Monthly Archives: March 2007
Assuming A Mortgage Under Foreclosure
Should you use a website service to find property listings to assume the mortgage. There is a difference between assuming a mortgage, and buying a house “subject to” the existing mortgage. Lenders’ activity is changing in the current real estate market and assuming a mortgage could involve different conditions.
Using Home To Pay For Assisted Living Bill
An elderly person is almost out of resources and needs to pay her assisted living facility’s bill. The owner/operator of the assisted living facility would be willing to work with the equity in the woman’s home to find a way for her to pay for her care. An attorney may be able to help the woman use her home to pay for her assisted living care.
Pay Off Mortgage And Delay Retirement
Sometimes you may feel you no longer want to make your mortgage payments and just pay off your mortgage with other assets such as money in an IRA or 401(k) plan. But is it a good idea to pay off a mortgage with retirement money? If you’re under 59 1/2, you’ll have to pay extra taxes on the money that you withdraw from your IRA or 401(k).
How Old Are You?
RISMedia had an interesting item in its (www.rismedia.com/wp/2007-03-20/where-are-you-on-technology/) newsletter today. It talks about how a few years…
Appraising Home Before Divorce
A home seller thinks the appraised value of her home is too high compared to other homes in her neighborhood. She needs the appraisal to be correct to determine the equity in her home because she is going through a divorce. She should have the home re-appraised by an appraiser who knows the market conditions in her neighborhood.
Buying Most Expensive Home On Block
Everyone knows they shouldn’t buy the most expensive home on the block but what if it is new construction? Most buyers want a new construction home and the competition upon selling it will be homes even newer than the home you want to purchase now. It’s tough to tell how homes will appreciate in a new construction neighborhood.
Selling Home Through A Lottery
In some states, selling homes through a lottery or raffle is legal, but may be strictly regulated. If you plan to have people participate in your home or house lottery that are from states other than your own, you may have to comply with the lottery or raffle rules in each of those states.
Selling Home In Flood Plain
A seller owns a home in a 100-year flood plain and would like to put it on the market. Because the property is on a flood plain, it will probably require a discount to sell it. In states with “seller disclosure laws”, the seller will need to advise the buyer that the home is believed to be in a flood plain.
Buying Home On Brink Of Foreclosure
Companies that promise foreclosure homes being sold cheaply are often a scam. There are people who have made a lot of money finding folks who are on the brink of foreclosure, can’t sell their properties and are looking for a way out. Buying a foreclosure home can be pricey and may not be as attractive as ads make them out to be.
2007 Housewares Show A Disappointment
I spent some time this week wandering through a maze of products at the 2007 Home & Housewares Show, at Chicago’s McCormick Place. The show spanne…
