What is the Difference Between a Short Sale and a Foreclosure?

What is the Difference Between a Short Sale and a Foreclosure?

 

Many owners of 30A luxury homes are still confused between a short sale and a foreclosure, and sometimes mistake both to mean the same thing.

In a short sale, the homeowner, who is in default or nearing default with their mortgage, is the one selling the home but at a price that is lower than the amount still owed on the mortgage. The short sale is subject to the approval of the lender or bank. If a short sale is approved by the bank, that means the bank is willing to accept a price lower than the amount of mortgage still owed on the house as settlement and may forgive the remaining balance. Banks and lenders do this to avoid foreclosure proceedings which take longer and cost more.

On the other hand, a foreclosure happens when a homeowner is unable to pay the monthly mortgage (and has stopped making payments) and the lender serves the homeowner a foreclosure notice. The lender then sells it through court proceedings via an online auction (some states might hold the auction at a courthouse) so the lender can recover the debt owed by the homeowner.

One main difference is with a short sale, the sale is initiated by the owner and is sold through a short sale agent while with a foreclosure, the bank acts as the seller and the home is auctioned at a trustee sale.

Both short sales and foreclosures have a negative impact on the homeowner’s credit score, although a foreclosure has a greater negative impact since it can reduce credit score by 200 to 400 points. A short sale reduces a credit score by only 50 to 150 points.

Short sales may not necessarily be mentioned in future loan applications while it is mandatory to report foreclosures in future loan applications.

A homeowner who has gone through a short sale can immediately be eligible to buy a new home under certain conditions while an owner with a foreclosed home becomes eligible to purchase a new home within 5 to 7 years.

These are some of the main differences between a short sale and a foreclosure. As you can see, there are more benefits of doing a short sale over losing your home along 30A to foreclosure.

If you want to know more about short sales or need the help of a short sale expert, Call me, Debbie James at 850-450-2000. Let me help you avoid foreclosure by guiding you through the short sales process.

Debbie James
Broker Associate
Somers & Company
Accredited Luxury Home Specialist
“When Quality Service & Experience Matter”
 

 

Seacrest Beach Real Estate | Market Report June-July 2014

Seacrest Beach Real Estate | Market Report June-July 2014

Why is Seacrest Beach Real Estate one of the hottest 30A communities?

Seacrest Beach real estate offers a more affordable alternative to Rosemary Beach FL real estate and Alys Beach, without sacrificing proximity to the atmosphere, shopping, dining and activities that make Rosemary Beach so desirable. A quaint 30A beach community, Seacrest Beach is nestled between Rosemary Beach and Alys Beach and offers a mix of cottage-style homes, condos and homesites.

Looking for a home, condo or homesite in Seacrest Beach?

Click here for the most current list of homes for sale in Seacrest Beach along with condos and homesites.

Located in the center of the Seacrest Beach community is a lushly landscaped 12,000 tiered lagoon pool. For your convenience, during season, the daily tram will take you to and from the pool and beach.

The nearby Village of South Walton is home to shops, restaurants, a general store, Orange Leaf Frozen Yogurt, bike shop and fabulous kids fountain. Seacrest Beach also enjoys deeded beach access with tram service during the summer season.

Seacrest Beach Real Estate Market Report for June-July 2014:

The chart below shows the homes sales in Seacrest Beach for June and July 2014. Currently there are 20 Seacrest Beach homes for sale, 10 homes pending and 18 homes which have sold thru July 31, 2014.

Click here for the most current list of homes for sale in Seacrest Beach

Seacrest Beach lot sales have slowed down a bit. Many builders have been buying them and building spec homes. Currently there are only 7 Seacrest Beach vacant lots for sale, 4 pending and 8 have sold thru July 31, 2014.  The chart below shows the Seacrest Beach lots which sold in April, 2014 as there were no sales in May.

Click here for the most current list of vacant lots for sale in Seacrest Beach

Condo sales in Seacrest Beach, specifically at The Village of South Walton have also slowed down. Currently there are 13 Village of South Walton Condos for sale, 3 pending and 11 have sold thru July 31, 2014.  The chart below shows the Seacrest Beach lots which sold in April, 2014 as there were no sales in May.

Click here for the most current list of Condos for sale in Seacrest Beach

Curious as to what your property is worth? Click on this link: for a FREE market analysis. There is absolutely no obligation or cost!

For more information on Seacrest Beach Real Estate, please call me, Debbie James at 850-450-2000. Allow me to provide all the tools and information you need to satisfy your real estate needs in Seacrest Beach.

Latest Trends In 30A Luxury Homes: What’s Hot and What’s Not

Latest Trends In 30A Luxury Homes: What’s Hot and What’s Not

 

Whether you are thinking of buying a luxury home along 30A or having one custom-built, it’s good to know what the hottest trends are in design and interior amenities so you can get great ideas for your home.

Here are the hottest trends in luxury properties that you could consider for your 30A luxury home:

What’s Hot

1. Windows

Buyers are attracted to natural lighting. Floor-to-ceiling windows, oversized windows, ceiling windows - especially those facing the Gulf or any other natural, breathtaking view - are a top priority nowadays for picky luxury buyers.

2. Outdoor Space

More buyers prefer homes along 30A with porches or terraces, that is why luxury home designers nowadays are putting more focus on outdoor living and incorporating this into their luxury home plans. Outdoor living areas that flow seamlessly into the indoors are becoming a hot trend in 30A luxury homes.

3. Marble

Marble, especially in kitchen and bathroom and elements, is the current trend in interior design. Most buyers are more likely to search for kitchen and bathrooms with marble countertops, floors and marble bathtubs. Marble appeals to more buyers since it is elegant and easy to clean.

Now we give you “What’s Not” when it comes to the latest design trends for your 30A luxury home:

What’s Not

1. Luxury Cooking

Fewer buyers seem to care whether the home has an outdoor barbecue or not. Most luxury listings are steering clear from mentioning luxury appliances and custom cabinetry in their listings.

2. Formal Dining Rooms

Open floor plans that flow into the indoor areas are a big hit with buyers. Extremely structured floor plans with formal dining rooms, formal parlor areas, and formal breakfast areas are giving way for more relaxed, flowing, and flexible floor plans.

The image of “luxury” is changing now and is no longer equated to showing off. The new trend in 30A luxury homes is relaxed, breezy, and laid-back, to blend well with the relaxing atmosphere and the beautiful beaches of 30A.

Call me, Debbie James at 850-450-2000. Let me provide you with all the information and tools you need to make your dream 30A luxury home a reality.

Debbie James
Broker Associate
Somers & Company
Accredited Luxury Home Specialist “When Quality Service & Experience Matter”
 

 

3 Reasons Why Seacrest Beach Homes for Sale are a Great Investment

3 Reasons Why Seacrest Beach Homes for Sale are a Great Investment

If you are planning on buying a Seacrest Beach 30A luxury home for sale as a second property, primary residence, or an investment property, it is important to be aware of the advantages of living NEAR the beach versus living ON the beach before investing.

Many people are attracted by the idea of living in a 30A beachfront home. With easy access to the beach, the relaxing sound of the surf, exciting water activities all year long - it sounds like 30A beachfront living is heaven on earth. But is it really for everyone?

Owning and living in a 30A beachfront property has many ‘challenges’ such as:

1. Higher cost to purchase a beachfront properties. One of the major setbacks in buying a 30A beachfront property with lovely views of the gulf, is the cost. These 30A beachfront homes for sale cost more than Seacrest Beach homes for sale which are located inland and are just a few minutes away from the beach.

2. Higher cost of homeowner’s insurance. Since beachfront homes are located in flood and hurricane prone areas, these homes fetch higher insurance rates due to the risk of wind or flood damage.

3. Higher cost of maintenance. Homes located on the gulf need more maintenance due to the corrosive nature of the salt in the water. Extra maintenance is needed for eroded paint and pipes, as well as for wind proofing windows. You might need to hire an inspector to examine the home to determine the cost of maintenance before buying a 30A beachfront home for sale.

With the ‘challenges’ of owning and living in a 30A beachfront property, it might be a wiser choice to buy a home that is inland and not located directly  on the water. The beach is still accessible and a just few minutes’ walk away. Seacrest Beach homes for sale would be the perfect choice for those who still want to enjoy the benefits of the beach without the ‘challenges’ of living in a 30A beachfront home.

Call me, Debbie James at 850-450-2000. Let me provide you with all the information and tools you need to make your dream 30A luxury home in Seacrest Beach FL a reality.

Debbie James
Broker Associate
Somers & Company
Accredited Luxury Home Specialist
“When Quality Service & Experience Matter”
 

 

Rosemary Beach: Your Paradise Along 30A

Rosemary Beach: Your Paradise Along 30A

Rosemary Beach is the perfect vacation destination with its pristine white sand beaches and lovely beach cottages all conveniently located between Panama City and Destin FL, at the eastern end of Scenic Highway 30A. Named after the rosemary plants growing among its coastal sand dunes, trails, and pathways, Rosemary Beach was established in 1995 as a new urban town with a neo-traditional look. 30A luxury homes in Rosemary beach have been most sought after by investors and second home buyers ever since for many reasons. 

Paradise within Your Reach

Imagine waking up everyday to this 107-acre, gulf-front paradise with pristine beaches of glistening white sand, the calm breezes blowing off the Gulf of Mexico, the relaxing sounds of gently lapping surf, the revitalizing rays of sunshine, and the tranquil songs of gulls and sandpipers. Rosemary Beach is a paradise waiting to be discovered.

Picturesque Homes

Inspired by the architectural styles of St. Augustine, the West Indies, New Orleans and Charleston, the stunning Rosemary Beach homes come in rich palettes of subtle and natural hues. Pedestrian boardwalks, promenades, and secret pathways that weave between cottages and carriage houses, relaxing gardens, fountain-filled courtyards and wide open porches – these are only a few of the qualities that set Rosemary Beach apart from all other beach communities. You will feel the Caribbean vibe as soon as you set foot on this town, mixed with a "French-quarter" feel. The architectural harmony in Rosemary Beach is truly inspiring.

Convenience and Community

Rosemary Beach FL is conveniently located only 30 minutes away from the Northwest Florida Beaches International Airport and 1 hour from the Fort Walton Beach Okaloosa Airport, which makes it easily accessible either by air or by land. The community of Rosemary Beach was designed to revive the strong sense of community, neighborhood and convenience and is founded on the principles of Traditional Neighborhood Development and New Urbanism. Rosemary Beach offers residents and visitors convenience with its network of pedestrian boardwalks, footpaths and secret pathways that lead to public areas which include the beach, the Town Square, swimming pools, tennis courts and other town amenities.  At Rosemary Beach, everyday is a vacation in paradise.

Whether you are in search for a residential home or a vacation home, the 30A luxury homes in Rosemary Beach FL is the slice of heaven you are looking for. Call me, Debbie James at 850-450-2000. Let me provide you with all the information and tools you need to make your dream 30A luxury home in Rosemary Beach FL a reality.

 

Debbie James
Broker Associate
Somers & Company
Accredited Luxury Home Specialist
“When Quality Service & Experience Matter”