Law Office of Ryan S. Shipp, PLLC

September 2017 Archives

How to effectively do due diligence

Those who are selling commercial real estate in Florida generally want the deal to close as soon as possible. Those who are prospective buyers want to make sure that they are getting a quality property. Therefore, it isn't uncommon for buyers and sellers to have different ideas as to how the due diligence process should play out. In some cases, buyers may want more time for due diligence because it also buys time to find financing.

Why a buyer should get a pre-approval letter

When a Florida resident is ready to start the home hunting process, it may be worthwhile to get a letter of pre-qualification. This is a letter from a lender saying how much an individual would qualify for based on income and other information provided to that lender. This is not the same as a letter of pre-approval, which is an estimate based on information provided on tax returns and other documents.

Low supply pushing housing prices up as demand rises

The real estate in Florida has enticed people to the warm climate for years. However, buyer demand continues to outstrip the supply of homes for sale. A nationwide housing market analysis by CoreLogic shows that prices are rising because of the tight inventory. According to the National Association of Realtors, home prices were 6.7 percent higher compared to last summer while the number of property listings retreated by 9 percent. The association's chief economist said that housing starts were weak and that investors were showing little desire to sell.

Do you know what your HOA can and cannot do?

If you live in a Florida neighborhood with a Homeowners' Association, you would be wise to know where your rights as the property owner end and those of the HOA begin. This is useful knowledge to have in case you find yourself in a situation in which you disagree with an HOA decision or regulation that affects your ability to use and enjoy your property. 

Pending home sales plunge again across the US

While the housing market has enjoyed gradual increases in property values, buying throughout Florida and the rest of the nation are suffering from a dwindling supply of options. In late August, the National Association of Realtors published its closely watched pending home sales index, which has posted lower numbers on four occasions over the last five months. On a year-over-year basis, pending home sales have decreased by 1.3 percent while the index has lost 0.8 percent in July.

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