New York Yankees baseball player Alex Rodriguez paid $6 million for his new five-bedroom, 3,000-square-foot penthouse on Manhattan's coveted Upper West Side. While city assessment records say Rodriguez would normally owe approximately $60,000 each year in property taxes, thanks to a loophole in the city tax code called 421A, the Huffington Post has reported that he will pay only $1,200 this year.
That loophole will let Rodriguez and the rest of his well-to-do neighbors enjoy paying almost no property tax for the next several years since the program grants a 98 percent real estate tax abatement for as much as 25 years to condominium owners in newly built housing. New York City's Independent Budget Office has reported the 421A program will cost New York City more than $900 million this year in lost tax revenues.
Click Here to Read: Yankees' Alex Rodriguez Takes Advantage of New York Tax Loophole...
Writing a Hardship Letter: Questions that Sellers Should Consider
I review short sale packages for a living. It’s what I do. One part of the package that is interesting to me is the hardship letter.
In order to participate in a short sale, a borrower must have some sort of hardship. The bank actually requests a copy of a hardship letter.
The reason that the hardship letter is interesting to me is because it’s a tell—like in poker. It shows exactly where the seller is at with regard to their mortgage, their home, and even their emotional state. Some hardship letters are longer than my kids’ book reports, and others do not share enough information.
Click Here to Read: Writing a Hardship Letter: Questions that Sellers Should Consider...
In order to participate in a short sale, a borrower must have some sort of hardship. The bank actually requests a copy of a hardship letter.
The reason that the hardship letter is interesting to me is because it’s a tell—like in poker. It shows exactly where the seller is at with regard to their mortgage, their home, and even their emotional state. Some hardship letters are longer than my kids’ book reports, and others do not share enough information.
Click Here to Read: Writing a Hardship Letter: Questions that Sellers Should Consider...
Real Estate Terms And Jargon Made Simple, Understandable
You may be able by now to decipher what “double, non-fat, hold the whip, caramel macchiato” means, but today’s terminology in real estate has become more technical and confusing. Just as a barista staring you down and waiting for your order can be intimidating in the coffee shop, trying to read some property listing descriptions in today’s world requires a higher level of understanding.
To help sort through the technical jargon, here are some common terms heard in real estate today.
Click Here to Read: Real Estate Terms And Jargon Made Simple, Understandable...
To help sort through the technical jargon, here are some common terms heard in real estate today.
Click Here to Read: Real Estate Terms And Jargon Made Simple, Understandable...
Buying An "As Is" Home Is Sometimes Not Clear-Cut
Buyers who are looking at listings sometimes see a home listed as “as is.” That term seems pretty obvious, but oftentimes buyers and sellers are not on the same page as to what "as is" means.
"Generally, 'as is' means you are purchasing that property in its present condition with conditions," says Phyllis J. Pezenik, the vice president and managing director of DJK Residential.
So buyers and sellers should come to an agreement on what to expect, according to Pezenik. First, both sides need to know what things are expected to be included, unless otherwise stated.
Click Here to Read: Buying An "As Is" Home Is Sometimes Not Clear-Cut...
"Generally, 'as is' means you are purchasing that property in its present condition with conditions," says Phyllis J. Pezenik, the vice president and managing director of DJK Residential.
So buyers and sellers should come to an agreement on what to expect, according to Pezenik. First, both sides need to know what things are expected to be included, unless otherwise stated.
Click Here to Read: Buying An "As Is" Home Is Sometimes Not Clear-Cut...
There's Life After Bailing On A Mortgage
The typical questions about ethics and blame were not what three Huffington Post writers had in mind last year when they asked readers, "Are you considering walking away? Have you already walked away from an underwater mortgage?"
Nearly one in four American mortgages is worth more than the home it's tied to. That's about 10.8 million mortgages. Borrowers of 58 of those mortgages responded to the reporters. In the ensuing year, 10 homeowners lost touch with The Huffington Post but 48 stayed in contact and reported on their experiences. Today, just eight are still in their homes.
Click Here to Read: There's Life After Bailing On A Mortgage...
Nearly one in four American mortgages is worth more than the home it's tied to. That's about 10.8 million mortgages. Borrowers of 58 of those mortgages responded to the reporters. In the ensuing year, 10 homeowners lost touch with The Huffington Post but 48 stayed in contact and reported on their experiences. Today, just eight are still in their homes.
Click Here to Read: There's Life After Bailing On A Mortgage...
Britney Spears Splurges on $20 Million Luxury Mansion?
Britney Spears, 29, may be moving into new digs. The currently-hot singer/entertainer has reportedly purchased a luxury tudor-style mansion in the Hidden Hills section of Los Angeles, for a mere $20 million, reports MailOnline. The home is only a few miles from the $1.8 million house where she lives now. Britney had a good year, financially, coming in third on the Forbes magazine women-in-entertainment list, and she may have decided to invest some of her millions in property.
Click Here to Read: Britney Spears Splurges on $20 Million Luxury Mansion?...
Click Here to Read: Britney Spears Splurges on $20 Million Luxury Mansion?...
The Foreclosure Of Patricia Kluge’s (Once) $100 Million Estate
In 1990 self-made media billionaire, John Kluge, and his third wife, Patricia, called their marriage quits. The divorce settlement broke records, which perhaps is not all that surprising since Kluge was, with a$5 billion empire, the world’s wealthiest man that year.
Patricia Kluge walked away with alimony payments of $1.6 million per week (the interest accrued on one billion dollars per year at the time). But she also snagged some prime real estate: a hunting lodge in the Scottish Highlands valued then at $20 million and an opulent 45-room Virginia estate called Albemarle.
Click Here to Read: The Foreclosure Of Patricia Kluge’s (Once) $100 Million Estate...
When Real Estate Means More Than A Place To Live
Residential housing, at its most irrational, is focused solely on the social-emotional needs of the buyer or seller. Many people think owning a home proves one or more of the following things:
1. Proves you are grown up.
2. Proves you are successful.
3. Proves you are independent.
4. Proves you are a good “catch” in the dating world.
5. Proves you are a good spouse.
6. Proves you are a good parent.
7. Proves you are not a “loser” in a divorce.
This is all nonsense, but it is socially reinforced nonsense. Owning a house proves none of this, but owning property (whether it is a house or a condo) remains a socially-sanctioned outward marker of responsibility and worthiness. Being unable to buy, or losing a house to divorce or financial setback strikes some people as irresponsibility or unworthiness.
Click Here to Read: When Real Estate Means More Than A Place To Live...
1. Proves you are grown up.
2. Proves you are successful.
3. Proves you are independent.
4. Proves you are a good “catch” in the dating world.
5. Proves you are a good spouse.
6. Proves you are a good parent.
7. Proves you are not a “loser” in a divorce.
This is all nonsense, but it is socially reinforced nonsense. Owning a house proves none of this, but owning property (whether it is a house or a condo) remains a socially-sanctioned outward marker of responsibility and worthiness. Being unable to buy, or losing a house to divorce or financial setback strikes some people as irresponsibility or unworthiness.
Click Here to Read: When Real Estate Means More Than A Place To Live...
Banks Push Home Buyers to Put Down More Cash
The down payments demanded by banks to buy homes have ballooned since the housing bust, forcing many people to rethink what they can afford and potentially shrinking the pool of eligible buyers.
Last week, the Obama administration called for gradually raising down payments to a minimum of 10% on conventional loans, meaning those that can be bought or guaranteed by mortgage giants Fannie Mae and Freddie Mac. And mortgage data show that private lenders are already pushing sharply higher the required down payments, mainly to mitigate their risk as home prices continue to fall.
Click Here to Read: Banks Push Home Buyers to Put Down More Cash...
Last week, the Obama administration called for gradually raising down payments to a minimum of 10% on conventional loans, meaning those that can be bought or guaranteed by mortgage giants Fannie Mae and Freddie Mac. And mortgage data show that private lenders are already pushing sharply higher the required down payments, mainly to mitigate their risk as home prices continue to fall.
Click Here to Read: Banks Push Home Buyers to Put Down More Cash...
Oh my, oh MERS!
First the robo-signing controversy. Then the U.S. Bank v. Ibanez ruling. Now the next bombshell ruling in the foreclosure mess has just come down from a New York federal bankruptcy judge.
The case is In Re Agard, and it essentially throws a huge monkey wrench into a hugely important cog of the entire U.S. mortgage market, the Mortgage Electronic Registration System, Inc. known as MERS.
Click Here to Read: Oh my, oh MERS!...
The case is In Re Agard, and it essentially throws a huge monkey wrench into a hugely important cog of the entire U.S. mortgage market, the Mortgage Electronic Registration System, Inc. known as MERS.
Click Here to Read: Oh my, oh MERS!...
Facing Foreclosure Without Missing A Payment: One Couple's Housing Nightmare
For the past 30 days, Kendra and Todd Parker have been trying to figure out what to tell their four children, fearing that they, like millions of other Americans facing foreclosure, could be tossed out of their home.
But unlike the vast majority of homeowners in their predicament, Kendra Parker says she can prove she and her husband have not missed a single mortgage payment.
Click Here to Read: Facing Foreclosure Without Missing A Payment: One Couple's Housing Nightmare...
But unlike the vast majority of homeowners in their predicament, Kendra Parker says she can prove she and her husband have not missed a single mortgage payment.
Click Here to Read: Facing Foreclosure Without Missing A Payment: One Couple's Housing Nightmare...
Which REO Should I Buy?
As we start the new year of 2011, it promises to be more of the same. The economy is still sluggish, unemployment remains high, and foreclosure rates are continuing to climb. The retirement accounts people have been counting on for years are now evaporating under the added strain of bad economic conditions, increased taxes and government intervention and a general malaise of the public towards the future.
Due to these factors many investors are finding it necessary to take a more active role in their investment strategies. They are no longer willing to let some “wall street” yuppie with no business experience handle their retirement accounts or more to the point, their family’s future. To some investors the answer is to take a more active role in controlling their investments by becoming involved with more tangible assets, ones they can see, touch, and feel – like real estate. For these awakened investors, owning rental property can be an extremely effective way to protect their capital and generate cash flow.
Click Here to Read: Which REO Should I Buy?...
Due to these factors many investors are finding it necessary to take a more active role in their investment strategies. They are no longer willing to let some “wall street” yuppie with no business experience handle their retirement accounts or more to the point, their family’s future. To some investors the answer is to take a more active role in controlling their investments by becoming involved with more tangible assets, ones they can see, touch, and feel – like real estate. For these awakened investors, owning rental property can be an extremely effective way to protect their capital and generate cash flow.
Click Here to Read: Which REO Should I Buy?...
Kelly-Moore Paints Unveils Its Top 10 Home Design Trends for 2011
Today's home, now more than ever, has become an epicenter for personal retreat. It's a place to escape and seek revitalization and renewal -- a safe haven and sanctuary to unwind and be at peace with the outer environment.
Mary Lawlor, manager of color marketing at Kelly-Moore Paints Company, Inc., a leader and innovator of waterborne-coating technology and the first major paint company to offer recycled paints, has identified 2011's Top 10 Home Design Trends to help homeowners reflect this sentiment.
Click Here to Read: Kelly-Moore Paints Unveils Its Top 10 Home Design Trends for 2011...
Mary Lawlor, manager of color marketing at Kelly-Moore Paints Company, Inc., a leader and innovator of waterborne-coating technology and the first major paint company to offer recycled paints, has identified 2011's Top 10 Home Design Trends to help homeowners reflect this sentiment.
Click Here to Read: Kelly-Moore Paints Unveils Its Top 10 Home Design Trends for 2011...
You’d Better Pay Attention to the Short Sale Settlement Statement
In the past, the average real estate agent didn’t spend too much time scrutinizing the estimated closing statements. Usually, that task would be left to escrow officers, title officers or lawyers. With short sales being the new normal, scrutiny of these statements in the early stages of a short sale transaction is vital.
Why? Well . . . the banks request the settlement statement as part of the short sale package. The short sale lien holders want to see their bottom line. How much money are they going to net? How many cents on the dollar will they be forgiving?
Click Here to Read: You’d Better Pay Attention to the Short Sale Settlement Statement...
Why? Well . . . the banks request the settlement statement as part of the short sale package. The short sale lien holders want to see their bottom line. How much money are they going to net? How many cents on the dollar will they be forgiving?
Click Here to Read: You’d Better Pay Attention to the Short Sale Settlement Statement...
Fed Official Calls For Major Foreclosure Reforms
A top federal regulator told bankers on Friday that a major investigation into Wall Street's foreclosure system has revealed a "broken" process that takes advantage of homeowners, further intensifying the debate over regulatory remedies to potential foreclosure fraud.
Mortgage companies have been accused of submitting fraudulent paperwork in the foreclosure process, prompting a brief suspension of foreclosures by several major servicers in the fall. This spectacle has undermined public faith in President Barack Obama's signature foreclosure-relief effort, the Home Affordable Modification Program, which relies on servicers to implement all of its critical components. The National Consumer Law Center estimates that half of the foreclosure cases it takes on are driven by improper actions by mortgage servicers, rather than fundamental problems with a borrower's ability to pay off a mortgage.
Click Here to Read: Fed Official Calls For Major Foreclosure Reforms...
Mortgage companies have been accused of submitting fraudulent paperwork in the foreclosure process, prompting a brief suspension of foreclosures by several major servicers in the fall. This spectacle has undermined public faith in President Barack Obama's signature foreclosure-relief effort, the Home Affordable Modification Program, which relies on servicers to implement all of its critical components. The National Consumer Law Center estimates that half of the foreclosure cases it takes on are driven by improper actions by mortgage servicers, rather than fundamental problems with a borrower's ability to pay off a mortgage.
Click Here to Read: Fed Official Calls For Major Foreclosure Reforms...
They're Rich And Famous And In Foreclosure
How does Nicolas Cage get behind on his mortgage payments? The same way other rich and famous people do.
"They've stretched themselves higher than they probably should have," says John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures. Some couldn't keep up when the rates on their adjustable rate mortgages shot up, Anderson says. Price drops at the high end of the market were so steep that a sale wouldn't cover the debt. In other words, high-end homeowners face the same problems that plague the not-so-rich-and-famous.
"They've stretched themselves higher than they probably should have," says John Anderson, owner of Twin Oaks Realty in Minneapolis and a National Association of Realtors expert in foreclosures. Some couldn't keep up when the rates on their adjustable rate mortgages shot up, Anderson says. Price drops at the high end of the market were so steep that a sale wouldn't cover the debt. In other words, high-end homeowners face the same problems that plague the not-so-rich-and-famous.
Real Estate That's Changed Hands in World's Priciest Divorces
Valentine's Day might be a time to celebrate love for one another, but let's not forget what happens when things turn sour. Of the umpteen romances that began with Champagne and strawberries, chocolate and love letters, many have ended in acrimony, alimony, and the financial strain of divorce. When some of the world's richest people break it off, the resulting settlements are sizable, and often include some eye-popping real estate. Rupert Murdoch, he of many hideouts, holds the dubious honor of participating in the most expensive divorce of all time: a whopping $1.7B. But seeing as we've already given the media mogul enough attention in these parts, we will delve into the ranks to find some more real estate lost or gained as a result of conjugal discord. So while you spend the night cuddling with a special someone—hey, even if you're all alone!—just be happy you haven't spent more than $150M on a marital mistake...yet.
Click Here to Finish Reading: Real Estate That's Changed Hands in World's Priciest Divorces...
Despite Fears About Buying A Home, Now May Be The Time
Interest rates are near historic lows. Real estate is more affordable than it was three years ago. And the inventory of homes for sale gives buyers more choices than they’ve had in years.
So why aren’t more people buying?
Certainly, there are scores of potential buyers who no longer can qualify for loans under today’s tighter lending criteria. And others can’t because of layoffs, pay cuts and other recessionary hardships.
Even among those who can and want to buy, many are still holding off out of fear that it just isn’t the right time, but are they missing an opportunity?
“Consumer confidence is really low,” said Eric Allen, director of Metrostudy in Salt Lake City, which tracks the housing market.”
Click Here to Read: Despite Fears About Buying A Home, Now May Be The Time...
Garage For Sale — Oh, And With A House Attached
Molly and Stan Hyman are hitting the road and they've put their garage up for sale.
And by the way, their six-car garage comes with a house.
The Burbank couple are automobile enthusiasts and restorers who in 1995 custom-built their garage/house to give themselves room to rebuild and showcase vehicles.
Click Here to Read: Garage For Sale — Oh, And With A House Attached...
And by the way, their six-car garage comes with a house.
The Burbank couple are automobile enthusiasts and restorers who in 1995 custom-built their garage/house to give themselves room to rebuild and showcase vehicles.
Click Here to Read: Garage For Sale — Oh, And With A House Attached...
Towards A Fannieless Future Or Maybe Not
Well the Obama administration’s proposal(s) for remaking the country’s mortgage finance system has finally arrived. It, to my mind, is both a reminder of the paucity of leadership we currently enjoy as well as an important document around which to frame, hopefully, a private system which delivers unsubsidized mortgages.
As with health care, Obama has once again displayed his preference for allowing Congress to bang out the nuts and bolts of a major policy. He has perhaps taken it a step further this time by offering up a menu of possible structures, lest he be tagged with advocating something that might need a defense in the 2012 elections.
Click Here: Towards A Fannieless Future Or Maybe Not...
As with health care, Obama has once again displayed his preference for allowing Congress to bang out the nuts and bolts of a major policy. He has perhaps taken it a step further this time by offering up a menu of possible structures, lest he be tagged with advocating something that might need a defense in the 2012 elections.
Click Here: Towards A Fannieless Future Or Maybe Not...
Mystery European Buys ‘The Castle’ Home For $17.5-Million
Kris and Margaret Isberg also severed a 100 x 190-foot lot from the site as part of the sale, squeezing another $6-million out of the property and ensuring a tidy $5-million profit on their investment.
Click Here to Read: Mystery European Buys ‘The Castle’ Home For $17.5-Million...
How To Do Short Sales: The Benefits For Everyone Involved
Learning how to do short sales in the current changing marketplace is really challenging to keep up with, it’s an essential thing to do nowadays. If you’re able to disconnect and discover how to do short sales properly from individuals who can verify for you that they know what they’re speaking about then you’re going to be able to wrap your brain around the concept much easier.
You need to know the best way to be successful in this particular market to really make it and virtually all Real Estate Agents haven’t been educated the proper way. Most Realtors still don’t understand how to do them and in addition they say that they would rather not learn because of how hard they heard they are. Crazy huh? So… Precisely how to complete them the correct way without having to be scammed by fake authorities and worthless real estate “experts” who’re asking for you for precisely the same outdated re-written information.
Click Here to Read: How To Do Short Sales: The Benefits For Everyone Involved...
You need to know the best way to be successful in this particular market to really make it and virtually all Real Estate Agents haven’t been educated the proper way. Most Realtors still don’t understand how to do them and in addition they say that they would rather not learn because of how hard they heard they are. Crazy huh? So… Precisely how to complete them the correct way without having to be scammed by fake authorities and worthless real estate “experts” who’re asking for you for precisely the same outdated re-written information.
Click Here to Read: How To Do Short Sales: The Benefits For Everyone Involved...
30% Of Mortgages Are Underwater
Sometime, somehow, the foreclosure crisis will ease. But probably not anytime soon.
Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.
Now 27% of homeowners with mortgages owe more than their homes are worth. That's up from 23.2% a quarter earlier.
Click Here to Read: 30% Of Mortgages Are Underwater...
Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.
Click Here to Read: 30% Of Mortgages Are Underwater...
Friday, February 11, 2011
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Cost-Effective Ways To Boost Curb Appeal
Anyone who's ever bought, sold or even just looked at a house can tell you first impressions matter. A house can be filled to the rafters with luxury touches, but if it lacks curb appeal, few potential buyers will ever step in the door to see what's inside.
With real estate sales still sluggish across the country, curb appeal is taking on a new meaning for many homeowners. While an attractive home exterior can still boost potential resale value, homeowners are also looking at curb appeal as a way to enhance the enjoyment of their homes. Giving the exterior of their home a facelift not only makes the house stand out on the street, it also allows homeowners to "move up" without the expense of remodeling or moving.
Click Here to Read: Cost-Effective Ways To Boost Curb Appeal...
With real estate sales still sluggish across the country, curb appeal is taking on a new meaning for many homeowners. While an attractive home exterior can still boost potential resale value, homeowners are also looking at curb appeal as a way to enhance the enjoyment of their homes. Giving the exterior of their home a facelift not only makes the house stand out on the street, it also allows homeowners to "move up" without the expense of remodeling or moving.
Click Here to Read: Cost-Effective Ways To Boost Curb Appeal...
America's Most Decadent Kitchens
You need do no more research than watch a rerun of reality show The Osbournes to confirm that kitchens are the epicenter of American family life. We use them to cook, eat, congregate and mingle. So it's no wonder that home buyers fork over top dollar to create lavish spaces to dish out food.
Forbes has compiled a list of 15 U.S. homes for sale with dream kitchens a professional chef would salivate over. Our friends at Realtor.com, Trulia.com, Sotheby's International Realty and Coldwell Banker Previews International nominated dozens of luxury homes for the list. All contenders offered delectable cook spaces, but those selected from among homes ranging in price from $2 million to $68 million stood out for unique amenities or jaw-dropping layouts.
Click Here to Read: America's Most Decadent Kitchens...
Be Smart When Buying A Home Warranty
Consumers considering a home warranty need to do their homework and make sure they understand exactly what they are buying -- or possibly risk facing disappointment. Unfortunately, others have.
For the sixth consecutive year, companies that service home warranties -- service contracts designed to cover the cost of repair and replacement of common household appliances and home systems -- topped the worst-graded categories list compiled annually by Angie's List, an Indianapolis-based consumer ratings and review service with more than 1 million paid members.
Fifty-four percent of reviews submitted on home-warranty companies in 2010 rated poorly. Most of the complaints lodged concerned communication and professionalism, with many based on a misunderstanding about what the warranties covered and the quality of the repair work ultimately done.
Click Here to Read: Be Smart When Buying A Home Warranty...
For the sixth consecutive year, companies that service home warranties -- service contracts designed to cover the cost of repair and replacement of common household appliances and home systems -- topped the worst-graded categories list compiled annually by Angie's List, an Indianapolis-based consumer ratings and review service with more than 1 million paid members.
Fifty-four percent of reviews submitted on home-warranty companies in 2010 rated poorly. Most of the complaints lodged concerned communication and professionalism, with many based on a misunderstanding about what the warranties covered and the quality of the repair work ultimately done.
Click Here to Read: Be Smart When Buying A Home Warranty...
To Rent or Buy a Home?
In finding a house, it is critical to decide whether you’re going to rent it or buy it. Nonetheless, surveys say that buying a house will benefit you more in the long run compared to just renting a home; then again, all of it still basically comes down to what your needs are and what you can afford at the moment.
Click Here to Read: To Rent or Buy a Home?...
Click Here to Read: To Rent or Buy a Home?...
The Art Of Buying Good Art For Your Home
The walls are freshly painted, the hardwood floors gleam and the granite countertops complete your dream house — almost. Something is missing: a painting, print or sculpture that will complete the picture. But good art, you’re told, is quite expensive, and you’re not an expert.
What should you look for, and where? And how do you know if you’re getting good art?
Click Here: The Art Of Buying Good Art For Your Home...
What should you look for, and where? And how do you know if you’re getting good art?
Click Here: The Art Of Buying Good Art For Your Home...
BofA Creates New Unit, Names Foreclosure Czar
Bank of America Corp appointed on Friday a new foreclosure and loan modifications czar, and created a new unit to oversee problem home loans in a bid to sort out its ongoing foreclosure issues, becoming the first large U.S. bank to do so.
The new unit creates a seventh major division at the bank reporting directly to Chief Executive Brian Moynihan, an indication that the largest U.S. mortgage servicer is attempting to be more aggressive in resolving its problem loan portfolio.
Analysts said the move is a signal that major U.S. mortgage lenders have not yet turned the corner on dealing with the problem home loans on their books.
Click Here to Read: BofA Creates New Unit, Names Foreclosure Czar...
The new unit creates a seventh major division at the bank reporting directly to Chief Executive Brian Moynihan, an indication that the largest U.S. mortgage servicer is attempting to be more aggressive in resolving its problem loan portfolio.
Analysts said the move is a signal that major U.S. mortgage lenders have not yet turned the corner on dealing with the problem home loans on their books.
Click Here to Read: BofA Creates New Unit, Names Foreclosure Czar...
Realtor, Home Seller Baffled When Bank Rejects Its Own Offer
Stacy Baker fought for two years to sell her father’s house and to keep it from being auctioned off, but lost the fight even after her real estate agent said an offer was made to the bank that met its own conditions.
Baker’s father was 61 when he succumbed to complications from a heart transplant, and she said her father probably realized “it was the wrong decision after he bought it.”
Click Here to Read: Realtor, Home Seller Baffled When Bank Rejects Its Own Offer...
Baker’s father was 61 when he succumbed to complications from a heart transplant, and she said her father probably realized “it was the wrong decision after he bought it.”
Click Here to Read: Realtor, Home Seller Baffled When Bank Rejects Its Own Offer...
Understanding the Mansion Tax
ccording to Wikipedia, a "mansion" is a "very large dwelling." U.S. realtors define a mansion as a dwelling of over 8,000 square feet, whereas a traditional European mansion was defined as a house which contained a ballroom and ten or more bedrooms.
While most homes in Edgemont and Scarsdale do not contain a ballroom, many property owners might feel as if they are taxed like mansions.
If you are lucky enough to afford a home valued at over a million dollars, you should be aware of New York tax law, section 1402-a, which imposes a one percent tax upon the buyer in the purchase of residential one, two or three family homes, including condominium or cooperative units.
This tax is more commonly known as the “mansion tax."
Click Here to Read: Understanding the Mansion Tax...
While most homes in Edgemont and Scarsdale do not contain a ballroom, many property owners might feel as if they are taxed like mansions.
If you are lucky enough to afford a home valued at over a million dollars, you should be aware of New York tax law, section 1402-a, which imposes a one percent tax upon the buyer in the purchase of residential one, two or three family homes, including condominium or cooperative units.
This tax is more commonly known as the “mansion tax."
Click Here to Read: Understanding the Mansion Tax...
Getting The Job Done: Home Stager Prepares For The Sale
With so many homes for sale, sellers are looking to find any advantage they can to set their home apart from their neighbors. Home-staging businesses, assisted by numerous home-staging and decorating television shows, have sprouted to fill the need.
Carmen Wilber of DeLand started Style Fusion Home Staging last summer with her husband, Michael, helping her market the company. She is an accredited staging professional by the International Association of Home Staging Professionals.
Click Here to Read: Getting The Job Done: Home Stager Prepares For The Sale...
Carmen Wilber of DeLand started Style Fusion Home Staging last summer with her husband, Michael, helping her market the company. She is an accredited staging professional by the International Association of Home Staging Professionals.
Click Here to Read: Getting The Job Done: Home Stager Prepares For The Sale...
Unsold Mansions: The Elite Go Begging
About 45 homes are for sale in the Tucson area with price tags over $2 million.
Some are tucked into secluded, cactus-laden canyons. Others are perched on rocky outcroppings overlooking the city. Many sit alongside lush golf courses in gated communities.
For the most part, they have something in common: They're not selling.
Five homes priced above $2 million sold in 2010. If that pace continues, it'll take about nine years to work through the existing inventory - and that's assuming no more come onto the market.
Click Here: Unsold Mansions: The Elite Go Begging...
Some are tucked into secluded, cactus-laden canyons. Others are perched on rocky outcroppings overlooking the city. Many sit alongside lush golf courses in gated communities.
For the most part, they have something in common: They're not selling.
Five homes priced above $2 million sold in 2010. If that pace continues, it'll take about nine years to work through the existing inventory - and that's assuming no more come onto the market.
Click Here: Unsold Mansions: The Elite Go Begging...
U2's The Edge in Row Over Malibu Home Plans
U2 guitarist The Edge is locked in a dispute with California authorities over plans to build five new luxury homes near Malibu, with officials claiming they would harm the local environment.
The star -- real name David Evans -- wants to build the houses on a ridge in the hills overlooking Malibu up the Pacific coast from Los Angeles, and has set up a website boasting they are environmentally-friendly.
But the California Coastal Commission has filed a report recommending that the planning applications be rejected when they go before local lawmakers next week.
Click Here to Read: U2's The Edge in Row Over Malibu Home Plans...
Even More Millionaires Defaulting on Mortgages
The RealtyTrac organization predicted earlier this month that home foreclosures in 2011 will likely exceed the record 3.8 million reported in 2010.
CBS News correspondent John Blackstone reports one group of mortgage defaulters seems to be bucking the trend. In wealthy communities like La Jolla, Calif., living near the ocean is a privilege that many homeowners are willing to pay millions for.
For Darren Thomas that ocean view was quickly losing its value. He says, "I bought it for [$1.385 million]. It is worth less than [$800,000], maybe less."
Click Here to Read: Even More Millionaires Defaulting on Mortgages...
CBS News correspondent John Blackstone reports one group of mortgage defaulters seems to be bucking the trend. In wealthy communities like La Jolla, Calif., living near the ocean is a privilege that many homeowners are willing to pay millions for.
For Darren Thomas that ocean view was quickly losing its value. He says, "I bought it for [$1.385 million]. It is worth less than [$800,000], maybe less."
Click Here to Read: Even More Millionaires Defaulting on Mortgages...
Wednesday, February 2, 2011
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Defaulted Loans,
Foreclosure,
Luxury Homes,
Wealthy
The Home's Changing Financial Role
Homeownership used to be the bedrock of the American dream, but the economic storm and its lasting effects have radically changed how everyone — no matter what stage of life they're in — looks at their home.
Many potential home buyers are now hesitating, taking a closer look at their options. "People are starting to realize that the American dream of homeownership is not right for everyone," Kim McGrigg, community manager at Money Management International, a non-profit consumer credit counseling service.
Click Here to Read: The Home's Changing Financial Role...
Many potential home buyers are now hesitating, taking a closer look at their options. "People are starting to realize that the American dream of homeownership is not right for everyone," Kim McGrigg, community manager at Money Management International, a non-profit consumer credit counseling service.
Click Here to Read: The Home's Changing Financial Role...
Traps Foreclosure Buyers Need To Know
Interest in buying foreclosures is on the rise and the statistics show that nearly half of all home sales are distressed properties.
Even though it is hard to argue that these deals are the best pricewise, home buyers need to be aware of possible traps that exist when dealing with foreclosures and bank owned properties.
If you are thinking of buying a foreclosure at auction keep in mind that most likely you will not have an opportunity to see the property inside. Auction buyers usually don’t have the time to ensure they are getting a clear title and possible deficiencies may exist.
Click Here to Read: Traps Foreclosure Buyers Need To Know...
Even though it is hard to argue that these deals are the best pricewise, home buyers need to be aware of possible traps that exist when dealing with foreclosures and bank owned properties.
If you are thinking of buying a foreclosure at auction keep in mind that most likely you will not have an opportunity to see the property inside. Auction buyers usually don’t have the time to ensure they are getting a clear title and possible deficiencies may exist.
Click Here to Read: Traps Foreclosure Buyers Need To Know...
Tuesday, February 1, 2011
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Labels:
Foreclosure,
Home Buyers,
Home For Sale,
Real Estate Investing
Banks still holding 70% of REO from market
RealtyTrac Senior Vice President Rick Sharga said major banks currently hold roughly 1 million REO, or homes repossessed through foreclosure, but only 30% have actually made it onto the market.
RealtyTrac is an online real estate channel where potential homebuyers look for properties discounted after the foreclosure process, along with more traditional sales. It also puts out monthly foreclosure numbers across the country by tracking filings from notices of default through repossession at the county level.
Click Here: Banks still holding 70% of REO from market...
RealtyTrac is an online real estate channel where potential homebuyers look for properties discounted after the foreclosure process, along with more traditional sales. It also puts out monthly foreclosure numbers across the country by tracking filings from notices of default through repossession at the county level.
Click Here: Banks still holding 70% of REO from market...
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