Every buyer and seller understands what a purchase price and closing date are, but oftentimes, they are not sure which party pays the closing costs associated with the closing.
While there has been somewhat of a slowdown in real estate sales in 2018, the market remains hot. Some neighborhoods are in-demand commodities, garnering multiple competitive offers on homes that are priced properly. This is great news for sellers, but maybe not for buyers.
Buying a home in this market can be difficult due to issues such as rising mortgage interest rates, closing cost expenses, approval issues from homeowners and condominium associations, inspection and mold issues, and other matters that make purchasing a home more difficult than ever before. Because of this, buyers need to be proactively prepared before embarking on a house hunt so as to avoid the most difficult issues.
Below, we’ve listed some elements to keep in mind as you consider purchasing real estate.
A fresh start can be exciting, especially when it comes to building a new home or renovating a current home. However, for homeowners inexperienced in working with contractors or design professionals, the undertaking of a major construction project can be a daunting task. The highest probability for success in a construction project relies upon the homeowner being educated in protecting themselves against any potential conflicts that may arise.
In this article are six important steps to take when hiring a contractor or design professional for a new build or renovation.
One of the effects of the great mortgage foreclosure recession is the large increase in rental properties in communities that were once generally owner-occupied (i.e., primary residences or vacation homes).
As prices plummeted after the foreclosure, investor groups sprung up to buy the now-cheap properties and turn them into rental properties as a long-term investment. One such company is Invitation Homes, founded in 2012, that now owns 80,000 properties in seventeen markets, including a substantial number in South Florida. A Property Appraiser search for IH3-IH6 Property Florida, LP (subsidiaries of Invitation Homes) showed ownership of 1,138 homes in Palm Beach County alone almost all available for rent.
Picture this… You’re about to sell your house and retire to Florida. The documents are signed, movers are hired, and all you need to do now is confirm that the title company’s wire has hit your account. You receive a call from the closer that the funds have been wired. You check your account—no wire.
An hour goes by, then two, then twenty-four hours, then two days. When you ask the title company to confirm the wire instruction from “your” email, you discover to your horror that the wire instructions “you” sent were not from you, but from a hacker who got into your email, found out you were selling your house, and sent fake instructions to the title company.
This has happened before and will almost certainly happen again. But it doesn’t have to if you are diligent and careful.