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Orlando Real Estate Law Blog

Obtaining compensation for your business after eminent domain

You own a business on land that the government hopes to condemn for public works. Although you have owned and maintained your business for years, the eminent domain process may allow the government to quickly obtain your land and use it for city projects. Know that if you receive notice for eminent domain, you are not alone, and an attorney can help you in your quest for compensation.

Eminent domain exists to give the government an opportunity to condemn your property for public uses. Whether the government seeks to obtain your land, and subsequently your business, for electrical facilities, roadways, sewer systems or telephone pole sites, you want to receive compensation for your loss of property. A negotiation process exists to determine your business's worth, but you feel you deserve more than its face-value due to your new loss of income and career. Hiring an experienced property rights attorney may help you in obtaining these necessary funds and offer you peace of mind should the government condemn your property.

Millennials form increasing percentage of home buyers

As an increasing number of young people in Florida and across the country purchase homes, the mortgage industry may be looking to escalate its technical sophistication. Many millennials have expressed a preference for a digital process that is faster and more efficient. In June 2018, 91 percent of closed loans were made to millennials for purchases of new homes. This marked an increase from 81 percent in January 2018 and 90 percent in May.

Mortgage company officials noted that the market is competitive and that millennial purchase interests and trends may determine the future of the industry. They noted that digital mortgages are being developed to appeal to millennial buyers who are accustomed to a comprehensive, all-online experience. Because the largest number of people buying homes now is millennials and this trend is expected to continue, their preferences could reshape many of the norms of the industry.

Winning commercial real estate bids with loan preapproval

According to a survey conducted by the National Association of Realtors, the majority of all commercial real estate transactions involve some type of financing. This means that buyers with pre-approved or proven loans will usually have an advantage over other buyers. If Florida commercial real estate investors follow a few valuable tips, they will improve their chances of securing financing and winning the bidding war.

The first step is to find the right broker. Commercial loans can be highly complex, so finding the right person for the job can have a big impact on the process. Next, investors will need to decide who to identify as buyers. Lenders will use the least favorable information about each applicant to make their decision. Therefore, any history of bankruptcy, mortgage default or criminal activity could disqualify the entire group.

Steps to investing in commercial real estate

Individuals in Florida and throughout the country may be able to generate wealth by investing in commercial real estate. However, it is important that a person thoroughly vets a property prior to putting money into it. Investors should also know that commercial real estate is generally illiquid, which means that they will need to see a warehouse or other property as a long-term investment.

Those who are worried about their near-term cash needs could gain exposure to commercial real estate by investing in a REIT. They are traded like a traditional stock, and they come with dividends of up to 90 percent. It may also be possible to gain exposure to commercial property through a self-directed IRA. Ideally, a person will have about 20 percent of his or her portfolio in real estate. This number can vary depending on an individual's goals and investment timeline.

The cost of living in quality school districts

Parents in Florida will often take bold steps to provide for their children. A Realtor.com survey found that 78 percent of respondents gave up items on their housing wish list to live in a good school district. Among the most common amenities that buyers passed up included garages, updated kitchens and outdoor living space. Respondents also commonly said that they bought homes with fewer bedrooms to be near quality schools.

Of those who responded to the survey, 91 percent of parents said that living in a school district was important to them. Overall, roughly 75 percent of respondents felt that way. Those between the ages of 18 and 34 were more likely to say that schools were an important part of choosing a home compared to those 55 and older. When determining if a school district was worth living in, buyers considered whether there was a robust arts program.

Buying a home while paying off student loans

There are currently 44 million Americans who owe a total of $1.5 trillion in student loan debt according to the website Make Lemonade. However, some in Florida and throughout the country may doubt whether or not they can buy a home while carrying such debt. The good news is that student loan borrowers may be able to qualify for a home loan. This can be especially true for those who have a credit score of 750 or more.

That is considered to be an excellent score while anything under 600 is considered to be poor. Lenders also consider a borrower's debt-to-income ratio when determining if a person qualifies for a mortgage and what interest rate that person will pay. To reduce this number, a potential borrower can either make more money or work on paying down his or her debts.

Understanding commercial real estate loans

Florida residents who are interested in starting a business may be concerned about securing an ideal commercial location. Getting financing is an important part of obtaining commercial real estate. Prospective business owners should understand where they should go for commercial real estate loans and what to do to improve their chances of getting approved for one.

Commercial real estate loans are mortgage loans that are used to purchase commercial real estate, or commercial properties that produce business income. The loans can be used to buy retail stores, office locations or a wide range of other buildings and locations.

Assessing the likelihood of making a 20 percent down payment

Individuals in Florida who are interested in buying a home may have to spend over six years to save up for a 20 percent down payment. This is a result of both higher rents and higher home prices throughout the country. According to an analysis by HotPads, it could take some people up to 30 years to save enough money to make a 20 percent down payment on a home.

The median home price in the United States is $216,000, which would require a person to save $43,200 to reach 20 percent of the purchase price. Complicating matters is the fact that many younger first-time borrowers have student loan and other debt. To qualify for a mortgage, a lender generally requires that an applicant's total debt be at or less than 43 percent of his or her income. Lenders will consider most debts such as credit card, student loan or auto loan obligations.

Summertime tips for selling a home

Summer is a popular time to sell a home. Homeowners in Florida can take certain steps to entice buyers to give their property serious consideration. Having an open house is an effective method for giving prospective buyers an up-close look at a home. However, during the summer, it may be ideal to hold such events on days other than the weekend. For example, open houses that take place during rush hour may provide a more convenient opportunity for buyers to examine a home.

Some homeowners may want to consider advertising their open homes as a festive event. This can help make the event seem less like a sales pitch and more like a party. To improve the mood, refreshments and food can be offered.The time of day at which the event is held is also important. During the hot summer months, buyers may be more inclined to attend if the open house is held during the evening when the temperatures are typically cooler, than during the middle of the day when the temperatures tend to be at their highest.

How buyers can protect themselves when getting a home

Those who are planning on buying a home in Florida should make use of contingencies and disclosures. When a buyer goes to an open house, the seller should provide a disclosure form that lists all the potential problems with the home. If there are known issues that aren't revealed, it may be possible to ask that they be corrected prior to closing.

It may also provide an individual with the opportunity to back out of the deal itself. Furthermore, if there are no issues listed on the disclosure, this should act as a warning to a potential buyer. Generally speaking, an inspection will take place prior to the sale of the home. It should be listed as a contingency on any offer sheet given to the seller. Another common contingency is the ability to get a mortgage to purchase the home.

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