Buying Florida Foreclosure Real Estate
In turbulent economic times, buying Florida real estate requires a need for legal expertise by your side. Buying a Florida home for sale, especially in this economy, will likely be one of the biggest investments that you make in your life.
There are tremendous opportunities for Florida homebuyers now because of the current economic crisis. In fact, many people are looking to purchase a Florida short sales, Florida foreclosure real estate or Florida REO, real estate owned by the bank.
However, buying through a short sale or REO is not for the faint at heart. Homebuyers need a trusted real estate attorney that has engaged in these transactions numerous times. The real estate professionals at Oppenheim Law are ready to assist you through purchasing a Florida short sale, Florida foreclosure real estate or an REO, as we represent these Florida real estate transactions on a regular basis.
Buying a Florida Short Sale
Short sales in Florida are particularly tricky because when you make your offer, the offer will be contingent upon the seller’s bank agreeing to the sale. This happens because the price of your offer is less than the full mortgage amount that the bank is owed. In fact, what makes Florida short sales unusual is that sometimes a seller will take competing offers, submit each one to the bank, and only one offer will be approved. In addition, the banks are notorious for taking weeks, if not months, to approve a short sale. That is why hiring a real estate attorney that is experienced in completing a Florida short sale will help you obtain the best deal possible.
The same holds true for buying Florida REOs. Many times there are title issues, as well as other lien issues that have not been fully resolved by the bank in their foreclosure. Because the bank is going to sell the property “as is,” it is incumbent upon the buyer to do its proper due diligence prior to closing. Issues concerning mold, Chinese drywall, municipal liens, open construction permits, as well as possible homeowner assessments are all issues that need to be addressed when purchasing an REO.
Oppenheim Law’s real estate reputation is unsurpassed because of our working relationship with Florida Realtors. Many Realtors have come to understand the added value that our real estate law firm provides and that we are always trying to “make the deal” whenever possible. The Florida real estate attorneys at Oppenheim Law are “deal makers” not “deal breakers.” However, having said that, we always want to make sure that our client is fully protected.
For more information about how Oppenheim Law can help you with your Florida real estate transaction contact us today.