Mold Problems Kill Real Estate Deal
Mold problems can and should kill a real estate deal. A home buyer is in the process of buying a home that has problems - mold, termites and radon. After the seller fixed the problems, there are still extensive mold problems in the home.
On today's show, we talked about the Wisconsin man who went to a state park and found a 5.47 carat perfect canary yellow diamond. You can read the story here www.cleveland.com/news/plaindealer/index.ssf?/base/news/1161514533285400.xml&coll=2
Of course, I suggested on-air that if you couldn't afford a…
ThinkGlink Radio Show for Oct 22, 2006
On the Ilyce Glink Show, Ilyce talked about how women need to take charge of their money. Men and women think about money differently, but women need to know that finance isn't rocket science. John called in to say that his sister had been widowed recently, and her husband died intestate -- without…
Signing Home Over To Family Member
If a homeowner signs a home over to a family member, the original owner does not have ownership in the property and could not sell it. The new owner, upon selling the home, would be responsible for taxes and costs of selling the home. The new homeowner would also keep any profits from the sale.
Inheritance Taxes Paid Before Money Distribution
When you inherit money and get the actual money, the estate has already paid the inheritance taxes so you don't have to worry about that. It is a good idea to think of what you'll do with inheritance money or a real estate property inheritance ahead of time. What to do with the money has to do in…
A homeowner purchased a duplex with a partner and is now trying to figure out an equitable way to split expenses after the partner's fiance moved in. A partnership agreement should spell out the financial arrangement between the two homeowners. The partners should also change the ownership of the…
Housing Costs Go Up, Putting Credit At Risk
More homeowners are putting a higher percentage of their annual income toward their housing costs. The danger of higher housing costs, is that families who don't have enough cash to pay their bills at the end of the month will start playing games with the money in order to make ends meet. Don't risk…
What is the best way to deal with your mortgage lender if you believe they have committed fraud against you? Mortgage lenders suspected of fraud should be reported to your state's attorney general's office and to your state's agency that commissions mortgage lenders. If you want to take the issue to…
A quit claim deed can be used to add a partner to the title of a home, but it's also important to mimic the protections a heterosexual couple would have in home ownership. The title can be put into a web of trusts for protecting both partners. There are also tax considerations when adding a partner…
Helping Parents Plan Retirement Housing
A daughter has suggested her near-retirement parents gift her the money from selling their home so she can buy them a new one and live in rent free. It would be much less complicated if the parents bought themselves a new home or saved the money for their retirement. Or, if the daughter can afford…
Change Title, Refinance Mortgage After Divorce
When you've gone through a divorce and you get the house, how can you ensure that the house goes to the heirs you want? The names on the home's title affect who inherits the property, not the names on the mortgage loan. In addition, to remove the names of former spouses from a mortgage loan you have…
Buyer Cancels Deal Due To Flight Pattern
A home seller had a deal fall through because the buyer said they were in a flight pattern. After proving that flights are to the south of his home, the seller is wondering if he is entitled to the earnest money.
Capital Gains: How Much Tax To Pay On Land Sale
Whenever you sell a property you have to pay capital gains tax on the difference between what the property was worth when you got it versus how much you sell it for. An accountant or tax preparer can help you determine exactly how much capital gains tax you'll pay as well as how much state tax to…
Buying Home With Cash Has Tax Implications
Getting a loan for a home purchase will offer tax deductions, versus buying property with cash. You can write off the interest for either a mortgage or a home equity line of credit. Often a HELOC can be tax deductible where as acash deal has tax implications down the road.
A home owner is tempted by all the no cost mortgage advertising. He is looking to refinance his mortgage and home equity line of credit (HELOC). Ilyce explains how to shop for a mortgage and advises everyone to beware of deals that seem too good to be true.
Loan Servicing Agreement Is Standard
A reader was wondering if he had to sign the loan servicing agreement as part of the mortgage closing process. Ilyce explains that the agreement describes what happens if the loan is sold and is a standard part of all mortgage deals.
Builder Won't Recognize Buyer's Agent
A reader visited a new development in her neighborhood. The builder's sales representative will now not work with the buyer's agent. Ilyce explains why new developments try to avoid working with buyer's agents and advises the reader how to continue with an offer.
Real Estate Advice For Changing Title After Making Mortgage Payments
Buying real estate with family can be tricky. What can you do if you've made all the mortgage payments but you share the title with a family member? In trying to get a family member to change his mind about co-owning a home, it helps to view the situation from the other person's point of view. If…
Shopping For A New Mortgage Company
A home buyer is unhappy that the good faith estimate from his lender did not disclose prepayment penalties. Ilyce explains that he should shop around for a different mortgage company. Having a lender pull his credit report will not lower his credit score.
Real Estate Minute: Prepare For The Curve Balls Of Life
Real Estate Minute with Ilyce Glink Prepare For The Curve Balls Of Life Original Air Date: September 11, 2006
Rehap or Sell Home to Developer
Summary: A reader inherited a dated home from his parents. Now he is faced with the decision to invest money to improve the home or sell it to a developer. Ilyce helps him think through the financial aspects of this decision.
Q: I inherited my parent's house in an in-town Atlanta neighborhood. The…
Is Now A Good Time To Buy A House?
How do you know if "now" is a good time to buy a home? If you combine higher housing inventories with longer list times and historically low interest rates, itâ's a strong hand for home buyers with at least some down payment cash in the bank and good credit. But take your time. In a buyer's market…
Five Home Buying Mistakes You Don't Want To Make
For the first time in years, it's a buyer's market, but it isn't hard for buyers to get caught up traps that can trip up even the most diligent of buyers. One home buying mistake is guessing how much you can afford to spend. Knowing what you can spend before you shop for a home is a lynchpin of…
Lot Line Dispute Could Lead To Claim Against Title Company
A new home buyer is informed by his neighbor that his lot is not as big as he was lead to believe. This situation is complicated and could lead to a claim against the title company. Some title problems may not be covered and some are always excluded by title insurance companies.
Appeal Court Decision To Retrieve Investment Property
When you buy debt from the FDIC on an apartment building, you should receive an assignment of the mortgage. What can you do to ensure your sale is valid and holds up in a federal court? And how can you appeal a federal court ruling that resulted in you losing your investment property?
