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Is tenant monkeying with disabilities law?

By Janet Portman, Thursday, August 13, 2009.

Q: My apartment complex specifies "no pets." A tenant has just asked for permission to keep a monkey -- no, she didn't even ask, she announced that the monkey would be living with her. She claims she needs it as a service animal, and she has shown me a letter from her doctor, which says that in his opinion, she needs the animal. Do I have to allow the monkey? --Jared D.

A: A service animal is "any animal individually trained to do work or perform tasks for the benefit of an individual with a disability," according to the Americans with Disabilities Act. When that law was signed in 1990, it's doubtful that Congress envisioned much more than seeing eye dogs, but the definition has been expanded in states (and some cities) that have written their own, more inclusive, protections.  more...

The stigma of FHA financing

By Tara-Nicholle Nelson, Thursday, August 13, 2009.

Q: I've been looking to take advantage of the lower prices on the market, and have been approved for an FHA-insured loan with a 3.5 percent down payment, though I plan to put down slightly more than that. I have made several offers on homes where mine was not the only offer. More than once, my offer was rejected -- and the listing agent said the reason was that my offer had FHA (Federal Housing Administration) financing. And several other times, I've seen properties that I'm interested in and my Realtor says the confidential remarks say no FHA offers will be looked at.

I don't understand why the seller cares whether my loan is an FHA loan or not -- they're going to get the same amount of money no matter what, right?  more...

Are you eligible for a loan mod?

By Bernice Ross, Thursday, August 13, 2009.

In case you haven't heard, the Obama administration has asked major lending institutions to commit to doing at least 500,000 loan modifications before then end of 2009. Is this a viable solution for your home?

Have you lost your job? Has your income declined significantly since you first purchased your home? Has your mortgage readjusted to a higher interest rate that you can't afford? If so, there's a good chance that you may be eligible for a loan modification.  more...

The numbers game in real estate values

By Teresa Boardman, Thursday, August 13, 2009.
Flickr image by <a href="http://www.flickr.com/photos/untitlism/2580895574/" target=blank>Untitled blue</a>.

Recently, one of my listings did not appraise.

Actually, it never even got an appraisal because the lender decided that it wasn't worth the expense after viewing the results of a computer-generated report. It was a questionable business practice on the lender's part and one that I hope I never see again.

The computer-generated valuation used properties that are two miles from the subject property, and most were foreclosures.  more...

Another record for foreclosures in July Premium Content

By Inman News, Thursday, August 13, 2009.
Flick image by <a href="http://www.flickr.com/photos/calliope/634168638" target=blank>Muffet</a>.

The number of properties subjected to foreclosure-related filings grew 7 percent from June to July, with one in 355 homes being hit with an initial default notice, notice of foreclosure sale, or foreclosed on and repurchased by a bank, data aggregator RealtyTrac reported today.

The 360,149 foreclosure-related filings tallied by RealtyTrac in July represented a 32 percent increase from a year ago, and the third record in five months.  more...

Sunshine for Florida real estate? Premium Content

By Glenn Roberts Jr., Thursday, August 13, 2009.
Fort Myers, Fla. Flickr photo by <a href="http://www.flickr.com/photos/lfc_red/2607615427/">albertheaps</a>.

While the median resale home price in the Fort Myers, Fla., area has been sawed in half in the past year, according to industry data, real estate professionals say they are seeing a sales boom that may hoist the market from the doldrums.

On Thursday, the National Association of Realtors reported that the median price of previously owned single-family homes in the Cape Coral-Fort Myers metro area in Southwest Florida flew down 52.8 percent in one year, from $178,100 in second-quarter 2008 to $84,000 in second-quarter 2009.  more...

Fed winding down Treasury purchases

By Inman News, Thursday, August 13, 2009.

The Federal Reserve will continue a program to purchase up to $1.25 trillion in mortgage-backed securities by the end of the year to keep mortgage rates down, but will wind down $300 billion in purchases of Treasury securities by the end of October.  more...

Make money from second-home rental

By Tom Kelly, Thursday, August 13, 2009.

While family and friends can be the key to a successful vacation rental property, they also can be a major pain in the backside.

One of the most difficult things to handle -- and the biggest obstacle to your bottom line -- is when Uncle Fred wants to use your getaway for two nights -- midweek -- during the final week of the peak rental season when you could have booked the place for top dollar for 30 consecutive nights.

If there is no way around Uncle Fred's two-day presence, ask if he can move his dates to the beginning or end of the rental week when you still could salvage four or five nights of prime rental income. If that's also impossible, call the renters on both ends of Fred's dates and ask if they would like additional days at a reduced rate. You could turn out to be a real hero to both groups, especially if they are arriving by car and don't have to alter their airplane dates.  more...