paprika
  • 1 teaspoon cayenne pepper (***I used less cayenne, because my husband doesn’t like spicy)
  • ½ teaspoon ground black pepper
  • ½ teaspoon dried oregano
  • ½ teaspoon dried thyme
  • ½ teaspoon ground cumin
  • 1 teaspoon garlic powder
  • 1 teaspoon onion powder
  • 1 teaspoon brown sugar
  • 2 teaspoons kosher salt

Instructions

  • Combine all spices above in small bowl and mix well.
  • Pat the fillets dry with paper towel.
  • Melt two tablespoons of butter and brush on both sides of fillets.
  • Rub seasoning mix on both sides of fillets.
  • Add three tablespoons of butter to cast-iron skillet over medium-high heat.
  • When the butter has melted, and the skillet is hot, add the fish and cook undisturbed for three minutes. Turn the fish over and cook for another three to four minutes or until the fish is done. ***Watch your timing and use your intuition, as you may need to cook it less or more depending on thickness of fillet.
  • Serve it up with lemon slices.

Mamma mia!!!!!!!!!!!!!!!!!

It was a little spicy, even though I toned down the cayenne. I squeezed on some lemon juice. Just wow!

Mouth-popping, buttery, sweet, tender, succulent, grouper!!  For the accompaniment, I roasted green beans and cherry tomatoes with a good drizzle of olive oil, salt and pepper for about 15 minutes. The tomatoes blistered nicely.

Give the blackened grouper recipe a try and let me know how it comes out!

 

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.

A Connection

I was shopping in the greeting card aisle of the Destin Walgreens the other day.  It was mid-day, and I was in my work hurry, looking for a Father’s Day card. There was a motorized cart in the middle of the aisle, left strangely abandoned. There was also an older woman with a regular shopping cart looking for greeting cards.  She must have seen my quizzical look, as she giggled at the abandoned cart and said how odd it was that someone had left it there. I smiled and agreed.  I continued card hunting and after a while, I heard “Ohhh, can you help me?”. I turned around and saw the woman had dropped several cards and envelopes on the floor.  “I cannot pick them up, I just had back surgery”, she explained.  As I came over and grabbed the cards for her, something came over me. I looked at her and said, “You will be fine. I’ve had back surgery. Walking is good.” I could tell she was moved and said “Thank you!”  As I went on my way, and she hers, she called out to me, “God bless you!”  It was a connection.

A week or so later, I was getting a house ready to list. The owner was about 90 years old. While reviewing the property with him, I noticed a large framed photo of a young U.S. Navy officer. He said it was him. I was shocked and impressed, as it was quite dramatic. I said “Is that really you?”  After admiring the photo, I said to him, “Thank you for your service”. And I meant it.  I could tell he was moved. He said “Thank you.”  After another moment, he added, “Thank you. I really appreciate it.”  Wow, I took that with me. What he said, and the woman in the story above, were interactions I will not forget. They meant more to me than I knew at the time.

Now, I try to be a little more attentive, when I remember, to notice people, especially older people.   Just a “Hello” and a greeting to the eyes might be all it takes to lift their spirits. A connection.

 

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.

Florida’s Real Estate Contracts Invite Nitpicky Repair Lists

Glass shower door rubs frame. Recommend repair.

Sliding door needs adjustment.

Cracked outlet cover in living room. Recommend licensed electrician repair.

Sink drain assembly is loose. No leaks observed. Recommend review and repair by licensed plumber.

Suspect MICROBIO GROWTH! Observed at air conditioner registers!!  Need microbio hazard specialist to inspect and eradicate! (This was accompanied by a picture showing a sparkling clean air vent!)

And on and on.

Florida home inspection reports, nitpicky like this one, raise the hackles of the seller, and sometimes the listing agent (who me?).  Of course, we know the inspector is covering himself by recommending all the varied and assorted “specialists” to come out and do further “investigations”. But, do you really need a plumber to tighten a faucet? Do you need an electrician to replace an outlet cover? (Could you even find an electrician to do this?).  And the dreaded, potential MOLD observed.  Of course, I take that seriously, but where was the evidence in the photo? Help us out, Mr. Inspector.  Does the house have a pool? Then the inspector will recommend a professional pool inspector. Does the house have central air (well – we are in Florida!), then the inspector will recommend that an air conditioning company inspect.

How picky can the Florida Realtors Residential Contract for Purchase and Sale get? 

Here you go:
Property Condition: The following items shall be free of leaks, water damage or structural damage: ceiling, roof (including fascia and soffits), exterior and interior walls, doors, windows, and foundation. The above items together with pool, pool equipment, non-leased major appliances, heating, cooling, mechanical, electrical, security, sprinkler, septic and plumbing systems and machinery, seawalls, and dockage, are, and shall be maintained until Closing, in “Working Condition” (defined below). Torn screens (including pool and patio screens), fogged windows, and missing roof tiles or shingles shall be repaired or replaced by Seller prior to Closing. Seller is not required to repair or replace “Cosmetic Conditions” (defined below), unless the Cosmetic Conditions resulted from a defect in an item Seller is obligated to repair or replace. “Working Condition” means operating in the manner in which the item was designed to operate. “Cosmetic Conditions” means aesthetic imperfections that do not affect Working Condition of the item….

What is a Florida real estate seller to do? Normally, the purchase and sale agreement has a repair limit, for example, 1.5% of purchase price is the ceiling for general inspection repairs (there is a separate limit for wood destroying organism repairs and for closing out open permits). This amount can be negotiated. The alternative is to use a real estate contract specifying the property is to be sold “as is”. Normally, that comes with a “right to inspect and cancel” clause.  The negative of the “as is” contract is that the buyer can cancel. The regular contract does not usually include a right to cancel based on inspection results (but it could be added).

The best thing to do is prepare for the nitpicky repair requests in advance. Remember, if things are not operating as they were “designed to operate”, like a door closing perfectly, then that could trigger a repair request. Know this is going to happen. Your real estate agent should have a list of repair people that could assist in making the corrections. An alternative is to offer the buyer a monetary credit at closing in lieu of actually doing the repairs.  That way, the buyer can handle the items as they wish, and not worry about coming back to re-inspect the work you had done.

More questions?

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.

Contact a Florida attorney for specific Florida real estate contract questions.

Casual Lookers Won’t Succeed in Buying a House

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.

Where Can You Get a Mortgage for an Emerald Grande Condo in Destin, Florida?

If you are looking for a mortgage to buy an Emerald Grande condo in Destin Florida, you may have a bit of difficulty.  You cannot go to any lender and get a loan for a unit in the Emerald Grande condominium complex.   Mortgage lenders who are not restricted to selling their loans to Fannie Mae (FNMA) in the secondary mortgage market are your best bet.  Why so? FNMA guidelines exclude purchases of condo mortgages for projects that have hotel-like amenities and also “time share” type activity. Emerald Grande, which has fabulous hotel-like offerings on-site, like multiple pools, restaurants, and full-service spa, also has dozens of “fractional ownership” units. Fractional interest is owning a “share” of  real property, for example, six weeks of usage per year.

Fannie Mae’s “Ineligible Project Characteristics” include the following:

  1. Projects that are managed and operated as a hotel or motel, even though the units are individually owned
  2. Projects with non-incidental business operations owned or operated by the HOA including, but not limited to, a restaurant, spa, or health club
  3. Timeshare, fractional, or segmented ownership projects

So, if you cannot get a Fannie Mae backed mortgage, what’s the alternative? One option is getting what’s called a “portfolio” loan, where the mortgage lender keeps the loan “in house”, and does not sell it to the secondary mortgage market.  It’s possible you may pay a slightly higher rate and that the rate will be adjustable.

These loan professionals can give you detailed information and assistance in pursuit of an Emerald Grande (or Emerald Coast!) mortgage:

Dean Carrier – Bancorp South – 850-974-7696  dean.carrier@bxs.com

Tami Groth – Community Bank –  850-812-3505 tami.groth@communitybank.net

Lisa Bell – Renasant Bank – 850-714-7856 lisa.bell@renasant.com

Tommy Peoples – BVVA – 850-857-5068 tommy.peoples@bbva.com

Kristin Blossman –  FBT Mortgage – 850-585-3385 lauren@kristenblossman.com

Leigh Ann Baker – Rapid Mortgage Company – 980-247-4438 lbaker@emailrmc.com

 

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.

30A -Grande Pointe, Santa Rosa Beach Short Sale Approved – Inlet Beach, Florida

Grande Pointe Lot 83, short sale, in Inlet Beach, off 30-A in Santa Rosa Beach, Florida, just sold for $90,000. This was a Regions Bank short sale.  WHAT? A short sale in today’s market? It doesn’t happen often, but there are still some cases along the Emerald Coast of Florida where prices have not caught up (yet) to the market as it was in 2005.  There are probably only pockets of instances where this could occur. In the Grande Pointe subdivision, lots were selling for around $350,000 in 2005.  Now they are “skyrocketing” from a low in the $30,000 range in 2012, to over $100,000 today.  The funny thing is, I worked on a short sale for this property back in 2012. At the time, the short sale lender, Regions, would not accept a fair market value offer.  This year, they did.

I’ll copy what I wrote in my original blog post from 2012 here:

Gorgeous building lot in elegant Grande Pointe subdivision in Inlet Beach. You will be enchanted by this neighborhood in Santa Rosa Beach Florida. Impressive entrance, community pool, amenities pavilion with kitchen and community dock. Located on Lake Powell, east of Rosemary Beach, you will be near public beach access and miles of biking trails. Well-located for the South Walton 30-A lifestyle, the Panama City International Airport makes owning here convenient, too. Minimum home size 1450 square feet.  This is a Regions Bank short sale listing.

Grande Point at Inlet Beach, Lot 83, Santa Rosa Beach FL – Offered for $33,900

WHAT!!????????????? Not today. Lots have even doubled from this short sale price of $90,000 -to almost $200,000 each.

If you find yourself in a pre-foreclosure situation in Santa Rosa Beach, Destin, Niceville, Crestview, Fort Walton Beach, Navarre or vicinity, help may be available. Seek legal advice, and contact me to find out if selling your property may be an option.

It’s Wendy… It’s Sold!

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

www.shortsales-emeraldcoast.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.