A recent development in a local community in Orlando could be the start of the next wave in the commercial real estate (CRE) market. The development focuses on community health and well-being. It covers just less than 20 square miles and includes a children’s hospital, Veterans’ Affairs medical center and university medical centers as well as community pools and sports facilities.
Approximately two out of every three Floridians own property in the state. Those who are considering joining this group likely have a number of questions about home-ownership.
A homeowner uses a short sale when they sell their property for less than the outstanding mortgage. A homeowner may consider a short sale if the value of the property falls significantly. Lenders will often consider a 20 percent drop in home price to qualify as a significant change in value.
A failure to properly communicate can result in issues during real estate transaction negotiations, frustrations after closing and confusion in the event of a foreclosure. Certain regulations and laws are present to better ensure proper communication during legal transactions.
Fraudsters recently scammed a Florida couple out of $46,000 in a title dispute. The couple lost the money when they wired the funds as allegedly instructed by their real estate agent. Unfortunately, the real estate agent’s account had been hacked and the hackers were able to divert to the funds.
Falling behind on your loan can result in financial penalties. Depending on the language of the loan agreement, the lender may label the loan as in default. If so, your credit score will be negatively impacted. In extreme cases, a lender may even pursue litigation.