By Joseph E. Seagle, Esq.

👋 Happy Friday! Monday is Columbus Day AKA “Yay! No hurricanes have closed the office so far this year” Day. In observance, our offices will be closed.

❗️Situation Awareness: The government shutdown has closed almost 50% of the IRS, furloughed 84% of HUD employees, and lapsed the National Flood Insurance Program. All of this is snarling mortgage closings that rely on tax return transcripts and flood insurance, and smooth payments of Section 8 rent subsidies are in question.

1 big thing: Florida home sales slow as sellers slash prices

Nearly half of Florida homes on the market are getting price cuts this fall — a signal that the state’s housing fever has cooled, even as demand in coastal metros keeps prices high.

📉 By the numbers: As of early October, 44% of active single-family listings in Florida have seen a price reduction, with a median cut of 4%, per HousingWire Data. Median list prices stand at $484,000, but new listings are entering lower at $449,000 — a sign sellers are adjusting expectations.

Homes linger longer: The median home now spends 98 days on the market, up sharply from 70 nationally. The average listing age — 138 days — highlights slower turnover and buyer hesitation in higher price brackets. Deals that do close are moving fast: pending contracts average just 33 days to close, especially for homes priced right from the start.

What’s driving it: Florida’s inventory has climbed to 97,525 listings, equal to a 3.5-month supply — balanced but not tight. Mortgage rates remain sticky around 7%, dampening affordability, while insurance costs continue to weigh on buyers, particularly in coastal counties. Sellers aiming above the median are seeing the biggest resistance.

Why it matters: For real estate agents, appraisers, and investors, this market demands precision. Pricing too high risks 100-day listings; pricing right can yield quick contracts. Attorneys and mortgage brokers should prepare for more contract extensions and appraisal renegotiations as valuations soften.

The Florida takeaway: This isn’t a collapse — it’s a correction. Strategic pricing, realistic appraisals, and seller coaching are key to sustaining traction through the year’s end. Expect price discipline, not desperation, to define Q4 as buyers regain leverage.

2. Fraudsters hijack closings

Florida businesses, real estate, and professional practices face a growing operational risk exemplified in a real-life case of a $19–$20 million business email compromise scheme that stole buyers’ closing funds, showing that criminals are weaponizing everyday closing workflows — and the cost is reputational, legal, and existential for small firms. 

Security as strategy: tighten the closing perimeter

A global ring used spoofed email accounts and phishing to monitor real-estate email chains, then sent fraudulent wiring instructions just before closings — 231 victims lost nearly $19.6M in irretrievable wires. The ringleader received a 10-year sentence, underscoring both the scale and the prosecutorial seriousness. For Florida practices—where transaction volumes and out-of-state buyers are high—this is not hypothetical. I can share several war stories from personal and colleagues’ experiences of being embroiled in a wire-instruction spoofing scheme.

Tactics to stop the next $19M theft

Adopt layered, transaction-specific controls: enforce multi-factor authentication (MFA) for staff email; require verbally verified wire confirmations using pre-stored numbers (not numbers in email); lock down auto-forwarding rules; log and audit all change-of-payment requests; and train staff to spot spoofed domains and look-alike senders. Contact your mobile phone service provider to ensure they will not allow your account to activate “web-based text messaging” which can be exploited by fraudsters to circumvent your MFA protections. Use MFA apps like Authy, Duo, Google Authenticator, or Microsoft Authenticator, rather than SMS-based MFA, whenever available. Hire a company to “PEN” test you and your staff to plug security holes, and train staff in cybersecurity (stop clicking all those links!). Follow ALTA/industry best practices and the FBI’s BEC playbook for concrete steps. These are low-friction, high-impact upgrades you can start this week. 

People / process / data — whose job is closing security?

Title officers, closing attorneys, lenders, and escrow agents must own joint controls and incident-reporting. Track metrics: attempted BECs blocked, employee phishing click-rate, and time-to-detect. Make wire-fraud drills part of onboarding and quarterly reviews. Industry reporting (IC3/ALTA) shows these attacks target closing teams specifically — so accountability matters. If you’re a real estate agent or broker working on a transaction, stay out of any wire instruction communications, and let your customers know that you will never accept or send wire instructions for their transaction. All of those communications should be directly between the sender and the recipient only.

Takeaway for Florida entrepreneurs & professionals

Treat closing security as standard operating procedure. Update client disclosures, secure email, and confirm wires outside email. Keep FBI/IC3 contact info handy and join ALTA/industry groups for alerts — prevention beats litigation and the human cost of lost life savings. Finally, purchase a good cyber insurance policy, and use the carrier’s educational resources to prevent hacks and losses.

What’s next: Expect more enforcement, updated ALTA best practices, and FinCEN/agency attention to real-estate fraud tools — regulators and insurers will soon price control failures into premiums and compliance expectations. Start by hardening email and wire verification now; the next lost closing could be yours.

3. Pet trusts - Taking care of Fido and Fluffy after you’re gone

Being a dog-friendly office, we — as much as anyone — treat our pets as family. Without a legally enforceable plan, a beloved animal can end up in a shelter, separated from its personality, routine, and medical care. Florida law now recognizes pet trusts as enforceable vehicles to fund and direct lifelong care for animals. 

What’s new: Florida Statute §736.0408 makes pet trusts fully enforceable under the Florida Trust Code. That means trustees have fiduciary duties, courts may enforce the trust, and surplus funds are distributed according to the settlor’s directions once the last covered animal dies.

Key takeaways

• Who’s involved: settlor (you), trustee (manages funds), caregiver (daily care), and optional trust protector (overseer). 

• Funding: calculate annual care × expected remaining lifespan, plus emergency reserve. Courts can reduce clearly excessive funding.

• Instructions: specify diet, meds, grooming, vets, socialization, and routines — the more detail, the less friction for caregivers.

• Tax & admin: after death the trust typically becomes irrevocable and may need an EIN and Form 1041 filings if it produces income. Consult a Florida CPA.

• Common mistakes: under/overfunding, no alternates named, vague instructions, and failing to update the trust.

Bottom line: For Florida pet owners who want certainty — and for estate planners who want fewer post-death disputes — a pet trust is the clean, enforceable way to guarantee your pet’s future care. Draft it with care: name alternates, fund it sensibly, and include detailed, practical directives so the caregiver can mirror your care perfectly.

Go deeper: Our blog over at AspireLegal.com

4. Five strategies to land your business exit like a pro

The big picture: Too many entrepreneurs think about selling their business only when they’re ready to be done—by then, it’s like trying to land a plane without checking the fuel or flaps. A graceful exit requires a flight plan years in advance.

Why it matters: The difference between a nose-dive sale and a smooth landing often comes down to preparation. A buyer isn’t just purchasing your profits—they’re buying systems, culture, and predictability.

1. Strengthen your systems and processes

Buyers pay for reliability. A business that runs on well-documented systems—think checklists, workflows, and standard operating procedures—shows that success isn’t dependent on the owner’s daily presence. That’s transferable value.

Action step: Use EOS tools like the Accountability Chart and documented Core Processes to clarify who owns what.

2. Build a strong, independent leadership team

No pilot lands a jet solo. A self-managing team signals stability and continuity to a buyer. When leaders are accountable, engaged, and empowered, your company’s value soars.

Action step: Begin delegating your day-to-day decisions to your team at least three years before exit. Train them to run the business without you.

3. Get your financial house in order

Clean, accurate, and transparent financials are non-negotiable. Buyers want clarity, not chaos. Unreported income or personal expenses in the books erode trust and valuation.

Action step: Engage a CPA to prepare reviewed financial statements at least two years before the sale.

4. Diversify revenue and customer base

If one client or product line accounts for more than 20% of revenue, you’ve got turbulence ahead. Stability comes from balance.

Action step: Strengthen recurring revenue streams and reduce dependency on any single source.

5. Clarify and communicate your vision

A company with a clear growth story sells faster and for more. Buyers love momentum.

Action step: Define your 3-Year Picture and 10-Year Target—then execute toward them with discipline.

When to start: 

The best time to prepare for an exit is five years before you plan to sell. That gives you enough time to improve systems, stabilize leadership, and optimize financials—ensuring your “landing” is smooth, not sudden.

The takeaway: Your exit strategy isn’t a finish line—it’s a flight plan. Start early, fly steady, and you’ll land your business exactly where you want it to be: valuable, transferable, and ready for takeoff into your next adventure.

We hope you found this helpful — any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.

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