What can I do about inheriting property that has a mortgage? This reader wants to know if they can execute a quitclaim deed to absolve themselves of mortgage payment responsibilities. Q: I have inherited a 25 percent interest in a home along with three other siblings. I do not want my 25 percent and want [...]
Even investors experienced in flipping homes should be careful of new kinds of risk that come with flipping unfamiliar property. Q: Here's my dilemma. I've been buying tax foreclosed building lots and flipping them for over a decade. Because I get them at a steep discount, I also sell them at a steep discount. As [...]
It's heartbreaking when we hear stories of homebuyers falling victim to wire transfer fraud. Here are some ways to protect yourself. Q: Thank you for your article in the Chicago Tribune on wire transfer instruction. Three weeks ago we were given wire instructions by our escrow company and had no reason to believe that they [...]
Your listing broker isn't legally responsible for knowing about a tax lien, but they should be aware of qualities that will make a home harder to sell. Q: We placed a contract on a home that should never have been listed in the first place since it had over $150,000 in tax liens. Am I [...]
Owning real estate with relatives can be tricky. It’s especially tough if they neglect their homeownership duties and the home goes through a tax sale. Q: We lost a piece of property due to back taxes. The property was in the names of my husband and his two sisters and brother. None of them would help [...]
How to determine taxes after selling an inherited home. When selling an inherited home, especially if it's out of state, consider how it'll impact taxes. Q: We live in North Carolina but I also own a home in New York City with my four siblings. We inherited the home from our parents and now each [...]
With a family-owned property, the rules can get complicated. Here’s what you need to know. Q: Eight members, cousins and siblings, currently share ownership in a summer cottage in Maine. Our current rules have worked fine for over 80 years but as the family ownership expands, things will ultimately get more difficult. We are considering [...]
This post was updated September 20, 2017 and September 26, 2017. See below for most recent news. With all due respect to those injured by Hurricane Harvey and Hurricane Irma, it's the question of the week: What should you do about Equifax and your credit in the wake of the largest credit breech in history? [...]
When you’re selling a two-family home, your “cost basis” will determine the taxes you owe. Q: I am in the process of selling my two-family home I have owned it since 1997. I have done major repairs on the tenant’s apartment and am wondering how do I figure out the amount of the tax I’ll [...]
Selling a home for less than it is worth, even to a family member, has implications for your taxes. Q: My nephew bought my mother’s house four years ago for around $400,000. At the time, my mother was having financial issues and needed money. He is now willing to sell it back to her for [...]
