How did home prices change in April?
What do you need to know about home appraisals?
Get answers to these questions by listening to this week’s Ilyce Glink Show. You can click the audio link below to listen to the full show, or download the podcast via iTunes.
On this week’s show I talk to two guests: Bob Walters, chief economist for Quicken Loans, and Jonathan Miller, president and CEO of the Manhattan-based Miller Samuel Real Estate Appraisers & Consultants.
More About This Show
Glinkonomics report: What CoreLogic has to say about April home prices [1:02]
Home Value Opinions Narrowing Between Owners and Appraisers [3:53]
I discuss Quicken Loans’ Home Price Perception Index (HPPI) with Bob Walters, chief economist for Quicken Loans. It shows the gap between where homeowners think the value of their home is and where an appraiser would see it.
What You Should Know About Home Appraisals [10:03]
I discuss appraisals and why investors should be thinking about the cost and price with Jonathan Miller, who runs Miller Samuel. Nationally, homeowners underestimated the value of their homes by an average of 1.43 percent when compared to appraisers. What can this mean for investors?
Be Wary of Investing in Real Estate with Friends or Family [20:49]
Investing in real estate should never been undertaken lightly, and that goes double for investing in real estate with a friend or family member.
Here’s my advice on how best to help a friend or relative with a real estate investment. There are ways to help with a real estate investment without assuming any liability in that investment yourself. But if you do choose to sign on as a co-investor with your friend or relative, you’re assuming just as much liability for the investment as your partner. When you cosign for a mortgage, you become just as liable for the debt as you would be if you had invested alone. So if something goes wrong with your investing partner’s finances, a lender can attempt to collect the balance of the debt, in its entirely, from you.
Using an LLC to Protect Real Estate Holdings from a New Spouse [23:42]
I answer a question on using a limited liability company (LLC) as an estate planning tool to pass a home to a descendant and protect it from his new spouse.
A couple wants to give their son a house as a gift before he gets married, so they plan to create an LLC with themselves and their son as owners and file a quitclaim deed to the LLC so that all three members of their family own equal shares of the home through the LLC.
Part of their motivation is to protect their son’s ownership stake in the home from his future wife. But an LLC may not be the best estate planning tool for this purpose. Here’s what I think this family should consider doing instead to protect their son’s interest in the real estate gift they’re giving him.
If you have any questions about this show or in general, email me at [email protected]
Click the audio link below to listen to the full Ilyce Glink Show.
Thanks for listening!