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Fixing to sell: Don't go overboard
Fixer-uppers with upside potential were in high demand when the market was appreciating at a fast pace. Once depreciation took over, speculators disappeared until 2009, when low-end foreclosure properties in some areas became hot properties -- particularly if they were selling at a 50 percent discount from the peak in summer 2006.
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Divorce leads to default
DEAR BENNY: I bought a home with my husband in 2002. We are both on the mortgage. When we got divorced in 2006, he bought me out and I signed over the quitclaim deed of the house to him.
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Make your short sale shine
Short sales, where the lender agrees to take less than amount due to them, have tended to sell for less than similar homes in the area. One reason for this is that short-sale listings usually don't look as good as the competition. Another reason is that short sales require lender approval.
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Water audits prepare you for the future
Despite a very wet season this past winter, the increase in rainfall didn’t make up for many years of below-average water levels. In 2009 California Governor Arnold Schwarzenegger declared a state of emergency in an effort to manage the drought crisis. Since then, many water companies have put into place mandatory water rationing with financial penalties for homeowners who don't comply. Before you find yourself paying more for your water, be prepared for the future by conducting a water audit (don't worry, you don't have to find all your water bills from the past two years).
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Energy upgrades can yield tax credits
If you’ve been putting off energy-efficient home upgrades, now may be the time to take on some home improvement projects. Thanks to the American Recovery and Reinvestment Act of 2009, signed by President Barack Obama on Feb. 17, there are new incentives for consumers to eliminate outdated, inefficient building systems that affect residents’ comfort and pocketbooks.
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Five ways to cut heating costs
If you're thinking it's time to do something about your cold house and your high heating bills, here are five win-win suggestions that will help you do both.
1. REPLACE YOUR FURNACE FILTER
A clogged filter makes your furnace work harder to deliver the same amount of heat, which wastes energy by keeping the furnace on for a longer period in order to bring the house up to the requested temperature.
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What is an "as is" sale?
Occasionally, listings are advertised as "as is" sales. To some buyers this signals a potential bargain property. For others, an "as is" sale carries a negative connotation. It suggests that the property might be tainted. Often, neither perception is accurate.
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Seven rules for room additions
If you're happy with your home and your neighborhood but are craving a little more space, maybe adding on is a better alternative to moving out. Room additions can be a terrific alternative for many homes, adding space for a growing family and adding resale value at the same time.
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Building permits pay off for sellers
Curing deferred maintenance before selling usually improves a home's overall appeal, which can attract more buyers for a quicker sale at a higher price.
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No capital gains tax on home exchange?
DEAR BENNY: My husband and I built a townhouse in 1983 for $33,000. We lived there for a few years and then rented it out for 17 years, taking all the tax advantages such as depreciation, etc.
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No benefit to refi with current lender?
DEAR BENNY: I am shopping for a new mortgage (I will refinance about $160,000 remaining on a condo worth about $300,000) and discovered my mortgage holder wants about $2,200 in closing costs. I just financed with this bank three years ago and have stellar credit. There seems to be no special benefit for refinancing with this lender. Their broker told me as much. I don't understand why they wouldn't want to keep a good customer. Any insight? --Janelle
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Inherit home, refi immediately?
DEAR BENNY: My husband and I inherited a home from my husband's uncle who passed away a few weeks ago. Will the lender expect us to refinance the home or can we just assume it even if it is a conventional loan? –Karen
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Don't pay off entire mortgage with extra cash
DEAR BENNY: I am confused about paying off our mortgage on our primary home or on a secondary home/rental. My husband is totally against paying off either loan, even though we could pay off at least one of the mortgages. Our home mortgage has 10 years left at 5.25 percent interest and the other is a 30-year at 5.75 percent interest.
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Curb appeal tips that pay off
Imagine going on a job interview looking shabby, or trying to sell your car for a good price when it's filthy and loaded with stuff. In a competitive market, you wouldn't do well.
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Rate-lock dos and don'ts
Interest rates dropped at the end of last year after creeping up over the summer, with 30-year fixed-rate mortgages with interest rates below 5 percent readily available.
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Is now a good time to downsize?
Interest rates are low. Prices have come down in many areas. More buyers are deciding it's a good time to buy, even though it may be awhile before the housing market stabilizes.
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Top ways to boost curb appeal
You've no doubt heard the term "curb appeal," which is the first impression that your home makes when a visitor arrives. Whether you have your home up for sale or just want things to look a little nicer when you or someone else pulls up out in front, the best place to start is by giving the front of your home a critical examination.
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The importance of housing permits
How would you feel if you bought a house that was advertised as a having four bedrooms, three baths with a large recreation room and later discovered that technically it was had only three legitimate bedrooms, two bathrooms and a basement?
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Protect real estate from Medicaid
DEAR BENNY: Seven years ago, when my mother was 80, my husband and I purchased cooperative apartment shares in a senior complex for her to live in. Since at least one of the tenants had to be over 55, we put her name on the shares, as well as my name. The actual paperwork reads: " 'My Mother's Name' or 'My Name' as joint tenants with right of survivorship and not as tenants in common."
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Want to conserve water but still have a lawn? Go native.
Before the advent of lawnmowers, there was a time when lawns were meant only for the wealthy, since they could afford to hire a crew of workers to manually cut and maintain their sprawling gardens with scythes. The rest of the folks used what land they had to grow vegetables, medicinal herbs, and flowers in cottage gardens.
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How to sell property held in living trust
DEAR BOB: You have said several times the way to convey title to real estate into a living trust is by a quitclaim deed signed and notarized by the owner. That's what we did. But now we want to sell our house, which is in our living trust. How do we do that? --Janet Y.
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Good Faith Estimate contains some 'quirks'
As of Jan. 1, 2010, the Department of Housing and Urban Development (HUD) required lenders to provide mortgage borrowers with a new three-page Good Faith Estimate (GFE) to protect consumers who are applying for a mortgage.
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Condo foreclosed but HOA fees keep coming
DEAR BENNY: Recently my condominium unit was foreclosed upon, but the association has now sued me for unpaid condominium assessments. Am I still responsible for this debt? –William
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Sellers face new dilemma in timing the market
Some sellers have been biding their time for three years and now wonder if they should continue to wait or bite the bullet and sell now.
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Need fencing? Think vinyl
If you're exploring the different options for new or replacement fencing, one material to be sure to have on your list of possibilities is vinyl. Vinyl fencing manufacturers have made great strides in recent years, offering a tremendous array of sizes, styles and options to choose from. The overall quality is up; the prices have come down; and competition among the growing number of manufacturers makes it a good time to consider vinyl for your next fence project.
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Do new homes really need a home inspection?
Dear Barry,
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Best time to take out mortgage when buying home
Q: I have enough cash to swing an all-cash purchase if I want to, but I don't want all of my money tied up in the house; I want to get some of it back in a mortgage. What is the downside of paying cash and taking out the mortgage later versus taking out the mortgage at the time of purchase?
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