Closing the Deal
You are under contract, and the deal is due to close on an agreed upon date. What are your chances of closing on or before that date? According to a recent Realtor survey, almost 25% of contracts will face a delay in closing; another 5% will not close and will be terminated. So, what are the major impediments to closing on time?
The number one cause of delay is financing. Approximately 36% of contracts will experience a postponement because of funding issues. As a buyer, the best thing you can do is get a lender pre-approval before you start your search. This will guide and give parameters to your property search. As a seller, you will want to ask for a pre-approval letter when the offer is presented. After the contract is executed, the buyer's work will begin with providing the lender with the many requested documents. If you are the buyer, do NOT buy anything large, charge excessively, or quit your job! One word of advice for all parties: Patience.
The second closing hurdle is the appraisal, where 20% of transactions are delayed because the appraisals are not completed on time or are below contract price. When we work for you, we will give expert advice on market value. Our Comparative Market Analysis will give you a snapshot of the market value range. Remember, the lender orders the appraisal to confirm that the property is worth at least the contract price. Sellers, be real with your expectation of value. Buyers, understand that this appraisal ensures the lender's investment, but value is a moving target.
The third most prominent closing threat is the notorious home inspection. Inspections stall closings approximately 15% of the time. Most required repairs are delineated in the contract, but there is room for interpretation. This is why sometimes we have to negotiate to find a sweet spot for both buyer and seller. The contract will also have a repair limit.
As your real estate team, we will play a vital role in getting you to the finish line on time with minimal problems. Although some delays are unavoidable, knowing the pitfalls will help us get there on time.
All the best,
BA, MA, CRS, CLHMS, GRI, e-PRO, RRS, CDPE, RSPS
RE/MAX Hall of Fame
Explore Our Featured Listing
East Pass Towers
Resting on the tip of Holiday Isle between the shimmering waters of the Gulf of Mexico and an elegant marina on the Destin Harbor, East Pass Towers is complete with everything Destin has to offer.
This beachfront gated community provides residents with an incredible view of the Emerald Coast and the surrounding Destin area, with its 39-slip marina contributing special character to its pleasant atmosphere. East Pass Towers leaves residents with absolutely nothing to be desired.
This 6th floor unit has balcony access and great views from nearly every room thanks to floor-to-ceiling glass windows and sliders. Two master suites offer spacious bedrooms and private baths. An additional bedroom and full bath allows for additional guests. The main living, dining, sitting area, kitchen, and wet bar spaciously flow together. Wonderful for entertaining friends and family. Spectacular amenities include: 2 pools, hot tub, exercise room, covered parking, and community room. A marina is conveniently located in the Destin Harbor, where a boat slip may be purchased. The unit conveys with one covered space and locked storage. Everything you need in paradise!
What Does Jay Say?
For those of you who closely follow the local real estate market, I just wanted to keep you up to date on the Real Estate Market for Gulf Front, Gulf View, and other foreclosures in our area that you can always find on our website. Click the links below to view our updated list of foreclosures. Not looking for a foreclosure? Feel free to create a customized search, or browse our site to view all properties that are currently on the market.
One of the most important ways we market your property is with photos and video. With over 92% of people starting their searches online, photos and video are the first impressions they have of your home. Our goal is to capture the true character of your home and make it irresistible to pass up viewing in person.
In photography, it is all about lighting and angles. We take the time to find the best angles and most desirable aspects and feature them in a way that potential buyers can envision themselves living there. Remember, a potential homebuyer will not be thinking about why they love a photo; they will only know they love it. By offering professional in-house photography we add that something special to stand apart from other properties. Feel free to check out some of our photos in the "Explore Our Featured Listing" section of this newsletter.
When we shoot video, it's not just a simple walk-through of your property, we strive to capture the essence of the lifestyle associated with your home. We want potential buyers to place themselves there from the second they show interest in your property. This is especially useful for out-of-town buyers, allowing us to reach a greater market than just local buyers.
If you haven't had a chance to check out our YouTube channel
and explore a playlist of just a few of the tours we've created for various properties.
Our team is here to create an individual brand for your property that sets it apart. Let us know if you'd like to hear more about our marketing strategies!
Jay P. Agnew
Giving Back on the Emerald Coast
Giving back is a big part of our community here on the Emerald Coast.
Among the many events that support local charities is the Destin Charity Wine Auction. The foundation's mission is to connect wine enthusiasts to raise money to benefit children in need in Northwest Florida.
"The wonderful work that our 15 benefiting charities do, day in and day out, unselfishly nurturing children in our community is truly amazing. From health care, autism, abuse, mental health, a place to live, a second chance, dental care or simply having something to eat over the weekend. The organizations we support are not just changing the lives of children today, but also giving them the opportunity to be productive members of society in the future," said Destin Charity Wine Auction Foundation Chairman, George Brannon Jr.
Founded in 2005, Destin Charity Wine Auction Foundation has donated more than $13 Million to Northwest Florida charities through hosting world class wine and culinary events. These funds have impacted the lives of over 75,000 youth, including those afflicted by health issues and abuse. As the top charity fundraising event in Northwest Florida, the Destin Charity Wine Auction has been ranked among the nation's top ten highest-grossing charity wine auctions in the country by Wine Spectator Magazine for five consecutive years and is currently ranked number three.
Destin Charity Wine Auction Foundation
celebrated the 12th Annual Destin Charity Wine Auction on April 29, raising more than $2.7 million for children in need in Northwest Florida. The record breaking results are a $34,000 increase over the $2.66 million raised last year. The year's event was comprised of 55 unique Live Lots, 29 Super Silent offerings, and 132 Silent Lots. The sold out event was attended by over 600 wine enthusiasts, making it the most successful Destin Charity Wine Auction to date.
"Our ability to continually increase the funds raised year over year is a testament to both the strength of our organization and the power of our mission of the charities we support," said John Russell, president of the Foundation. "We are so thankful for the generosity of our board, trustees, sponsors, patron hosts, attendees, and friends in the wine and culinary industry without which our auction would not be possible."
We love the giving spirit that our area emanates. There are countless events that support local charities in our area. If you haven't already made it to one or more of these events why not make a plan this year to attend? Just a few of the popular annual events that give back include: