Law Office of Ryan S. Shipp, PLLC

July 2017 Archives

Home sales sluggish because of low inventory

Florida residents who are looking for a new home may not be surprised to hear that there are relatively few available properties on the market. Although homes were selling at a near record pace, existing home sales around the country dropped by 1.8 percent overall in June because of the low supply. Only the Midwest region was able to buck the trend and see an increase in sales during that month.

Foreign buyers and U.S. homes

According to the National Association of Realtors, investors from other countries are purchasing residential real estate in the United States in record numbers, with half of the foreign sales being made in California, Florida and Texas. Foreigners purchased residential properties totaling $153 billion from April 2016 to March 2017. That is a 49 percent increase from the same period one year earlier and exceeds the previous record that was set in 2015.

Options for Florida homeowners facing foreclosure

After a homeowner misses a few months of mortgage payments, the lender will likely issue a foreclosure notice. Although the problem might seem overwhelming, options for preventing foreclosure and the subsequent drop in credit rating exist. A distressed homeowner should contact the lender as soon as possible and ask for more time to catch up on payments. In some cases, lenders restructure loans to allow people a chance to keep paying and halt the foreclosure. Selling the home also presents a viable solution in many cases.

Review long-term goals before buying residential property

New home buyers in Palm Beach County often second-guess their choice to buy and the reasoning behind it. Some are looking for a way to get into the market and start saving equity that will later be used to purchase a larger family home. Other buyers think they are ready now to get into a home that they will keep for decades to come. There are some justifications for each approach, and they can help new buyers determine their strategy in the residential real estate market.

Florida reforms condominium association laws

As long as you have been a member of the board of the condo association in your community, you have probably dealt with your share of accusations and conflicts. Certainly, there have been condo owners who have complained about the Covenants, Conditions and Restrictions and some who have clearly not even read that document. Perhaps you have even dealt with board members who had personal agendas at heart instead of the good of the community.

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