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Archive for the 'Foreclosures' Category

4 Tips On Buying A Pensacola Foreclosure in 2012

There will likely be a lot of competition for foreclosed homes on the Pensacola real estate market in 2012.

Last year the supply of great deals on foreclosure homes shrank, because banks temporarily stopped trying to repossess properties to review possible paperwork errors, also known as  “robo signing”.  But I suspect it will be a different story in 2012.  Lenders are starting to resume foreclosure filings, so more of these distressed homes are expected to be listed for sale.

“There’s such demand from buyers,” said Judy Trudel, a real estate agent for Balistreri Realty in Florida’s Palm Beach and Broward counties. “Whatever foreclosures hit the market this year will be eaten up.” This may also be true for the Pensacola market.

Here are some tips on finding and successfully purchasing a foreclosure.

1. Locate foreclosures: This part is actually simple. If you contact me ( or call me at 850-206-6140) I can provide you with free auto emails which will notify you of any foreclosed property that comes onto the Pensacola real estate market. Just tell me what you are looking for (price range, area of town, number of bedrooms/baths etc). I can customize a search for you and you’ll be notified about every new foreclosure that fits your criteria.

2. Make your offer stand out from the competition

Start with your best offer: This isn’t 2007 or 2008, when sales were sluggish and sellers were thrilled with any offer. Demand creates bidding wars.

“If I was a purchaser, I definitely wouldn’t go in (offering) less than the asking price,” said Summer Greene, a Fort Lauderdale real estate manager and the 2012 president of the Florida Realtors trade group. Of course, this assumes the asking price is fair. I can run comparisons on other similar properties in the area and let you know if it is indeed a good value for the asking price.

Consider making a hefty good-faith deposit. Upon making an offer, a typical buyer puts down $1,000 to convey interest. Buyers who want to impress the bank may want to offer substantially more. If you are not familiar with the good-faith deposit concept, please read my article Earnest Money: Clarifying the Confusion for Pensacola Home Buyers .

3. Be accommodating

Work with the bank however you can, within reason. Volunteer to close quickly. When submitting offers,  turn in all the requested paperwork. If a bidder forgets to include a “proof of funds” letter or other documents, the bank may just move on to a more complete offer. This is where a good real estate agent can be invaluable. I can make sure everything is done correctly.

4. Don’t skip the home inspection

There have been reports of banks demanding the buyers purchase a foreclosure without an inspection. Obviously, this is a bad idea. See my report Redneck Ingenuity Makes Home Inspections a Must .

Remember, first you have to find the foreclosed homes when they come on the market. There are a multitude of sites that allow you to perform these searches, with varying degrees of accuracy and costs, not to mention the large amount of time you will spend manually searching these sites.  Take the guess work and time waste out of your search. Just contact me and I’ll take care of it for you, at no cost to you. You will never be spammed, only emailed the foreclosed listings you request as they come on the market.


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Pensacola Condo Foreclosure in Galia.

 Update!  As I expected, the condo in Galia that is the subject of this post went under contract quickly.

It is good news that  the obviously good deals are selling immediatly,because for a while even those were sitting on the market.

Also,  though that unit is sold, there are still some great units in Galia still available .

To see all available units in Galia click  this link      


If you would like to take a look at these units in Galia or any condos in the Pensacola Real Estate market  call Jim Holland 850-206-6140 or if you would like more information,e-mail me at

Pensacola Condo Foreclosure


Most buyers at least once during the process of looking for a home or an investment will second guess themselves about a property that they passed over, and that then sold quickly thereafter,and they often ask me if they made a mistake by letting the property go.

I always try to make them feel better about their decision to pass on the property, by giving them a piece of advice I got years ago from a very seasoned investor

“The deal of a lifetime comes along about every three weeks” 

I find that to be true with very very few exceptions.

Still I am always on the look out for that good deal that comes along just now and then,so I wanted to point out what seems to be one of those.

I noticed a fourth floor unit in the Galia condominium that has been listed at $149,900. It is a two bedroom 1488 square foot unit that sold in 2007 for $635,000.

Galia is one of the newest condos, and was built by WCI at the very end of the real estate bubble. And even though the association fees are a little pricey at $6442.00 per year, it is still a fantastic value at that price

That location has panoramic views of the Intercoastal and the Gulf of Mexico.It is also  very close to the pass between Santa  Rosa Island and Perdido Key.

Pensacola Real Estate Condo Foreclosure

Pensacola Real Estate Condo Foreclosure


Property Summary
. Sta Street Address Bed Baths SqFt Year Built L Price S Price Sold Date DOM
1 A 10099 NELLE AVE, unit 405 2 2 1,488 2007 $149,900 $0   2
2 A 10099 NELLE AVE, unit 603 2 2 1,488 2007 $249,000 $0   335
3 A 10099 NELLE AVE, unit 407 3 3 1,833 2007 $385,000 $0   289
4 A 10099 NELLE AVE, unit 807 3 3 1,833 2007 $459,000 $0   335
5 C 10099 NELLE AVE, unit 406 2 2 1,554 2007 $190,000 $0   217
6 S 10099 NELLE AVE, unit 402 2 2 1,554 2007 $189,000 $185,000 02/25/2011 99
7 S 10099 NELLE AVE, unit 602 2 2 1,554 2007 $219,000 $195,000 01/17/2012 180
8 S 10099 NELLE AVE, unit 502 2 2 1,554 2007 $205,155 $205,155 03/31/2011 471
9 S 10099 NELLE AVE, unit 901 3 3 1,833 2007 $399,000 $265,000 01/06/2012 228
10 S 10099 NELLE AVE, unit 504 3 2 1,855 2007 $325,000 $275,000 09/30/2011 1724
11 S 10099 NELLE AVE, unit 804 3 2 1,855 2007 $349,000 $279,000 02/14/2011 0


As you can see, this unit is priced  very competitively with the activity in the rest of the building.

To view articles on other neighborhoods in Southwest Pensacola, check out the links below.




Herons Forest

Emerald Shores

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Active Listings and Foreclosures in the Pensacola Real Estate Market

I wanted to share a little interesting information on the Pensacola Florida real estate market that came to my attention today.

I have been tracking the number of residential properties in the area that show up in “active” status in the Pensacola MLS for quite some time, at least the last seven years, beginning around 2002 before the peak of the housing boom and subsequent collapse.

Back in 2002-2003 we commonly averaged about 4000-4500 residential properties on the market. Just prior to hurricane Ivan, we had a dip in supply and increase in demand that left us with very few homes to show in almost all desirable neighborhoods, especially East Hill, North Hill, Pensacola Beach and Gulf Breeze.


To find out about new homes to be built in the Pensacola real estate market, or existing homes, anywhere in the Pensacola real estate market call Jim Holland at 850-206-6140  

I vividly remember trying to find properties in those neighborhoods and having a lot of difficulty matching the needs of my buyers with the available properties.

After the “meltdown” supply rose sharply for several years to the point where I remember in 2006 we briefly were near 7000 homes for sale in the MLS. After that peak we have very slowly but steadily seen a bumpy, gradual decrease in the supply in our MLS.

As of today the number of residential listings broke the 4000 level
And stands at 3999.That number caught my attention because it reminded me of those 2002-2003 levels of inventory that we have reached,and how long it took to get there

If you click on the link below you can see the graph of the declining inventory

We have been hoping for some stabilization in the supply and demand in the Pensacola Real estate market for some time, and maybe dropping below 2003 supply might be an indicator that we are finding some balance.

Also, in analyzing the Pensacola MLS data today, I noticed that there are more than twice as many short sales listed than foreclosures, which indicates to me that the foreclosures will keep on coming, and are selling, as a large percentage of short sales eventually turn into foreclosures.




Prices should continue to be held down at these low levels by  these market forces for some time to come.

Just food for thought!!

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Pensacola Foreclosures

Foreclosures are big news and Pensacola real estate is no exception.  There are a fair number of Pensacola Foreclosures on the Pensacola real estate market at this time. In addition, there are an even greater number of short sales.

If you are not familiar with the term Short Sales, I provide a great overview of short sales in the article Real Estate Short Sales – Is It Worth It? .

In August 2008, data from Realty Trac showed that in the United States, 1 in 5 homes for sale were foreclosures. The Pensacola Real Estate market has never had this high of a percentage of foreclosed homes on the market. You can see from the table provided that foreclosures in Pensacola are nowhere near the level of 1 in 5 homes.

Pensacola Foreclosures

(NOTE: The table is a snapshot of the Pensacola Foreclosures and Pensacola Short Sales on March 16, 2010. Real estate market data is in a state of  constant change. The numbers in the table were obtained from the Pensacola MLS and are deemed reliable, but not guaranteed.)

How to read the table:

Column 1: Each area of Pensacola is delineated based on boundaries in the Pensacola MLS (View Map).
Column 2: Total Active Listings (i.e.Pensacola Homes For Sale) on the market
Column 3: Total Active Listings that are Foreclosures
Column 4: Percentage of total active listings that are foreclosures
The rest of the columns should be self explanatory based on the descriptions provided above.

Based on the Pensacola Foreclosure table numbers:

How many of these short sales will eventually become Pensacola foreclosures is impossible to determine. Many short sales will end up being sold, with the bank taking a loss. Others will be foreclosed, and still others will have the situation resolved in alternate ways.

More interesting points about the Pensacola Foreclosure table:

Related Articles On Pensacola Real Estate News:

Free Legal Advice For Florida Real Estate Owners Facing Foreclosure

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Home Foreclosure – 2 Important Things To Know

Homeowners facing foreclosure are becoming increasingly frustrated with the nation’s foreclosure prevention programs. This frustration is causing many to just give up and walk away from their homes.

Others have been known to vent their frustration in more extreme ways.
See the Pensacola Real Estate News article about Terry Hoskins who bulldozed his home before the bank could take it.

If you or someone you know is facing foreclosure, here are a couple of helpful things you should know.

1. Florida has a free hotline that people facing foreclosure can call for help. If you are already in foreclosure, they cannot help you. But if you are not yet in foreclosure, they will work to get you help from an attorney at no cost to you. More information can be found here:  Free Legal Advice For Homeowners Facing Foreclosure

The phone number to call is (866) 607-2187

2. Walking away from your home is not without consequences

As Boca Raton real estate attorney Marlyn Wiener says there’s no “right way” to walk away from a home. If you know the consequences, you can at least make an informed decision. If a homeowner decides to just walk away from a home, the lender has the option to try and seize that person’s assets to pay for losses. This is called a deficiency judgement, and the lender has up to 20 years to collect on a deficiency judgement in Florida.

Banks are far more likely to go after a deficiency judgement on someone who walks away from a home even though they can afford the mortgage, but decides to stop paying because the home is no longer a good investment. If a person cannot afford the payments and has no assets, banks generally are not going to waste the legal expenses to go after this person, since the person has no way of compensating the bank for real estate losses.

There are now also rules in place to prevent the “Buy and Bail” tactic, described in this Pensacola Real Estate News article. In this situation, a person with money and decent credit buys a home at current market value, and then walks away from their previous home where the mortgage is much higher than the current market value of the home.

Most importantly, talk to an attorney if you are facing foreclosure. Call the free hotline listed above and see if you can get help. Foreclosure is a very sad business. It is depressing to walk into a home that has been foreclosed upon and see it littered with children’s toys and furniture. You just wonder, hope and pray that the children and homeowners are doing OK, and that the children can end up in a comfortable stable environment.

This old house of ours was built on dreams
And a business man don’t know what that means
There’s a yard outside the kids play in every day
And tomorrow morning the man from the bank
Is gonna come and take it all away
– Neil Young

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