Trending Legal Updates from Oppenheim Law

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 high demand real estate markets, where there are more buyers seeking homes than sellers listing their homes. As a result, […]

The post Buying a Home: What to Know About An Appraisal Contingency appeared first on South Florida Law Blog.

We are in a percolating real estate cycle which is clearly symbiotic with the economy. For some, the economy is going quite well. For example, those who have 401(k)s are generally impressed with how they have grown this year, as well as those individuals who are savers and have found that they can earn 5% in traditional money market accounts […]

The post The Calm Before The Storm appeared first on South Florida Law Blog.

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 an uptick in seller financing for both parties due to the increase in interest rates to date and lenders becoming […]

The post An Alternative to Traditional Lender Mortgages: Seller Financing appeared first on South Florida Law Blog.

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 supply is considered balanced between buyer and seller, the current sales represent only a 3.1-month supply. Pricing of homes has […]

The post When Will the Housing Market Pick Up Again? appeared first on South Florida Law Blog.

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 agricultural land or real property within ten miles of any military installation or critical infrastructure facility,  foreign principals include individuals […]

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