Housing Market: Sell This House High And Buy Low
With the mortgage crisis and shifting American economy you may wonder "when is the best time to sell a house?" You can't time the real estate or housing market to sell a house. One expert, a top real estate agent in Chicago, says you will likely never buy low and sell high unless you're moving to a…
Filing formal complaints against real estate agents
Know your rights if you have a complaint about your real estate agent. If your real estate agent has broken a law, you can file a complaint with your state's regulatory agency, the Better Business Bureau, and the National Association of Realtors. If your real estate agent has committed a criminal…
Real Estate Investment: Waiting For The Best Deal
Homeowners in some parts of the country such as Arizona, Nevada and Florida, are learning the hard way that their real estate investments may lose value. The growing number of foreclosures and short sales makes some wonder when the real estate market will hit bottom. If you're looking to purchase…
Commercial Real Estate Liabilities After A Divorce
When you own commercial real estate with a former spouse and decide to remarry it may require clarifying the assets you hold. To resolve who's liable for paying the mortgages, it may mean signing a quit claim deed or other documents. But before signing anything about your commercial real estate…
Quit Claim Deeds And Mortgage Loan Cosigners
Can a quit claim deed be used to remove a cosigner on a mortgage? No, quit claim deeds affect property ownership interest only. Quit claim deeds will not take away responsibility for mortgage loan debt.
A divorced woman wants to make sure the property she's buying from her ex-husband does not have any outstanding liens. Liens may include mortgage loans and home equity lines of credit or HELOCs. An attorney can also help sort out whether there are any outstanding liens and ensure that the title is…
Maintain Property's Market Value In Property Swap
When you buy property at a reduced cost, will you risk lowering the market value of the property? A home owner asks about buying a property for less than what it's worth and selling his own property for a lower price. It's a good idea to work with an attorney to complete a property swap.
Does Seller Disclosure Include Homeowners Association Assessment?
When a home seller sells a property the seller must disclose hidden facts. Do these disclosures include homeowners association assessments? A buyer complains about an upcoming homeowners association assessment for street repairs and asks if he has recourse since the disclosure wasn't made.
Change Mortgage In Divorce: Quit Claim Deed Won't Work
When you divorce you may want to remove some of the names on your home's mortgage. You can't remove the name of one of the borrowers on a mortgage loan using a quit claim deed. A quit claim deed can change the names listed on a home's title but not on the mortgage. To change the names on a mortgage…
Transfer On Death Deed For Florida Mobile Home
Can you use a transfer on death (TOD) deed to transfer title to a mobile or manufactured home? Using a TOD deed to transfer title depends on whether you own the land on which the mobile home sits and on your state's laws. Transfer on death deeds are an easy and inexpensive way to transfer title of a…
Landscaping Fence Dispute On Rental Property
When you own rental property and the neighbor to your property sets up a fence that runs over your property line you may decide to ask the neighbor to move the fence. When the neighbor chooses to ignore your request you may have to hire an attorney and take the neighbor to court. Another option is…
Homeowners Association Disapproves Of Replacement Windows
A condo owner recently installed replacement windows and his homeowners association notified him that he broke the homeowners association covenant. The replacement windows are similar to his neighbors' windows. Ilyce says he may have to pay a fine or contact a real estate attorney.
Taxes Affect Manufactured Home Refinance Decision
The owner of a manufactured home asks whether to pay off the mortgage loan or invest extra money. Since the manufactured home is a second home or investment property, the home owner should consider how his taxes will be affected. Tax software or a tax preparer before can help sort this out before…
Quit Claim Deed May Determine Inheritance
How does the recording of a quit claim deed affect an inheritance? An Ohio family may own a West Virginia property received by an unrecorded quit claim deed. If the quit claim deed is valid, title of the inherited property may have transferred when the deed was delivered. If the quit claim deed is…
Tax Deductions: Who Should Own Primary Residence
Does it make sense to have the title to a primary residence held by a limited liability company (LLC)? If your LLC owns a primary residence you may lose various tax deductions. It may also be more difficult to obtain favorable mortgage financing because a property owned by an LLC may be considered…
Real Estate Market: Improvement Through Employment, Refinancing, And Avoiding Foreclosure
What steps can we take with the economy to improve the real estate market? Keeping people employed, changing refinancing rules and encouraging people to stay in their homes and avoid foreclosure are some possibilities to improve the real estate market. If you have suggestions for how to improve the…
Home Value Depends On Location, Acreage
A prospective home buyer is wondering if an older for-sale home with plumbing problems is a good deal. The value of the home depends heavily on the location. The best way to know a home's value is to look at what comparable home in the area have sold for in the last three months.
Real Estate Taxes: Can You Deduct Them From Inherited Property
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…
Hire Real Estate Attorney To Help Buy Property
A property buyer can't be present at the closing of his purchase, and wants to know if an attorney should be there in his place. Having an attorney at the closing will ensure the buyer's interests are represented, legal documents are drawn and that the money flows properly at the closing. An…
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. Real estate market conditions may make it harder to sell the old property and potentially prevent a successful 1031 exchange. Learn how real estate market conditions can affect a…
1031 Exchange: Deadlines, Type Of Property Impact Eligibility
A 1031 exchange allows you to buy and sell investment property within a specified time period and defer paying taxes to the IRS. Primary residences, second homes and vacation homes are generally not eligible for 1031 exchanges. Real estate market conditions may make it harder to sell a property and…
Quit Claim Deed Affects Cost Basis
How do you calculate cost basis on a home you receive through a quit claim deed? The type of home ownership is also a factor - for example joint tenancy. Learn how to do the calculation for cost basis and learn the rationale used to determine cost basis when families transfer home ownership using a…
Daughter Assumes Mortgage Payments
Can a daughter's name be added to the deed of her home since the daughter has started to make mortgage payments for her parents? While it may seem like a good short-term solution, there are many implications to the daughter assuming the mortgage. How can they protect both the parents and the…
Tenancy In Common And Property Ownership
A father changed the ownership of his property 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…
Buying Real Estate During Economic Crisis
Buying real estate during the economic crisis has become more difficult. The current economic crisis has brought many challenges, including the drop in retirement savings and a rise in the unemployment rate that affect the real estate market and home buyers. There is a strong connection between…
