By Shannon Allen Dear Shannon: A broker listed a property to include a rental apartment upstairs, figuring the new buyer could get the zoning changed. But it wasn’t zoned for a residential apartment when listed. Should a complaint be filed against the commercial listing broker? ORLANDO, Fla.– Dear Shannon: I’m facing a rather astonishing situation and seeking guidance. A client of mine, a doctor, reached out for help finding a suitable location for a small medical practice in the neighborhood where she grew up. I began the search and emailed her several options, one of which was a two-story building
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By Meredith Caruso Realtors have the ability to modify contract terms through optional clauses, riders and/or addenda. To effectively represent a vast array of clients, agents should know their list of options and how each works as part of the full contract. ORLANDO, Fla. – How well do you know the optional clauses, riders and addenda that go with the contracts? Florida Realtors® offers various contracts drafted by different groups, and each type of contract offers addenda, riders or optional clauses that go with each one of those contracts. For the sake of simplicity, I’ll refer to the various options
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HB 919 contains new rules that impact homeowners associations to boost transparency. SB 170 gives businesses new rights if a local ordinance impacts them. TALLAHASSEE, Fla. – New Florida laws often go into effect on July 1, Oct. 1 and Jan. 1 of the following year. This October, a number of new laws go into effect, with two specifically impacting the real estate industry: HOA transparency and accountability: House Bill 919 contains measures that help improve the transparency and accountability of homeowners associations (HOAs). The bill creates an HOA Bill of Rights, provisions to reign in kickbacks, fraudulent voting activities and conflicts
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A last-minute compromise is still possible, but it appears more and more likely that government services will slow or stop starting Sunday, Oct. 1. WASHINGTON – U.S. lawmakers warned that a government shutdown is increasingly certain as hopes dwindle of a last ditch compromise to resolve a budgetary stand-off in the world’s largest economy. Speaking on Sunday, both Democrats and Republicans said time was running out for a deal before October 1, when current funding for federal operations ends, The Financial Times reported. A shutdown would force thousands of federal workers to stay home, paralyzing vast swaths of the U.S.
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Current owners fear the dearth of for-sale homes and high interest rates, but many still desire a move. These are the top issues holding them back. NEW YORK – Homeowners aren’t listing their homes, which is keep prices up along with buyer frustration. A fear of many current homeowners who want to upsize or downsize is an inability to find a replacement home. To address this, some companies help owners buy their new home with cash, and before selling their existing home. However, these companies don’t operate in every state and, in some cases, they require a lower selling price
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How will your life change in a shutdown? RE agents should fast-track any government-related tasks, such as flood ins., if they have a post-Sept. 30 closing scheduled. WASHINGTON – The federal government has experienced 14 shutdowns since 1980. If Congress fails to pass a full-year spending bill or a stopgap “continuing resolution” (CR) to keep the government open, there could be another shutdown on Oct. 1. But what does this mean, and how does it impact everyday Americans and the economy? What is a government shutdown? A shutdown occurs when there is neither a full-year spending bill nor a CR
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By Melissa Dittmann Tracey Another large brokerage settled a lawsuit over buyer agents’ commissions, but NAR will continue the fight for “pro-competitive local MLS broker marketplaces.” CHICAGO – A second defendant in the two class-action lawsuits challenging real estate compensation fees reportedly has reached a settlement with the plaintiffs. RE/MAX, one of several large brokerages named in the suits, known as the Sitzer/Burnett and Moehrl cases, agreed to pay $55 million to resolve all claims against the company. The news comes two weeks after another defendant, Anywhere Real Estate, formerly known as Realogy Holdings Corp., settled for $83.5 million. The
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By Kerry Smith The nation’s consumer bureau took a first step to erase medical debt from credit reports and lending decisions because that type of debt “has little predictive value.” WASHINGTON – The Consumer Financial Protection Bureau (CFPB) – the national agency focused on consumer issues – began a rulemaking process to remove medical bills from Americans’ credit reports. The CFPB outlined proposals under consideration – moves that it says would help families recover from medical crises, stop debt collectors from coercing people into paying bills they may not owe, and ensure that creditors don’t rely on data that is
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By Marla Martin Single-family median price up 2% ($415K) YOY, condo median price up 6.2% ($324K). Chief Economist O’Connor: Mortgage interest rates continue to be “dominant factor.” ORLANDO, Fla. – Florida’s housing market in August reflected similar trends as the past few months – statewide median sales prices rose year-over-year while sales slowed, according to Florida Realtors®’ latest housing data. “Prospective buyers continue to be drawn to Florida’s lifestyle, climate and job opportunities,” says 2023 Florida Realtors® President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Orlando. “Persistently higher mortgage rates and a restricted for-sale inventory are hampering sales
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By Alex Veiga “Homebuyers waiting for mortgage rates to come down should expect no major relief until next year,” says Lisa Sturtevant, chief economist for Bright MLS. LOS ANGELES (AP) – The average long-term U.S. mortgage rate edged up again this week, another setback for would-be homebuyers navigating an increasingly less affordable housing market. The average rate on the benchmark 30-year home loan rose to 7.19% from 7.18% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.29%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also rose. The average
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