Home buyers are out in force. Sellers are scarce. The number of homes for sale on the market is as low as it was more than twenty years ago. As a result of supply and demand, half of all housing markets are overvalued in terms of price. The median home price in San Francisco is [...]
What might be hiding in the fine print of your mortgage documents? In this reader’s case, a prepayment penalty that they may not be able to get out of. Q: I recently took out a mortgage to purchase my first home. It’s a condo. I went with a non-traditional lender that offered a loan about [...]
Parents, children, estates and house titles: how does property title pass after death. What happens when a parent adds you to the title for estate planning. Q: My dad died quite some time ago and I have three siblings. We all get along but we all have different ideas on how to handle money. When [...]
There are a few reasons mortgage lenders are loosening regulations, one of which is a spike in late payments, but these roll backs won't be the cause of the next recession. I was asked on the radio last week if I thought mortgage lenders were loosening regulations too much. Steve Cochran, who hosts morning drive on [...]
When you get a low appraisal in a hot real real estate market, it could kill your deal. But there are a few things you can do before having to lower the list price or kill the deal. Q: I heard Ilyce recently on WBEZ radio. I'm moving to Chicago from Minnesota and was blown [...]
Real estate is always on my mind and in this article, I take a look at the current state of the US real estate market and what factors may be contributing to odd selling behaviors in certain markets. As we drove around the North Shore of Chicago this weekend, home to some of the most [...]
Old mortgages that have not been properly discharged might derail a home sale. What steps can they take to have the lender recognize the mortgage has been discharged? Q: I’m trying to sell my home and recently found out there is an old mortgage on the property from 20 years ago. The loan was never [...]
Tax liens can hang around, even after you file for bankruptcy. Here’s what you need to know to avoid issues post-bankruptcy. Q: I recently sold a property that had a tax lien on it along with a few other "things from the past." I had a wildly successful business for eleven years that failed after [...]
Is now a good time to buy or sell my property? It depends, home values are rising, but sales of new single-family homes are declining and there's a lack of new construction. It was a mixed bag of real estate news last week, with some positive and negative signs for the housing industry. Sales of [...]
This reader stopped paying his mortgage when his loan was sold. It’s been a few years since he made a mortgage payment and apparently has little contact with the lender. Q: My mortgage was sold to a loan processor in 2011. I got a welcome letter saying my payment was $635 when it really should [...]
