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Have real estate questions? Here, you’ll find helpful articles and other resources that cover issues related to real estate, buying, selling, financing, refinancing, credit and debt, insurance, second homes, vacation homes, real estate investment, new construction, and renovation.

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Creating LLC For Rental Property

By | August 26th, 2007|

An investment property owner created an LLC to protect his assets and transferred the building to the LLC. Now he is worried that the mortgage company will call in the loan. As long as a lender obtains its payments and the property is insured, the lender may not find out that there has been a transfer of the title to a property. Your insurance company, of course, has to tell the lender that the policy has changed and that the new entity is the owner of the property. Ilyce and Sam explain why lenders call in loans after property has changed hands.

Helping Parents With Financial Difficulties

By | August 25th, 2007|

A son bought a home for his financially-troubled father 10 years ago because the father wouldn't qualify for a mortgage. His father now wants him to quit claim the property to him but the son wants to sell to get out of the mortgage mess. The son has limited options for getting his name off the mortgage and still taking care of his father.

6 Mistakes Home Buyers Make When Shopping Online

By | August 24th, 2007|

More than 85 percent of home buyers start their search for a house online as well. But home buyers need to remember that things on the Internet are not always as they seem. Here are six mistakes home buyers make when shopping around for homes online.

Using A Quitclaim Deed When Divorcing

By | August 23rd, 2007|

A divorced man has been asked by his ex-wife to sign a quit claim deed to the home they own together. But their divorce decree says the wife must sell or refinance the home within five years of the divorce. Signing a quit claim deed will give up any rights to the property, so he should wait until the home is refinanced to sign the quit claim deed.

Down Payment Amount Varies With Good Faith Estimate

By | August 22nd, 2007|

What's an appropriate amount of earnest money or down payment? When you're buying a home you'll likely pay some earnest money to show your good faith - that you're really interested in the home. But how much money to put down as earnest money, which can later become your down payment, varies depending on the area where the home is located and the real estate market.

Calculating Cost Basis For Property

By | August 20th, 2007|

A homeowner wants to know how to calculate the cost basis on a home he received through a quit claim deed that has appreciated greatly in value. When it comes to calculating cost basis, you can include anything that was a structural fix. Also included in the cost basis are costs of the purchase and sale, including commission, advertising and marketing costs and any other fees you paid.

Short Sale When You Can’t Make Mortgage Payments

By | August 19th, 2007|

When you've bought a home and you owe more that the home value it may become difficult to make mortgage payments. Instead of falling behind on your mortgage payments you may want to contact your mortgage lender to set up a short sale. Be aware that when you sell your home through a short sale the IRS will treat the difference between the sale amount and what you originally owed the lender "phantom income."

Realtors’ Commissions In A Changing Market

By | August 17th, 2007|

While the average commission for a real estate agent used to be 6 percent, or 3 percent per side of a transaction, the average commission rate has dropped significantly over the past few years. One reason is that the cost of doing business as a real estate agent has increased along with competition. Even in a buyer's market, real estate agents earn their commissions because it takes a long time to sell property.

How To Buy Out Co-Owner Of House

By | August 16th, 2007|

A homeowner owns her home with a friend who wants to move on and take the equity in the home, but the other isn't ready to leave. If the friend wants to buy her interest in the home, she could take out a home equity loan. A real estate attorney can help the two friends work out a deal that could work for them both.

Avoiding Capital Gains Tax On Second Home

By | August 15th, 2007|

How can you avoid capital gains tax? If you have a second home that you have been renting, you might face a large capital gains tax, especially if you have been taking depreciation on the investment property. The IRS has very specific requirements for how to handle primary and secondary property. You may be able to use a 1031 exchange if you move back into the rental property for two years.

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