pop-a-note
REsource- Real Estate Content Solutions
RISMedia's Real Estate Information Network Member Directory

Consumer News and Advice Archive


17 Tips for Making Your Country Place Safer

By Curtis Seltzer ...


How long do bankruptcies and foreclosure stay on a credit report?

They can remain on your credit record for seven to 10 years. ...


Can a home be sold for less than its mortgage?

Sometimes. But it is a complicated process and a lot will depend on the lender. ...


What types of foreclosures are there?

There are two types---judicial and non-judicial. A foreclosure that results from a court action is a judicial foreclosure. The mortgage deed or trust does not have a power of sale clause, therefore the lender, trustee or another lienholder must take the borrower to court to recover the unpaid balance of ...


If faced with foreclosure, what are my options?

Talk with your lender immediately. The lender may be able to arrange a repayment plan or the temporary reduction or suspension of your payment, particularly if your income has dropped substantially or expenses have shot up beyond your control. You also may be able to refinance the debt or extend ...


Are seller-paid points deductible?

For the buyer, yes, but not the seller---even though the seller pays them. Since January 1, 1991, homebuyers have been able to deduct points paid by the seller whereas, previously, they could only deduct the actual points they paid on the home loans themselves.


What about repairs made to get the home ready for sale?

If you realize a taxable gain after you sell your home, even with an exclusion, you can reduce your gain with selling costs. These selling costs may include items that are otherwise considered to be repairs---such as painting, wallpapering, even planting flowers---if you complete them within 90 days of your ...


Can I deduct improvements made to my home?

Yes, but only after you have sold it because improvements add to the basis of your home. Remember your gain is defined as your home's selling price, minus deductible closing costs, minus your basis. The basis is the original purchase price of the home, plus improvements, less any depreciation. ...


What is a lease option?

It is an agreement between a renter and a landlord in which the renter signs a lease with an option to purchase the property. The option only binds the seller; the tenant has a choice to make a purchase or not. ...


Are buyers protected against housing discrimination?

By law, real estate agents may not discriminate on the basis of race, color, religion, sex, disability, familial status, or national origin. They also cannot follow spoken or implied directives from the home seller to discriminate. If you suspect you have been discriminated against, a complaint may be filed with ...


Why do I need an agent if I can find a home by myself on the Internet?

While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea to use an agent. The agent brings value to the entire process: he or she is available to analyze data, answer questions, share their professional expertise, and ...


Can I use an agent to purchase a newly built home?

Yes. In fact, some builders pay agents to find prospective buyers. But you also can use a buyer's agent to help negotiate the price and upgrades on a new home. An agent can be particularly valuable directing you to newly built developments that match your needs, as well as helping ...


What does a buyer’s agent do?

A buyer's agent represents the buyer exclusively. This means he works to protect your interests in the transaction and helps to negotiate the best purchase price and terms. More information about buyers' agents is available by contacting the National Association of Exclusive Buyer Agents at (609) 799-4382, or log on ...


Is there anything I should not tell my agent?

Most definitely! Never reveal the top dollar you are willing to pay for a home. It will severely undercut your chance to negotiate the home price with the seller. While an agent may spend a lot of time showing you homes and sharing information, the reality is that she works ...


What can I expect from a good real estate agent?

Competence, efficiency, and ethics. According to the All America's Real Estate Book by Carolyn Janik and Ruth Rejnis, good agents take the time to qualify buyers and show properties in their price range. They plan showing routes carefully and have pre-inspected most properties. They have a thorough knowledge of financing ...


© 2013 RISMedia. All Rights Reserved Contact Us | Content Usage and Privacy Policy