Navigating capital gains tax on the sale of an investment property can be complicated. Consult a tax professional to fully understand your options and their consequences. Q: We bought a rental property (it’s a condo) in 2005 for $80,000. We rented it out until 2016. Our daughter moved into this condo last year after she [...]
After years of work, you’ve finally made your last mortgage payment, jumped for joy and popped the Champagne. Congratulations! It’s a big accomplishment – but don’t forget to wrap up all the loose ends. The first step is to start watching the mailbox for your cancelled mortgage documents. These documents prove that you own your [...]
Foreclosure can be a difficult financial hurdle to overcome, but buying a house in your child's name might not be the wisest solution. Q: It's been a year since my foreclosure, I'm renting now but the rent is high in Chicago where I live. If I bought another house and got a mortgage it would [...]
When you're nearing retirement, is it a better idea to pay off your mortgage or invest that money? Q: Greetings! I’m a long-time listener to your radio show and read your free weekly newsletter. You even gave me good advice nearly 10 years ago when I called your show about my real estate in Georgia. [...]
This week, online real estate company Redfin published the astonishing results of a survey. The survey found that 41 percent of millennial home buyers purchased real estate sight unseen. About one-third of all home buyers purchased property sight unseen. If those numbers are true (and we have no reason to doubt Refin’s survey methods), it’s [...]
Seller disclosure laws don't cover every issue you find with a house after you buy it. If a homeseller isn't aware of an issue when they sell, the homebuyer likely can't take legal action. Q: We purchased a home and farm equipment on approximately 20 acres in rural Georgia this past January. The owners told [...]
When a condo declarant still owns unit in the building, they're responsible for ongoing maintenance expenses in the building. Q: We bought into a condo development five years ago. The condo documents said the declarant didn’t have to follow the condo rules or pay dues on his units until the last unit was sold. We [...]
When your mortgage broker sells your loan to another lender, there might not be specific mortgage transfer records for your loan. Q: Four years ago my husband and I refinanced our home with a mortgage broker, who immediately sold it to a big box lender, to whom we have been paying our mortgage payment for [...]
Looking for a home? In this sellers’ market, it’s critical to avoid common homebuyer mistakes. There are a lot of challenges to finding your dream home if you’re house hunting this summer. For one, there are fewer homes on the market. Current homeowners who took advantage of record low mortgage rates during the recession don’t [...]
