contracts
When Is Probate Not Necessary
Q: My father passed away a year and a half ago with few assets other than his home. I am executor of his will. He left me his house and all his personal effects but the will stipulated that his …
How To Buy A Tax Lien House As Investment Property
Q: About 3 years ago my neighbor moved out and abandoned her home. Now I find that the house will be auctioned off for tax delinquency. The starting bid is very low. I would like to bid on and try …
Limited Options to Get Out of Timeshare Contract
Limited options available to get out of a timeshare contract. Timeshare owners have limited options for getting out of timeshare contracts. Work with timeshare management company to get out of timeshare contract. Timeshare owners trying to get out of timeshare contract have limited options and are still responsible for maintenance and homeowners assoctiation payments for timeshare. Contact a real estate agent specializing in timeshares to help get out of timeshare contract.
Flood Insurance May Be Required By Your Mortgage Lender
Flood Insurance may be required by your lender. Check the fine print of your mortgage to find out how much flood insurance you are required to buy. Some flood areas have been redesignated and you may be required to buy more flood insurance now. Consult a real estate attorney to help you understand the fine print in your mortgage contract and to determine how much required flood insurance you have to buy.
Repair Escrow Leads to Money Dispute
Money left in escrow for repairs can cause a problem at closing time. If the money is left in an escrow account at closing, that money is supposed to be used for the repairs agreed upon at closing. However, if the buyers don’t claim the money right away, there could be some problems with the repair escrow money. Are you legally responsible to give the buyers the repair escrow money? Are you morally responsible to turn over the repair escrow money? Consult a real estate attorney for help with repair escrow money problems.
Qualify For $8000 First Time Home Buyer Tax Credit With Binding Contract
Buyers can qualify for the $8000 first time home buyer tax credit if they have a binding contract by April 30 and close on the property by June 30. Don’t miss out on the $8000 first time home buyer tax credit. If you have a binding contract, you are still eligible to qualify for the $8000 first time home buyer tax credit as long as you close by June 30. Make sure you have all the necessary approval and paperwork from the agents, sellers and lenders, and you should be able to qualify for the $8000 first time home buyer tax credit.
Buying REO Properties Not Always Successful
Buying REO properties (Real Estate Owned) is not as simple as buying a home from a seller you can talk to and see. REO properties are sometimes called bank owned properties. These bank owned or REO properties go through the corporate process. When you bid on the home, the bid gets sent to a black hole where a person working for the corporation or bank that is looking to sell that property and thousands of others has to deal with the offer. Sometimes those people dealing with the offers take too much time in responding to offers and in other cases, REO or bank owned property representatives have their own agenda in getting deals done.
Breaking The Lease Without Penalty May Be Impossible
Once you sign a lease for an apartment or house rental, you are responsible for fulfilling the terms of your lease. If you want to leave before the lease ends, you will usually have to pay some form of penalty. You are also responsible for any damages, according to the terms of your lease. If you have roommates, you will still be responsible for their damages to the apartment. Make sure you understand the terms of your lease because breaking the lease without penalty may be impossible.
Changing Title and Deed of House Without Permission Not Allowed
Once the buyer and seller have agreed on the terms of a home sale, changing the title or deed without permission from all parties is not allowed. The seller cannot make any changes to the title or deed without the buyer’s permission. There are some circumstances where small changes to the title or need, like to fix typographical errors, are allowed. However, it is best to consult an attorney when considering any changes to the house title or deed.
Get Earnest Money Back After Short Sale Falls Through
Get earnest money or down payment back after a short sale falls through. If you have the right to the return of your earnest money or down payment under a contract, the listing broker should have no problem sending your earnest money or down payment back. But you need to make sure you have complied with the terms of your contract to get your earnest money back. It may not be enough to just get the word of the listing broker.
