Soto bill would give priority to homestead buyers over investors

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Aug 30, 2013 Comments Off on Soto bill would give priority to homestead buyers over investors Wes Hodge

As the Sentinel’s Mary Shanklin reported this morning, Florida leads the nation in the percentage of houses that are bought for cash. Investor groups, international buyers, landlords and those in the market for vacation homes are fueling a market that’s seen 66 percent of houses sold for cash — much to the frustration of people trying to buy a home to live in.

Enter Sen. Darren Soto, D-Orlando, who today filed the “Florida Homestead Recovery Act,” which would compel sellers to sell to homesteading buyers – provided the offer either matched or exceeded the all-cash offer.

“What we’re seeing is families increasingly being locked out of the American dream because institutional investors like hedge funds are snapping up homes in cash-only deals,” said Soto in a statement. “If something isn’t done, we’re going to see Florida become a renter state, and families at the mercy of Wall Street landlords.”

Click here for the story in OrlandoSentinel.com

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