Renters: Who owns home the home we're renting? The home two renters are renting was recently sold in a sheriff's sale. Now they're wondering, who actually owns the home and what does it mean for them? Q: Let’s assume someone has a mortgage. Their home sells for one dollar at a sheriff’s sale. Who owns [...]
Thinking of buying a vacation home with IRA Funds? Watch out for higher fees when purchasing a vacation home in a self-directed IRA I listen to you every Sunday morning on WGN and I have a question. I'm thinking of buying a vacation home with IRA funds. Can I do that? A: The short answer [...]
Home Inspections: home inspectors make mistakes A reader wants to know if home inspectors make mistakes when doing home inspections. Q: My home inspector did an inspection of my home before I purchased it. The home inspector made mistakes: The inspector missed that there was a hidden water line problem. He also missed a false [...]
Does Paying Property Taxes Give Ownership of the Home? Q: Someone paid my deceased uncle's property taxes before I could pay them. Does this mean that person now owns the property? The property has a mortgage on it. What should I do next? Does paying property taxes mean you own a home? A: Here’s the [...]
Do we owe tax on the sale of our parents' home? Paying tax on the sale of your parents' home can be costly if you don't plan ahead. Q: My parents gave their house to their children but continued to live in it and pay all expenses related to the home. Life happened, and my [...]
Can you put an offer on a house that is under contract? Also what is the difference between under contract and contingent. Q: I’m interested in a property that is under contract but is also under a contingency. I find it odd that this house has been contingent for over six months! I want to [...]
Are you inheriting a home? There are several options to consider if you'll be the beneficiary of this sort of bequest and don't want to keep it. Inheriting a Home: To Keep or Sell Q: I read your column regularly and always find it very interesting and informative. I have a rather complicated question: My [...]
Every year, Ilyce and Sam offer their readers New Year’s resolutions for home buyers, sellers and their personal finances. These are their 2023 Home Buyer Resolutions. My, how the tide is shifting for home buyers, sellers, renovators, investors, and owners. At the end of 2021, we wrote that “Covid is a trend accelerator.” When it [...]
Options on Getting Rid of a Timeshare Property. Q: This is a comment regarding your article on getting rid of timeshare properties several months ago. I have two bits of information for disillusioned owners. Two of the major timeshare companies have a process where they can assist you in disposing of your timeshare ownership. Vistana [...]
It's hard to buy a first home, Gen Zers and Millennials say Recently, the National Association of Realtors released their 2022 Profile of Home Buyers and Sellers. The news wasn’t good for first-time buyers or for those who have been waiting, impatiently, to buy their first home. Just 26% of all buyers were first-time buyers. [...]
