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Commission-saving book a blessing for home sellers

By Robert Bruss, Monday, May 31, 2004.

Despite the title of Robert Irwin's new book, real estate agents have nothing to fear from "Sell Your Home and Save Thousands on the Commission." At first I thought it was about how to sell a home without a real estate agent. Wrong! Then I thought it was about how to cut the realty agent's sales commission when listing a home for sale. Wrong again.  more...

Are interest-only mortgages good for retirees?

By Jack Guttentag, Monday, May 31, 2004.

"Does it make sense to use an interest-only loan to buy the home of our dreams? We feel that is the only way we will be able to afford it. We are near retirement age and will have significant equity in the house, but our income isn't large enough to afford more than the interest payment. I feel that in case of an emergency, we could apply for a reverse mortgage."  more...

Real estate not always secured with highest bid

By Dian Hymer, Monday, May 31, 2004.

Most sellers would be delighted to receive multiple offers. However, figuring out which offer to accept is not always as simple as you might think.

Suppose you receive three offers. One is for $495,000: your asking price. Another is for $10,000 more. And the highest offer is for $525,000–$30,000 over the list price. If you look at price alone, you'd have no reservations about accepting the highest offer.  more...

Inherited real estate faces capital-gains nightmare

By Robert Bruss, Monday, May 31, 2004.

DEAR BOB: I read with great interest your recent item about stepped-up basis on inherited property. My father-in-law recently passed away. My mother-in-law intends to stay in the house, which was built by her father in 1923. Should we at this time get an appraisal to establish her stepped-up basis due to my father-in-law's passing? My mother-in-law's will says when she dies the house will go to her three surviving children. Will there then be another new stepped-up basis? – Paul D.  more...

The mold scare: reaction vs. reality

By Barry Stone, Monday, May 31, 2004.

Dear Barry,

Do you think the mold issue has been exaggerated? I do. Mold has been on the earth for millions of years. How is it that all of a sudden, last year, mold became so toxic that people are now tearing down their homes, ripping out sheetrock, pulling out their hair, and spending untold millions annually on mold inspections and repairs. What is the source of this crazy new scare? Could you offer a more logical, even-handed response to this overblown issue? – Martin

Dear Martin,  more...

Economic growth at a standstill

By Lou Barnes, Thursday, May 27, 2004.

Mortgage rates fell to their lowest level in a month, down to 6.25 percent from the 6.5 percent peak.

The largest element in the decline has been the causeless relaxation common to market retracements after hysterical intervals. Wall Street operators often use the term "correction" in order to comfort a client's suddenly shirtless condition, but this bond-market bounce-back was legit.  more...

Real estate mastery an exclusive club Premium Content

By Bernice Ross, Thursday, May 27, 2004.

(Part 3 of a four-part series. See Parts 1, 2 and 4.)

Not everyone is cut out for a career in real estate sales. Do you have the "right stuff?"

The last two columns looked at what it takes to run a successful real estate business, as well as how to organize your business.  more...

Major lenders help 'down and out' buy real estate

By Robert Bruss, Thursday, May 27, 2004.

Are you less than perfect about paying your bills on time? Or maybe you pay your rent, utilities and other bills with cash or money orders so you have no credit record.

If that's your problem, you can still buy a house or condo.

Purchase Bob Bruss reports online.

Thanks to innovative outreach home mortgage programs from Fannie Mae and other major home loan lenders, if you have a reliable source of income you can probably buy a home.  more...

Proper masking essential to quality paint job

By Paul Bianchina, Thursday, May 27, 2004.

As any experienced painter will tell you, good painting is not about how to get the paint onto the surface – it's about how to keep it off everything else! A good masking job is every bit as important as a good paint job, and happily the proper tools and materials are inexpensive and easy to come by, and the techniques are easy to learn.

WHAT YOU NEED  more...

Real estate fashion sense hits a mental wall

By Arrol Gellner, Thursday, May 27, 2004.

We all know that nothing looks more dated than last year's red-hot style.

What's not so obvious is why consumer styles–whether clothes, curtains or cars–come and go with such cyclical certainty. More often than not, the seeds of new design trends are carefully nurtured by their respective industries to spur sales, and then disseminated via design magazines, television shows and the like. Clever marketing encourages consumers to believe that they're the ones driving these trends, when in fact it's more often the other way around.  more...

Capital improvements lead to real estate tax breaks

By Robert Bruss, Wednesday, May 26, 2004.

DEAR BOB: My late mother and I were joint tenants with right of survivorship for her house. It was her house, but her lawyer advised holding title in joint tenancy to avoid probate costs when she died. After title was transferred into my name, I decided to sell the house. But it required considerable fix-up work. I spent about $8,500 getting it ready for sale. The house really sparkled when the Realtor listed it for sale. To my surprise and pleasant shock, it sold for almost $7,000 above the asking price. My question is can I deduct the approximate $8,500 I spent on fix-up costs?  more...

Notice to vacate leaves tenant scrambling for negotiation

By Robert Griswold, Wednesday, May 26, 2004.

Question: I am on a month-to-month rental agreement at an older rental house in a good area. I've just received a 30-day notice to vacate in the middle of the month. The legal notice states I must be out by the 20th of next month and there is no reason stated. I suspect they want to remodel and charge a lot more rent with the summer season soon approaching. The landlord has not been honest so I actually do not mind moving. My concern is that the 20th is not the most convenient time for me to move, as I prefer the 10th of next month.  more...

Lack of third-party intermediary blows real estate deal

By Robert Bruss, Tuesday, May 25, 2004.

DEAR BOB: My wife and I owned three rental houses on the same street. We listed them for sale with a local Realtor who found us a buyer who wanted all three. But when we figured out our capital gain would be more than $300,000 and the tax would be huge, we got cold feet. Then the Realtor told us about Internal Revenue Code 1031 tax-deferred exchanges. That sounded good, especially because my sister wanted to sell her commercial building so we could trade for it. So we went ahead and sold the three rental houses.  more...

Real estate developer nabbed for discriminatory design

By Robert Bruss, Tuesday, May 25, 2004.

Ronald Ray Smith, a polio victim who uses a wheelchair for mobility, began investigating multifamily apartment housing developments to test developer compliance with the federal Fair Housing Amendments Act of 1988 (FHAA). As part of a program organized by the local Disabled Rights Action Committee (DRAC), Smith discovered discriminatory design and construction in several developments.  more...

Staining cabinets a three-step process

By Bill and Kevin Burnett, Tuesday, May 25, 2004.

Q: My husband and I just bought a new house. We were too late in the construction process to upgrade the interior of our cabinets to melamine and are now stuck with MDF interiors.

Can you recommend a finish and application to achieve a waterproof, durable finish for the MDF? I've seen stained MDF and like the look but am not sure how durable it is.

A: MDF, or medium density fiberboard, is a manufactured wood product consisting of sawdust bonded together at high heat and pressure by resins.  more...

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