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New lead rules affect pre-1978 homes
Many houses, apartments and other buildings that were built prior to 1978 may have paint in them that contains lead. Lead-based paint can pose serious health hazards if not taken care of properly, especially for children and pregnant women. If you live in a home that was built prior to 1978, or if you're thinking of buying or renovating one, this is certainly an issue that you need to be aware of.
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Add power to purchase offer
Figuring out how much to offer on a home you'd like to make your own is never easy. A complicating factor is that although it appears that the housing market may be stabilizing, there is no guarantee that prices won't slip further.
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Assessed vs. market value
DEAR BENNY: In 2006, the assessed value of my house had climbed to $756,000 and then dropped to $714,000, trailing the declining market. I filed an abatement based on erroneous information that my town was using, and was successful. My house was reassessed at $531,300, very close to my suggested valuation.
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CALIFORNIA ASSOCIATION OF REALTORS®
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Sandra Sample
REALTOR®
Century 21 Alpha
5978 Silver Creek Valley Rd. #50
San Jose,
CA
95138
408.829.8821
408.519.3491
Contact Me
Visit My Web Site
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Transferring loan on inherited home
DEAR BENNY: I recently inherited my mom's home, valued at $136,000. Unfortunately, she had a home equity line of credit (HELOC) on it for $66,000. Apparently, a relative talked her into getting this loan to start a small business. Of course she was stuck paying the loan, and the payments are current.
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Mortgage payoff in a divorce
DEAR BENNY: My wife and I are in the process of getting a divorce. I am prepared to give her the family home so that our children will not be disrupted any more than they already are. I know that our mortgage lender will not relieve me of our joint obligation to make the monthly payments, but hopefully that will not be a financial problem for us. We have been advised that a lender can use the "due on sale" clause in the mortgage documents to block this transaction. Can this happen? --Tom
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Tax time over, but many credits still available
If you’re a homeowner, it’s a given that you claim the mortgage interest deduction on your tax returns. If you are a green-minded homeowner, you may be eligible for a federal tax credit if you purchase or have purchased (keep those receipts) an energy-efficient product or a renewable energy system for your home.
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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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Failed flip flirts with foreclosure
DEAR BENNY: I am retired. About 18 months ago (before the economic crash), I bought a fixer-upper and renovated it, but have been unable to sell it. If I let the property go into foreclosure, can/will the bank that gave me the mortgage try to get at my other assets (equity in my home, stocks, etc.)? –Irvine
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Find property problems before you buy
To avoid a bad experience that could end up in a legal battle with the sellers over property problems, make sure your purchase agreement includes an inspection contingency.
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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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Not all buyers are worth a counteroffer
After mustering the emotional energy to make an offer on a listing, it can be devastating if you hear nothing back from the seller.
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