Monthly Archives: January 2007
Condominium Building Should Limit Rentals
A condominium association can permit any owner to rent out their unit, or place restrictions on renting a home. An owner would like to have this rule changed to cap rentals. Once you change the condominium declaration or the rules and regulations, you’ll have to let everyone know about the new rule and then whether to grandfather in existing rental units or make people move when the lease ends. Ilyce explains the 70/30 rule for owner occupancy and why limiting rentals is good for the building.
Nine Questions To Ask Before Hiring A Real Estate Agent
How do you hire a real estate agent? You want to find someone who will be a partner in your home selling or buying effort. Ask the questions to make sure you are compatible with your real estate agent or broker, every step of the way.
Telephone Tax Refund
Alan Keiter, who runs the excellent website, www.myrateplan.com, dropped me a note today to let me know that he added a page to MyRatePlan today summa…
Check Real Estate Agent’s License Before Hire
Before you hire a real estate agent, make sure he or she has an active license to do business in your state. Most states require that the license is printed and displayed in the agent’s office. You can also contact the state to verify the license.
Home Inspector Misses Termites
A home buyer purchased a new home only to discover that it has live termites, even though they had a certified home inspection. The buyer may be able to sue the seller for not disclosing the problem as well as the home inspector for not doing his job correctly. Home inspector contracts often limit the inspector’s liability to the fee paid.
Ilyce Glink on WSB Radio – January 28, 2007
On this week’s show, Ilyce continued the discussion about President Bush’s new health care plan. She also talked about her January Blues party, how it’s possible to give great parties for less — if you’re willing to be a little bit creative. Several callers had comments on the health care story, and others asked for information on long-term care insurance, particularly in the wake of the Governor’s information mailing that recently went out.
Home Seller May Need To Pay Buyer’s Agent
A seller is selling her home by owner, but an interested buyer has an agent insisting on a commission. The for-sale-by-owner seller isn’t required to pay the agent, but could lose the sale if she refuses. The buyer must decide if a half commission is worth getting the home sold.
Breaking A Real Estate Contract
A seller reader signed a contract to sell his land but would now like to back out of the deal. Once you sign a contract, you are obligated to its terms, even if you don’t understand it. As a buyer or a seller, you have a duty to understand the contracts you sign.
Construction Loans Versus End Loans
A residential construction loan is used by a homeowner while he or she builds a home. The lender gives the borrower a bit of money at a time as the building is put up. When the home is up and the homeowner moves into it, an end lender – meaning a lender that wants to give the borrower a permanent loan – will finance the property as it would any home, without dealing with construction issues. During the construction process, the lender will give you money to continue with your construction. Each time you need money for the construction you request a “draw” on the loan. Once a portion of the loan is paid to you, you have to start paying interest on the loan.
Refinancing ARM Mortgage Loan
When deciding whether to refinance it takes more than just considering the duration of the loan and the interest rates. You have to calculate whether you can earn back the money you spent on points (a point equals 1 percent of the loan) in enough time to make it worth it to refinance. Paying too many points to refinance a mortgage with a small interest rate change may not make sense.
