In a residential real estate deal, a prospective buyer can get distracted by how exciting it can be to move into a new home. The same excitement can also pop up in a commercial real estate deal, when a Florida business owner has just secured a new location for their business or a new office building for the company's headquarters. There is no doubt about it: taking over ownership of a piece of property in real estate transactions can be a thrill.
Most people would probably say that they attempt to save money whenever possible. For some homeowners in South Florida, that means that they will attempt to circumvent the realtor process when they are trying to sell their homes, instead opting to pursue the "for sale by owner" route. But, that process can be tricky as well, and there are more than a few steps to follow. In Part 1 of this multi-part series, we will take a look at some of the first steps that South Florida homeowners should probably take when they are beginning the "for sale by owner" process.
Most people put a lot of thought and energy into real estate transactions. A real estate sale is oftentimes one of the most complicated and expensive transactions any Florida resident will be involved in, so the time and energy that is expended in order to make sure everything is right is usually time well spent. Unfortunately, there is one area where many people don't spend a lot of time: code and zoning violations.
From all of the real estate reports our readers have been seeing over the last couple of years, most people probably think that the local market has turned into a "seller's market." However, according to a recent report, some prospective buyers in the South Florida market may be able to find lower priced homes more easily nowadays.
Anyone who has ever bought and owned a home knows that there are quite a few expenses to deal with. If a prospective buyer goes into a real estate transaction only thinking about the purchase price of the property, they are not thinking about all of the costs associated with homeownership. One cost many people don't check out before buying a home is home insurance.
It is a basic part of almost any sales transaction that the buyer will want to know that what they are purchasing is, for the most part, free and clear of any problems. For instance, when someone in Florida buys a brand new car, they don't expect to have to deal with any mechanic issues for quite a long time. On the other hand, if someone buys a used car, they understand that there might be issues that will need to be addressed sooner rather than later. But at least they know about the problem.
South Florida residents probably can't help but notice all of the condo towers that are popping up all over the place. With the real estate downturn of a few years back seemingly firmly in the rearview mirror, developers and investors are taking full advantage of the fact that the local real estate market is a hotspot.
While previous posts here have emphasized that buying a home is usually the most significant financial move most people will make in their lives, a close second is probably the decision to sell your home. But, many people don't realize the effort they will need to put in to make the most of this all-important cashing-in opportunity, and they are left asking themselves, "Just what exactly do I need to do when it is time to sell my house?"
It seems that the near daily reports about how hot the South Florida real estate market has been for the last couple of years may not actually be matching the conditions on the ground. According to a recent report, the local condo market in particular took quite a hit over the winter months, with the number of real estate transactions for these properties diving to rates not seen in over three years.
For most prospective buyers getting into the real estate market, one of the key steps in the process is applying for a mortgage. This process can be a bit tedious, with the mortgage broker requiring loads of information before a decision is made. But, in South Florida, it appears that this part of the home buying process is being circumvented with more regularity.