The standard rules that apply to Earnest Money Deposits are different when applied to short sale real estate transactions. Here is an analysis of two different approaches to EMD’s and short sales in Arizona.

All About Pensacola Short Sales

In these difficult financial times and crazy inflated markets, more and more sellers are finding they need to sell their homes for less than they owe on their mortgages, known as a “short sale”. This can be a good deal for you as a buyer, as long as you’re aware of the extra time and work required to make it happen. Hopefully, this will help you understand more why this can be so time consuming and also, how much work we are doing behind the scenes, if you will.

Pensacola Short Sale – a sale of real property for an amount less than the unpaid balance of its first mortgage. The sale proceeds, after costs such as real estate commissions, escrow, and title, are passed along to the lender, who agrees to accept the proceeds as payment in full, despite the shortfall. Such a sale requires the consent of the lender and may create taxable gain for the seller to the extent of the debt forgiven by the lender. Pensacola Short Sales may also affect the credit of the seller.

The Mortgage Lender’s “Pensacola Short Sale” Factors
The seller’s mortgage lender will consider many factors in deciding whether to approve a short sale:

Whether the seller is deserving of a break, due to financial hardship caused by unforeseen circumstances such as layoffs, divorce or illness, or whether it would be cheaper to simply repossess the house.
The banks or lending institutions, Loss Mitigators, sometimes receive bonuses based on how many defaulted loans they can clear up. I document and prove my offer makes sense! This is where my experience and specific training come into play. There are many benefits and options, as a licensed real estate professional can offer over the other so called “loss mitigation specialists” and especially the unlicensed inexperienced investors

Call me if you feel a short sale would be in your best interest. 850-393-5134

$139,900             2/2/1             

CLICK HERE FOR VIRTUAL TOUR   

SHORT SALE – PRICE REDUCED $30K ~ Nestled in East Hill, DeSoto Square is the ONLY gated community in East Hill and is conveniently located in downtown Pensacola, just minutes from fine dining, nightlife, boating, entertainment events, community parks, and outdoor festivals! This quaint, gated, secure, two-story style town-homes feature a porch and second story balcony off the master bedroom. Lighting and faucets have been upgraded to reflect a gorgeous Mediterranean style. Granite countertops grace the custom cabinets in the kitchen and bathrooms. The kitchen overlooks the dining and family room that is wired for surround sound and is wired for a plasma screen TV above the ventless fireplace. The arched, oversized garage adds to your overall convenience along with a half bath downstairs. Ascending the stairs with the natural light flooding in from the stairwell window (only unit with that window/natural light because it’s an end unit), you can head left to the master suite or left to the 2nd bedroom. Each bedroom has its own bathroom with dual granite vanities in the master bath. The Community will consist of 22 units when completed and will included a picnic area and lighted sidewalks. THIS IS THE ONLY UNIT WITH ALL THE UPGRADES INCLUDING THE VENTLESS FIREPLACE AND THE ONLY UNIT WITH BAMBOO FLOORS.

TEXT/CALL 850-393-5134 for more info

VISIT www.PensacolaFoundPensacolaBeach.com for complete details!

Fabulous 6th floor unfurnished unit in Tower I at exclusive Portofino on Pensacola Beach. Live in the lap of luxury. Spacious 3-bedroom, 3 1/2 bath unit with spectacular wrap-around views to the south, east and north of the Gulf, the National Seashore and Santa Rosa Sound. Three-sided balcony is 474 sq ft with glass panel instead of aluminum pickets to open up views while seated on balcony or in the grand salon. The unit features 9 foot ceilings with crown molding thru-out, granite kitchen counters with upgraded cabinets and floor to ceiling windows and sliders. The complex includes a European Spa and Lifestyle Center – with huge fitness area, treatment rooms, indoor whirlpool, separate his and hers spa areas (with dry sauna, steam room, showers, lockers and lounge), gourmet restaurant, 2 huge outdoor lagoon pools and an indoor olympic size lap and exercise pool, plus 5 clay surface tennis courts. Gulf views.

TEXT/CALL 850-393-5134 for more info

Visit www.ParadiseFoundPensacolaBeach.com for additional details.

Pensacola Short sale

Nice home in Codova Park. View of Bayou Texar from living room. Neutral paint. Newer stainless steel oven and dishwasher. Wood flooring throughout living areas. Tile in kitchen and baths. Large bedrooms and lots of closet space. Nice detached brick laundry/hobby room. Fenced yard, large lot.

VIEW VIRTUAL TOUR OF HOME HERE

CALL/TEXT 850-393-5134 for more info

Visit www.ParadiseFoundPensacolaBeach.com for additional details!

With interest rates at record lows and the stock market looking too perilous for small investors, many people are putting money in an asset they understand — real estate.

One of the best places to invest is in foreclosures and bargain residential real estate.  The current Pensacola market conditions make it a perfect time for a small investor to purchase one or more foreclosure properties for their private residence, rental or resale. During economic downturns, more upscale homes go into foreclosure, so the notion that foreclosure homes are only available in crime-ridden areas is inaccurate. Pensacola Beach waterfront homes and homes in affluent Pensacola areas are part of the mix of foreclosed properties available.

Pensacola (REO) bank-owned properties offer the safest deal for inexperienced foreclosure buyers,  a lender that’s eager to sell might be willing to offer attractive terms.  The lender might offer to finance the Pensacola Beach property at a below-market rate or with a lower-than-usual down payment.

REGISTER FOR OUR UPCOMING FORECLOSURE / SHORT SALE SEMINAR

CALL TOLL FREE 1-877-290-5392 EXT 444 FOR COMPLETE DETAILS!!

 Fabulous 6th floor unfurnished unit in Tower I at exclusive Portofino on Pensacola Beach. Live in the lap of luxury. Spacious 3-bedroom, 3 1/2 bath unit with spectacular wrap-around views to the south, east and north of the Gulf, the National Seashore and Santa Rosa Sound. Three-sided balcony is 474 sq ft with glass panel instead of aluminum pickets to open up views while seated on balcony or in the grand salon. The unit features 9 foot ceilings with crown molding thru-out, granite kitchen counters with upgraded cabinets and floor to ceiling windows and sliders.

CALL/TEXT 850-393-5134 for more details.  Bank is looking for an offer!!

1010 N Haynes St #1 Pensacola FL

$169,900          2/2/1          Downtown Location

Nestled in East Hill, DeSoto Square is the ONLY gated community in East Hill and is conveniently located in downtown Pensacola, just minutes from fine dining, nightlife, boating, entertainment events, community parks, and outdoor festivals! This quaint, gated, secure, two-story style town-homes feature a porch and second story balcony off the master bedroom. Lighting and faucets have been upgraded to reflect a gorgeous Mediterranean style. Granite countertops grace the custom cabinets in the kitchen and bathrooms. The kitchen overlooks the dining and family room that is wired for surround sound and is wired for a plasma screen TV above the ventless fireplace. The arched, oversized garage adds to your overall convenience along with a half bath downstairs. Ascending the stairs with the natural light flooding in from the stairwell window (only unit with that window/natural light because it’s an end unit), you can head left to the master suite or left to the 2nd bedroom. Each bedroom has its own bathroom with dual granite vanities in the master bath. The Community will consist of 22 units when completed and will included a picnic area and lighted sidewalks. THIS IS THE ONLY UNIT WITH ALL THE UPGRADES INCLUDING THE VENTLESS FIREPLACE AND THE ONLY UNIT WITH BAMBOO FLOORS. SHORT SALE – Bring offers!

CALL/TEXT Cindy 850-393-5134 for additional information

$799,000 ~ Short Sale ~ Make an Offer

Now is your chance to own a 01 Penthouse Unit! There are only 3 of these special units and now one is offered through short sale. This penthouse unit has $57,000 in upgrades. This is priced to sell fast and the bank is waiting for an offer. This spectacular 3 Bedroom, 3 1/2 Bath provides an amazing panoramic view of the Gulf of Mexico and the Intracoastal Waterway. This is a residence only floor but can lease out for long term. Portofino is one of the Premier resorts on the Gulf Coast. Experience the European Spa and Lifestyle Center and 5 Rubico Clay Tennis Courts. Every tower has their own heated pool and spa as well as 2 heated Lagoon Pools and spa overlooking the Intracoastal Waterways. The Olympic Indoor Pool is ideal for exercise or play. Portofino also offers boating, kayaking, parasail boat, fishing trips, and a water taxi for a sunset cruise, shopping and dining on the water. Purchased in 2005 $1,5M.

Contact Cindy 850-393-5134 (Your Short Sale Specialist)

Short sales are not necessarily complicated but do require some work on your and Doc Cindy’s part.

1.  What is the true value of your property.  Doc Cindy can provide a “market analysis” and give you a good idea of what your Pensacola Beach home or condo might sell for.  

2.  Calculate your estimated closing costs. Items such as a title report, escrow, appraisal, attorney fees, agent commissions, unpaid property taxes etc. may add up to a substantial amount of money.

3.  How much you owe on your Pensacola Beach property? Include all loans on the property in your calculation. 

4.  Calculate your equity.  If your closing cost estimate plus your loan amounts are higher than the value of your property then a short sale is a possibility.   

5.  Contact your lender and explain your situation. Usually lenders have a ‘loss mitigation department’ that you can contact. Allow Doc Cindy to work with the lender, grant them access to your file.  Lenders are under no obligation to accept a short sale but many times it is in their best interests to do so.  

6.  Consider your tax obligations! Do not underestimate this! Many times there can be a substantial tax obligation after a short sale has occurred. 

 7. Let Doc Cindy work for you to find a buyer and sell your Pensacola Beach property. The lender will still have to approve the buyer’s offer but once they do you can sell your property.

For more tips about short sales / foreclosures on Pensacola Beach:

CALL/TEXT Doc Cindy 850-393-5134 

(Pensacola Beach Foreclosure/Short Sale Specialist)

Subscribe to weekly “HOT Property Deals” upper left corner of blog

Pensacola Beach Short Sale

$329,900     3 Bedrooms / 2 Baths      1,100 sq ft

Motivated Seller! Reduced over $100,000, needs to sell! Best buy on the beach for a single family home with excellent sound views. Completely remodeled & freshly painted. Bright open floor plan with high vaulted ceilings, track lighting, tile flooring, seperate dining area, updated appliances including Whirlpool flat surface stove, built-in microwave, Frigidaire dishwasher & refrigerator, new cabinets & countertops, pantry, & indoor laundry with extra pantry space. Both bathrooms are like new with cultured marble coutertops, new cabinets, bathtubs, toilets, and tile floors. The master bedroom has an incredible view of the sound & balcony access. 2 car garage, hardi-plank siding, new roof, & partial fenced yard, and covered patio.

CALL/TEXT Cindy 850-393-5134  (Pensacola Beach Foreclosures/Short Sales)

Pensacola Beach Short Sale

$990,000     4 Bedrooms / 4 Baths     2,668 sq ft

Breathtaking views and just steps out the door to the Gulf from this recently built Pensacola Beach 4 bedroom 4 bathroom home. This wonderful home with its’ Gulf side location offers over 6600 feet under roof with over 3000 sqft of open porches to enjoy the incredible views of the beach. This Beach Getaway includes Granite countertops and custom Tile work in Kitchen and Bathrooms, 18″ travertine tile in living/dining room & kitchen, all three bedrooms on the third floor include their own private bathrooms, Owner’s Closets on 2nd & 3rd floors, and the Master Bedroom has a Gulf View. Kitchen has GE Profile appliances, Chocolate Glazed Custom Cabinets, Stile Stone deep sink, and huge Pantry. The living area has 6 French doors that access to the spacious wraparound deck–perfect for those evenings relaxing to the sounds of the waves washing up on the beach or enjoy entertaining a group of friends on your roomy deck. Master suite has access to covered porch with views of the Gulf with its’ bathroom including 2 walk-in closets, linen closet, whirlpool tub, double vanity and separate shower. Third floor wraparound porch extends off the Master Bedroom and a guest suite/bedroom w/ built-in Custom Cabinetry and both rooms provide views of the Gulf. No updating necessary for this jewel! Home was built in 2007 and has immediate occupancy.

CALL/TEXT Cindy 850-393-5134
(Pensacola Beach Foreclosure / Short Sale Specialist)

Subscribe for weekly “HOT PROPERTY DEALS” in upper left corner of blog!

Portofino Gulf front 01 unit. Granite kitchen and baths, tile and crown moulding throughout, ceiling fans in living room and bedrooms and stainless steele appliances.Extremely clean. Property situated on 28 acres of beachfront land. Amenties include indoor olympic pool and beachside pools in each tower. The Lifestyle center has 2 lagoon pools with a full restaurant and outdoor grill, Rubicio tennis courts, hottubs, spa and fitness center.

CALL/TEXT Cindy 850-393-5134

(Pensacola Beach Foreclosure/Short Sale Specialist)

Pensacola News Journal, Kris Wernowsky, December 14, 2008

……….Homeowners, renters and investors are the faces of the foreclosure crisis.  Florida has one of the highest foreclosure rates in the country, and the problem steadily is getting worse.

Escambia County ranks 37th, and Santa Rosa County ranks 42nd among the state’s 67 counties in percentage of foreclosures, according to RealtyTrac.com, which collects national foreclosure data.

Gov. Charlie Crist and representatives of mortgage lenders recently put a 45-day holiday moratorium on new foreclosures.  Meanwhile, the U.S. Treasury is considering a plan to lower fixed-rate mortgages to 4.5 percent, and many hope that plan will be extended to existing mortgage refinancings.

But in mid-January, when the moratorium is over, local real estate experts say there’s every likelihood of a tidal wave of new foreclosures.  “It’s safe to say the pace of foreclosures will not abate for probably another 12 months,” said Rick Harper, an economist at the Haas Center for Business Research and Economic Development at the University of West Florida.

The grim prediction is backed by grim statistics:

• In Escambia County, 724 foreclosure suits were filed in 2005. In the first 11 months of this year, 2,248 were filed.

• In Santa Rosa County, 292 suits were filed in 2005. Through November of this year, 1,332 had been filed.

• Last month, 196 homes in Escambia County sold. Meanwhile, 120 homes went into foreclosure proceedings.

• Family Promise of Santa Rosa, a nonprofit organization that provides housing assistance, reported one instance of a renter displaced by foreclosure in 2006. Now, the organization gets at least three requests a month from displaced renters, said director Debbie Laird.

Foreclosures hurt the whole community, not just those foreclosed upon.

“Foreclosures are a true barometer of what’s going on in the overall economy,” said Al Muller, co-owner of Metro Market Trends Inc., which collects local housing data.

“It’s hurting Realtors, appraisers, title companies, lawyers, home inspectors — anyone whose business depends on the housing market.”

Pensacola Foreclosure Trends
Road to Foreclosure
Foreclosures by Zip Code

Click on links to download .pdf information.

Contact Cindy 850-393-5134 or EMAIL Cindy@Move2FLA.com

If you want to know how the 2008 presidential election was won you need to look no further than the nation’s biggest foreclosure centers.

Seven of the top 10 foreclosure states voted Republican in the 2000 and 2004 presidential elections, while three states went Democratic. This time around the Democrats captured eight of the top 10 foreclosure states.

The difference in terms of electoral votes is significant. In the 2000 and 2004 presidential elections today’s 10 leading foreclosure states produced 97 electoral votes for George Bush and 87 votes for Al Gore (2000) and John Kerry (2004). In 2008 the top-10 states generated 159 electoral votes for Obama — and just 25 for McCain.

Read the entire article – CLICK HERE!!

CALL/TEXT Cindy 850-393-5134 or EMAIL  Cindy@TheParadiseHomeTeam.com for more information.

A short sale is the sale of a house where the sale price is less that what the current homeowner owes on the mortgage.  Lenders may agree to a short sale and take a loss on the loan instead of going through the lengthy foreclosure process.  If the lender does agree to a short sale, in most cases they will sale the house for less than it is worth and forgive the rest of the loan that is owed.

A short sale can be a great opportunity for everyone involved.  The seller gets out from under a mortgage liability that they can no longer afford.  The buyer gets a house at a reduced price.  The lender minimizes their loss without going through the long foreclosure process and possibly be stuck with an unsalable property.  The congressional Joint Economic Committee found earlier in 2008, that foreclosures could cost lenders as much as $50,000 per foreclosure.

Buyers should work with real estate agents who are familiar with the short sale process.  The process itself can be a lengthy, frustrating one.  Experienced agents can help with the negotiating process and also inform the buyer what type of paperwork they are going to need in order to convince the lender that a short sale foreclosure is the best option for that piece of property.

If you are considering a short sale, make sure you get everything in writing.  If the lender agrees to take a short sale get it in writing that you will be absolved of all debts associated with the mortgage. 

Contact Cindy 850-393-5134 or email Cindy@TheParadiseHomeTeam.com for a short sale expert.

 3214 Bayou Blvd

$225,000 – Preforeclosure/Short Sale (Bring all Offers)

Drastic Price Reduction ~ Short Sale ~ An amazingly beautiful home located in Cordova Park. The owner haS FULLY UPGRADED and decorated with incredible taste. The home offers new stainless steel appliances with an upgraded kitchen in flooring and fixtures. Flooring throughout the home is new, offering a modern look with slated floors and mosaic thresholds in the kitchen, den, foyer, hallway, and screened in porch. A fresh and open feel is given with wood floors in the formal living room and dining room, while brand new carpet is in all three bedrooms. All lighting fixtures have been upgraded and newly installed, including ceiling fans and an exquisite Swarovski Crystal chandelier in the dining room. The home has a new A/C unit and roof. The landscape of this home creates time for leisure by incorporating a newly built privacy fence, covered patio, and a flourishing walk-way entrance.

Contact Cindy 850-393-5134 for more information.