Real Estate

Real Estate Pros Step Up in Dorian’s Wake

NAR Daily News Magazine - September 11, 2019 - 12:00am

The real estate community is rushing to aid victims from last week’s Hurricane Dorian that skirted the U.S. coastline after crashing into the Bahamas islands as a powerful Category 5 hurricane.

Categories: Real Estate

Could Your Listing’s Landscape Be Too Perfect?

NAR Daily News Magazine - September 11, 2019 - 12:00am

Is your listing's curb appeal actually imposing to buyers? If it's too fussy or involved, it can scare them off.

Categories: Real Estate

How Badly Does a Foreclosure Hurt Credit Scores?

NAR Daily News Magazine - September 10, 2019 - 12:00am

New data shows that home buyers who went through foreclosure can resuscitate their credit scores in less time than traditionally thought.

Categories: Real Estate

The Markets That Can Best Withstand a Recession

NAR Daily News Magazine - September 10, 2019 - 12:00am

Recession fears are growing, but economists have mixed opinions about whether those concerns will be borne out. If the economy turns south, these areas will fare better than others.

Categories: Real Estate

Remote Workers Flee Urban Cores for the Suburbs

NAR Daily News Magazine - September 10, 2019 - 12:00am

Americans with the flexibility of telecommuting positions are widening their options for an affordable place to live.

Categories: Real Estate

Yun: Mortgage Rates May Reach Record Low by Year’s End

NAR Daily News Magazine - September 10, 2019 - 12:00am

NAR chief economist says slowing job growth and more action by the Fed to lower interest rates likely will put downward pressure on mortgage rates.

Categories: Real Estate

Buyers Aren’t Taking Advantage of Favorable Market

NAR Daily News Magazine - September 10, 2019 - 12:00am

Low mortgage rates haven’t been enough to assuage potential buyers’ recession fears and spur more robust purchasing activity.

Categories: Real Estate

Real Estate Q&A: What Happens When a Storm Disrupts Home Deals?

RisMedia Todays Top Consumer Stories - September 9, 2019 - 3:21pm

(TNS)—Q: I have been on a tear, damaging homes up the Atlantic coast. How does this affect people who are under contract to buy or sell a home? – Dorian (yes, that Dorian!)

A: Here in Florida, we are experienced in dealing with you and your siblings. When we get wind that you are coming to town, it becomes next to impossible to get homeowner’s insurance and financing approval, delaying most closings.

The standard real estate contract used in most closings will contain a clause dealing with the issue of a natural disaster or “force majeure.” Typically, the closing will be delayed for a week after things return to normal.

However, if the delay lasts for more than 30 days, either the buyer or seller would be able to cancel the contract. Of course, it’s important to carefully review the terms of each particular contract as it might be different from the standard.

After you leave town and power and water are back on, the buyer will need to have the home carefully inspected for damage. Generally, if the repair cost is no more the 1.5 percent of the purchase price, the seller must fix the problems, hopefully before closing. If they take longer to fix, the funds will be held in escrow while the seller keeps at it.

If the repairs cost more than that, the buyer can take the 1.5 percent as a repair credit on the closing statement and close as-is, or cancel the contract and get the deposit back.

The buyer and seller, or their real estate agents, should stay in good communication with each other, the closing agent and lender to determine what must be done to continue to closing. Everyone should stay patient and work with the process as things return to normal. In my experience, things get back on track fairly quickly, and very few deals are lost due to a storm.

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar.  

©2019 Sun Sentinel (Fort Lauderdale, Fla.)
Visit Sun Sentinel (Fort Lauderdale, Fla.) at www.sun-sentinel.com
Distributed by Tribune Content Agency, LLC

The post Real Estate Q&A: What Happens When a Storm Disrupts Home Deals? appeared first on RISMedia.

Categories: Real Estate

Real Estate Q&A: What Happens When a Storm Disrupts Home Deals?

Daily Real Estate News - September 9, 2019 - 3:21pm

(TNS)—Q: I have been on a tear, damaging homes up the Atlantic coast. How does this affect people who are under contract to buy or sell a home? – Dorian (yes, that Dorian!)

A: Here in Florida, we are experienced in dealing with you and your siblings. When we get wind that you are coming to town, it becomes next to impossible to get homeowner’s insurance and financing approval, delaying most closings.

The standard real estate contract used in most closings will contain a clause dealing with the issue of a natural disaster or “force majeure.” Typically, the closing will be delayed for a week after things return to normal.

However, if the delay lasts for more than 30 days, either the buyer or seller would be able to cancel the contract. Of course, it’s important to carefully review the terms of each particular contract as it might be different from the standard.

After you leave town and power and water are back on, the buyer will need to have the home carefully inspected for damage. Generally, if the repair cost is no more the 1.5 percent of the purchase price, the seller must fix the problems, hopefully before closing. If they take longer to fix, the funds will be held in escrow while the seller keeps at it.

If the repairs cost more than that, the buyer can take the 1.5 percent as a repair credit on the closing statement and close as-is, or cancel the contract and get the deposit back.

The buyer and seller, or their real estate agents, should stay in good communication with each other, the closing agent and lender to determine what must be done to continue to closing. Everyone should stay patient and work with the process as things return to normal. In my experience, things get back on track fairly quickly, and very few deals are lost due to a storm.

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar.  

©2019 Sun Sentinel (Fort Lauderdale, Fla.)
Visit Sun Sentinel (Fort Lauderdale, Fla.) at www.sun-sentinel.com
Distributed by Tribune Content Agency, LLC

The post Real Estate Q&A: What Happens When a Storm Disrupts Home Deals? appeared first on RISMedia.

Categories: Real Estate

Reclaimed Wood Becomes Hot Accessory in New Homes

NAR Daily News Magazine - September 9, 2019 - 12:00am

Experts say buyers want their new, modern homes “to look as primitive as possible.”

Categories: Real Estate

Homeowners Can Charge Game Day Rents to Sports Fans

NAR Daily News Magazine - September 9, 2019 - 12:00am

During football season, properties near college stadiums command lucrative rental rates that may be enough to cover one month’s mortgage payment.

Categories: Real Estate

Why Homeownership Makes People Happier

NAR Daily News Magazine - September 9, 2019 - 12:00am

Find out the reasons 93% of American homeowners say purchasing property improved their lives.

Categories: Real Estate

Study: Refinancing Could Help More Than Half of Owners

NAR Daily News Magazine - September 9, 2019 - 12:00am

Even people who purchased property as recently as a year ago can earn significant discounts on their monthly mortgage payments.

Categories: Real Estate

Are Retirees Shunning the Beach Life for the Big City?

NAR Daily News Magazine - September 9, 2019 - 12:00am

More baby boomers are showing attraction to urban cores with features such as walkability, entertainment, culture, and public transportation.

Categories: Real Estate

‘Flier Bandit’ Raises the Ire of California Agents

NAR Daily News Magazine - September 9, 2019 - 12:00am

A man in Santa Cruz has been stealing real estate brochures around town as part of what he calls a contest for an arranged marriage.

Categories: Real Estate

Police: Fake Broker Bilked Renters Out of Thousands

NAR Daily News Magazine - September 6, 2019 - 12:00am

A New York man posed as a real estate professional, falsely advertising apartments for rent and charging fees to prospective renters, police say.

Categories: Real Estate

Majority of Would-Be Buyers Cite Failed House Hunts

NAR Daily News Magazine - September 6, 2019 - 12:00am

A few painful roadblocks are keeping most prospective buyers from finding the right home. Will they give up on their search or power through?

Categories: Real Estate

Opendoor Expands With Title Company Acquisition

NAR Daily News Magazine - September 6, 2019 - 12:00am

The iBuying giant will now be able to integrate title, escrow, and closings into its online buying and selling platform.

Categories: Real Estate

Trump Administration Unveils Newest Fannie, Freddie Reform Proposal

NAR Daily News Magazine - September 6, 2019 - 12:00am

The Trump administration offers up proposals to reform the nation’s housing system, a move NAR welcomes—with caution.

Categories: Real Estate

The ‘Summer Swoon’ Continues With Mortgage Rates

NAR Daily News Magazine - September 6, 2019 - 12:00am

The 30-year fixed-rate mortgage rolled back this week to its lowest average since October 2016.

Categories: Real Estate