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Title fiasco prompts real estate disclosure

By Robert Bruss, Wednesday, March 31, 2004.

Real estate developer 2,022 Ranch LLC bought 2,022 acres of land for development of residences. Chicago Title Co. issued a preliminary title report showing 16 title encumbrances and exceptions against the property.

The buyer agreed to proceed with the purchase, subject to the 16 title liens. The sale closed in May 2000 for $5 million. But in July 2000, Chicago Title issued its owner's title policy that showed 16 additional title exceptions, such as easements and boundary discrepancies.  more...

Closet doors slide into real estate fashion

By Bill and Kevin Burnett, Wednesday, March 31, 2004.

Q: I want to paint my master bedroom, but I don't know what to do about the sliding closet doors. I know I can paint the Masonite, but I am unsure about the trim, which appears to be a powder-coated metal.

The painted trim that I have seen looks pretty tacky, but then the doors are pretty tacky, so I'm considering replacing them. A casual perusal of a couple of home stores, however, has revealed only mirrored doors (yuck) – so I am wondering what you would suggest.  more...

'Tips and Traps When Selling a Home'

By Robert Bruss, Tuesday, March 30, 2004.

He's done it again. Prolific real estate author Robert Irwin's "Tips and Traps When Selling a Home, Third Edition" is another superb new book written by an experienced realty broker and investor. Irwin's latest book reveals insider tips many other "how to sell your home" books overlook.  more...

Weak inspection hints at Realtor kickback

By Barry Stone, Tuesday, March 30, 2004.

Dear Barry,

The house we just bought has problems that were missed or minimized by our home inspector. The main one involves the toilet, which he reported as loosely attached to the floor. He said this was not a major problem but that it should be checked. We bought the house as is but have now learned that there's a major leak in the toilet drainpipe. The plumber quoted $900 for the repair. We relied on our inspector but now believe that he was incompetent or dishonest. Maybe he took a payback from the Realtor to help close the deal. Is this possible? –Dave  more...

Is $250,000 tax break available to rental house seller?

By Robert Bruss, Monday, March 29, 2004.

DEAR BOB: I lived in my property for more than 10 years and have rented it for two years. Now I plan to sell it. Will I owe the government any tax for the equity? – Luz C.

DEAR LUZ: If your property is a single-family house, it sounds like you are eligible for the Internal Revenue Code 121 principal residence sale exemption up to $250,000 (up to $500,000 if you are married, filing jointly and your spouse also meets the occupancy test).

Purchase Bob Bruss reports online.  more...

What isn't disclosed under Truth in Lending Act?

By Jack Guttentag, Monday, March 29, 2004.

"Is there anything important that I ought to know when I shop for a mortgage that lenders are not required to disclose to me under Truth in Lending?"

Great question. I have identified five pieces of information that meet your specs. Not all apply to every borrower, but some do.

  • Does my loan have a prepayment penalty clause? This is a biggie that applies to every borrower.  more...

    • Pros, cons of real estate pre-inspections

    By Dian Hymer, Monday, March 29, 2004.

    Imagine this. You list your home for sale. Buyers are lining up to take a look. The inventory is so skimpy that buyers are having your home inspected even before making an offer. In so doing, they hope to out-fox the competition by making an offer that doesn't include an inspection contingency.  more...

    Mortgage rates expected to rise on job report

    By Lou Barnes, Friday, March 26, 2004.

    Rates are rising today, for the first time this month, in reaction to actual news and fear of next week's news. Mortgages have the potential quickly to depart March's sub-5.5 percent range in favor of the 6 percent-ish level of the prior four months.

    The damage has been done by reports of a surprise, though modest, improvement in confidence among consumers, and that the Fed may be succeeding in its effort to increase the inflation rate (to "reflate") from too-low, sub-1 percent territory.  more...

    Real estate agents capitalize on competitor flaws Premium Content

    By Bernice Ross, Friday, March 26, 2004.

    Worried about competing with the big-name company down the street? How about all those lead generation companies who keep increasing their market share? No matter whom your competitor is, their model does have a "fatal flaw." Finding it and turning it to a competitive advantage will keep you on top.  more...

    Is it smart to buy or sell home 'as is'?

    By Robert Bruss, Friday, March 26, 2004.

    Exactly what does an "as is" home sale mean? I'm often asked that question. The answer is surprisingly simple.

    An "as is" home sale means the house or condo seller refuses to pay for any repairs of defects in the residence. In states that require home sellers to disclose known defects, an "as is" sale is not a way to evade the seller's obligation to tell the buyer about problems with the property.

    Purchase Bob Bruss reports online.  more...

    Intercom systems keep getting better, cheaper

    By Paul Bianchina, Friday, March 26, 2004.

    Do you ever wish you could talk to someone at the front door while you're upstairs or monitor the sounds from the baby's room while you're in the kitchen? A central intercom system will allow you to do just that, and more. You can pipe music through the house, call everyone for dinner, even remotely scan a security camera at the front or back door–all from a central location.  more...

    Zero Energy House reinvents resource efficiency

    By Katherine Salant, Friday, March 26, 2004.

    (Part 1 of a two-part series on zero-energy houses)

    Most people categorize houses by style, as in Victorian or Spanish, or by floor plan, as in ranch or center hall. The Environmental Protection Agency and the U.S. Department of Energy want you to categorize houses by attribute, as in energy-hog or energy-efficient.

    The energy-hog house is not hard to describe. It has single-pane windows, minimal insulation in the walls and attic and 10-to-15-year-old appliances that suck up electricity like there's no tomorrow.  more...

    Handwritten sales contract presents real estate snag

    By Robert Bruss, Wednesday, March 24, 2004.

    Lawrence contacted Donald, owner of many large apartment buildings in the vicinity, about buying several of Lawrence's apartment properties. During their meeting, Donald prepared a handwritten "Contract for Sale of Real Property," which listed the five buildings Lawrence wanted to sell to Donald.

    The memorandum identified the five buildings. Two of the sales closed without problems. However, Lawrence later refused to deliver titles to the remaining three apartment properties. He said the handwritten memorandum was too indefinite.  more...

    Volunteer group rescues low-income houses

    By Tom Kelly, Wednesday, March 24, 2004.

    The elderly caller to the radio program felt embarrassed–almost guilty–because her long list of household repair items seemed to be growing larger by the day.

    "Don't even think twice about it," said John Thuma, Northwest executive director of Rebuilding Together, a chapterof the nation's largest volunteer organization preserving and revitalizing low-income houses and communities. "You are absolutely the type of person we are hoping to help."  more...

    Universal vent cap solves kitchen leak

    By Bill and Kevin Burnett, Wednesday, March 24, 2004.

    Q: Every time it rains hard and with wind blowing from a certain direction, water comes down my kitchen range hood's ventilation pipe. Usually the water is contained to the two plastic drawers at the back of the hood. But during a recent storm, water dripped from one of the two fans.  more...

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