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What to do if your home won't sell
Homes take longer to sell today than they did in 2005. This is due to a slow home-sale market that has resulted in a build-up of the inventory of unsold listings. Although there are exceptions, this situation is expected to continue until late 2008 or 2009 -- at least. What options do sellers have whose homes aren't selling quickly enough?
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How buyers, sellers are closing deals in today's market
Negotiation is back in style, and is likely to remain a necessary part of buying or selling a home in today's beleaguered residential housing market. Other key elements to a satisfactory closing are flexibility, perseverance, creativity and diligence.
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What to look for in a final walk-through inspection
Most home buyers will have at least two opportunities to inspect their property before closing on the purchase.
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Who pays off loan when home sells?
DEAR BENNY: I bought a house five years ago and am considering moving to another city where real estate sells for much less. I'm a real beginner at this. If the balance on my home loan is about $148,000, what happens when I sell it? Does the buyer pay off my loan? Or do I pay it with the selling price, or what? –Judy
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Price it right when selling in today's market
We're in the midst of a challenging home-sale market in many areas. However, soft markets can provide opportunities for some home sellers. The trick is to price your home right for today's market.
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Home sellers who understand market prosper
Buyers aren't the only ones holding back in today's housing market. Many sellers are postponing putting their homes on the market because they are convinced that now is not a good time to sell. They would prefer to wait for a better market.
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Best deck material: Douglas fir or redwood?
Q: I'm building a small deck in the backyard and for cosmetic reasons am painting it rather than finishing the wood. So, being cost-conscious, I am wondering whether using a Douglas fir 2-by-6 versus a con-heart redwood makes sense. The lumber cost is less than half.
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Selling inherited house hits roadblock
DEAR BOB: In 1993, my wife's father died. He left everything to her in his will. There are no siblings or other close relatives. Knowing she inherited the house, we moved our family in and have been living in the house and paying its mortgage ever since. Now that our kids are grown and on their own, we want to sell the house and "downsize" for our retirement years ahead. However, when we talked with a Realtor about listing the house for sale, she said we can't sell it until my father-in-law's estate is probated and the house title is transferred to my wife. Is there any way to avoid probate? --Jerome W.
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Will shopping multiple lenders hurt credit?
It's not uncommon for home buyers to talk with several mortgage brokers or lenders to compare loan products and interest rates. One buyer who shopped around was scolded by a mortgage broker when he found out she was talking to more than one broker. He told her that she was ruining her credit score by allowing multiple credit inquiries.
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Get started on the house hunt
Mortgage interest rates dropped recently and home prices have moderated in many areas, making it a good time to buy. If you've never bought a home before or if you currently own a home but have never bought and sold at the same time, the process can seem intimidating.
You can ease your anxiety by formulating a game plan and by assembling the best team of professionals you can find, including a mortgage person; a real estate agent or two if you're buying and selling in different locations; inspectors; an insurance agent; a closing agent or escrow officer; and an attorney, depending on where you're buying.
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Sellers list right to avoid price reductions
In most areas of the country, 2007 marked a change in the residential home-sale market. Buyers gained clout for the first time in over a decade. Inventories of homes for sale grew to record levels in some places. Price reductions, which carried a negative stigma when listings were easy to sell, came to be seen as a necessary part of the home-sale process.
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Facing foreclosure: When must I move out?
DEAR BENNY: I am one of the unfortunate who has to deal with eventual foreclosure. Can you tell me how long I can remain in my home until legally having to vacate? –Constance
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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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Rid hardwood floors of doggy scratch marks
Q: My dog's nails have left minor scratches in my wood floors. Is there any way to repair this without complete refinishing? --Judith K., via e-mail.
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Making an attractive home-purchase offer
It's easy to assume that negotiating is adversarial. You, the buyer, are on one side -- the side that wants to buy a property for the lowest price possible. The opposition on the other side is the seller who wants to sell for the highest price possible. You're locked in a tug of war to see which side will win.
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Is buying a home to live in a good investment?
Anecdotal evidence suggests that in some markets investors are buying foreclosure properties at bargain prices. These properties are located in areas that appear to have good growth potential, and they generate enough rental income to at least offset the holding and maintenance costs. The deal needs to make sense financially regardless of whether there is a big run up in appreciation. The plan is to hold the property for the long term.
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Where are today's best real estate bargains?
The housing market is soft. Hard times for some can mean opportunity time for others. Could now be a good time to step into the housing market and pick up a bargain?
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Attic ventilation makes a healthy home
If you're like most folks, you've probably never given any consideration to how well ventilated your attic is. But proper attic ventilation is very important to your home's good health, both in summer and winter.
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Presale inspections can give sellers advantage
It's becoming more common for sellers to hire inspectors to inspect their property before it's put on the market. The reports are then made available to buyers to review before they make an offer.
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Swapping vacation homes easier under IRS rule
Many investors are taking advantage of the like-kind exchange, which is authorized under Section 1031 of the Internal Revenue Code. These exchanges are commonly referred to as "Starker" exchanges.
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Home mortgage provides array of tax breaks
If you feel better knowing you can deduct the mortgage-interest portion of your huge annual housing expenses, make sure you know exactly how much you can deduct.
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Foreclosure rescue scams on the rise
Are the usual suspects returning to mortgage-related scams as a result of the subprime lending fallout? Does the practice of illegal "foreclosure rescue" operations extend even into the second-home market?
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A television in every room
Once upon a time, about half a century or so ago, the choice in televisions was limited. Only black-and-white sets were available, and the largest screens were only 24 inches. The set was encased in its own cabinetry and nestled in among the other pieces of furniture in the living room.
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Smart home sellers opt for pest inspection
No one wants to buy a house that's riddled with termites. So, a termite inspection -- technically an inspection for damage by any kind of wood-destroying organisms -- is usually done at some point during the course of a home sale.
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What's causing my mold infestation?
Q: I have mold developing underneath a window in my bedroom. The window faces north-northwest and never has sun on it. I wonder if the mold could be caused simply by moisture accumulating in the room, or is it a more serious problem, such as a leaking window frame?
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