The difference between a short sale and a foreclosure is that with a short sale the seller still has control of the property, whereas a foreclosure is bank owned, (and also called a REO, real estate owned).
Here are the definitions:
A short sale is a sale which the sale proceeds fall short of the balance owed on the property’s mortgage. Typically this occurs when a borrower (seller) cannot make the payments on their loan. The lender decides that selling the property at a loss is better than the cost of foreclosing, which can cost the lender upwards of $70,000-$80,000! Both parties must consent to the short sale process. This agreement does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.
Continue reading 'Short Sale vs. Foreclosure'»
Santa Rosa Beach made Travel+Leisure’s Best Little Beach Towns!!!!
Santa Rosa Beach, FL
This northwestern Florida beach town was once a turpentine mecca, back when you needed the distilled sap to build ships. Today, it prides itself on its hiking and biking trails, as well as its Caribbean-style artists’ colony.
Stay: Architect David Rockwell designed the airy-looking WaterColor Inn & Resort, where you get free use of bicycles, fishing gear, and kayaks that you can paddle around its on-site dune lake.
Eat: Stop in for a cappuccino, ice cream, an “outrageous cinnamon roll,” or even just a beer at Miss Lucille’s Gossip Parlor. If you don’t have anything to
pass along to Miss Lucille herself, you can just watch the beachgoers stroll by, or check your e-mail on one of her co
ffeehouse’s computers. —Katrina Brown Hunt
America’s Best Little Beach Towns
I finally got the new blog up and don’t ya know, the oil has stopped leaking, 
This is TRUE!!
Check out this video I just posted to my new blog: Oil Spill Updates in Destin. For updates you can subscribe either via RSS feeder or email. I’m certainly going to continue to monitor the situation.
The relief wells are supposedly ahead of schedule, so we will see about that. This is at least a small victory, and one we can be happy about!
I hope everyone has a wonderful celebration and holiday weekend! Destin is busy and the beaches are open! The sun finally came out the other day and the weather has been glorious!
There are different places to watch the fireworks in Destin. HarborWalk Village, the Village of Baytowne Wharf, Seaside and the Fort Walton Landing, which is a family friendly, alcohol free event and is open to the public.
Where ever you chose to celebrate, have fun and be safe!
Congress has announced they have passed a bill extending the $8,000 Homebuyer Tax Credit closing deadline to September 30, 2010. This extension only applies to transactions executed by April 30, 2010, and have not yet closed. The President still needs to sign the bill. For additional information on the tax credit deadline, click HERE.
Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. Why is this important? If you are purchasing a property, in a designated flood zone, and you are obtaining a mortgage, you won’t be able to close without a flood insurance policy. This is the 4th extension Congress has approved since the debate continues over how to pay for the debt from the 2005 hurricane season. Click HERE for additional information.
Insurance can be tricky and overwhelming if you don’t know what to ask your insurance agent. This 2-page brochure has some questions you can ask your insurance agent and also some basic information on flood insurance.
Incredibly spacious 2 bdrm / 2 bath GULF VIEW condo. This unit includes a 4 car garage AND a separate storage unit. WOW! And better yet, this condo is priced UNDER $300,000!! For more detailed information click HERE.
Welcome to Pavilion Palms
Last week CitiMortgage announced they would suspend foreclosures (primary residences) to help distressed homeowners in the Gulf of Mexico region. Borrowers with first mortgage loans owned by CitiMortgage and who meet certain other criteria will not be subject to foreclosure sales or foreclosure notifications. According to CitiMortgage, borrowers occupying residences in zip codes within approximately 25 miles of affected coastal areas will be eligible for the program. The suspension is effective from June 17 thru September 17.
This is good news for short sale sellers as they will have more time to get their property sold. Make sure you are priced “aggressively” based on other sales in your area. No amount of marketing will sell an overpriced property.
I applaud CitiMortgage for really “stepping up to the plate” and taking action. Hopefully, others will follow.
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