Today on the Show: It's Easter Sunday and on the Ilyce Glink show, Ilyce talked about why our taxes are due on April 17th this year, instead of April 15th. She also answered questions about the Atlanta real estate market and what to do if you want to sell a house in a neighborhood where nothing is moving.
Homes that have a federally regulated mortgage and are in a Special Flood Hazard Area must have flood insurance, according to the National Flood Insurance Reform Act of 1994. Despite federal law requiring homes in SFHAs to purchase flood insurance if they have mortgages, only 49 percent of single-family homes in SFHAs have flood insurance.
These parents co-signed a mortgage agreement for their son and daughter-in-law and now hope they can take their names off the mortgage with a loan assumption. A loan assumption would remove the parents from the mortgage but this option is only available in rare circumstances. Until the son and daughter-in-law are able to refinance on their own qualifications, the parents will not be able to remove their names from the mortgage.
When you're married it's important to understand who owns what and how property is divided up. Understanding the way assets are owned is even more important if you've got a prenuptial agreement. If you later get a divorce your prenuptial agreement will determine how the court divides assets.
Today's show features Karen Nelson Bell, author of "Nothing Down for Women," a new book in which she shares her riches-to-rags-to-riches story and advises women (and men, who make up 30 percent of her readers) how they can build their own real estate fortune. Since April is tax season, Ilyce invited Enrolled Agent Chet Burgess on the show to give listeners some important tax tips.
Working as an "apprentice" of sorts to the top Realtor in your area, you will soon learn how to be a very good agent. You can't ask for any better training than to watch a top agent work at her business day in and day out. Previous job experience and skills will also transfer over to help you with a new career in real estate.
