416 Spanish Moss Trail, Destin Florida - Home for Sale
Destin Florida Real Estate Market Report
In the Destin Florida real estate market, there are 3105 properties for sale-- 935 single family homes, 1869 condos, 206 townhomes and 401 lots. For purposes of this report, the Destin and Sandestin markets have been combined. Sandestin is in the Miramar Beach Florida postal area of Destin, in Walton County. The Destin market sub-area is in Okaloosa County, Florida. The average list price for Destin real estate is $373,685, a drop from $556,136 one year ago. The average sale price for Destin properties is $327,609, down from an average sale price of $502,099 one year ago. The median sale price for Destin real estate is $267,000, down from $344,000 one year ago. Note the "median" statistic may be more indicative of market trend than "average", because "median" indicates that one-half of the sales were higher and one-half were lower. An "average" may be skewed higher due to some more expensive home sales that affected the resulting figure. The report indicates 222 days average market time for Destin houses, condos and townhomes. This figure is low, and does not reflect all listing periods of a single property. It only tracks the last listing period of the sold home. If a property were listed multiple times and failed to sell during those times, that is not reflected in the figure. Many Destin homes were listed more than once until they finally sold, or "re-listed" by the same real estate agent. The "Months Inventory" figure for Destin Florida real estate is 45 months, or almost four years. Months inventory indicates how many months it would take to sell all the improved properties in the Destin real estate market at the current rate of sales. Normal markets inventories are usually six to seven months. The inventory of Destin homes for sale is 3105, down from a year ago at 3474. Destin Florida has 476 short sales and foreclosures for sale, or 15% of the all properties for sale. For additional information, contact: Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc. Search All Destin Real EstateDestin and Fort Walton Beach Short Sales & Pre Foreclosure Help.Read Destin Real Estate BlogCall toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204 Email Wendy to sell your Destin Florida home or buy a home on the Emerald Coast: itswendy@rulnickrealty.comCall Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or vacation property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County - Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast. Subscribe in a reader Labels: destin florida property, destin foreclosures, destin real estate, destin realtor, destin short sales
Destin Real Estate Buyer Defaults Buying Short Sale Condo
 Why do many Destin Florida real estate buyers "walk" in the middle of a short sale? As a buyer's agent you've worked hard. You've called and emailed your buyers for months, maybe longer. You've shown them dozens of properties, perhaps even written an offer or two that didn't work out. Finally, they get a contract accepted on a short sale. After two months of waiting, they "walk"-- prior to the lender approval timeframes allowed in the contract. They DEFAULT on their contract-- without penalty. Not only have you lost a sale, the buyers have tied up the sellers, the listing agent, the buyer's agent and the lender. By tying up the lender, they clogged the short sale system for other buyers - who are willing to wait for the home they want.
I am prompted to write, because I just received a cancellation demand from a buyer for a waterfront condo in Destin Florida. The buyer's agent emailed me the request for the $3000 deposit to be returned to the buyer. The contract had allowed 30 more days for bank approval, in this case Countrywide. Through frequent communication, the buyer's agent knew written approval was imminent. When I asked why her buyer was trying to cancel, the agent said, "He is tired of waiting and doesn't trust the short sale process." I told the agent that the short sale approval had just been delivered to my email. and we actually had another 30 days to obtain approval per the contract. I told her he would probably "own the gulf-front condo within two to three weeks". She said "he did not care, he had changed his mind, and it didn't matter if the seller or I thought he was ‘loony' or a ‘nut'". And... he still wants his deposit back.
In this case, adequate dates were built into the contract. There was a $3000 deposit and the buyer had already completed his home inspection. But he simply "defaulted". He accepts no contractual obligation because of his default- he feels he is entitled to his full deposit back. The buyers stance will not change even after wasting everyone's time, and putting the sellers on the edge of foreclosure by tying up their condo.
What is the seller's recourse? In Florida, title agents often hold earnest monies. They can only release the deposit when both buyer and seller agree. In this Destin Florida case, the buyer is requesting the release of escrow funds, but the seller will never agree. Thus, the money could forever be tied up without further proceedings. It is unfortunate that many buyers can "walk" without fear of recourse, as most Florida short sale sellers have no means to pursue them.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Labels: buying short sales, destin florida property, destin real estate, destin short sales, selling short sales
Destin Real Estate - Help For Short Sales from New Homeowner Plan
 The Treasury Department has just announced the incentives for lenders to accept short sales. Here is the excerpt from the updated Making Home Affordable plan that may help Destin real estate sales and Emerald Coast property owners that are in foreclosure:
Limiting the Impact of Foreclosure When Modification Doesn't Work:
Servicers will receive incentives to take alternatives to foreclosures, like short sales or taking of deeds in lieu of foreclosure. For those borrowers unable to maintain homeownership, even under the affordable terms offered, the plan will provide incentives to encourage families and servicers to avoid the costly foreclosure process and minimize the damage that foreclosure imposes on financial institutions, borrowers and communities alike. Servicers will be eligible for a payment of $500 and can make reimbursable payments up to $1000 to extinguish other liens, and borrowers are eligible for a payment of $1500 in relocation expenses in order to effectuate short sales and deeds-in-lieu of foreclosure. Such methods reduce vacancy, neighborhood decline, and overall costs for financial institutions, borrowers, and affected communities alike.
Summary and Analysis:
1. The plan may aid in disposing junior liens by a $1000 reimbursement to first mortgage holders. This may make it easier to sell Destin area short sale properties with more than one mortgage. There should be a dollar amount that is set to pay second mortage, such as $3000, with adjusted criteria for seller's financial situation. If a seller meets certain criteria, they might pay a promissory note or do a cash contribution. This would help stem rejections by junior lienholders asking for outrageous amounts to release their liens.
2. It adds a very minimal incentive of $500 to offset some of the lenders expenses for approving a short sale. Add up the 150,000 short sales currently in process at Countrywide, though, that would total $75,000,000. Not bad.
3. The borrower will receive a $1500 in relocation expenses. $1500 is an overpayment in my estimation and/or unnecessary. Many Destin short sale sellers are already out of their properties, and relocated for new employment purposes. Or the Destin properties might be investment properties. In addition, short sale sellers usually have six months to two years "notice" they are moving, and have been "saving" by not making mortgage payments for that time period. The money could be used instead as a "bonus" for short sale lender approval in a timely manner, such as 30 days. Or added to pay the second. Or paid to the Realtor. (Fannie Mae just changed guidelines to allow real estate agents to receive their pre-negotiated commission of 6% or less, instead of cutting it, which is long overdue).
The short sale process is lengthy, and depresses prices beyond the normal economic cycle. Recognizing and correcting deficiencies in the process will help stabilize the Destin real estate market.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204 Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com Call Wendy Rulnick to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida. All Rights Reserved. *Destin Real Estate - Help For Short Sales from New Homeowner Plan* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity. Copyright © 2009 by Wendy Rulnick. Subscribe in a readerSubscribe to It's Wendy's Blog by Email Labels: destin florida property, destin foreclosures, destin homes, destin real estate, destin realtor, destin short sales, wendy rulnick
Wendy Rulnick Recommended by Short Sale Lender
Today, after getting approval on a short sale home in Destin Florida, I received a letter from the negotiator at Everhome Mortgage:
EverHome Mortgage Company
Loss Mitigation Department
Dear Wendy,
Talk about a pleasure to work with! You are the consummate professional. Your honor and integrity are unquestionable. You have the patience to persevere even in the face of adversity and difficult circumstances. Your compassion for the people you serve is a model for humanity especially in this current economic environment. You recognize what it means to be a beacon of light for many who are in dark places.
Thank you for your insatiable appetite for good will and for the effort you put forth in every situation to try to make it better. It's easy to see why you are the top short sale specialist in Northwest Florida. Keep up the good work! May every blessing you give out be returned to you in great abundance!
Sincerely,
Beverly, Default Loan Workout Specialist
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Search Destin FL real estate
Short Sale Pre Foreclosure Help.
Read Destin Real Estate Blog
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email itswendy@rulnickrealty.com
Wendy Rulnick specializes in real estate sales, short sales, traditional sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. She is ranked in the top ½ percent of all Realtors on the Emerald Coast of Florida for resale listings sold and was featured in Kiplinger Personal Finance Magazine as a short sale specialist.
Labels: destin fl property, destin florida property, destin real estate, destin short sales, everhome mortgage, niceville short sales, santa rosa beach real estate, wendy rulnick
Rulnick Realty Grows in Destin Florida
 Rulnick Realty announces that Jeff Corl has joined the company. Jeff has been a Realtor® in the Destin Florida area since 2005 and has worked with properties from Navarre to Inlet Beach to North Walton County. Most recently he worked to acquire 160 acres in the North part of Florida's Panhandle for developers to create a Planned Use Development and will work with them to bring the homes and commercial property to market.
Prior to that Jeff was a corporate vice-president for a Fortune 500 telecommunications company. He currently is on the Board of Directors, serving as vice-president, of the Beach House Condominium and the Treasurer of St. Andrew's By-the-Sea Episcopal Church.
Wendy Rulnick, Broker, says "Jeff's thorough analyses of properties and buyer opportunities will bring value to his clients. We are thrilled to have him join our Destin real estate office."
You may reach Jeff Corl at 850-650-7883 or toll free 1-877-487-9639.
Labels: destin florida property, destin real estate agent, destin real estate broker, jeff corl, rulnick realty, wendy rulnick
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