Some residents in Florida may be required to sell their property to protect a local beachfront. Specifically, Boca Raton officials may take possession of seven properties north of the Boca Inlet. In 2016, several property owners were asked to voluntarily sell their properties, but no one was willing to sell. Now, the government may try to use the principle of eminent domain to take those properties.
People who purchase a home are undertaking a significant financial commitment. If they decide to become a homeowner with someone to whom they are not married, they should be aware of the risk it carries.
Homeowners in Florida carrying two mortgages still have the ability to sell as long as they pay off both loans at the conclusion of the transaction. For someone whose house has a value that meets or exceeds the loan balances, the process is largely similar to selling a home with a single mortgage. When the loan balances total more than a property's value, then a homeowner might pursue the strategy of arranging a short sale.
Florida residents of all ages may be less likely to buy a home in the next 10 years. According to a survey by Experian, more than a third of those between the ages of 18 to 34 said that this would be the case for them. Furthermore, the study found that 25 percent of all Americans would decide against home ownership in the next decade.