Category: Real Estate
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My Parent Will Move Into Our In-Law Cottage. What Are Her Rights If My Spouse and I Divorce?
These days, more local governments are making way for deed holders to build in-law cottages, formally known as accessory dwelling units, as additions to the home or separate structures on the same lot as the main house. Many of these deed holders will consider this an opportunity to add value to their homes and…
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It’s the Perfect Home. Should I Include an Escalator in My Purchase Offer?
When you make an offer on that dream home, your agent might suggest using an escalator, also known as an escalation clause. When your written purchase offer has an escalation clause, it raises your purchase price by a certain amount above competing offers, until the offer reaches the highest you’re willing to pay. Through the…
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My Home Has Unpermitted Upgrades. Can I Transfer the Deed?
It’s a common situation. You did some DIY renovating. You didn’t realize you needed permits. Turns out, you did. Or perhaps the person who sold you the home was a DIY buff and did substantial upgrades without permission. What now? How might unpermitted renovation work affect the title to the home? And will unpermitted work…
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Want to Buy a Bank-Owned Home? Behind the Scenes in an REO Deed Transfer
Real estate owned (REO) homes are properties that were taken back by mortgage lenders. A bank-owned home can be a good deal. These properties tend to be sold for below market value, as lenders don’t like to be stuck with houses. Buyers might finance REO purchases using loans backed by Freddie Mac, Fannie Mae,…
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Deed Holder Rights: What to Do If a Neighbor Damages or Destroys Your Tree
Trees are some of the most beautiful, valuable, and cherished features a home could have. That said, trees can also become points of contention between deed holders. Especially if a tree is near the property’s boundary line, misunderstandings can easily arise. At that point, deed holders wonder about their rights and obligations concerning the tree.
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Deed Holders’ Rights and the Rise of Flock Cameras
Flock cameras have become a controversial addition to neighborhoods across the country. They’ve been purchased by police, private and commercial property owners, campuses, and homeowners’ associations (HOAs). The Flock Safety corporation has been under increasing scrutiny over concerns about invasions of privacy. Deed holders have a range of opinions and feelings about these cameras. But…
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This Week’s Big News for Deed Seekers: Fannie and Freddie Shift to VantageScore® in Loan Decisions
The price of stock in Fair Isaac, a.k.a. FICO®, just tanked. It happened after the Federal Housing Finance Agency (FHFA) director announced a change in the way Fannie Mae and Freddie Mac will consider an applicant’s credit scores. (The FHFA oversees Fannie and Freddie.) Fair Isaac stock plummeted more than 25% on the last Tuesday…
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Should I Buy a Home Now? Or Wait for Lower Mortgage Rates?
Remember when market watchers forecast mortgage rates under 6% this year? What happened? In the big picture, interest rates have been in a tug of war between the White House and the U.S. central bank. But at the end of the day, it’s the bankers’ job to set the federal funds rate. And they’re doing…
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Inheriting a Mortgage Along With a Deed? A Few Considerations on How to Respond
More than 40% of baby boomers still have a mortgage on their home. The great generational deed transfer has begun, and many homes are about to be passed to the next generation. Can homes get through probate and be passed to the next-generation owner(s) with their mortgages still in place? It’s possible. This is not…
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Their Fence Is Encroaching on Your Property. Could You Lose the Land?
It’s an odd legal concept. Building anything on the wrong side of a property boundary isn’t legal, but if nothing is done about it, the improper fence builder could become the owner of the enclosed land. So, say you’re uncertain about the placement of the fence. Your neighbor put it up six years ago. You…
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When Your Starter Home Becomes Your Forever Home: How to Weather the Lock-In Effect and Make the Most of Your Deed
Who wants to sell a home when they have a low-rate mortgage and land in a market where interest rates are twice as high? No wonder so many people are just sitting on their deeds. It’s the lock-in effect. We’ve been in it for four years… and counting. Make no mistake: deed holders are fortunate…
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Rich Buyer, Poor Buyer. When Mortgage Lenders Give Away Money, Who Gets It?
U.S. Treasury Secretary Scott Bessent recently declared that we’re getting past the “K-shaped economy.” In a K-shaped economy, lifestyles get better for those at the top, while others’ financial situations wilt. One segment of the population keeps climbing; the other keeps slipping. Pushing back at suggestions that the economy is returning to a balanced state,…
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Looking for Midterm Boosts, Trump Floats Capital Gains Tax Cuts. Should Deed Holders Tune In?
Trump officials are floating tax-break ideas in the lead-up to the midterm elections. One recently mentioned proposal: bigger capital gains exemptions for deed holders who decide to sell their homes. Under current law, the Internal Revenue Code’s Section 121 shields up to $250K of profits for single filers and $500,000 for married couples filing jointly.…
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Why Home Purchases Fail to Close (and How to Avert the Snafu)
On closing day, the buyer goes to their agent’s or real estate lawyer’s office, or the office of the settlement agent. The closing agent will give the buyer the papers to sign, one at a time. If you’re a buyer, you’ll be relieved and happy about the ritual. When it’s done, the deed is transferred…
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Forty Trillion and Counting: Massive U.S. Debt Is Already Impacting Deed Holders
The U.S. government’s debt appears to have reached escape velocity. It’s now passed the $40 trillion mark. This year, we the taxpayers will pump $5.6 trillion in revenue into the Treasury. The federal government will spend about $7.4 trillion. For each dollar we send it, our government spends $1.33. Our lawmakers know this. The figures…
