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.
How Does a Short Sale Work for a Buyer?
How does a short sale work for a buyer? This reader wants to know if they need an attorney to bid on or buy a real estate in a short sale. Q: Do I need an attorney to bid on or purchase a short sale real estate condominium? A: In some parts of the country, [...]
Changing the Percentage of Ownership in a Condo Association
Changing the percentage of ownership in a condo association. This reader says the value and square footage of certain units isn't accurate in the governing documents. Q: I have enjoyed your many articles in our local paper for some time. I am on the board of a condo association and it was brought to our [...]
Pros and Cons of Buying Your Parents’ House
Pros and cons of buying your parents’ house. You can buy it if they can’t afford the mortgage, but then they lose the equity in the home. Q: My parents owe about $500,000 on a mortgage and home equity loan for a property that’s worth around $900,000. They want to stay in the home, as [...]
Can a Non-Citizen Buy a House in the U.S.?
Can a non-citizen buy a house in the U.S.? Yes, this is how a non-citizen can buy a house in the U.S. and a few things they should consider. Q: I am not a U.S. citizen, but my daughter is married to a U.S. citizen and will have her green card shortly. Another one of [...]
What to Do About a Water Meter Reading Error
What to do about a water meter reading error. This reader received a huge water bill after closing on their home but the math and timing of it just don’t add up. Q: We sold our house in Ohio in March and moved to the west coast. We informed our water department that we needed [...]
How Do You Change A Deed from Tenants in Common to Joint Tenants?
How do you change a deed from tenants in common to joint tenants? This homeowner also wants to know if it will trigger any adverse tax consequences. Q: My wife and I purchased a home over 40 years ago. The original deed is titled as John Smith and Sally Smith. This defaults to tenants in [...]
Should I Refinance to a 15 or 20 Year Mortgage?
Should I refinance to a 15 or 20 year mortgage? This reader wants to live mortgage-free and both refinanced term lengths offer significant interest savings. Q: We took out a mortgage in 2011. It’s a 30-year with an interest rate of 5.125 percent. Our expected payoff date is 2041, but we’ve been paying biweekly. We [...]
Enforcing No Smoking Rules in Condos
Enforcing no smoking rules in condos. Condo boards can amend the rules and regulations to prohibit smoking, but how can they enforce the new rule? We continue to receive questions and comments about our recent columns on smoking (here and here) as well as the rules that condominiums and other associations are putting into place [...]
Second Home vs Investment Property: IRS Tax Rules
Second home vs investment property: IRS tax rules. If a property was used as both over time, what are the tax implications when the property is sold? Q: I read your article on avoiding capital gains tax on second homes in our Sunday paper. I have a question that is along those same lines, except [...]
1031 Exchange Process, Timelines and Examples
1031 exchange process, timelines and examples. There are a number of ways to successfully complete, or complicate, a 1031 exchange. A few weeks ago, we wrote about like-kind exchanges (also known as an Internal Revenue Code Section 1031 exchange) and the temporary relief being granted to some buyers and sellers during the COVID-19 pandemic. For [...]