Will a loan from a family member impact my taxes? The IRS will treat the loan differently, depending on how you pay it back. Q: My mom is giving us money to buy a vacation home. We will pay her back monthly but it's more of a handshake agreement. Will there be any tax implications [...]
When a lack of seller disclosure and a bad home inspection collide, it causes expensive problems for these buyers. Here are a few suggestions for how they can move forward. Q: What are sellers required to disclose to buyers? We recently purchased a home in Houston, Texas. When we had the home inspected prior to [...]
How do I measure house square footage? Square footage is measured in surprising ways, and is done differently around the country, here’s what you need to know. Q: I'm buying a house in Pawling, NY. The measured indoor space (all rooms, closets, hallway, vestibule) equals 1,430 square feet while the house is listed at 1,680 [...]
When your short sale is a foreclosure in sheep’s clothing, what can you do to make sure you don’t lose any of your deposits? Here’s what I suggest. Q: I read with interest your definition of a short sale in a recent column in the real estate section of our paper. We have a contract [...]
These four financial resolutions for those buying a home in 2018, or those who wanna be home buyers can help them achieve their financial goals and move into that dream house. Home buyer demand is the strongest since 2000, according to a new survey from Genworth Mortgage Insurance. And, according the National Association of Realtors, [...]
Home buying in 2018? If you're looking to buy a home in 2018, you may be worse off than home buyers in 2017. Here's what you need to know. It’s been a rough couple of years for home buyers. At the beginning of 2016, we said, “be prepared to see higher prices and fewer homes [...]
A land contract purchase can cause confusion. When do you own the property? When does a land contract confer ownership? Q: I have a land contract to purchase my home in Flint, Michigan. I started to pay the seller, then after a few months my checks mailed to the seller were not being cashed [...]
Are you the victim of wire fraud? There are other financing options available that will still allow you to buy a home. Q: My wife and I recently moved and my son would like to buy our previous home (at a discount from the current market price). The home’s price and our capital gains are [...]
Is an inspection required when a home is gifted to you by a relative? This reader wants to know if she should get an inspection on the home that was gifted to her by a relative. Here’s what I suggest. Q: If a home is gifted to an adult child, does it need to be [...]
Can you keep the security deposit after a tenant breaks the lease? When a tenant breaks the lease on your rental property, you could be entitled to keep the security deposit based on your state’s laws. Q: Can I keep the security deposit my tenant gave me after he broke the lease? Here's what happened: [...]
