A Caveat to all buyers looking for a steal in beach property
The Destin & 30-A real estate market has changed drastically over the past few years. A once in a generation window of opportunity is open for astute investors to acquire beach properties at rock bottom prices. Destin Beach Brokers can assist you in locating, identifying & analyzing these properties. Most importantly we can guide and advise you to the ever changing policies & requirements of Lenders/Mortgage Loan Servicers, Asset Management Companies and recent Florida Statutes, relating to these activities, throughout the purchase to closing process.
Educating Buyers as to the realistic pricing, terms and conditions plus times frames of acquiring a Short Sale, Bank Foreclosure, REO, & various Distressed Properties is critical to a minimal stress successful real estate transaction. We also understand the Advantages and Disadvantages of Short Sales, REO’s, Bank Foreclosures, & various Distressed Properties advising you prior to presenting an Offer to Purchase, so you will have “real time” realistic expectations… not uninformed regrets later.
As a Buyer you are walking through a ‘mine field’ when considering Short Sales, Bank Foreclosures, REOs, and Distressed Properties”
|Buying From a Traditional Seller||When You’re Buying A Short Sale||Buying At A Foreclosure Auction||When You’re Buying An REO||The asking price is based on market value.||The asking price is not guaranteed, any acceptance of an offer is subject to bank approval.||The asking price is based on the unpaid mortgage balance plus expenses.||The asking price is based on market value.|
|The contract terms normally include a “mortgage contingency clause”.||The contract terms can include contingencies, but, as a general rule, you are buying the property “as is”.||The contract terms do not include a “mortgage contingency clause.” You must bring full payment to courthouse by end of the day!||The REO seller may provide financing terms that are extremely favorable for a buyer.|
|The premises are conveyed in “broom clean” and vacant condition.||The premises should be conveyed in broom clean and vacant condition.||The burden of evicting the current occupants is on the new owner, after title is conveyed.||The REO seller may have already evicted the occupants before the property was placed on the market.|
|The plumbing, heating, electrical systems, and the appliances are in working order, and the roof is free of leaks.||The plumbing, heating, electrical systems and the appliances and roof are sold in “as is” condition. Your offer should take these factors into consideration.||Everything is sold in “as-is” condition.||The REO seller may agree to pay for repairs if damage is discovered.|
|The seller has no right of redemption after title is conveyed to the new owner.||The seller has no right of redemption after title is conveyed to the new owner.||The delinquent owner’s right of redemption may extend beyond the auction date.||The REO seller has no right of redemption after title is conveyed to the new owner. However, the delinquent owner may still have some right of redemption, if the foreclosure was not properly done.|
|The seller usually clears up any existing title problems (i.e., liens and judgments) before title can be conveyed to the new owner.||The contract should be subject to clearance of all existing title problems, before title is conveyed to the new owner.||The new owner may be responsible for unexpected liens and judgments on the premises, in addition to the purchase price.||The REO seller usually clears up any existing title problems before title is conveyed to the new owner.|
Our Team is skilled & knowledgeable regarding these myriad and often complex issues necessary to timely & effectively help buyers & sellers of distressed properties. We also provide access to local Florida real estate title firms with knowledgeable staff attorneys for complex real estate issues and legal advice relating to short sales, foreclosure and other distressed property concerns.
Email: [email protected]
Craig holds the NAR Accredited Buyer Representative ABR Designation, has recently completed his MAR Loss Mitigation Certification LMC & NAR Short Sale and Foreclosure Resource SFR Certification and has closed over 500 real estate transactions in his 30-year career. Craig has the knowledge and experience necessary to help buyers and sellers of distressed properties.
“Please join our Bank-Owned/REO email list and I will send you weekly email updates when REOs, foreclosures, and distressed properties hit the market. I welcome the opportunity to earn your real estate business”.