Monthly Archives: May 2008
Uncle Sam Teaches You How to Manage Your Money
While it’s debatable whose job it is to teach people how to manage their money – parents, schools, financial institutions, the government – apparently…
When’s A Good Time To Buy
What are good reasons to buy a home? Saving on taxes is not a good sole reason to buy a home. Here are several financial and personal reasons that will help you decide whether to move to buy a home.
Simplify Personal Finances With Online Banking
A bank account holder asks about online banking and overdraft protection saying he recently paid a high amount of fees. Banks and credit unions offer different kinds of overdraft protection and electronic banking. But no matter what kind of overdraft protection you have, you need to know the fees the banks charge. Take charge of your personal finances by using online banking to monitor when the money is in your account.
No Reimbursement For Home Inspection
A buyer says he paid for a home inspection and his attorney shared the results with the seller’s lawyer. The buyer can no longer afford to buy the home and wants to be reimbursed for the home inspection. He paid for the home inspection as part of his due diligence and the next potential buyer will likely want to hire new inspectors.
How To Sell Your Own Home
A parent asks about how to sell your own home. He has a home he wants to sell to his son at a very low cost and he wants to know his options. Knowing your goals will help you know how to sell your own home. Different tax implications and laws apply depending on how you sell your own home.
Escrow Money Treated As Income For Taxes
When you receive money from a canceled contract, it’s usually treated as ordinary income for taxes. When a real estate contract goes bad, the money put into escrow is treated as income as opposed to capital gains. The escrow money will be taxed at a higher rate because the ordinary income tax rate is higher than the capital gains tax rate.
Contract Risks With Houses For Sale By Owner
A seller says he’s selling his house for sale by owner. He wonders about contract risks when selling houses for sale by owner. The seller says the buyer offered to buy the home without putting money down and without seeing the home first. Sellers should have a real estate attorney help with contracts when selling houses for sale by owner.
Buying A Home With A Graveyard
A home buyer wonders about buying a foreclosed property near a cemetery. Could buying a home with a perceived defect lead to a lower price? Ilyce discusses pros and cons of buying a home in a less desirable location like near a cemetery or with a problem that you may be able to fix.
Would You Buy A House With A Cemetery In The Backyard?
David called in to say that he’s been looking at bank-owned real estate and he found an expensive house he liked in Fayetteville, Georgia. But when he…
Oil Price Falls, Americans Drive Less
Crude oil fell this morning by more than $2 a barrel on decreasing demand due to a slowing economy and record energy prices, Bloomberg News reported. …
