Welcome to my blog on St. George Island.  Feel free to email me any time!  Use the "What's for Sale?" tab above to do a search through all properties listed for sale on St. George Island, Apalachicola, Eastpoint, or anywhere within the local MLS.

Thanks!   --Susan

Latest Blog Entries:
- Jun 15, 17 - Our Team Grows Again!
- Apr 15, 17 - Great spring on St. George!
- Mar 25, 16 - Same Happy Faces, Same Great Service, Brand New Office!!
- Dec 16, 15 - Winter Time at the Beach
- Aug 22, 15 - Go Big at the Beach!
- Mar 05, 15 - Best real estate deal in Apalachicola
- Jan 15, 15 - Best real estate deal on St. George Island
- Sep 24, 14 - Releasing Re-habbed Kemps Ridley Turtles on St. George Island
- Jun 05, 14 - Yes, the Beach is Lovely, but Oh the Bay, the Bay
- Apr 09, 14 - St. George Island Cottage Getaway
- Dec 28, 13 - Year End Stats
- Oct 12, 13 - Palm Beach Celebration!
- Jun 27, 13 - The next best thing about red snapper....
- Jun 26, 13 - Snapper fishin' w Grayson Shepard
- Jun 20, 13 - Beachfront beauty on St. George Island
- May 29, 13 - Full moon rising
- May 20, 13 - Lighthouse on St. George Island
- May 15, 13 - Plein Air 2013 on the Forgotten Coast
- Feb 09, 13 - Recap of 2012 sales
- Dec 27, 12 - Real estate is moving on St. George Island
- Nov 28, 12 - Open house was great!
- Nov 17, 12 - Open House for the office
- Jun 30, 12 - Sea cucumbers
- Jun 27, 12 - Update from St. George Island, post TS Debby
- Jun 27, 12 - Beach shots pre and post TS Debby
- Jun 27, 12 - An Apple office, by candle light
- Oct 11, 11 - What a year
- Oct 10, 11 - Looking for MDs on St. George Island, Apalachicola, Franklin County, Florida
- Oct 05, 11 - Wakulla Springs day trip
- Nov 16, 10 - End of season Report on sea turtles on St. George Island
- Oct 19, 10 - Foreclosures on St. George Island
- Jul 22, 10 - Reopening fishing
- Jul 18, 10 - No oil on St. George Island
- May 03, 10 - First Turtle Walk of the Season (for me) on St. George Island
- Apr 19, 10 - Should you go for a short sale?
- Apr 19, 10 - What season are the bugs out on St. George?
- Nov 21, 09 - What is selling in Three Hundred Ocean Mile on St. George Island?
- Nov 09, 09 - Tropical Storm Ida NOT
- Oct 21, 09 - Commercial property in Apalachicola, for developers
- Oct 16, 09 - Last turtle nest of the season for me
- Oct 16, 09 - Does THREE make a trend?
- Sep 11, 09 - What's selling on St. George Island
- Sep 11, 09 - What's selling on St. George Island, continued
- Sep 01, 09 - Snow sand from Claudette
- Sep 01, 09 - Bottle on the beach
- Sep 01, 09 - Terns on St. George Island
- Sep 01, 09 - Turtle nest do's and don't's on St. George Island
- Sep 01, 09 - Turtle nest do's and don't's on St. George Island, continued
- Jun 29, 09 - Sea turtle visit at dawn
- Jun 29, 09 - Sea turtle visit at dawn, more pictures
- Jun 01, 09 - Dawn with the birds on St. George Island
- Jun 01, 09 - Short Sales on St. George Island
- May 24, 09 - What is selling on St. George Island?
- May 24, 09 - What's selling in Apalachicola?
- May 21, 09 - beach find demystified on St. George Island
- May 21, 09 - First turtle nest on St. George Island
- May 21, 09 - Sunrises on St. George Island
- May 16, 09 - Beach find on St. George Island
- Apr 26, 09 - Ground level, St. George Island
- Apr 26, 09 - St. George beach visitors
- Apr 26, 09 - Up 65
- Mar 29, 09 - I'm baaackkk
- Jan 27, 09 - Time to get back, get back, get back to where you once belonged?
- Jan 19, 09 - Cash flow neutral on St. George Island???
- Jan 13, 09 - Cement block houses on St. George Island
- Jan 06, 09 - Beachfront on St. George Island for under $1M
- Jan 05, 09 - Trip to Black's Island
- Jan 01, 09 - Price it right, and they will come....St George Island and Dog Island real estate bargains
- Jan 01, 09 - St. George Island Lighthouse in autumn sun
- Dec 17, 08 - Bay front real estate on St. George Island
- Dec 10, 08 - Continuing autumn color, north Florida panhandle style
- Dec 05, 08 - A LOT of value on LOTS on St. George Island
- Dec 02, 08 - Excellent closing in St. George Island's Plantation
- Nov 04, 08 - St. George Island real estate is selling!
- Oct 31, 08 - Fall in northwest Florida panhandle
- Oct 22, 08 - Final turtle report of the season for St. George Island
- Oct 07, 08 - St. George Island turtle season comes to an end for 2008
- Sep 22, 08 - Another storm skirts by us on St. George Island
- Sep 22, 08 - The sky, the sky, above beautiful St. George Island
- Sep 22, 08 - More stuff on the St. George Island beaches
- Sep 22, 08 - And, flowers, both common and weird, on St. George Island
- Sep 22, 08 - Good St. George Island end-of-year real estate deals are EVERYWHERE
- Sep 05, 08 - Vacant lots for sale on St. George Island
- Sep 04, 08 - Beach stuff after the storm on St. George Island
- Sep 01, 08 - High surf on St. George Island post Gustav
- Aug 31, 08 - High surf on St. George Island before Gustav
- Aug 20, 08 - Townhome on the East End on St. George Island for sale
- Aug 20, 08 - Offers being floated for St. George Island real estate....
- Aug 19, 08 - More waterspouts on St. George Island - no damage
- Aug 18, 08 - What IS this bug???
- Aug 17, 08 - Power on its way back on for St. George Island + nest evaluations
- Aug 15, 08 - Waterspout takes out four power poles on St. George Island
- Aug 12, 08 - Another nice listing on St. George Island for under $300K
- Aug 11, 08 - What is under contract right now on St. George Island?
- Aug 09, 08 - Dolphins feeding in the quiet waters off St. George Island
- Aug 06, 08 - A house on St. George Island for under $300K??
- Aug 05, 08 - Adele Hungerford, interior design QUEEN
- Aug 03, 08 - The longest crawl yet
- Aug 02, 08 - Another lucky day + bayside real estate picks on St. George Island
- Aug 01, 08 - Sections of St.George Island
- Jul 31, 08 - A stormy sunrise and a lucky find on St. George Island
- Jul 30, 08 - Five homes on St. George Island for under $500K
- Jul 29, 08 - Counting and recording data on sea turtles on St. George Island
- Jul 28, 08 - Beach access on St. George Island + hatchout!
- Jul 26, 08 - Short sales and foreclosures on St. George Island
- Jul 25, 08 - St. George Island real estate and sea turtles?

Short sales and foreclosures on St. George Island

07/26/08


st george island real estate

 short sales

 foreclosures

Something old that's new again is the idea of a "short sale" in real estate. When owners are not able to hold on to property they bought at a high point in the cyclical market that characterizes real estate, they sometimes have to list their property for sale for less than what they owe the bank holding the mortgage. This is called a "short sale" and there can be ramifications for several parts of the transaction.

First, although the seller still owns the property, and may transact with you to sell his or her property at a particular price, the bank must approve the offer, and must have negotiated the shortfall with the seller/loan holder. This means that in order to sell you the property, the seller has to settle what is owed to the bank with what is often called the "loss mitigation office" of the bank. The "shortfall" is the difference between what is owed and what will be realized in the sale of the property. Settlement agreements range from the bank forgiving the shortfall to attaching the shortfall to another property the seller owns to the seller coming up with cash for the shortfall, and everything in between.

This negotiation does not involve you as the buyer, but it can severely delay the ability to a) get a definitive response to your offer, and b) get to a successful and timely closing. Your escrow will be tied up during this period, and you may have to agree to extensions of the deadlines in the sales contract you originally signed with the buyer.

My best advice - work with a good realtor who knows their way around short sales. And ask who will be negotiating with the loss mitigation department of the bank, and be sure you are comfortable with the answer you get.

On the short sale I just completed a few months ago, I had a dream of a seller, and we had a dream of a buyer with a great realtor working on that side, and it was still a very difficult transaction to bring to completion.

Foreclosures are properties whose owners have already lost them to the bank, and so the bank is the seller, and will be dealing with you through their own agent. Particularly with large banks, we are finding that foreclosure sales can bog down in sets of regulations and procedures that threaten the successful and timely closing of the transaction as well. Again, talk with your agent about what to expect.

So, definitely check out all deals if you are in the market, including foreclosures and short sales, but be sure you talk to your realtor up front about what to expect if you decide to go the route of a short sale or foreclosure. And, be ready with lots of patience and perseverence - if you really want this property, and are getting a great deal on it, be prepared to stick with it through any twists and turns! Short sales and foreclosures are not for the faint of heart.

For buyers, there are nice deals in all segments of this real estate market - choose wisely, and plan to spend some time and energy getting the deal you want.

Sea turtle update for St. George Island: one new nest this morning, and two ghost crab holes in the nest that I'm expecting any day to have what we call an "emergence." I think the babies are in there, already hatched out, just waiting for the perfect conditions to leave that nest and make their way to the water. They'll come boiling out in a group, using the cover of night and the safety of numbers to make a dash for the water. Crab activity is not uncommon just before an emergence - it's a natural part of the process, and ghost crabs play an incredibly important role in keeping our beaches healthy.

Hmm.... do you identify with the ghost crab or the baby turtle???

Reply Posted: 07/27/08
Good to hear from you, Susan. i would like to think i identify with the ghost crab in keeping our beaches clean and healthy. But those little turtles have my vote on running for their lives. I enjoyed your "blog" and finally understand what a short sale is. hope to be seeing you soon. Sincerely, Joan Neill
- Joan neill


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