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Support builds for homebuyer tax credit Premium Content

By Inman News, Thursday, October 29, 2009.

The Obama administration is urging Congress to approve a limited extension of the first-time homebuyer tax credit, and a one-year extension of the temporary $729,750 loan limit in high-cost housing markets for mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac.

Senate Democrats are reportedly proposing an extension of the first-time homebuyer credit, due to expire on Nov. 30, to apply to homes under contract by April 30.  more...

In real estate agents we trust?

By Teresa Boardman, Thursday, October 29, 2009.

It is hard to imagine or to understand, but not everyone trusts real estate agents or Realtors. According to a Harris poll, 20 percent don't trust us at all and only 7 percent trust us completely.

As an industry we shoot ourselves in the foot when it comes to being trustworthy. One example is the press releases and other information from the National Association of Realtors (NAR). NAR is a huge trade association that promotes our industry. As such, NAR tends to put a positive spin on buying real estate.

In the land of NAR, it is always "a great time to buy" real estate.  more...

Signs it's too late to renegotiate offer

By Tara-Nicholle Nelson, Thursday, October 29, 2009.

Q: My fiancé found us a home and the sellers wanted $149,900 (if memory serves me correctly). He haggled them down to $145,000 and asked for the seller to pay 6 percent closing costs, but they would agree to only a 3 percent closing-cost credit. We've had the inspection, and everything has checked out. But now my fiancé is feeling as though he should have offered less than $145,000. My question to you is: Is it too late to renegotiate? We're new to this whole process of homebuying.

A: There are really two questions at issue here: Is it possible to renegotiate? And is it sensible to try to renegotiate? Whether or not it is possible, my advice is to manage your (and your fiancé's understandable, mild panic and fear that you might not have cut the absolute best deal possible without disrupting the entire transaction by trying to get a price reduction at this late date.  more...

Rent reduction sought for pool closure

By Janet Portman, Thursday, October 29, 2009.

Q: My sister has lived in a nice apartment building with about 200 units for 15 years and has enjoyed using the pool there each summer. This year, the owner decided to close the pool because of the maintenance expense, to the dismay of many tenants. The tenants met with the owner to discuss the issue and he said he would "sell" the pool to them for a penny and it would then be up to them to maintain it. Most of these people moved into the building thinking they would have continued use of the pool without the worry of maintenance or expense, and now they just walk by it each hot day to see it covered and going to waste! What is their recourse? --Pearl M.

A: Your sister's landlord is imaginative, I'll give him that. But he's also avoiding his contractual obligations, and even setting himself up for a nightmarish legal mess. Let's get to the simpler issue first.  more...

The pitfalls of property exchanges

By Tom Kelly, Thursday, October 29, 2009.

With the number of bargain properties now on the local real estate market, you would think both investors and owner-occupants would be racing to take advantage of attractive deals.

While many potential homeowners -- especially first-time buyers attempting to beat the Nov. 30 deadline and take advantage of the $8,000 federal tax credit -- have re-entered the market and have made compelling offers to purchase Puget Sound homes, investors have been reluctant to capitalize on reverse tax-free exchanges.  more...

Rethinking the assisted-living model

By Mary Umberger, Thursday, October 29, 2009.

Earlier this year, Steve Gurney was filling out an application for a small apartment. One of the things his new landlord wanted to know was which funeral home to contact if he died.

Gurney wasn't moving into an ordinary apartment -- he was going to an assisted-living facility, where the units usually are occupied by older people who aren't terribly sick but nonetheless need help with day-to-day activities.

Gurney isn't elderly -- he's 43, married and has two children. He's in good health.  more...