Ilyce

If you are planning on buying a home in foreclosure, you may need to work a bit harder than if you were buying any other home. While some real estate owned properties (REO) -- those properties that have already been foreclosed and are owned by a bank -- hit the real estate market with a real estate broker, some REO properties by be sold through companies that specialize in bank owned properties. Many of these homes, if not most, will be listed in a real estate multiple listing service. But before the property gets to the listing service, a savvy home buyer might be able to talk to the bank and buy the property before it's listed.

We always say that you should make sure that you obtain a title insurance policy when you purchase a home. That protection is usually quite valuable. However, if you do not use a real estate attorney and think you are buying one thing when you actually are buying another, you may be out of luck. When you are purchasing the most expensive thing in your life, you should probably hire a real estate attorney. And if you are not going to hire a real estate attorney, you should make sure you have a pretty good understanding of what you are buying before signing on the dotted line.

Buying a home is hard enough. Owning a home is even tougher. But sharing your ownership interest in your home and adding the name of a friend to the title to the home should be done only after careful consideration. You must consider whether you are just friends, will be married, possible breakups and other life changing issues. Once you have thought about these issues, you can proceed to decide how you should hold title to your real estate and whether to include a friend or not.

2010 is finally here and the repeal of the estate tax has come.

But will it go away?

Ten years ago, the slow process of repealing the estate tax started. Due to budget issues, Congress decided to only pass a law that would last ten years. The last of those ten years would eliminate the estate tax completely. Now people are trying to plan their estates and they don't know what Congress will do now.

First TBW goes out of business. Then, borrowers don't know where to send their mortgage payments and payments sent to Equity Accelerator companies were frozen and payments were not being made. Once former TBW borrowers know who their new loan servicer is, they now find out that the money they had in tax escrow and home insurance escrow accounts is frozen and then need to come up with the money to pay those bills. Now they have not even received 1098 tax forms to complete their federal income taxes for 2009.

If you've just bought a newly constructed home, you should have received a home warranty from the seller. In some cases that home warranty will be a long document, while in others it may be a one page document. In some states, you get the warranty from the builder whether he gives you something in writing or not.

Ilyce Glink Show Notes - February 7, 2010 - Stock Market Update, Unemployment Update, How to Invest In 2010 Discount LAST WEEK. Stock market was down for the week, and down 7 percent from the high in January. The President submitted a budget for $3.8 trillion that provides some cuts but portends a huge deficit. Nine million housing units are for sale, out of about 130 million total. Those numbers mean home values will probably decline again. FREE BOOKS AND EBOOK DEALS. Last week for the 50% discount to the HOW TO INVEST YOUR MONEY IN 2010 Event/Atlanta.

Ilyce Glink Show Notes - February 7, 2010 - Stock Market Update, Unemployment Update, How to Invest In 2010 Discount LAST WEEK. Stock market was down for the week, and down 7 percent from the high in January. The President submitted a budget for $3.8 trillion that provides some cuts but portends a huge deficit. Nine million housing units are for sale, out of about 130 million total. Those numbers mean home values will probably decline again. FREE BOOKS AND EBOOK DEALS. Last week for the 50% discount to the HOW TO INVEST YOUR MONEY IN 2010 Event/Atlanta. For more show notes and helpful links, visit Ilyce's blog. Listen to the show here or download from iTunes. Tune in live Sundays at wsbradio.com

Whey you go out and buy real estate, you should make sure you understand the process of buying a home and surround yourself with a competent real estate attorney, real estate agent and mortgage broker or lender. You should do that and more if you decide to move forward and buy a short sale home or even a foreclosed home. Now more than ever, buyers need to use caution before buying a home.
You might not think that you need an attorney for the purchase or title insurance or a real estate broker, but if you don't know what you are doing, you might pay dearly.

$8000 First Time Home Buyer Tax Credit Has Time Restrictions
If you're looking to take advantage of the $8000 first time home buyer tax credit or the $6500 long term (move up) (repeat) home buyer tax credit, you'd better hurry. You have to have a contract signed in hand soon and you must close on the home by June 30, 2010. You also must meet the income restrictions of the tax credit and other requirements, including that the new home purchased must be used as your primary residence. If you purchase the home and rent it out, you may have trouble qualifying for the tax credit.