If you are a homebuyer seeking a mortgage and the house you contract for appraises for less than the actual contract price, you need to fully evaluate whether to waive the so-called appraisal gap. Waivers of appraisal typically occur in
South Florida Law Blog
The South Florida Law Blog, published by Oppenheim Law, focuses on legal issues related to real estate transactions and property law in Florida. It covers topics such as home buying contingencies, appraisal gaps, seller financing alternatives, and market conditions affecting housing sales. The blog also addresses recent legislative changes impacting property ownership, including restrictions on foreign buyers near sensitive areas. Additionally, it discusses mortgage-related concerns like second mortgages, home equity lines of credit, and foreclosure risks. The content is tailored to inform buyers, sellers, and property owners about legal considerations in the South Florida real estate market.
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Latest from South Florida Law Blog
An Alternative to Traditional Lender Mortgages: Seller Financing
Are you a seller willing to provide a mortgage to a prospective home purchaser? Or, are you a residential home purchaser able to purchase a home for full price or even a higher offer and seek alternative financing? There is…
When Will the Housing Market Pick Up Again?
Why Is the Housing Market So Sluggish? There is a critical shortage of homes causing a weak housing market. Sales of pre-owned homes dropped 3.3% in June from May, and 18.9% lower than from June of 2022. While a six-month…
Florida’s Controversial New Law: Limitations of Foreigners Acquiring Real Property
As of July 1, 2023, Florida’s recently enacted legislation, SB264, restricts certain foreigners from buying or owning Florida real estate. Specifically, the new law, codified in Florida Statutes 692.202-204, provides land ownership restriction, prohibiting “foreign principals” from owning or acquiring…
Zombie Mortgages & Potential Foreclosures
Many homeowners may have taken second mortgages, including home equity lines of credit, on their homes years ago, and thought that the underlying mortgage debt for such loans was forgiven. Other homeowners may have inherited a home without knowing that…
Do cash homebuyers have an advantage?
Cash offers on homes have increased substantially over the last few years. In 2022, according to Redfin, 30% of all home sales were paid with all cash with 64% of all $1 million plus sales in Palm Beach, Miami-Dade, and…
Florida’s Affordable Housing Law
The Live Local Act is Florida’s response to the housing crisis affordable legislation, designed to provide developers with substantial tax breaks and hundreds of millions of dollars in funding. On March 29th, the Governor signed this Act into law which…
Back to the Financial Time Machine: Bracing for the 2023 Recession
As the global economic landscape continues to devolve, it is crucial to draw upon the lessons learned from previous financial crises, much like Marty McFly’s thrilling time travel experiences in the classic film “Back to the Future.” With the Federal…
Best Home Deals? New Construction!
While there still are residential home buyers waiting to buy until mortgage rates lower and with home appreciation prices slowing, there are nevertheless opportunities for homebuyers in the new construction market. Why? High construction costs, rising interest rates, inflation, and…