NEW MORTGAGE LOANS TO HIT REAL ESTATE MARKET SOON
REAL ESTATE NEWS BY THE PERAZZO LAW FIRM
Aspiring homeowners and real-estate investors in Miami and throughout Florida, may soon have new options for purchasing real-estate through special mortgage loans called CHOICERenovation loans. These loans aim to attract potential buyers that are interested in acquiring property that has suffered experienced significant damage from the nature’s wrath. Hurricane damaged homes for example, may have lost significant value and lay dormant in the real estate market for years. The loans may also appeal to individuals or real estate developers looking to renovate homes that are over 40 years old and in poor structural condition. Interestingly, and according to real estate statistics, one out of every five properties dates back to the mid-seventies. Though potential real estate buyers looking to relocate prefer homes that need little if not any remodeling or repair work, some are enticed by the lower costs of houses which may need plumbing, electric, or general repairs. The owners of houses that are old or run-down may also benefit from the new CHOICERenovation mortgage loans offered by Freddie Mac, which are expected to be available soon. But how do the new loans work and how do they benefit buyers? Firstly, the costs of any needed repairs will be included in the loan itself and any remodeling or repairs do not necessarily have to be done by a contractor. In other words, they can do the work themselves as long as they can prove they are qualified to carry-out home improvements jobs such as plumbing, electricity, roofing, etc.. This new proposal is expected to attract first-time buyers that have limited funds but willing to take advantage of property that is affordably priced. The loans may also appeal to those looking to remodel their current home in order to accommodate family members or renovate their old home so as to avoid moving and having to deal with the complexities of selling and buying real estate. In many cases, it can be less expensive and easier to remodel or renovate than to buy or sell, which will involve real-estate broker fees, property taxes, title insurance, and many other costs stemming from a real estate transaction. Nevertheless, when the opportunity of owning your home at affordable terms comes knocking, it might be wise to open the door.
In Miami, the Perazzo Law Real Estate Staff of Attorneys knows that purchasing and selling real estate is a very complex and delicate matter that requires experience from a professional and reliable real estate attorney in Miami. Why? Simply because without dedicated professional counsel, the buyer runs the risk of losing a significant amount of time, money, and even the chance of buying their home from wasted funds. There are certain basics behind real estate transactions that must be administered and addressed accordingly to prevent real estate agents, brokers, and sellers from taking advantage of unsuspecting buyers, who may be so anxious to buy a new home, that they may lose sight of the fact that their money is on the line. Title Insurance for example, is a delicate, if not the most important part of a real estate transaction. Title Insurance, which can cost anywhere from $1,000 to $3,000, guarantees that the house or property that has been purchased belongs to the buyer until he/she decides to part with it either through a sale, donation, inheritance. Understanding escrow accounts is another area of a real estate transaction that potential buyers need to understand, and which may require the help of a Perazzo Law Real Estate Lawyer. In Miami, a lender may use an escrow account to cover the cost of property taxes and insurance through monthly payments by the property buyer. This account would also be used for any mortgage payments and to provide protection for the property. Perazzo Law helps by providing insight into these and all the inner-workings of a real estate transaction for both buyers and sellers.
- Property Inspection
- Time of Essence for Writing the Contract
- Escrow Release and Escrow Accounts
- Document and Contract Review to benefit buyers
- Agent Negotiations
- Escrow Deposits
- Pulling the Title and Title Searches
- Liens, Debts, Lawsuits
In Miami, the Perazzo Law Firm staff of Real Estate Attorneys help buyers and sellers carry-out a smooth and cost effective real estate transaction throughout all Miami-Dade and Broward. Our staff is fully dedicated to providing the best possible representation to those looking to sell, buy, or transfer property legally and effectively. Our staff keeps up to date on recent real-estate law developments and strives for full client satisfaction in all real estate transactions.
If you, a friend, or family member is looking to buy, sell, or transfer a house, apartment, or plot of land, Perazzo Law recommends contacting our Miami or North Miami Beach law offices ONLINE or CALL 888-PERAZZO for a FREE initial consultation.
THE PERAZZO LAW FIRM – DEDICATED TO PUTTING YOUR INTEREST FIRST, ALWAYS!
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