Buying a House Archives

Buyer Beware: Always Read The Contract

By Ilyce Glink| 2005-09-09T00:00:00-05:00 September 9th, 2005|

Most residential real estate contracts specify that fixtures (items that are "fixed" to the walls or floors of the property) are sold with the property. While in some areas of the country washers, dryers, and even refrigerators are typically not sold with the property, these items are usually listed specifically in the contract. It pays to read the contract -- and to be aware of what the neighborhood traditions are when it comes to buying and selling homes.

Negative Amortization Loans Pros And Cons

By Ilyce Glink| 2005-09-09T00:00:00-05:00 September 9th, 2005|

Should you think about getting a negative amortization loan or interest only loan? Some believe it is a good option for a small number of home buyers because you can access your equity one month at a time without any costs. But others say to be wary of a negative amortization mortgage because many borrowers can't afford the rising payments to pay off the loan.

Ilyce emphasizes the cons, including mortgage lenders who offer negative amortization loans to borrowers who can not afford them.

Seniors Eligible For Property Tax Freeze

By Ilyce Glink| 2005-09-09T00:00:00-05:00 September 9th, 2005|

In the state of California, if your property was a beneficiary of Proposition 13, when you sell that property and purchase new property you can take your property taxes with you, provided you meet a few requirements. There are ways for seniors to pay less in property taxes all over the country. Typically they must meet certain income guidelines, and then property taxes are frozen.

Second Home Cannot Be Primary Residence

By Ilyce Glink| 2005-09-02T00:00:00-05:00 September 2nd, 2005|

In order to claim a home as a primary residence you have to live there for most of the year. You can't claim a second home, a vacation home or a retirement home a primary residence unless you plan to live there most of the time. If the IRS audits you they will look for certain records to prove a home is a primary residence.

How Big Is A House? Calculating Square Footage

By Ilyce Glink| 2005-09-02T00:00:00-05:00 September 2nd, 2005|

A buyer has put an offer on a house but now feels that the seller misrepresented the number of square feet listed for the home. You shouldn't make an offer on a home based on the square footage, but how well the home works for you. There are many ways to calculate square footage and suggests that it may be better to think about how the house fits their needs.