If you already have a 401(k) and want to get another retirement account, should you invest in a Roth IRA or a traditional IRA. Ilyce explains the difference between the Roth IRA, a traditional IRA and other retirement accounts. One of the main differences between a Roth IRA, traditional IRA and other retirement accounts is that Roth IRA's deal with after tax dollars as opposed to pre-tax dollars.
Is it better to handle escrow accounts yourself, or let your mortgage company handle escrow. Ilyce prefers to handle escrow herself rather than through her mortgage company. This way, the money in the escrow account earns interest and you know for sure you real estate tax bill will be paid on time.
Are real estate investment courses are a scam or the real deal - specifically Carleton Sheets' methods. Ilyce says she's read Sheets' real estate investment book, but finds others easier to read. Ilyce recommends other books on real estate investment to the reader that she feels are better.
What is required under seller disclosure? A few months after buying a home, the new homeowners realize they need a new furnace. but seller disclosure didn't indicate that there was anything wrong with the furnace. Ilyce asks if the homeowners had a home inspection prior to closing, and takes them through whether they have a case under seller disclosure - or lack thereof.
Does seller disclosure include telling your real estate agent about a noisy neighbor? Ilyce explains with seller disclosure, if you are asked about neighbors, you should answer honestly. But, seller disclosure does not mean that you have to voluntarily tell a buyer or real estate agent about the piano practice.
Can you refinance your mortgage after losing your job? Ilyce explains that without a regular source of income, like a full-time job, you will have a difficult time refinancing your existing loan or even getting a home equity loan or line of credit.
How do you know if your mortgage company is a predatory lender. A predatory lender often does not take your account out of arrears even if you pay your late payments plus interest to bring your account current. Call your attorney general's office and refinance the mortgage with another lender if you can.
What are the seller charges that are listed on the statement you receive from the title company after selling a home home. Ilyce explains that every state has taxes called transfer stamps that the seller must buy so the title company can put them on the deed before the home sale is final. The transfer taxes are public record, so you can check with the title company to see if you have been charged correctly.
What is the best way to give your home to another family member without incurring a large tax? Ilyce warns against transferring a house into another family's name because of gift tax implications. Instead the family member could buy the home from you, while you become the lender, loaning 100% of the money. This way you can avoid the gift tax, and pay a mortgage payment every month instead of rent.
What kind of personal and finance information is a seller required to disclose to their real estate agent? A seller wants to file a complaint about a real estate agent who has not been returning her calls. The seller says she did not tell the real estate agent that she was getting a divorce, but Ilyce says the agent works in the best interest of the seller, and personal information about getting a divorce should not matter. Ilyce suggests filing a complaint with the local real estate commission and with the Better Business Bureau.
