Earnest Money Deposits

Clients in the process of selling or buying real estate often misunderstand the meaning and process of earnest money deposits.  An earnest money deposit (EMD) is a good faith deposit to show the seller that the buyer is serious and has all intentions of fulfilling the purchase contract.

The area and the local market conditions will guide the Realtor in advising the buyer on how much the earnest money deposit should be.  There is no set amount but instead a general expectation of 2% of the purchase price.  Once a contract is fully executed by both parties, the buyer will provide their EMD to their Realtor, who in turn has it deposited into an escrow account for safekeeping.  Escrow Accounts can be maintained by banks, title companies, brokers, and many other businesses.  At the time the deposit is made, the money now is in holding and does not belong to the buyer or the seller.  The deposit will be applied to the purchase price however it is important to know that this is not a down payment.

In rare instances, a purchase will fall through and the contract between the seller and the buyer will be terminated.  Some sellers think that if a buyer backs out, the EMD is automatically theirs and some buyers think that if they don’t purchase the property, they are entitled; neither is correct.  Each and every contract and circumstance is different so there is no right way to disburse the EMD.  One thing for sure, the sellers and the buyers will need to mutually agree on the release and disbursement of the deposit.  This is the best resolution for everyone.  If an agreement cannot be reached between the parties on the disbursement, the deposit will remain in the escrow account and further action will be taken, up to and possible including legal action until a Disbursement Order is issued.  It is important to remember that once the earnest money is deposited, the real estate agents, the brokers, and the brokerages do not have any control over the deposit and are held to state laws on the handling of the deposit.

So whether you are interested in homes for sale in Pensacola or condos in Perdido Key, an earnest money deposit will be expected.  The amount of your EMD may also be a deciding factor if a seller is reviewing multiple offers.   This is an anticipated time for both parties and whether you are writing the check or accepting the offer, the earnest money deposit is the sign that your contract is official and you can start looking forward to closing.

“100 Days of Summer” at The Wharf

The Wharf, in Orange Beach, AL, is currently celebrating “100 Day of Summer.”  For this celebration, they have added more shows and activities to their current entertainment lineup and attractions.  Located on the Intracoastal Waterway, The Wharf has something for everyone from the marina to the carnival, shopping, dining, and everything in between.

The Wharf is primarily known for the Amphitheatre, Cinemas, and of course the 112 ft. tall Farris Wheel.  The Amphitheatre opened in 2006 and has since provided top entertainers to gulf coast residents and visitors.  The Cinemas are current on all new releases and exceed the standard movie experience with 15 screens and stadium seating.

Specially designed for The Wharf, the “Spectra Sound and Light Spectacular” has two FREE nightly shows.  The earlier show is water themed and the later show is patriotic themed.  Visitors can sit in the grass, let their imaginations run wild, and enjoy the lights and music filling the night sky!  Before, or after the light show, kids will love the “Fun Zone” filled with carnival rides and games until the adults are tired or 11:00pm.

The Wharf has something for everyone to enjoy and the nightly light shows are a great way to spend the evening with the family!

2013 2nd Quarter Market Report

Great things are always happening at Pointe South. We want to be your choice for locally-owned and operated vacation rental, residential leasing and real estate services in Perdido Key, Pensacola and Coastal Alabama. Offering a variety of vacation and long-term rentals, as well as real estate, we have something to suit every taste, budget and dream of playing, staying and living along the shores of the Gulf Coast.

In order to keep you up to date on the local market, Team Pointe South is now providing Quarterly Market Reports to give you an overview of not only Real Estate, but also vacation and long-term rentals.

Contact us for our 2013 2nd Quarter Marker Report.

Our door is always open to discuss property values, the current market and any questions you may have so stop by our office or contact us today.

5 Fun Activities for Kids in Perdido Key

Perdido Key, FL, with all of its natural beauty, has something for everyone.  The outdoors naturally draws in all age groups for relaxation and adventure, but the community of Perdido Key also has special activities for the kids in our lives.  Not only do our local restaurants, attractions, and venues have playgrounds, but here are 5 fun activities for kids to enjoy while staying and playing along the Gulf Coast:

1.  Play at the Beach

Build a sand castle, look for crabs or skim in the surf.  Local stores have plenty of beach toys to keep everyone having fun in the sun.

2.  Walk/ bike ride through one of the state or national parks:

Gulf Islands National Seashore (Johnson Beach Rd, Perdido Key, FL)

Perdido Key State Park (15301 Perdido Key Drive, Perdido Key, FL)

Gulf State Park (20115 State Highway 135, Gulf Shores, AL)

3.  The Wharf has dining, shopping and family fun! (4830 Main Street, Orange Beach, AL)

Farris Wheel (112ft Tall), Games, Laser Tag, Amphitheatre, and Cinemas

4.  National Naval Aviation Museum (1750 Radford Blvd, Pensacola, FL)

Flight Simulators and IMAX Theatre

5.  Alabama Gulf Coast Zoo (1204 Gulf Shores Parkway, Gulf Shores, AL)

Education, Explore, and Animal Encounters

Visit Area Information to learn more about the communities along the gulf coast or call us to find out about seasonal activities and festivals!

June 2013 Monthly Market Report

As the Real Estate market along the Florida Gulf Coast continues to change and flourish, our Team at Pointe South Real Estate Sales will keep you informed.

Of the 151 brokerages in the Pensacola MLS, Pointe South Real Estate was 10th for the month of June with over $6.5 million in sales!

Contact us for our  June 2013 Monthly Market Reports for additional information on Sold properties:

MLS Active Listing Count Monthly Market Report

Perdido Key Pensacola Beach MLS
1/2/2013 160 228 3214
2/4/2013 161 231 3227
3/1/2013 164 228 3205
4/1/2013 153 238 3321
5/1/2013 160 238 3253
5/31/2013 158 241 3336

Our door is always open to discuss property values, the current market and any questions you may have so stop by our office or contact us today.

A Final Home Inspection Walk Through is a Must!

A final home inspection walk through is the last step to purchasing your new home before going to the closing table.  The purpose of this walk through is to ensure that the property is in the same condition as when you agreed to purchase it.  Pointe South wants all of our buyers to be completely satisfied with their new home so we recommend making this a priority and setting the time aside, even in the rush and excitement of moving.

Prior to the final walk through a professional inspection should have been completed.  Once an inspection is complete, a report will be provided to the buyers with the inspectors recommendations.  At this time, all questions and request for repairs should be deliberated and resolved in a suitable time frame. There is no need to postpone repairs as they can interfere with the closing date.   A list of requested repairs should be brought to the final home inspection walk through to ensure the repairs were done.  This will allow the buyers to preview the home in move in condition.   Addressing all questions in advance will make closing day stress-free and anticipated by everyone.

There are times that last minute concerns or devastating problems will arise.   These circumstances are rare but are why a final home inspection is recommended whether the home is still full of stuff or has been vacant. Other than a devastating problem, last minute concerns will be immediately handled and closing will continue as scheduled.  If the home has been vacant, a very thorough walk through is needed to double check that all utilities and appliances work.  Natural elements, dormancy, and weather can cause deterioration in even the best built homes.  If the home has been occupied, it is equally important to conduct the walk through even though most buyers assume that all is working properly.  The ideal time for the final walk through is 24 hours before closing but in the event that the sellers are moving out last minute, a final walk through should be done just before closing.

Your new property will either be the home you live in for years to come or an investment that you will want to hold value for years to come.  Pointe South is here to represent your best interest and as your gulf coast realtor, a final home inspection walk through is a must!

May 2013 Monthly Market Report

As the Real Estate market along the Florida Gulf Coast continues to change and flourish, our Team at Pointe South Real Estate Sales will keep you informed.

MLS Active Listing Count Monthly Market Report

Perdido Key Pensacola Beach MLS
1/2/2013 160 228 3214
2/4/2013 161 231 3227
3/1/2013 164 228 3205
4/1/2013 153 238 3321
5/1/2013 160 238 3253

We would love to discuss property values, the current market and any questions you may have so contact us today.

Gulf Red Snapper Season

The time is here that Florida gulf coast residents and vacationers have been waiting for, Gulf Red Snapper season!  This season has been the talk of the area for the past few months and is awaited by many.  Local charter captains were scheduling and booking in advance and recreational divers said the reef fish were abundant.

The season started for both state and federal waters on June 1st.  The state water harvest will be open for 44 days through July 14th where the federal water harvest will only be open for 26 days through June 26th.  The Red Snapper must be a minimum of 16 inches in total length and only 2 snapper may be kept per person per day.

As the season is now mid-stream, anglers are showcasing their prize catches everywhere.  The world record for the Red Snapper is 50 lbs. 4 oz. and was caught in Belle Pass Marina, Louisiana.

For more information on fishing, boating, and licenses and permits for our Florida waters, please visit the Florida Fish and Wildlife Conservation Commission.

Considering Selling Your Own Home?

We all know the process selling a house, so are you considering selling your own home?  It’s easy, just buy a sign for the front yard and start advertising.  Well sometimes it is just not that easy.  Our day to day lives interfere with the time that we should be dedicating to marketing and maintaining our home.  And is the local market in our favor?

With an infinite amount of information on the internet and social media, we understand the temptation of giving it a try; however the National Association of Realtors reports that homes For Sale By Owner only made up 9% of home sales in 2012.  The most common marketing methods for these homes were putting up a yard sign followed by listing the home on the internet.   Realtors not only have their professional and referral network connections but they utilize the new technology along with the old.  And most importantly, your home is their priority.  Realtors dedicate their time to ensuring that your home has the largest reach of potential buyers.

After the decision has been made by owners to sale their own home, the next two concerns are the value of their home and the paperwork.  Realtors provide Comparable Market Analysis, based off current listings and sales in your area, to ensure an accurate value.  They also can offer you some simple staging tips and guide you in the right decision if you are pondering repairs or upgrades prior to putting your home on the market.

Mentioning repairs, these and other requests will be negotiated at the time of an offer.  Making changes to your home may not necessarily be in your favor so wait to see what type of interest you receive and what your potential buyers are looking for.  Your Realtor will inform you of common and acceptable requests of a buyer and review every aspect of a contract with you.  Every location and every home is different so the contracts and required document vary just the same.  Having a professional on your side will make this process smooth and timely.

Let an expert provide you the facts.  Your Realtor will offer you valuable information that will save you not only time, but give you the comfort of knowing you have made good decisions for your family and your investment.  With Realtors licensed in both Florida and Alabama, know our door is always open to discuss property values, the current market and any questions you may have about listing your home or investment property for sale!

Sinking of the LuLu

Traveling through the Intracoastal Waterway as the sun ascents over the horizon is only the beginning of the end to this journey.  Reaching its coordinates, 17 nautical miles south of Perdido Pass in Orange Beach, AL, the countdown has begun for the sinking of the 271-foot freighter, LuLu.

Built in the Netherlands in 1972, LuLu, formally called Yokamu, had been retired in Miami, FL and was up for sale.  LuLu caught the attention of David Walter of Reef Makers in Orange Beach ,AL and was shortly after purchased and towed to his business, resting in the Intracoastal Waterway.

Knowing the estimated cost of $500,000 to sink the ship as an artificial reef, the Alabama Gulf Coast Chamber of Commerce then formed a committee, the Gulf Coast Reef and Restoration Foundation, to raise the money.  The committee raised $650,000 of which $250,000 was donated by Mac McAleer of LuLu’s, granting him the honor of renaming the ship.

After months of raising donations, sponsorships and planning, the time had arrived.  The event kicked off with a Friday afternoon celebration at LuLu’s at Homeport Marina in Orange Beach and carried through the weekend.  On Sunday, May 26th the ship was towed out into the Gulf of Mexico, by a barge hosting a live band, and at last LuLu had reached her destination.  With only a few last minute finalizations, the LuLu began taking on water and was set to rest on the ocean floor.

As time passes, LuLu will become home to various types of fish and marine species providing growth to all marine life and habitats.  This ship will also prove as a new recreational scuba diving destination attracting more visitors to our spectacular gulf coast.  The diving opportunities for Northwest Florida and Alabama are continuously growing and catching the attention of many.  The LuLu was the first large, fully intact ship to be intentionally sunk in the Alabama gulf coast however, we are sure that LuLu won’t be the last!

 Lu Lu [loo-loo]

noun

Slang. any remarkable or outstanding person or thing

(+29° 59′ 50″ / -87° 33′ 00″)

Pointe South is a proud sponsor of the Alabama Gulf Coast Reef & Restoration Foundation’s “Sinking of the LuLu.”