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Real Estate

Here, you'll find helpful articles and other resources that cover issues related to real estate, buying, selling, financing, refinancing, credit and debt, insurance, second homes, vacation homes, real estate investment, new construction, and renovation.

Buying

  • First Time Home Buyer - Lenders have tightened credit requirements for first time home buyers. To qualify for a loan, first time home buyers need a credit score of at least 660 unless they try for an FHA loan. Ilyce discusses which first time home buyers are good candidates for an FHA loan and what it takes to qualify. 

  • Property Tax - A graduating high school senior writes to ask about buying a home at a tax auction. Localities sell homes at tax auctions when the homeowners failed to pay property taxes. If you pay off the property tax, you buy the home but you do not get to move in right away. The original homeowners may have up to two years to pay the property tax lien and void the sale at the tax auction.  

  • Second Mortgage - Homeowners ask about getting a second mortgage or a HELOC since they will own two homes if they cannot sell their current home right away. A HELOC is a home equity line of credit. The homeowners say they can repay the HELOC as soon as the first home sells. Ilyce agrees that getting a HELOC instead of a second mortgage is a good idea.  

  • More Buying Articles ...

Selling

  • Real Estate Agent - A seller asks about breaking a listing agreement with her real estate agent. The seller signed a 12-month listing agreement with her real estate agent and says she cannot afford to keep the listing until it expires. Ilyce and Sam ask about the real estate agent’s performance and say it was a mistake to sign an agreement lasting longer than 60 or 90 days. 

  • Deed In Lieu of Foreclosure - A reader worries that the lender may foreclose on her home before a deed in lieu of foreclosure can be finalized. The deed in lieu of foreclosure is delayed because the title search is ongoing. She wonders if the title search will come back clear because her name is on the title but not the mortgage. Another reason for the deed in lieu of foreclosure’s delay is that lenders are swamped with similar situations.  

  • Real Estate Capital Gains Tax - A reader says he sold his home after living there for more than seven years. He wonders about real estate capital gains tax and what to report to the IRS. If you’re married you can take up to $500,000 in profit without paying tax, after living in a home at least two of the last five years.

  • More Selling Articles ...

Financing

  • First Time Home Buyer - Lenders have tightened credit requirements for first time home buyers. To qualify for a loan, first time home buyers need a credit score of at least 660 unless they try for an FHA loan. Ilyce discusses which first time home buyers are good candidates for an FHA loan and what it takes to qualify. 

  • Second Mortgage - Homeowners ask about getting a second mortgage or a HELOC since they will own two homes if they cannot sell their current home right away. A HELOC is a home equity line of credit. The homeowners say they can repay the HELOC as soon as the first home sells. Ilyce agrees that getting a HELOC instead of a second mortgage is a good idea.  

  • Divorce and Splitting the House - A woman asks about splitting the house in a divorce when her daughter’s name is on the deed but not the mortgage. Her daughter and son-in-law were married only two years before divorce. Splitting a house in divorce can be more complicated without an attorney.  

  • More Financing Articles ...

Refinancing

  • Divorce and Splitting the House - A woman asks about splitting the house in a divorce when her daughter’s name is on the deed but not the mortgage. Her daughter and son-in-law were married only two years before divorce. Splitting a house in divorce can be more complicated without an attorney.  

  • Real Estate Market Conditions - Real estate market conditions used to be favorable to home owners. Home values were high and interest rates low. Now, home owners may feel glum about the real estate market conditions but they should improve after the presidential election. Real estate market conditions include interest rates and home values.

  • Mortgage Lender - How can you choose the right mortgage lender? Ask friends and family for mortgage lender references, interview the mortgage lender and make sure the mortgage lender does meticulous underwriting. 

  • More Refinancing Articles ...

Credit and Debt

  • Second Mortgage - Homeowners ask about getting a second mortgage or a HELOC since they will own two homes if they cannot sell their current home right away. A HELOC is a home equity line of credit. The homeowners say they can repay the HELOC as soon as the first home sells. Ilyce agrees that getting a HELOC instead of a second mortgage is a good idea.  

  • Deed In Lieu of Foreclosure - A reader worries that the lender may foreclose on her home before a deed in lieu of foreclosure can be finalized. The deed in lieu of foreclosure is delayed because the title search is ongoing. She wonders if the title search will come back clear because her name is on the title but not the mortgage. Another reason for the deed in lieu of foreclosure’s delay is that lenders are swamped with similar situations.  

  • First Time Home Buyer - Lenders have tightened credit requirements for first time home buyers. To qualify for a loan, first time home buyers need a credit score of at least 660 unless they try for an FHA loan. Ilyce discusses which first time home buyers are good candidates for an FHA loan and what it takes to qualify. 

  • More Credit and Debt Articles ...

Insurance

  • Deed in Lieu of Foreclosure - A homeowner signs a deed in lieu of foreclosure giving up his home. The PMI company wants him to pay back money they are losing due to the deed in lieu of foreclosure. PMI stands for private mortgage insurance, which you have to buy if you don’t have enough down payment.  

  • PMI - A couple wants to buy a foreclosed home but is unsure about how PMI figures in. PMI, or private mortgage insurance, reimburses lenders for the balance above 80 percent of the mortgage, if a home becomes a foreclosure.

  • Homeowners Insurance: Make changes after the mortgage is paid off - ThinkGlink readers comment on an article about notifying the insurance company after the mortgage is paid off.

  • More Insurance Articles ...

Vacation Homes

  • Retirement Living - Baby boomers expect more active retirement living that the generation before them. Baby boomers look at amenities available for use during retirement living. The silent generation has different expectations for retirement living.

  • Property Rental - A homeowner asks about making his home a property rental in a community with a homeowners association. The IRS does not let you treat a property rental as a primary residence for tax purposes. 

  • Property Manager - A couple plans to rent out a home using a property manager. Ilyce advises having contingency plans in case the property manager does not work out. 

  • More Vacation Homes Articles ...

Real Estate Investment

  • Property Tax - A graduating high school senior writes to ask about buying a home at a tax auction. Localities sell homes at tax auctions when the homeowners failed to pay property taxes. If you pay off the property tax, you buy the home but you do not get to move in right away. The original homeowners may have up to two years to pay the property tax lien and void the sale at the tax auction.  

  • Real Estate Market Conditions - Real estate market conditions used to be favorable to home owners. Home values were high and interest rates low. Now, home owners may feel glum about the real estate market conditions but they should improve after the presidential election. Real estate market conditions include interest rates and home values.

  • Property Rental - A homeowner asks about making his home a property rental in a community with a homeowners association. The IRS does not let you treat a property rental as a primary residence for tax purposes. 

  • More Real Estate Investment Articles ...

New Construction

  • Plot Plan - Buyers complain that the plot plan for a neighboring lot has changed. They want to know if they have recourse since the new plot plan has the next door house set differently.  

  • Synthetic Stucco - A reader asks about using synthetic stucco with concrete blocks. Synthetic stucco may trap moisture between exterior and plywood leading to mold and rot. Ilyce advises researching synthetic stucco before using it. 

  • Breach of Construction Contract - A buyer says he’s having trouble getting earnest money back from his builder after deciding not to buy a home. The buyer can sue the builder for breaching the construction contract.  

  • More New Construction Articles ...

Renovation

  • Fire Damage Clean Up - A buyer discovers fire damage in the attic of his new home. He wonders about who should pay for the clean up. He may be able to get the seller to pay for the fire damage clean up. 

  • Synthetic Stucco - A reader asks about using synthetic stucco with concrete blocks. Synthetic stucco may trap moisture between exterior and plywood leading to mold and rot. Ilyce advises researching synthetic stucco before using it. 

  • Home Remodel - A reader asks about buying a home that needs remodeling. He wonders about the costs of the home and remodeling it. How much less should the buyer offer for the home that will be remodeled, if it’s facing foreclosure?

  • More Renovation Articles ...

Home Maintenance

  • Going Green At Home - Going green at home includes recycling and reusing materials. Going green at home could also include paying bills electronically. If you’re going green at home you will also saving money. 

  • Green Home Tips - Green home tips vary from saving on heating bills using better insulation to restricting water usage. Employ these green home tips by contacting a water engineering firm or an advanced plumber.  

  • Housewares Show - The 2008 International Housewares Show featured recycling and color trends. The Housewares Show offered a rainbow of colors and new innovations on familiar tools. Some Housewares Show items debuted there. 

  • More Home Maintenance Articles ...

Home Office

  • Residential vs. Commercial Mortgages - A reader is thinking of buying their neighbors home and using it as an office. Ilyce gives the buyer tips on finding the best type of mortgage.

  • Home Office Insurance - Many entrepreneurs mistakenly believe that their homeowner’s insurance policy is going to cut it when it comes to covering any damages that could occur to their home business. What they don’t know is that most homeowner’s policies limit loss of business property to $2,500, don't cover losses away from the home, and exclude liability coverage for business-related activity.

  • Home Office Deductions - Considering taking a deduction for home office expenses? If so, this article on home office deductions is a must read.

  • More Home Office Articles ...

Questions

  • Estate - Parents inherit a house from their son. He did not have a will and so the family is unsure how to settle his estate. What will it take to keep the house, especially with house values declining? To keep the house part of the estate, the parents will need to keep paying the mortgage, taxes and insurance. To make the right decision, the family needs to fully understand the assets in the estate. 

  • Real Estate Agent - A seller asks about breaking a listing agreement with her real estate agent. The seller signed a 12-month listing agreement with her real estate agent and says she cannot afford to keep the listing until it expires. Ilyce and Sam ask about the real estate agent’s performance and say it was a mistake to sign an agreement lasting longer than 60 or 90 days. 

  • Deed In Lieu of Foreclosure - A reader worries that the lender may foreclose on her home before a deed in lieu of foreclosure can be finalized. The deed in lieu of foreclosure is delayed because the title search is ongoing. She wonders if the title search will come back clear because her name is on the title but not the mortgage. Another reason for the deed in lieu of foreclosure’s delay is that lenders are swamped with similar situations.  

  • More Questions Articles ...

Real Estate Law

  • Estate - Parents inherit a house from their son. He did not have a will and so the family is unsure how to settle his estate. What will it take to keep the house, especially with house values declining? To keep the house part of the estate, the parents will need to keep paying the mortgage, taxes and insurance. To make the right decision, the family needs to fully understand the assets in the estate. 

  • Real Estate Agent - A seller asks about breaking a listing agreement with her real estate agent. The seller signed a 12-month listing agreement with her real estate agent and says she cannot afford to keep the listing until it expires. Ilyce and Sam ask about the real estate agent’s performance and say it was a mistake to sign an agreement lasting longer than 60 or 90 days. 

  • Deed In Lieu of Foreclosure - A reader worries that the lender may foreclose on her home before a deed in lieu of foreclosure can be finalized. The deed in lieu of foreclosure is delayed because the title search is ongoing. She wonders if the title search will come back clear because her name is on the title but not the mortgage. Another reason for the deed in lieu of foreclosure’s delay is that lenders are swamped with similar situations.  

  • More Real Estate Law Articles ...

Home Improvement

  • Going Green At Home - Going green at home includes recycling and reusing materials. Going green at home could also include paying bills electronically. If you’re going green at home you will also saving money. 

  • Synthetic Stucco - A reader asks about using synthetic stucco with concrete blocks. Synthetic stucco may trap moisture between exterior and plywood leading to mold and rot. Ilyce advises researching synthetic stucco before using it. 

  • Green Home Tips - Green home tips vary from saving on heating bills using better insulation to restricting water usage. Employ these green home tips by contacting a water engineering firm or an advanced plumber.  

  • More Home Improvement Articles ...

Quit Claim Deeds

  • Quit Claim Deed - A reader says his name was added to a house deed using a quit claim deed. The co-owner of the home now wants to take his name off the deed. Can the co-owner undo the quit claim deed transfer? Ilyce says no, what’s done is done, and suggests contacting a real estate attorney.  

  • Quit Claim - A home owner asks about a quit claim deed that her ex-husband signed and what it means. She worries about paying a mortgage on a home with a quit claim deed. His signing of the quit claim deed should take the home out of the marital assets.  

  • Quitclaim Deed - Domestic partners own a home together and decide to split. They didn’t have a business partnership agreement outlining each of their interests in their property. What happens if one of them signs a quit claim deed?

  • More Quit Claim Deeds Articles ...

Time Shares

  • Time Share Companies - A couple asks about paying for their time share after the time share company went bankrupt. Time share companies are affected in this poor real estate market too. You have to pay time share companies no matter what.  

  • Second Homes In Mexico: An Owner’s Manual - Many Americans are buying second homes in Mexico. Ilyce discusses some of the issues you should consider before making an investment.

  • Figuring Out The Inheritance Of A Timeshare - A ThinkGlink reader has inherited her father's Florida timeshare. She is now wondering if she is responsible for the upkeep and taxes on the property. Ilyce and Sam explain that she must decide if she would like to keep the property and cover the expenses.

  • More Time Shares Articles ...

1031 Exchange

  • 1031 Tax Exchange - A property owner asks about the tax liabilities from selling a property. One possibility is a 1031 tax exchange or a Starker exchange. A 1031 tax exchange involves buying a new property within 180 days.

  • 1031 Exchange - Siblings inherit apartment buildings and ask about a 1031 exchange. They want to do a 1031 exchange to keep the same property tax bill. To do a 1031 exchange, you have to replace property with the same value or more.

  • Transfer of Property Title - Transfer of property title will have many tax implications for this ThinkGlink reader. Ilyce shares the best options for handing down an investment property to children without paying huge capital gains taxes.

  • More 1031 Exchange Articles ...

Condominium

  • Homeowners Association - A condo owner says he’s been late paying homeowners association fees and now owes a late fee. Does the condo owner have any recourse with the homeowners association? 

  • Homeowners Association - It’s possible to buy a home in a community with multiple homeowners associations. The neighborhood homeowners association may be a member of another homeowners association.  

  • Condo for Rent - A landlord has condo for rent and wants to rent to two young women. The homeowners’ association president wants the condo to be rented for families only. The condo for rent’s landlord wants to rent to different people.

  • More Condominium Articles ...