Real Estate Nightmare
Posted by Tim Shepard - Broker on
This real estate nightmare involves two sales of the SAME HOME on the SAME DAY, combined with some sloppy paperwork by the Title Company. Subsequently, the whole thing fell apart, just like a house of cards. I'm not trying to scare anyone, but really felt that this story needed to be told. It's something that home buyers, sellers or other agents need to be aware of.
The First Deal
After looking at several Destin homes, enduring inspections, appraisals, and lender related delays, our buyers were excited about closing on their new home last Friday. Everything went smoothly as buyers and sellers both signed their respective paperwork, the lender authorized funding, and the title company began disbursement.
We picked up our check on the following…
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We're really fortunate here along the Emerald Coast to have access to excellent schools in both Okaloosa and Walton Counties. There are some hurdles, such as the need for new schools due to increased population, and the constant retrofitting of older buildings, especially in Okaloosa County. There is a big demand for new teachers, with fewer and fewer choosing the profession each year.
Recently Walton commissioners voted to remove signs, ropes and any obstructions from the beach. This meant that homeowners with "private property" or "no trespassing" signs on their beachfront lots would face penalties if they didn't take them down.
Although slightly down from May, Destin home sales in June 2016 reflected an active market with almost $23,000,000 in sales volume. The average price was $658,345 and houses closed at an impressive 93% of asking price. 708 single family homes were sold in the Emerald Coast area for a total volume of $285,426,540. The average sale price was $403,145 with homes selling an average 98% of their asking price.
The Destin Log recently printed an article, "Destin a pricey destination, but tourists say it's worth it." They reported that the average visiting family can expect to spend approximately $5,000-7,000 a week on their trip.
Sold: 06/10/2016 $1,495,000 | MLS #752153
New homes are coming to the upscale development of Watersound Origins. This sought after South Walton community in Watersound FL will be adding 107 new lots that are expected to be available next summer. Situated next to the activity center and close to parks and the Village Commons.