Rosemary Beach, Alys Beach, WaterColor and Seaside hosting Festival on Scenic 30A

Top music performers including Shawn Mullins, Jeffrey Steele, and Emily Sailers will turn Scenic 30A into a 13 mile long music festival.

The second annual 30A Songwriters Festival is this three-day Martin Luther King Jr. weekend January 14-16 2011. There are 16 venues between eastern 30A at Rosemary Beach to western end of 30A at Gulf Place. Pandora’s in Grayton Beach will be hosting the kick off party. Produced by the Cultural Arts Association of Walton County and proudly sponsored by the Beaches of South Walton, the 30A Songwriters Festival will feature three nights and two days of stellar musical performances by over one hundred industry greats, rising songwriting stars and local talent.  The artists will perform in over sixteen venues up and down 30A.

I had an amazing time at the first annual Songwriters Festival in 2010 and I am back this year as House Manager at Rosemary Beach’s Town Hall venue. Jeffrey Steele will be playing at Rosemary Beach Town Hall Friday at 10pm. This is his only show and we had a full house last year. So if you want to see Jeffrey perform, you need to get there early!

Shawn Mullins with his full bank will be playing Sunday at 2:00pm in the Seaside Lyceum. There will be shuttle service to get festival attendees in and out of the event on Sunday.

The 30A Songwriters Festival is quickly becoming one of the premier annual events on Scenic 30A. The festival has a great vibe and the artists truly enjoy playing at our venues and taking in the beauty and uniqueness of our area.

To purchase tickets and for more information visit 30ASongWritersFestival.com

Weekend passes may be purchased online at 30ASongWritersFestival.com for $85, and $35 day passes are also available.  Weekend passes may be purchased at the Box Office or at the WaterColor Inn.  Special Festival accommodation packages will be available with 30A Songwriters Festival official lodging partners Candlewood Suites, Seaside Cottage Rental Agency, Hibiscus Guesthouse, Beach Seekers, Alys Beach, WaterColor Inn & Resort and Sunburst Beach Vacations.  Questions about the Festival?  Call (850) 622-5970.

Fannie Mae and Freddie Mac put a large number of their foreclosures on hold in September 2010  when it was revealed that fraudulent court documents may have been used to repossess homes and other properties. Team Baranowski had a few contracts on a Fannie Mae bank owned property and only one files was deemed "infected" and was taken off the market and put on an indefinite hold. This is an awesome property and we hope to see it back on the market shortly!

This week Fannie Mae and Freddie Mac given the nod to restart the sales of their foreclosed properties. Brokers received memos Wednesday from the government-sponsored enterprises saying that the homes could once again be marketed and sales finalized on properties already under contract. Fannie Mae’s letter explains that evictions and lockouts are still suspended on its properties.

This is great news for our area as mortgage delinquencies continue to rise and we cannot afford to have anymore delays on foreclosures. Delays in foreclosures creates an unhealthy imbalance of distressed properties in our area and brings more unpredictability to the real estate market. About 12 percent of Fannie Mae loans in Florida are delinquent, while Freddie Mac has 17 percent of its Florida mortgages in arrears.

The embargo on selling foreclosed properties likely added to last month’s slump of existing home sales, which dropped 12 percent in Florida compared to September and 21 percent compared to October 2009.

Fannie Mae Home Path Condo foreclosures continue to be at the top of my HOT BUY list as the financing terms and flexibility for buyers and investors is amazing.

Gulf Front Condo Foreclosures in Panama City Beach

If you are looking to purchase foreclosures give us a call. We are the experts and are here to help! Team Baranowski 850-583-1640 or email us info@teambaranowski.com.

Update: Under Contract Jan 2011

Green Reef Gulf Front Townhome – HOT BUY! Just listed!

This gulf front townhome in Destin is a RENTAL MACHINE! If you are looking for the most bang for your buck, this Green Reef townhome located at 3650 Scenic Highway 98 is the property for you!

This huge 5 bedroom, 3.5 bath unit in Green Reef has consistently generated $80,000 to $90,000 in gross rental income for the past 6 years as a turnkey rental property. Some updating and TLC will make this the ultimate Destin beach getaway with 3 levels of decks and amazing panoramic gulf views. There are very few gulf front properties in Destin where you own the beach all the way to the waterline! With its close proximity to Destiny by the Sea, shopping and restaurants this property is a winner. 3650 Scenic Highway 98 Unit 17 in Destin is a TEAM BARANOWSKI HOT BUY and is a short sale.

3650 Scenic Highway 98, Unit 17 in Destin

Offered at $450,000
2,582sf
5 Bedrooms, 3.5 Full Baths

HOA $225 per month

Built in 1983

Short Sale

Rare offering on the Gulf in Destin. Huge 5 bedroom, 3.5 bath with 2 gulf front master bedrooms with adjoining decks, 2 kitchens and 3 levels that are very spacious. Stunning large private decks with approx. 900 square feet of space. Extremely successful turnkey rental property with approx. $80K/yr income. Fee simple complex with low HOA fees. Each owner has title to the beach in front of their unit adding to the value of these properties. Panoramic views and privacy. A great retirement home or fabulous rental business. First level can be completely separate suite if desired. 2 laundry areas. Brazilian Cherry floors. Jacuzzi in master bedroom, wet bar in living room. Tiled private deck off master bedroom. Set up for rental to sleep 18. Spacious walk-in closets, vaulted master with loft set up as sleeping area for additional guests. Wonderful for entertaining. Listen to the waves from your bedroom. Great value for all this space and privacy in the best part of Destin. Pets are allowed for owners and renters. Buyer to confirm all dimensions. PROPERTY TO BE SOLD "AS IS"

Gulf Front Townhome 3650 Scenic Highway 98 E Unit 17

Destin Gulf Front Short Sales and Bank Owned Property

 

Other Destin Distressed Properties you may be interested in:

If you are interested in gulf front property in Destin, please give Danny Margagliano a call at 850-830-4747 or email danny@teambaranowski.com.

Bank Owned Property, REOs, Short Sales and Investment Property Links

Team Baranowski has been doing a lot of work on our websites ensure our clients and visitors have the best experience possible and are able to easily navigate properties for sale. Distressedpropetyexpent.net is the top website for property searches in Panama City Beach and the Emerald Coast. I updated all of our most popular property links and have consolidated into one area on the home page. The links are posted below and cover luxury homes and condos, residential land, bank owned property, short sales and REO for Panama City Beach, 30A, Destin, Sandestin, Miramar Beach. If you would like to be on a property alert for any of these links just click on the SAVE SEARCH link and add your name and email.

IMPORTANT: This website offers two MLS to search properties from…Panama City Beach MLS and the Emerald Coast MLS.

Panama City Beach MLS – West end of Panama City Beach by Inlet Beach and Carillon Beach all the way east to Mexico Beach

Emerald Coast MLS - Inlet Beach west to Navarre and Pensacola

Quick Pointers:

If you are searching for properties or homes in Panama City Beach which is east of  Scenic 30A you will want to select PANAMA CITY BEACH MLS.

For Scenic 30A, Panama City Beach west of Inlet Beach, Sandestin and Miramar Beach property searches you will want to select EMERALD COAST MLS.

Most clients search by SUBDIVISION or CONDO PROJECT which will really narrow your search. For Example, if you want to find homes in WaterColor you would select WATERCOLOR under subdivisions and select WATERCOLOR under the CONDO PROJECT section if you want to search condos in WATERCOLOR.

SALE TYPE is an excellent tool if you want to only look at REOs, Bank Owned Property or Short Sales.

LOT DESCRIPTION has a great search criteria of 1/2 MILE FROM WATER which will help you locate properties close to the gulf. Not all agents use this in the MLS so not all properties will show up.

If you have any questions on a property or would like us to set you up on a custom property search please give us a call at 850-583-1640 or email us at info@teambaranowski.com.

Foreclosure proceedings slow in Santa Rosa Beach and Miramar Beach

There is a massive change between the foreclosure calender in Walton County in September 2010 and October and November 2010. The third quarter of 2010 saw foreclosures finally running through like a well oiled machine. There were consistently a full docket of foreclosures daily in Walton County. In reviewing the foreclosure calendar today you will see a calender with only a few foreclosures or a full docket of foreclosure proceedings, with almost half will read "Canceled per Order". Yesterday, November 3rd, there were 7 foreclosures scheduled and 3 were canceled.\

Walton County which comprises of the popular Santa Rosa Beach, Miramar Beach, Sandestin, and Scenic 30A areas make up the bulk of the foreclosures in the county. Walton County is not the only area in Florida experiencing foreclosure delays. Other counties such as Broward County are seeing up to a 75% reduction in foreclosure proceedings. Experts expect the delay to end in about 10 weeks and then the next wave of foreclosures will be coming through at full force.

Here is a great link to an article about foreclosure delays in Florida.

Foreclosure proceedings downshift

Foreclosure delays providing billions in stimulus

After the mid-term elections it is crystal clear that America are a touch frustrated with our national debt and the amount of money we are spending. Another bailout or stimulus would not be the best plan of action at the present moment. But what most people do not know is that we are having a stealth stimulus right now…in fact we have had a stealth stimulus for almost two years.

The delays in the foreclosure process are giving a "stealth stimulus" to defaulting home owners who continue to live – or even rent out – their homes. Running simple math one can quickly see how massive this stimulus can be. If your mortgage is $3,000 per month and you receive an additional 3-4 months of foreclosure delay due to the foreclosure freeze that will equate to a $9,000 to $12,000 stimulus.

Analysis by the Wall Street Journal estimates the stealth stimulus is worth about $2.6 Billion per month or about 0.25 percent of U.S. personal income. Many defaulters are still looking to get a mortgage modification, however most are just using the money for daily necessities such as food, gas, etc.

It is certainly an interesting way to look at the entire foreclosure fiasco that we have all witnessed in the past 24 months.

It sure does make excellent headlines…Foreclosure Fraud…Robo Signing…Foreclosure Mills…lies, scandals and corruption. Does it get any better than that? Now that the robo signing foreclosure scandal is at its peak ex-employees are coming out to throw more scandal into the mix. It appears the top foreclosure mill, The law office of David Stearn, had a pretty cozy relationship with Fannie Mae and Freddie Mac according to this ex-employee. There was enough scandal to produce a 63-page statement disclosing foreclosure fraud by changing thousands of documents, hiding files from auditors and violating Fannie Mae and Freddie Mac's stringent policy about expenses being paid by one of their vendors.

Whether this ex-employee is right or wrong in his allegations it makes some interesting news and makes a good read. My personal opinion is that you will find mistakes and preferential treat to top customers at any company whether it be a law firm or corporate America. Look at politicians…they are about as corrupt as you can get and they are the ones that will be pointing the finger the most at the foreclosure scandal.

Here is the article to read about it: Ex-worker: Fla. law a ‘foreclosure mill’

Just when foreclosures were getting hot in Destin, 30A and Panama City Beach, Bank of America and other major lenders did a foreclosure freeze due to faulty paperwork. The industry was calling it a national scandal and inked the term "Robo Signing". Two weeks later Bank of America reports that they are resuming foreclosures in 23 states including Florida. According to Bank of America they are not finding flaws in the paperwork of their 100,000 plus foreclosure cases they are beginning to resume.

The word on the street was that this foreclosure halt would be for 18 months and would devastate the real estate market. Foreclosures were hot…then they were not…will they be hot again? There are still a lot of issues that need to be worked out with foreclosures and the proper review of the immense paperwork associated with each foreclosure.

It was doom and gloom for the past two weeks while foreclosures were stopped in all 50 states with Bank of America, GMAC and JP Morgan Chase stopping foreclosures. We personally saw many properties get pulled off the market by Fannie Mae and a few Bank of America foreclosed properties. There was even title companies refusing to back Bank of America foreclosures with title insurance due to the massive liability exposure they could face if there was widespread foreclosure fraud.

News articles and blog posts were being written by the thousands of how the real estate market will crash and that short sales will  be the only avenue now to acquire distressed property. I am surprised that Bank of America re-started the foreclosure process so soon, but then if you realize the hundreds of thousands of foreclosures that need to get processed there it is impossible to stop the avalanche for any extended period of time.

Foreclosure wheels begin to turn again for Bank of America, GMAC

National foreclosure probe could force reforms

Depositions shed light on foreclosure issues

 

Bottom Line: Short sales, foreclosures, Bank Owned Property, REOs they are all distressed property and they are all excellent buys. Scenic 30A, Destin and Panama City Beach are being flooded with savvy buyers snatching up great buys on distressed property. The last dozen contracts we have written in the past 2 weeks have all been highly competitive situations with multiple buyers. Premium distressed property on 30A has been moving fast and gulf front condo foreclosures in Panama City Beach have been in high demand.

 

 

If you are looking to buy or sell distressed property in Panama City Beach, Scenic 30A or Destin…give the distressed property experts a call…Craig and Tracy Baranowski 850.259.1788 | 850.259.4270 or email us at info@teambaranowski.com.

Update: Under Contract in 3 Days with 5 Offers! Quadplex Next Door is AVAILABLE!!

This Panama City Beach Foreclosure just came on the market and it is definitely worthy of our Hot Property Alert list. 22330 Front Beach Road and 22328 Front Beach road are in need of some major TLC. Team Baranowski has a long list of buyers looking for Bank Owned fixer uppers that have easy access to the Gulf of Mexico and can provide stable rental income or be able to be flipped once they have been renovated. These two Bank Owned Properties certainly fit this criteria.

These two Duplex's and are being sold individually at $97,500 each. The are on Front Beach Road in Panama City Beach on the West end west of Highway 79 one row back from the Gulf of Mexico! The units have gulf views and easy access to the beach. Each of these units were purchase in 2004 for $350K each or $700K! You can get both for $195K! This is almost 4 times less than their peak value in 2004!

With some crafty renovation work these foreclosed properties are certainly a diamond in the rough! If you need more detailed pictures, please call 850-259-1788 or email us as we have a hundred detailed photos of the property.

223332 Front Beach Road – Quadplex Foreclosure AVAILABLE!

22330 Front Beach Road – Duplex Foreclosure

22328 Front Beach Road – Duplex Foreclosure

This Bank Owned Property is perfect for Investors or anyone looking for a hidden gem. This great Real Estate Investment opportunity is located directly across the street from the beach on the west end of Panama City Beach. Convenient to Pier Park, Carillon Beach, Rosemary Beach. Living area is located on the second floor which opens to a large deck. Spectacular Views of the Gulf from living area and Deck. On the first floor are the bedrooms, plus a large screened porch. Additional features include a covered carport and separate storage. A great opportunity to rent both units or use as a second home. You could also live in one side and rent out the other side.

22330 Front Beach Road

22328 Front Beach Road
Offered at $97,500 each

Specs on Each Unit
1,138 sf
2 Bedrooms, 2 Full Baths
Built in 1982

If you are interested in this Bank Owned Duplex in Panama City Beach please give Tracy Baranowski a call at 850.259.4270 or Craig Baranowski at 850.259.1788 or email  us info@teambaranowski.com to get on HOT Property ALERTS when they hit the market!

It appears that Bank of America will be joining GMAC Mortgage and JPMorgan Chase in halting foreclosures due incorrect foreclosure documentation. This massive foreclosure delay affects 23 states while Bank of America examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.

State Attorney Generals are enforcing strict foreclosure laws that are putting tremendous pressure on the banking industry. Large lending institutions such as Bank of America have several hundred thousand foreclosures they are trying to process and it is next to impossible for executives to read every foreclosure document in its entirety. This exposes companies such as Bank of America, GMAC and JPMorgan Chase to potential lawsuits due to homeowners contesting the foreclosures. Tens of thousands of foreclosures have been halted due incorrect documentation.

It is estimated that many more lenders will step up and follow Bank of America as they experience similar problems with foreclosure documentation. This industry wide foreclosure halt could put a serious strain on an already tenuous foreclosure crisis. Experts say that the current foreclosure crisis that will already drag on for several years could persist even longer is this problem is not correct.

Speaking with some of my colleagues it is estimated that there are over 1.2 million foreclosures in the pipeline that are now being halted or delayed. Foreclosures in Walton, Bay and Okaloosa Counties have been on a sharp rise in the past 5 months and it is uncertain how this will affect our market in the short term and long term. Team Baranowski will be watching this situation closely.

Read the full article here.

Bank of America Halts Foreclosures in 23 States

After almost 3 years of blazing new trails with short sales along the Emerald Coast, it seems just as we have the process fine tuned and dialed in we are thrown our next challenge…Foreclosures. We are oozing foreclosures and there are more coming to the market every day. We have an very high ratio of foreclosures that have never been listed or attempted to pursue a foreclosure alternative path. We the recent influx of foreclosures along 30A, Miramar Beach, Destin and Panama City Beach we are learning quickly what are the best deals and the tricks and tactics needed for each lender that owns the properties.

Some of the best foreclosure buys on the market today are Fannie Mae Home Path qualified properties. Why are they such great buys? If you are not a cash buyer they offer some of the best financing programs out there with options to finance renovations and repairs. Once specific HOT area is Fannie Mae Home Path Condos.

Buyers looking to finance condos have continually struggled with financing options due HOAs with less than 80% current on their HOA dues or a condo with an investor that owns a large share of condos in one complex…or just about any condo that classified as a Condo-tel.

Fannie Mae Home Path Condo Foreclosures can be financed with only 10% down, no appraisals, and they don't pull HOA financial statements to write the loans!

Team Baranowski has partnered with a major lender that will write loans under the Fannie Mae Home Path program for Condos with 10% down and 30, 20, and 15 year fixed rates as well as 1, 3, 5, 7, and 10 year ARMS!

These are HOT Buys! Every Fannie Mae condo we have written an offer on have been multiple offer scenarios. Below is a list of Condo Foreclosures. Give us a call at 850-259-1788 or 850-259-4270 or email us to determine which ones are Home Path Foreclosures!

Gulf Front Condo Foreclosures in Panama City Beach

The Home Affordable Foreclosure Alternative Program, HAFA became effective and April 5th 2010 and has been a welcomed relief for homeowners seeking viable foreclosure alternatives. The HAFA program scheduled to expire on December 31st 2012 streamlines the short sale process enabling approval within 10 days and waives deficiency judgments on the short sale. The HAFA program was not available for any loan that way backed by Fannie Mae or Freddie Mac and thus eliminated many homeowners that would have been eligible for the HAFA program. Our team has already successfully closed HAFA short sales and have over a dozen in the pre-approval process with several lenders. So far the program has been a success with our homeowners who qualify and is a much needed breath of fresh air to a very frustrating and stressful short sale process. 

On August 1st, 2010 Fanne Mae and Freddie Mac rolled out their own HAFA program for any loans backed by Fannie or Freddie. The Fannie Mae Home Affordable Foreclosure Alternatives (HAFA), which, like Treasury's Supplemental Directive 09-09 Revised, is designed to mitigate the impact of foreclosures on borrowers who are eligible for a loan modification under the Home Affordable Modification Program (HAMP), but ultimately were unsuccessful in obtaining one.

The Fannie and Freddie HAFA program will simplify and streamline the use of short sales and deed-in-lieu (DIL) options and use similar forms and timelines. Some of the major differences offered by the new Fannie Mae and Freddie Mac HAFA programs include, but are not limited to:

- Both institutions will pay the servicer a $2,200 incentive fee for successful short sales
- Both institutions will pay the servicer a $1,500 incentive fee for all successful DILs
- The Deed for Lease (D4L) is available for borrowers who request and are approved to remain in the property following a successful DIL

Specific details on these programs can be found by visiting the following links: eFannieMae.com.

Members of Team Baranowski are Certified Distressed Property Experts. We have over two years experience helping homeowners prevent foreclosures. If you or someone you know is in need of assistance or would like an assessment if you qualify for the HAFA program please give us a call at 850-259-1788 or email us at info@teambaranowski.com.

Well it appears Bank of America is yet again pilot testing another new short sale program. Bank of America seems to always be under fire for their lengthy short sale process with hundreds of thousands of homeowners in default. Our most popular blog posts and comments revolve around Bank of America short sales and frustration with their lengthy and confusing process. See related Bank of America Articles below:

• Bank of America formerly Countrywide short sale process streamlined?
• Bank of America and Equator (Formerly REOTrans)…Short Sale Nirvana?
• Bank of America Implements HAFA on Equator for Short Sales
• Bank of America formerly Countrywide New Short Sale Policies and Guidelines

Bank of America's new pilot  short sale program is focused on helping homeowners avoid foreclosure. Bank of America has diligently worked to resolve issues with the traditional short sale process by implementing a paperless and streamlined short sale process on the Equator technology platform. This program has had it aches and pains, but is running fairly smoothly and has greatly reduced the time to process a short sale from a languishingly long 8 to 12 months to a more respectable 2 to 3 months.

Prior to Bank of America rolling out the government’s Home Affordable Foreclosure Alternatives (HAFA) Short Sale program in April, they began Cooperative Short Sale pilot program. This program is structured similarly to HAFA in that Bank of America will work with the homeowner and agent prior to marketing the property to gain agreement on the terms of the short sale so that once an offer is received the approval is streamlined. The objective of the Cooperative Short Sale program is to utilize this program for customers that do not qualify or fallout of the HAFA program. HAFA is always considered first and no HAFA eligible loans will be included in the program.

The Cooperative Short Sale program is still being developed and tested by Bank of America with a small number of homeowners. Some specific eligibility requirements will include asset reviews, no second liens or MI on the loan, and require participating investors.

Bank of America Cooperative Short Sale Program similarities to HAFA include:

* BofA will work with the customer prior to listing the home to help establish the listing price using a valuation to determine fair market value.
* BofA will ask that the property be actively marketed for 120 days. If it does not sell in that time, we will consider a deed-in-lieu of foreclosure to satisfy the mortgage.
* Since the appraisal and qualifications are completed upfront, short sale approval will take less than two weeks to complete.

Results from the pilot test will be used to design the upcoming expansion of the program. Announcements will be made when we expand this program beyond the pilot and will outline details of the program.

To read more about Bank of America's HAFA Program please visit their Website. Members of Team Baranowski are Certified Distressed Property Experts. We have over two years experience helping homeowners prevent foreclosures. If you or someone you know is in need of assistance please give us a call at 850-259-1788 or email us at info@teambaranowski.com.