3 Ways Homestead Status can affect wholesale deals

One of the biggest sources of wholesale transaction deals for people in the state of Florida is the large number of available properties where parties have passed away.  There are heirs that just want to getting rid of the property because they can’t afford it, or the taxes are too much, or nobody wants to live there, or they’re living out of state and just cannot manage and maintain the property.  In those circumstances, you should always consider the homestead status of the property. A lot of people in Florida make the mistake of thinking that homestead refers only to a tax exemption. That is the most common reference to homestead… property owners who say, “hey, I got this great discount on my property taxes due to me having this be my primary residence.” But, there are several types of homestead restrictions and protections under the Florida Constitution. In this Video, Natalia will make you aware of 3 situations where the homestead status of property that once belonged to someone who is now deceased can effectively kill your wholesale deal.

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