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Real estate contingencies make comeback
During the recession of the early 1980s, when mortgage interest rates hovered near 18 percent, few home buyers could qualify for financing, particularly if they already owned a home that needed to be sold before buying a replacement home. Offers made contingent on the sale of the buyers' current home were popular.
Contingent-sale offers are increasing in the current housing market. Most buyers who want or need to make a move to a home that better suits their current lifestyle can't qualify to buy before selling their existing home due to stringent mortgage-qualifying criteria.
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Avoid house-rich, cash-poor pickle
DEAR BENNY: I am 58 years old and married. I have 22 years left on my 30-year mortgage, which is at 5 percent. I have a Roth IRA. I have some extra money to invest. In this current economy, what might you suggest? Should I pay money toward the principal on my mortgage? Put it in the Roth? I lost money in the stock market (bank stocks), so please don't suggest that I go back into stocks. Thanks in advance for any knowledge you might share.
--Tommy
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Seller financing for today's market
During the recession in 2001, a strong home-sale market was instrumental in pulling the economy back on track. The opposite may be the case now. The economy, particularly employment, needs to improve before the housing market stabilizes.
Low interest rates are helping the home-sale market today, but the housing market is far from stalwart.
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Is “do it yourself” in your DNA?
In many ways, this is a tough time to be a homeowner. Finances might be tight, but that doesn't stop the roof from wearing out, or the plumbing from starting to drip.
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