A Florida resident who wants to borrow money for a commercial real estate project may believe that getting loan approval is a formality. However, the lender may not necessarily see it that way. If a person has tax issues, late payments or other credit blemishes, it may not be possible to approve a loan application. The only way to overcome these issues may be to have another person or entity guarantee the loan.
Florida is one of the three states that is seeing the largest number of foreign real estate purchases. The other two are California and Texas. From April 2016 to March 2017, foreign purchase of real estate hit an all-time high, and half of those purchases were in the aforementioned three states. New Jersey and Arizona were also popular. Overall, more than 284,000 homes were purchased by foreign buyers.
Florida residents who are facing foreclosure may understandably feel nervous and afraid, but there are many options available that could slow or stop the process. One option involves selling a home.
Seasoned real estate investors in Florida understand that studying the details of a property is as important as paying attention to macro-trends in the market. For those looking to enter the commercial real estate market, due diligence may seem like overkill at times, but intimate knowledge of a property is an important part of making a sound investment.