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About Pelican Real Estate

Pelican Real Estate was established in 1996 by William H. Smith in Seagrove Beach Florida. Pelican has grown into the largest locally owned real estate company in Northwest Florida. With offices from Panama City to Navarre and beyond, Pelican is here to serve you. Pelican is a full service real estate brokerage based in Destin, Florida offering expertise in residential real estate, commercial real estate and investment real estate.

Pelican Real Estate provides the highest standard of service to the buyers and sellers of real estate throughout the Gulf Coast of Northwest Florida and the region. All Agents are dedicated to responsibility, accountability, and professional integrity before and after each sale. Our Philosophy is simple. Customer service is our core principle. We are professionals, who understand that you deserve the very best. The proof of quality service is in our repeat customers and referrals from family and friends.

Investor Report: Anti-Flipping Rules

Here’s some really good news for anyone involved in acquiring, rehabilitating and reselling foreclosed houses: The Federal Housing Administration is temporarily waiving its “anti-flipping” rules and will now insure mortgages on properties that have been owned by the current seller for less than 90 days.The policy change opens up a potent resource — the red-hot FHA fixed-rate mortgage program — to investors and property disposition companies looking to move houses quickly off their books at a profit.

The idea, according to FHA Commissioner Brian Montgomery, is to help get rid of the “glut of foreclosed and abandoned homes” now burdening large numbers of neighborhoods around the country. Continue Reading »

Renters insurance may seem expensive or even esoteric if you’re among the far more than two-thirds of tenants who lack it. But it’s the most effective way to avoid losing thousands of dollars if you’re robbed or your apartment is damaged by water or fire.

Apartment dweller Rose Lichter-Marck, 28, had to pay cash to replace all her furniture, housewares and books after a fire in her old building that started with an electrical issue on yet another floor. Cleaning the smell of smoke out of her clothes price an additional $2,000, even with a “pity discount,” since she didn’t have insurance, she said. Then she had to stay with friends and relatives until she discovered a new apartment. Continue Reading »

Why “local mortgage rates” thing is just a marketing strategy

1. Let’s say that you are shopping for a interest rate for a Destin Florida mortgage and you get out your Sunday newspaper and go to the Destin Real Estate section to see what mortgage rates are doing that day. You see some 20 different mortgage companies offering different rates saying that sense they are a local mortgage lender they can give you better rates. This is not always the case.
2. Mortgage rates have nothing to do with where your house is located. Mortgage rates do not care where you live to be exact. They just want to know whether or not you are going to give them a new home with a new home loan. Continue Reading »

Top Reasons A Mortgage Doesn’t Make It From Pre-Approval to Closing
Getting a pre-approval is the one of the first steps in the home buying process, but that alone doesn’t get you to the closing table. Knowing the rules ahead of time can help you steer clear of unnecessary pain and suffering. The world of mortgage has changed dramatically in the past few short years. At the peak of the real-estate bubble, mortgage professional joked that you needed a pulse and a social security number to get a loan. These days, even borrowers with good incomes and good credit scores can get turned down. Continue Reading »

Further September 2010 Extension of $8,000 First , Plus New $6500 Existing Home Buyer Tax Credit Approved. 2011 Extensions Available For Certain Groups.

Approved! First-time home buyers now have until Sept. 30 to close on their home purchases and qualify for the $8,000/$6500 tax credit under a newly approved extension bill. The closing deadline was originally June 30. To be eligible, buyers still need a contract that was in place by April 30.
Continue Reading »

Master the Short Sale BPO

Definition of BPO

BPOs are often associated with foreclosures and short sales, but other companies such as relocation firms order BPOs. A BPO stands for “broker price opinion,” and it involves using a process very similar to an appraisal.Companies hire a Destin Real Estate Broker to prepare an opinion of value. The representative of the broker, generally a real estate agent, compares three similar properties that have recently sold to the subject property and adjusts up or down for differences. The final result in an opinion of market value.

Broker price opinions are sometimes controversial, especially if the agent preparing the BPO has little experience or knowledge about the neighborhood. But BPOs typically cost less than a full-blown appraisal.

BPO’s are Also Known As: real estate agent appraisal Continue Reading »

Bank of America short sales earned well deserved black marks, say many short sale agents, beginning in 2005 and lasting well into 2009. Bank of America’s reputation was so bad that some real estate agents refused to list a short sale if Bank of America was involved. Buyer’s agents ran the other way. Those agents would rather poke out their eyes than touch a former Countrywide loan, much less an original Bank of America loan that is sinking underwater.

Over and over agents reported horror stories to media about Bank of America short sales. The bank lost documents, abruptly closed files for no reason or simply refused to respond to repeated requests for updates for months on end. Some files dragged out for years. But much of that changed at the end of 2009 when Bank of America turned to Equator.com to process its short sales.

I am personally very pleased that Bank of America has turned its reputation around. After Equator stepped in, most agents are happy to list any Bank of America short sale because approval time is 30 to 60 days, on average, which is a far cry from the old days.
Seller Documents Required for a Bank of America Short Sale Continue Reading »

Housing Tax Credits 2008/2009/2010

What are the 2008-2009-2010 housing tax credits?What is the real property tax deduction?

What is the first-time homebuyer tax credit?

Who is eligible for the first-time homebuyer tax credit? Continue Reading »

Here’s some really good news for anyone involved in acquiring, rehabilitating and reselling foreclosed houses: The Federal Housing Administration is temporarily waiving its “anti-flipping” rules and will now insure mortgages on properties that have been owned by the current seller for less than 90 days.
The policy change opens up a potent resource — the red-hot FHA fixed-rate mortgage program — to investors and property disposition companies looking to move houses quickly off their books at a profit…»read the rest of this story«

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