A Florida Realtors news article discussed RealtyTrac’s Q3 2013 Home Flipping Report. The Report indicated that Florida was second in the nation in third quarter home flips with 4,706. Only California had more with 8,592. The Report considered a home “flipped” where it was purchased and subsequently sold again within six months.
The RealtyTrac report indicated that investors made an average gross profit of $54,927 on the single-family home flips. The high returns were driven in part by an increase in the number of high-end homes, costing $750,000 or more, being flipped. Our luxury Fort Lauderdale real estate law firm is experienced in residential real property acquisitions, sales, and development. Flipping a high-end home is a big investment. Our real estate attorneys can assist in negotiating a mortgage and receiving the best terms possible.
Additionally, when investing in a home to be flipped, receiving good and marketable title is important. A defective title can be a nightmare. Our Ft. Lauderdale law firm routinely provides title examination and title insurance for our clients. Thousands of dollars could be saved and the marketability of title will be certain by taking the proper steps.
Finally, home flipping requires knowledge and skills such as plumbing and carpentry. If a high-end home flipper needs to hire contractors to perform work, it would be sensible to have an attorney review any contracts. Depending on the extent of the work to be done, a construction agreement could become complex. Attention to detail and experience allows the real estate attorneys at Schecter Law to know what to expect when dealing with luxury residential real estate.