destin florida real estate

Is the government shutdown impacting home sales?

Oct 10th, 2013
by edsmith.
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In an indirect sense, yes it is. Specifically, one of the biggest impacts on the real estate market is the psychological effect that it has on buyers. As to VA, FHA, Fannie Mae and Freddie Mac, all is well. They are processing loan packages as normal.

An interesting development … Most all lenders had been requiring a form 4506 from the IRS when processing a home loan. This is a request for your tax return transcript. IRS is not processing such requests during the shutdown, so fortunately, almost all lenders responded by waiving the requirement!

For more info, please visit us at www.DestinFloridaRealEstate.com or for questions, email us at smith@realtor.com

Ed & Terri Smith, Broker Owners
RE/MAX Coastal Properties
850-837-5500 x1

We enclosed our attached screened porch on the back of our house. Our existing A/C unit won’t keep it cool. Will it hurt our resale value if we add a window unit to keep the new area cool?

Jul 5th, 2013
by edsmith.
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In most cases yes, a window unit will detract from the value of your property. A much better option may be one of the new mini split air systems that are available both locally and online.

These are permanently installed climate control systems that work well in situations just like yours. Also perfect for mother-in-law quarters, garages or any area that needs additional climate control. No duct work is required making the installation very simple. You will need an A/C contractor to install your system, but the price can be extremely affordable.

For more info, please visit us at www.DestinFloridaRealEstate.com . Please email questions to smith@realtor.com

I am having trouble working with agents in this market because I like to make really low-ball offers and then the agents stop working with me. Shouldn’t they be willing to help me get a good deal?

Jun 19th, 2013
by edsmith.
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This is not a buyer’s market anymore. Any properly priced property here will sell within a fairly quick time period. If you are only offering 50% of fair market value on listed properties, your odds of success are slim to none. Knowing this, most agents will be reluctant to process dozens of offers for you that they know will never come to fruition.

You should consider hiring a fee-based buyer’s agent to represent you. Under such an arrangement, the buyer’s agent could agree to accept a fee from you up front, thus eliminating the reluctance to go to bat for you otherwise.

For more info, please visit us at www.DestinFloridaRealEstate.com . Please email questions to smith@realtor.com

My property is on a vacation rental program and I want to sell it. Should I take it off the rental program so it can get shown and sold faster?

Jun 12th, 2013
by edsmith.
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No, but it is a judgment call on your part. On the one hand, the income is very important to many buyers out there. On the other, the lack of availability to show might appear to hamper the sales efforts, but the income can make the property more valuable.

Many buyers in today’s market realize that the big “turn-over” day is Saturday and that in many cases that is the only day available to show such properties. A common option for buyers would include submitting an offer subject to physically viewing within X numbers of days.

For more info, please visit us at www.DestinFloridaRealEstate.com . Please email questions to smith@realtor.com

I have been frustrated when searching for properties online. The properties are either sold or not even on the market at all. Where do we get accurate information online?

May 29th, 2013
by edsmith.
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We are guessing that you are searching on one of the many 3rd party websites out there that offer free listing information to consumers. These websites frequently display grossly inaccurate information. Trying to determine how they even obtain some of their information in the first place can be like trying to solve atomic equations.

Much more up to date and reliable online information is available through real estate company websites such as ours: www.DestinFloridaRealEstate.com

For more on this topic or others, please email us at smith@realtor.com

 

Why can’t I rebuild my property that’s seaward of the Coastal Construction Control Line if it ever gets destroyed?

Apr 25th, 2013
by edsmith.
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This is actually a very common misconception. In most circumstances, you could rebuild. Being situated seaward of the “CCCL” does not in itself prohibit you from rebuilding a damaged or destroyed property. In fact, activities that are not expected to cause any impacts or measurable interference with the coastal system are generally exempt. However, modifications to the foundation of such a property may very well trigger additional requirements and permits.

For more info, type this URL into your web browser: rem.ax/15Rm4RO
or visit us at www.DestinFloridaRealEstate.com . Please email questions to smith@realtor.com

Regional MLS Adopts New REO Rules

Mar 7th, 2012
by edsmith.
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Regional Multiple Listing Service Inc. in southeast Florida is now requiring that their MLS participants identify listed properties as bank-owned or REO if they are in fact owned by a lender. This action was taken two days after the Palm Beach Post reported that some banks were telling agents not to disclose their ownership. A “large” asset management company was specifically referenced that sells homes for Wells Fargo and other banks. According to the article, they were instructing listing agents to show the owner of these bank-owned properties as “Owner of Record,” rather than naming the bank. 

For more on real estate related issues, visit http://www.DestinFloridaRealEstate.com

Is it true that the banks will pay you to short sale your house?

Nov 23rd, 2011
by edsmith.
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Yes, it is possible, if you qualify. In fact, we were selected to participate in a pilot program designed to assist distressed homeowners in the area. Many of our short sale sellers are receiving what is referred to as “relocation assistance” dollars at closing. We have assisted sellers who have received amounts of from $2,000 all the way up to $20,000 and even $35,000 at closing. 

 

For information on short sales, bank foreclosures and general real estate topics, please visit www.FloridaBrokers.com or email us at smith@realtor.com

The Low-Ball Offer

Aug 1st, 2011
by edsmith.
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What to do as a seller when you receive a low-ball offer? A timeless question. More often than not, the low-ball offer never even gets to first base.  Many sellers will tend to disregard the low offers and do not counter. Rather, they choose to outright reject.

 

In these cases, sellers are more rejecting the buyer as opposed to the offer. They are sending an emotion-motivated message to the buyer that says “You insulted me, I do not need your money”.  How many times have we seen such a rejected buyer go elsewhere and then pay even more? These are often opportunities lost.

 

Over the years, we have received many a low-ball offer. One thing that we have learned is that a buyer’s first offer is seldom his last. For that reason alone, sellers should almost ALWAYS be encouraged to counter. Keep the dialogue open. Successful real estate agents are the ones who have learned to build bridges, not walls. We have seen very hopeless looking initial offers that ultimately, successfully closed. You can make lemonade out of lemons if you can simply find a way to keep emotion out of the equation. In doing so, your odds for a successful conclusion have improved dramatically!

 

For more on general real estate topics, including short sales and REOs, visit Ed and Terri Smith at www.DestinFloridaRealEstate.com  

Emerald Coast Schools Excel

Jun 30th, 2011
by edsmith.
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Florida Department of Education says that even with an increase in writing standards, the grades of Florida’s public schools remained relatively stable. Statewide, more than seventy five percent of Florida public schools are considered “high performing”.

Okaloosa and Walton County schools have typically scored well above state averages in terms of performance. In fact, of the final scores thus far, Okaloosa and Walton have garnered nearly straight A’s, with only three B’s reported!  Just another reason that the Emerald coast is a great place to live, work and raise a family!
http://schoolgrades.fldoe.org/default.asp

For more information on area schools and real estate topics, visit Ed and Terri at www.DestinFloridaRealEstate.com

   

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