Just Checking In

[melscuba]

Just wondering if properties are moving much along 30-A. We're coming down in a couple of weeks to do some poking around. We won't be buying this go around (looking at this fall), but I'm curious just the same. As I've stated in previous threads, we are primarily focused on Watercolor, but have come across some very interesting properties in Grayton beach and Seagrove. Also, I'm trying to find a good sight to look at Pt. Washington properties before we get there... any suggestions? I use Beach Group Properties, LLC. - Real estate offerings for 30A, Beaches of South Walton, Grayton Beach, Rosemary Beach, Seaside, WaterColor, Seagrove Beach, Blue Mountain Beach, Santa Rosa Beach, Destin, and Sandestin. for 30-A. Thanks guys.

 

[Ohio Girl]

3 homes at Magnolia Cottages by the Sea (Seacrest) have gone under contract in the past week or so. Something's going on, like maybe sellers are beginning to lower their prices to the level where buyers are willing to purchase. Try destin123.com or knowthegulfcoast.com.

 

[Bobby J]

Just wondering if properties are moving much along 30-A. We're coming down in a couple of weeks to do some poking around. We won't be buying this go around (looking at this fall), but I'm curious just the same. As I've stated in previous threads, we are primarily focused on Watercolor, but have come across some very interesting properties in Grayton beach and Seagrove. Also, I'm trying to find a good sight to look at Pt. Washington properties before we get there... any suggestions? I use Beach Group Properties, LLC. - Real estate offerings for 30A, Beaches of South Walton, Grayton Beach, Rosemary Beach, Seaside, WaterColor, Seagrove Beach, Blue Mountain Beach, Santa Rosa Beach, Destin, and Sandestin. for 30-A. Thanks guys.

It has been very busy. I like to think some properties have hit a point that buyers are finding value. Remember, we did not lose buyers. We lost value. Once the property hits the value point we seem to see the buyers come running. I think you can check my site out linked below to look at Pt. Washington. Find a good agent and put him to work and enjoy your stay!
Good luck!

 

[SneakyPete]

Have people been having trouble getting financing? A friend of mine just sold her high-end home (at a huge loss due to divorce and a forced sale -- but it sold quick with multiple offers at the fire-sale price), and her realtor told us that she'd had several deals on her other listings fall through due to the inability to find financing. These were professionals with great income. I'm just wondering if that's a wide-spread problem or just an individual experience.

 

[Bobby J]

Have people been having trouble getting financing? A friend of mine just sold her high-end home (at a huge loss due to divorce and a forced sale -- but it sold quick with multiple offers at the fire-sale price), and her realtor told us that she'd had several deals on her other listings fall through due to the inability to find financing. These were professionals with great income. I'm just wondering if that's a wide-spread problem or just an individual experience.

The buyers need to be solid. Basically, have strong credit and expect 20% plus down. I see deals fall apart when buyers are trying to pull off "creative" financing. The lender will lead them all along and right at the end say they can do the deal but need more money down. Then everyone cries that lending has tightened up.
Lots and condos seem to be the toughest. The only areas I see as a true problem is pre-construction. You need to have 30% down in most cases. It seems the banks are working hard to get the mess cleaned up. Several months back I was at wits end with the banks but now begin to see day light. Actually, working a deal with 15% down right now that looks solid. First time home buyers also seem to looking at many opportunities to purchase.

 

[SneakyPete]

Makes sense, although I don't quite understand the whole credit score thing. We're a 6 figure income family with absolutely no debt, owning two homes, one zero-balance credit card, four cars with no loans and a significant savings account and a pension (upon retirement), no late payments on our credit history and YET our credit score is lower than the aforementioned friend going through a nasty divorce with no savings and no job. Her car is financed and her (former) home is financed. I'm not willing to BUY STUFF I don't need to increase my credit score. When will assets be considered at part of a credit score?? Luckily we don't need to take out any loans!

 

[SHELLY]

When will assets be considered at part of a credit score?? Luckily we don't need to take out any loans!

Cars and housing are "depreciating" assets...you wouldn't want them considered as part of your "credit score."

I'm betting the reason your credit score is "low" compared to divorcing friend, is because you don't have any loans. Give your divorcing friend another couple of months and I think you'll see her score hit the bricks.

I'm like you, I don't need a loan, so my credit score is no bother at this point. Once all this foreclosure and credit card mess pans out...anyone with a score over 600 will be a rock star.

 

[Geo]

Makes sense, although I don't quite understand the whole credit score thing. We're a 6 figure income family with absolutely no debt, owning two homes, one zero-balance credit card, four cars with no loans and a significant savings account and a pension (upon retirement), no late payments on our credit history and YET our credit score is lower than the aforementioned friend going through a nasty divorce with no savings and no job. Her car is financed and her (former) home is financed. I'm not willing to BUY STUFF I don't need to increase my credit score. When will assets be considered at part of a credit score?? Luckily we don't need to take out any loans!

My guess is your debt to income ratio would trump your credit score. Mango or someone else care to jump in?

 

[gmarc]

shelly do you live on 30-a?It sounds like you think the glass is always 1/2 empty. There's some awesome deals on 30-a but they're not for flippers and one must be able to hold for 10 plus years. I truely believe real estate will do a flat line sidways for a decade .The lifeblood of speculation easy credit is gone for decades to come.

 

[melscuba]

The buyers need to be solid. Basically, have strong credit and expect 20% plus down. I see deals fall apart when buyers are trying to pull off "creative" financing. The lender will lead them all along and right at the end say they can do the deal but need more money down. Then everyone cries that lending has tightened up.
Lots and condos seem to be the toughest. The only areas I see as a true problem is pre-construction. You need to have 30% down in most cases. It seems the banks are working hard to get the mess cleaned up. Several months back I was at wits end with the banks but now begin to see day light. Actually, working a deal with 15% down right now that looks solid. First time home buyers also seem to looking at many opportunities to purchase.

So, if I purchase a lot with 20% down, and then want to build, I will need an additional 30% down for a construction to perm loan? Am I understanding that correctly? Is that what you're seeing? It's better than what I was hearing in the spring, which was NO construction to permanent loans were happening at all. We are in the bucket of buyers who will need to lend to buy/build a second home.