Although the last real estate bust almost a decade ago was not kind to many Florida residents, the real estate market has recovered significantly since then. There have been mixed reactions and comments about the current state of real estate in Florida and throughout the United States. But statistics do not lie.
Selling a home is not easy. Unless you are a professional or have experience selling houses in the past, it can seem like an incredibly intimidating endeavor. Making certain that you have all the appropriate and necessary paperwork is essential to making certain that your transition is smooth, legal and free of potentially damaging errors. Such errors could cause not only delays in processing a transaction, but could potentially cost you a substantial amount of money.
There is a common phrase we often hear throughout life: "If a deal sounds too good to be true, it probably is." While of course there are always exceptions to be made regarding any deal, it is still often the case. Take the "short sale," for example.
A prospective buyer is always looking for a good deal for buying a house. In this housing market, many Fort Lauderdale residents may find themselves considering buying a short sale house, as it often presents itself as a good deal. A short sale is where the house is for sale by owner at a rate lower than the amount owed. This usually happens when the house's value has fallen. A short sale happens with the lender's permission, as the lender is usually not getting all his money back.
When someone is about to conduct a real estate transaction, especially for the first time, they may not even be aware that they have to ensure that the person they are buying the property from actually has the title to the property to sell it on further. This may sound logical to Fort Lauderdale residents -- you can only sell the title to something you own the title to. However, one in every three searches through property records reveals a defect that has to be fixed before the real estate transaction closes.
A method that many Florida homeowners are using to sell their properties is to do it by themselves without having to use a real estate broker. The idea behind this is to avoid paying someone else for a process that might not need a go-between. However, there is a great deal of nuance when selling a property and those who are considering a for sale by owner (FSBO) should be aware of them. It can be profitable to sell a property without the need of a real estate agent provided certain aspects of this type of decision are fully understood. These include the terms of sale and other factors that make it unwise for the owner to do it all on his or her own.
When South Florida residents are involved in a real estate transaction, the mantra probably should be "plan for the worst, hope for the best." Sure, millions of Americans buy and sell homes every year, so how difficult can such a real estate transaction be, right? Unfortunately, many real estate sales will have complications that arise. But, the goal remains the same: get to the finish line -- the real estate closing.
Anyone who enters into a real estate transaction, whether it is residential or commercial, does so with the hope that all will go well and the deal will be completed smoothly. However, any of our readers who are familiar with previous posts here know that there is a whole range of potential issues that could pop up and derail a real estate transaction. The key to getting through these types of situations when they do arise is to stay focused and tackle the problem with the right information on hand.
Many of our readers probably remember how some degree of ire was directed at so-called "home flippers" during the depths of the housing crash and the early years of the slow recovery. Home flippers were viewed by some as get-rich-quick investors, buying a piece of property in foreclosure, making some small renovations and then turning around and selling the property for a quick profit. However, when it comes to real estate in South Florida, this type of investment and turnaround can actually be quite popular, if it is done right.
Many of our readers in South Florida have heard the famous quote that "change is the only constant in life." While this saying obviously applies to a wide variety of situations that can pop up, it is definitely an accurate assessment of most real estate markets throughout the country. The South Florida market is no different. While the last several years have seen a strong local market - stronger than most - in recent months there have been some indicators that the local market may be facing some changes sooner rather than later.