Purchasing Foreclosures in Destin, Florida

Foreclosures in Destin, FL

Search foreclosures and short sales in Destin, Florida and surrounding areas by clicking the link below.

Destin, Sandestin and Santa Rosa Beach Foreclosure Search

Destin, Florida Foreclosure Help:  There are many options available other than foreclosure.  I am a "certified distressed property expert" and have the experience necessary to help you avoid foreclosure.  Please call me at 850-585-1284 or email me at clayton@mainsailrealtycompany.com for foreclosure help. 

For more information on how to avoid a foreclosure, please click the link below.

Destin Florida Foreclosure Help

Destin Foreclosure Buying Blog

I have been working with many buyers making offers on bank-owned-foreclosures (REOs) in Destin, Sandestin and Santa Rosa Beach, Florida and have some information to share.

There is no set rule for what to offer on a Destin, Fl foreclosure.  I have seen banks come down 20% and I have seen clients pay over the asking price.  I have seen bank listings way over-priced and I have seen under-priced bank listings.  When making an offer on a bank owned property, giving the bank access to a CMA "comparative market analysis" can help.   When representing the buyer, it is not a bad idea to include comps and the MLS generated CMA report with your offer.  When you are dealing with banks, understand that they are reviewing multiple offers on multiple properties in a committee-style meeting.  Sometimes you need educate them on what their property is worth.  I recently had a situation where we placed a market value cash offer on a property and the bank would not accept it.  We then submitted the same offer with comps and a CMA and the offer was accepted.  We also included the wording "Final Offer".  I feel it was accepted because the information was at their finger tips and they were able to make a decision based on accurate information.  The offer and CMA information were emailed and all in the same PDF file.  I did it this way because the comps and CMA were printed with the offer.  This assured me that the CMA would be reviewed in their meeting.  It is very frustrating when you make a cash offer at market value and it is declined.

Some banks may not be ready to let their properties go at the current value because they may not be ready to take the loss on their books. Do not assume that just because the property is bank owned, the bank will sell at our new value.  At some point these properties will become available at market value, but not always in the beginning. 

When banks price their properties correctly, you may find yourself in a multiple offer situation.  You will typically receive a form or an email stating that "there are multiple offers on the property, please submit your highest and final offer".  In many of these situations, the sale price can exceed the listing price.  Again, this is where having a good CMA is critical.  If the property is priced below value, paying over asking is a not a bad thing.

I hope you find this information helpful.  Feel free to call me at 850-585-1284 or email me at clayton@mainsailrealtycompany.com if have any questions about Destin, Sandestin, Miramar Beach, South Walton, and Santa Rosa Beach foreclosures and short sales.

Search foreclosures and short sales in Destin, Florida and surrounding areas by clicking the link below.

Destin, Sandestin and Santa Rosa Beach Foreclosure Search

Clayton Bonjean, Broker, MBA, CDPE, SHORT SALE SUPERSTAR
www.mainsailrealtycompany.com
850-585-1284

clayton@mainsailrealtycompany.com