Considering a Short Sale?

 Considering a short sale is never in the plans when it comes to owning your own home.  However sometimes things don’t work out just as planned and an owner may find themselves looking for a way out.  One thing for sure, during the short sale process an owner is going to need guidance and support and we understand that going to friends, neighbors, and acquaintances is not easy and most owners don’t want to share that they are facing hard times financially.

When an owner finds themselves facing these hard times, they need to know there are options.  The first thing we recommend is to make contact with the lending bank and see if a loan modification or another option is available. It is best to exhaust all efforts before deciding to sale, short sale or foreclosure on a home.  A foreclosure is a legal process in which the lender takes back the mortgaged property as a result of an owner not being able to keep current on the payments.  A short sale is when the bank agrees to accept less than the amount owed on the mortgage due to an owner not being able to keep current on the payments.

If all efforts have been made and the circumstances haven’t improved, this is the time to reach out to a licensed real estate agent for guidance.  A Realtor will not only look at your situation and guide you accordingly, but will explain the different processes to you in advance, support you through the process, and represent you along the way, taking as much weight as they can off of your shoulders.  Your Realtor will need your authorization to represent you and to allow the bank to disclose information on your account.  Maintaining constant contact between you and your lender, the Realtor will find out if you qualify for any assistance and what documents will need to be completed, compiled and submitted for review.

The lender may approve the short sale during the time the home is on the market and if not, the lender will review it at the time an offer is submitted.  At this time an offer may be accepted, countered, or denied.  It is important to know that even if the bank approves a short sale, they may or may not choose to waive the deficient balance.  In some cases, lenders require an agreement of payments to pay the remaining balance.  It is also important to know that lenders of second mortgages and HELOC may also need to approve the short sale.  While most short sales are closing in under 6 months, second mortgages, negotiations and other delays may postpone closing for numerous months.

Know that short sales are happening across the country and you are not alone.  A Realtor with experience and expertise in short sales will streamline the process for you and be there for any questions or concerns that arise during or after the sale.

Contact Broker, Susan Carleton, to refer you to a Pointe South Short Sale Expert.

If you are in the process of a short sale and are looking for a long term rental, please contact Pointe South Residential Leasing.

July 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.

Contact us for our July 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 3321
 7/1/2013  158  234  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.

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.