Monthly Archives: February 2007
Siblings Negotiate Parent’s Estate
How the IRS treats inherited property depends on how the ownership of the home is outlined. In this case, one child is already on the title of a home with her mother, so it depends on if they own the home “jointly” or each own a specific share. What is outlined in the owner’s will will also dictate what will happen to the property when the mother dies.
Agents Have Their Say on 9 Things Sellers Should Ask Before Hiring a Listing Agent
A recent column listed questions every seller should ask their real estate agent before hiring him or her. Sellers should know what neighborhoods their real estate agent works in, how many transactions they closed last year, and what types of homes the typically represent, among other important questions. Whether real estate agents use a lockbox or conduct showings themselves is a hot topic among agents.
Check Crime Statistics Before Buying Home
Check the crime statistics of your new neighborhood before moving into a home. Talk to the local police officers, shop owners and aldermen or city council members. But nothing beats your own research. Walk or drive around and check out how things look.
Ilyce Glink on WSB Radio – February 18, 2007
This week on the Ilyce Glink Show, Ilyce talked about her trip to Cancun and the lingering effects of the Hurricane. She also talked about the membership in a vacation points club that she was offered, and how she thinks about decisions like vacation clubs and timeshares. Michael called in and asked a question about sellers paying a buyer’s closing costs. Tune to find out what Ilyce suggested he do to differentiate his property in a soft real estate market.
Capital Gains Taxes: Primary Residence vs. Investment Property
Are primary residences and investment properties subject to capital gains taxes? How can you defer capital gains tax penalties? IRS rules differ for primary residences and investment properties, but the only way to defer tax on an investment property is to do a 1031 exchange and purchase a replacement property that costs as much or more as the property you’re selling.
Understanding Due On Sale Clause
Mortgage lenders often include a due on sale clause in the mortgage agreement. This homeowner would like to transfer his home to an LLC but is concerned the due on sale clause will be invoked. The idea behind the due on sale clause is that the lender was willing to give the loan to a specific owner of specific piece of property and if that owner sells the property, the lender is entitled to decide whether it wants to continue with the loan arrangement.
Real Estate Agent Arrested for Growing Pot
Geez. I know times are tough in the real estate market, but do you have to grow pot in the basement in order to survive?
The Atlanta Journal Constitu…
Seller Disclosure May Include Septic System Problems
When you buy a home and the home seller fails to tell you about problems with the home, the seller may have violated the concept of seller disclosure. Seller disclosure laws vary by state and to fully understand your recourse you should contact a real estate attorney. The seller may be liable for some of the costs of repairing the items they failed to disclose.
Buying Home With Friend Leads To Problems
A homeowner had a friend buy half her home for a short period of time. The friend now wants the equity the home earned during the time she was an owner. Even though this deal had no documentation, the friend is owed the equity on her short-term investment. A sound contract up front would have made it clear if the friend was owed equity after selling the house back.
Ranking Insurance Companies
I’m often asked how to figure out whether to go with one insurance company or another. I give the standard answer:
* Check them out at Moody’s (www.m…
