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Author: Oppenheim Law

Buying a Home: What to Know About An Appraisal Contingency

Mon Sep 4, 2023 by on Real Estate & Real Estate 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 Calm Before The Storm

Tue Aug 22, 2023 by on Florida Real Estate

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 […]

When Will the Housing Market Pick Up Again?

Tue Jul 25, 2023 by on Housing Market

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 […]

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

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 there was a second mortgage in place or bought such a home at a foreclosure auction. There are also situations […]

Do cash homebuyers have an advantage?

Mon May 1, 2023 by on Florida Real Estate

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 Broward counties as well as 46% those under $1 million being cash deals. What are the Seller Advantages? Although it […]

Florida’s Affordable Housing Law

Thu Apr 13, 2023 by on Florida Real Estate

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 is to take effect on July 1. What does the Live Local Act do? The Act includes $259 million for […]