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Articles By Ilyce

Ilyce Glink is an award-winning, nationally syndicated columnist, television reporter and radio talk show host who is widely known for her expertise on trends and issues in real estate and finance. Her syndicated column REAL ESTATE MATTERS offers common sense information and practical insights for anyone thinking about buying, selling, rehabbing or refinancing a home.

  • Buying Homeowners Insurance for Vacant House - As parents age, estate planning becomes a concern - they may move out of their primary residence into a nursing home and leave their primary residence empty. It may be difficult to buy homeowners insurance when no one lives in a home. In this Think Glink column, a reader asks about having a brother move into his widowed mother's now vacant home to facilitate buying homeowners insurance. The family plans for the brother to buy the home but he can't afford it until the house has been sold and he receives his share of the estate. Ilyce supports the idea of the brother moving into the home to help buy homeowners insurance but she questions the necessity to sell the home. 

  • Creating A Household Budget - As the economy tightens, more Americans may be thinking about their household budgets. Household budgets include major expenses such as rent or mortgage payments, but also smaller costs such as cable television. How can you set up a household budget? In this Think Glink column, Ilyce talks about tracking daily expenses to see what you're spending. Ilyce's advice includes using a money tracking software program such as Quicken or Microsoft Money and tracking expenses throughout the seasons and ideally, constantly. 

  • Home Warranty Unenforceable When Builder Disappears - New construction homes generally come with warranties from builders. So long as the home warranty is in effect, the homeowner can contact the builder to resolve a problem with the property. But what can one do when the builder can't be reached? A Think Glink reader says he recently bought a home and the builder has not followed through on a home inspection or repair requests. Ilyce says it sounds like the new home buyer feels some buyer's remorse, but that he can't return the home like another product. The home buyer may hire a home inspector separately and may have to come to terms with the builder's financial situation during tough economic times.  

  • Home Value Depends on Location, Acreage - Many factors impact the calculation of a home value. The amount of land that comes with a home and its location are two important issues to consider. The home values of comparable properties also affect the home value calculation. A Think Glink reader asks whether a 1909 home that's selling for $70,000 is a good deal, in spite of some plumbing problems. Ilyce says it's hard to say whether the home value is accurate without knowing more details. $70,000 may be a good purchase in some parts of the country but not in others. Ilyce advises checking out home values of comparable properties. 

  • Pay Estate Tax with Mortgage Loan - In settling an estate, the administrators have to pay any taxes due, if the estate has a large enough monetary value per the U.S. Internal Revenue Service requirements. In some cases, the estate will have enough cash on hand to pay the taxes due. In this Think Glink column, a reader asks about paying taxes on a $5 million estate. The estate lacks the money to pay the taxes but the administrator wants to take out a mortgage on a $2 million property that's part of the estate. Ilyce responds that chances are good that a bank would grant a mortgage loan on such a property and that the administrator should look for a bank with an interest in the property's location. 

  • Real Estate Taxes: Can You Deduct Them - The U.S. Internal Revenue Service allows tax payers to deduct some real estate taxes when they file. Can an owner of multiple properties deduct the property taxes from a recently inherited property? A Think Glink reader asks about deducting the property taxes from a property he inherited with his brother from their mother. Sam and Ilyce say it's pretty unlikely that the real estate or property taxes may be deducted because the property is neither a primary residence nor an investment property. 

  • Warranty Deed Quit Claim Deed Transfer Title to House - What's the best way to transfer title to a home? Options include using a warranty deed or a quit claim deed and it depends on where you live. A Think Glink reader asks about adding her name to the title of the home she shares with her husband. She wasn't on the house deed because she was not working when they bought the home. Sam and Ilyce say she should consider estate planning needs when adding her name to the title. The couple may also use a warranty deed which may provide added benefit by ensuring that title insurance protections continue on the property. 

  • Mortgage Company: Notify It About Second Home Change - Mortgage companies often issue loans contingent upon how the home will be used. Will the home be a primary residence or a second home? A Think Glink reader asks whether he needs to notify his mortgage company if he decides to change the status of a second home. Sam and Ilyce say it depends on the mortgage lender and what the mortgage loan documents say. In some cases mortgage loan documents contain a time limit for notifying mortgage companies about home status changes.  

  • Use HELOC or Investments to Pay for Senior Living? - A Think Glink reader asks about the best way for her father to pay for his senior living community expenses. The senior living community expects a large payment in a short time and the father’s investments decreased in value with stock market drops. Ilyce advises talking to the senior living facility and asking to change payment terms. If that doesn’t work, Ilyce says to use other available resources, and if the family chooses to use a HELOC, the daughter should ensure that the father’s estate will repay it upon his death.  

  • Hire Real Estate Attorney To Help Buy Property - A Think Glink reader asks about buying property when he can't be present at the closing. He's buying property that includes a double wide trailer, which he eventually intends to sell and replace by building a home on the property. The reader lives out of state and asks whether he should have a real estate attorney present at the closing. Ilyce says he should have a real estate attorney at the closing to protect his interests. Learn what else the reader should consider when buying this property. 

  • Small Houses Can Save You Money - Ilyce Glink describes architect Sarah Susanka’s small house concept from her “Not So Big House” series. Small houses may become more popular as the economy declines. What are the benefits to living in a small house? Can a small house save you money? Ilyce also discusses building an inexpensive house without a mortgage.  

  • No Will? House Title Changes in Probate - A Think Glink reader asks what happens to a home after a home owner dies without a will. The Think Glink reader wants to put the home in her name. How can a house title change when there's no will? Ilyce says the home will go through probate and the distribution of the estate will depend on state law. Probate will likely result in the home being jointly owned by the reader and her siblings. Learn what happens to a home when the home owner has no will here. 

  • Capital Gains Tax Impacts Decision to Sell Property - Rental property sellers pay capital gains tax when they sell their investment properties. Capital gains tax rates are currently 15 percent, but may change with the next president. How do capital gains tax and ordinary income tax rates affect the sale of an investment property? A Think Glink reader owns several investment properties and wants to know whether to pay one off. Ilyce says rental property strategy includes balancing income and expenses and it may not be worth it to pay off the property when one considers capital gains tax. 

  • 1031 Exchange: Real Estate Market Conditions Affect Deadlines - A 1031 exchange allows you to buy and sell investment property including real estate and defer paying taxes to the IRS. Some Think Glink readers ask about completing a 1031 exchange - they're concerned that they may not be able to sell their old property before buying the new one. Real estate market conditions may make it harder to sell the old property and potentially prevent a successful 1031 exchange. Ilyce suggests talking to a 1031 exchange company about doing a reverse exchange. Learn how real estate market conditions can affect a 1031 tax exchange or Starker exchange and why a reverse exchange may be effective in this housing market. 

  • Book Review: Moving, Scams and Teacher's Salary - This week Ilyce Glink reviews three books: "How to Survive (and perhaps thrive) on a Teacher's Salary," "Managing Your Move: The Complete Relocation Guide" and "The Truth About Avoiding Scams." Ilyce describes how each of these books can benefit you as well as other sources to check, such as MovingScam.com, where you can get additional information. 

  • Water Damage: Seller Disclosure Issue? - A Think Glink reader asks about liability for water damage in a home he recently sold. The home buyer claims the home seller knew about the potential for water damage and should have mentioned it as part of seller disclosure prior to the home sale. The home seller says he had minimal water damage while living in the home and wants to know how to interact with the home buyer concerning the issues of water damage and seller disclosure. 

  • Home Repair Damages Sale - A Think Glink reader asks about completing a home sale contract after discovering floor damage from an in floor heating system that was removed. The reader is unsure whether to still buy the home and doesn't feel confident in the quality of work for the home repair. Ilyce says it's great that the home buyer has a good home inspector and that completing the home sale contract depends on how badly the buyer wants the home, even with the home repairs. Learn how a home repair can delay a home sale. 

  • Quit Claim Deed Affects Cost Basis - A Think Glink reader asks about calculating cost basis on a home she received through a quit claim deed. The home was owned by her grandfather who added his daughter (the reader's mother) to the home deed in joint tenancy. After the grandfather passed, the mother owned the property outright and she then quit claimed it to her daughter. The daughter sold the property and is now trying to figure out the cost basis for tax purposes. Ilyce does the calculation and explains the rationale used to determine cost basis when families transfer home ownership using a quit claim deed.  

  • Home Buyer Wants Seller to Pay for Waterproofing - A Think Glink reader shared that a home she was selling had water in the basement on the seller disclosure form. The home buyer wants the seller to pay to waterproof the basement. The seller wants to know if she can be sued. Sam and Ilyce say that that depends on what the home sale contract says and what the seller disclosure laws are in the state where the home is located. And while the seller must disclose a water problem, she does not have to give the reason for the problem -- simply that there is a water problem. Learn more about seller disclosure and the seller's responsibility for water problems in this Think Glink column. 

  • $500 Invest or Pay Off Mortgage - A listener of The Ilyce Glink Show asks whether to pay off his mortgage or invest in the stock market. The listener, who's 65 and nearing retirement, wants to sell his home but says he's waiting because of the poor housing market conditions. He says he has an extra $500 a month to pay down his mortgage or invest in the stock market. What's the better choice for his $500? Ilyce advises investing the $500 in the stock market, but that some investment advisors tell people nearing retirement to put money in a safer investment. 

  • ETFs and Risk - As with any investment, exchange-traded funds come with some risk. Can ETFs help you get rich quick? How risky are ETFs? What can you do to mitigate risk when investing in ETFs? John Wasik, coauthor of “iMoney: Profitable ETF Strategies for Every Investor,” shares his insights on ETFs and risk.  

  • ETF Book Review: iMoney - Exchange-traded funds (ETFs) are mutual funds that are traded like stocks. ETFs run the gamut from general funds based on indexes to highly specialized ETFs, such as those that focus on narrow slices of medicine. If you are familiar with investing and want to learn more about ETF funds and ETF portfolios, read “iMoney: Profitable ETF Strategies for Every Investor.” 

  • ETFs and Taxes - Exchange-traded funds, or ETFs, are often based on a stock or another index and so are not actively managed. With passive management, an ETF has less trading activity, so there are fewer taxable events. ETF investors benefit from this approach because they may pay fewer taxes.  

  • ETF Advice for Beginners - Exchange-traded funds, or ETFs, are among the newer investment options. ETF investing is useful for diversifying your portfolio, according to John Wasik, coauthor of “iMoney: Profitable ETF Strategies for Every Investor.” You can buy ETFs that are index funds, bond funds or sector funds. Wasik recommends some ETFs for the beginning ETF investor. 

  • Daughter Assumes Mortgage Payments - A Think Glink reader asks about adding her daughter's name to the deed of her home since the daughter has started to make mortgage payments for her parents. Ilyce discusses the implications of the daughter assuming the mortgage and how to protect both the parents and the daughter in the transaction. Ilyce mentions that there have been incidents where the children assuming the mortgage have evicted their parents. Another option is to add the daughter's name to the house deed in addition to the names of the parents. 

  • Owner Occupied Status Affects Mortgage Refinancing - A renter asks about an owner-occupied requirement with regard to mortgage refinancing. The renter says his landlord has refinanced the property twice, each time claiming he lives there. The renter wonders if the landlord breaks the law by claiming the property is owner-occupied during a mortgage refinance. Ilyce asks how the renter knows how the landlord refinanced the property and explains that circumstances may change after the mortgage refinance occurs and that lenders don’t have time to follow up. 

  • Buying Real Estate During Economic Crisis - Buying real estate during the economic crisis has become more difficult. Ilyce describes the current economic crisis, including the drop in retirement savings and a rise in the unemployment rate. Ilyce explains how these factors affect the real estate market and home buyers. In this economic crisis, mortgage lenders have tightened lending requirements making it more challenging to obtain a home loan. But if you're in a stable situation with a good credit score you may still be able to refinance your mortgage loan. You can also learn about a new Money Management International program for home buyers in this Think Glink column. 

  • Foreclosure Prevents Contractor From Being Paid - A contractor writes that a mortgage company owes him payment for work on a fire-damaged home. The contractor nearly finished the work and then the mortgage company foreclosed on the home and halted payment to the contractor. What can the contractor do to get his money? Sam and Ilyce advise filing a mechanic’s lien against the property. 

  • Tenancy In Common And Property Ownership - A Think Glink reader writes that her father bought some property in Missouri and changed the ownership from joint tenants with right of survivorship to tenancy in common. The father later signed a quit claim deed giving his interest in the property to his daughter. What does tenancy in common mean for property ownership? Is the property ownership divided equally so everyone gets the same amount of land? Sam and Ilyce advise that state laws and how the father changed the joint tenancy will determine the answer to the property ownership. 

  • Owner Financing Risks Require Due Diligence - A Think Glink reader asks about offering owner financing on a home he's selling. He wants to know what's involved in owner financing and who to involve in the transaction. Ilyce discusses how to assess whether a potential home buyer will make the home mortgage payments and what to do if the buyer later stops making payments. When a seller sells a home with owner financing it's as if the seller becomes a mortgage lender or bank. That means the seller may have to be willing to foreclose in an owner financing situation. Learn more about owner financing in this Think Glink column. 

  • Quit Claim Deed Can Split Community Property - A ThinkGlink reader living in a community property state asks about removing a co-owner from a mortgage and property’s deed. The co-owner has not contributed to the maintenance or mortgage of the property. One option is to have the co-owner sign a quit claim deed. Sam and Ilyce advise trying to amicably separate first and if that does not work the property owners should contact a real estate attorney.  

  • Partnership Agreement Prevents Home Sale Woes - A ThinkGlink reader asks about splitting up the investment in a condo after it’s sold. Two friends contributed to the condo’s down payment but only one of their names is on the mortgage. How much of the proceeds are each of them entitled to after the sale? Can the friend who’s not responsible for the mortgage claim a significant amount of the sale proceeds? Sam and Ilyce advise contacting a real estate attorney to determine who gets what and to set up a partnership agreement the next time someone buys property with a friend. 

  • Housing Market Affects Home Sale - A ThinkGlink reader worries about her real estate agent changing her approach to selling a home. The reader says the real estate agent first said the home “shows well” and is now asking her to declutter her house. Ilyce says the housing market likely changes the approach the real estate agent takes. She says a good agent may change tactics, such as including staging, as housing market conditions shift.  

  • Fire Damage Jeopardizes Short Sale - A ThinkGlink reader writes that fire damaged a home he bought in a short sale. While the home seller had insurance, the insurer had the seller make the repairs. The home buyer worries the repairs are substandard but there’s no building code for the home’s location. What can the seller do to get out of the contract? Ilyce suggests contacting a real estate attorney to figure out his options. 

  • Use IRA Money To Pay Off Mortgage? - A ThinkGlink reader asks about withdrawing IRA money to pay off his mortgage early. Is this is a good idea? What are the tax consequences to withdrawing IRA funds? Ilyce discusses the pros and cons of paying off the mortgage with IRA money. 

  • Quit Claim Deed and Medicaid Lookback Rule - A ThinkGlink reader worries about losing her house if she puts her mother in a nursing home. Her mother had given her the home using a quit claim deed. How does Medicaid treat quit claim deeds? Ilyce discusses her options including putting documentation together to protect the home.  

  • Personal Finance Tips for Financial Crisis - Many consumers struggle to stay confident during this financial crisis. What can you do to strengthen your personal finances? Ilyce offers personal finance actions and tips that you can follow to give yourself some security and peace of mind.  

  • Son Won't Give Up Property Rights - A ThinkGlink reader writes that her mother wants to sell her house. The house deed has three names on it: the mother, the son and the daughter. The son won’t give up his interest in his mother’s property to enable the sale. The reader asks what legal recourse her mother has to remove the name of the son. Ilyce says the mother’s options are limited and this is a case that shows why parents should think carefully before executing a quit claim deed. The mother may have to share the proceeds of the home sale with her son. 


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