According to the Freddie Mac, mortgage rates for thirty-year fixed mortgages declined to an average rate of about five percent during the second week of March, 2009. This is about one percentage point less than the average rates one year ago. Based on the various opinions of economists nationwide, the current rates are not expected to change much throughout March and April, 2009. If the required loan-to-value is there, this continues to be an excellent time to refinance and lock in current rates.
http://www.southptc.com/florida-home-refinance-mortgage.html
Filed under Miami Real Estate News by 
The Florida Courts continue to affirm that an owner of Florida real estate will not lose his or her constitutional homestead protection after conveying the subject property to the trustee of his or her trust. See Cutler v. Cutler at 994 S0.2d 341 (Fla. 3d DCA 2008). Homestead protection is generally afforded to a total of 160 contiguous acres outside of a municipality or one-half acre within a municipality.
http://www.southptc.com/real-estate-closing-attorney-miami.html
Filed under Real Estate Law Tips by
The Florida Courts clarified in a recent opinion, Reamco Development v. 499 Corp, that Florida title insurance agents’ opinions as to contract time periods are merely opinions, and not to be considered legal advice or otherwise binding. The buyer and seller, as well as their respective real estate agents and attorneys are responsible to determine and set out the time lines per the contract, not the closing title insurance company and its employees.
http://www.southptc.com/florida-title-insurance-rate.html
Filed under Miami Title Insurance by
Miami Beach real estate sellers and buyers may benefit from Bank of America’s desire to fund more jumbo home loans. In a recent interview, BofA’s head of mortgage services announced the desire for the additional jumbo loans, ranging from $417K to $729K depending on the market, as well as the hiring of additional processing staff to handle the new applications and loans. This is good news for Miami and Miami Beach luxury condominium sales.
http://www.southptc.com/florida-home-refinance-mortgage.html
Filed under Miami Real Estate News by
Miami Florida Short Sale buyers and sellers have the convenience of using the standard Florida Association of Realtors Short Sale Addendum, but must also review it carefully to understand the terms. It is important to map out the time lines and clearly understand when time periods start and stop, particularly for inspections, in relation to the receipt of the seller’s lender approval of the sale. It is also critical to note that the seller’s lender is not a party to the contract even though the contract terms are subject to lender approval.
http://www.southptc.com/short-sale-miami-florida-attorney.html
Filed under Miami Beach Short Sales by
Miami-Dade County Ordinance 08-133, effective December 12, 2008 requires that the person or entity listed on a Certificate of Title as the purchaser of a single family home, condominium, townhouse or duplex obtain a Certificate of Use from the Miami-Dade Planning and Zoning Department. The new Certificate of Use must be obtained before the subject property is offered for sale, transfer or other alienation.
http://www.southptc.com/foreclosure-attorney-miami-florida.html
Filed under Miami Florida Foreclosure by
Miami-Dade County Ordinance 08-134 adds foreclosing lenders to parties responsible for maintaining vacant properties. This ordinance allows the County to assess against the REO property if necessary, including both residential and commercial.
http://www.southptc.com/foreclosure-attorney-miami-florida.html
Filed under Miami Florida Foreclosure by
The Florida Association of Realtors reported this week that the sales of existing homes in Florida rose in February, making it the sixth consecutive month of year-over-year increases. On a month-to-month basis February showed exiting homes sales up more than 15% over January 2009 sales, and condo sales up about 20% over January 2009. This is very positive news for all businesses associated with the real estate industry in Florida, regardless if many sales are post-foreclosure sales, because every sale reduces inventory and brings the prices closer to fair market value.
Filed under Miami Real Estate News by
The days of 1000+ daily net in-migration of new residents to Florida, as experienced early in the decade is down by 90%, as reported by the Florida Association of Realtors in March, 2009. This will clearly have an effect on the real estate and housing market even with current low prices.
http://www.southptc.com/miami-beach-real-estate.html
Filed under Miami Real Estate News by
According to the Florida Association of Realtors, “Loan terms for 30-year fixed-rate mortgages fell to 4.63 percent from 4.89 percent for the week ending March 20, the Mortgage Bankers Association (MBA) reported Wednesday. That’s the lowest in the history of the survey, which began in 1990.” According to real estate agents in the field, the interest in purchasing is picking up, and many buyers finally feel like the market is more or less at the bottom. Unlike investors, buyers who know they want to purchase are moving on the homes they know they want to live in for the longer term and are very happy with the 4.6% rates they are receiving. Those desiring to refinance are still having difficulty due to the low valuations of homes.
http://www.southptc.com/florida-home-refinance-mortgage.html
Filed under Miami Real Estate News by