Unless you are involved with real estate you probably have never heard of PMI. No. It's not a serious disease. In fact, PMI can be extremely beneficial if you are a "cash challenged" home buyer without a sufficient down payment.

PMI stands for "private mortgage insurance." It has enabled millions of house and condo buyers to purchase with zero, 5 percent or 10 percent cash down payments.

Purchase Bob Bruss reports online.  more...

DEAR BOB: I am doing a tax-deferred exchange of two properties I own in South Dakota. One property has a $40,000 mortgage. The other is free and clear. The replacement property is in Florida. I recall reading in your articles that to defer my profit tax I must trade equal or up in both value and mortgage debt. If I do not have a mortgage on the Florida replacement property, will I be creating a taxable situation? – Larry J.  more...

DEAR BOB: I was trying to buy a lot that is listed for sale. The asking price is $59,900. I offered $55,000. The seller did not accept and asked for the full price. I then agreed to $59,900. The real estate agent filled out the forms and told me he had to send them to the seller to sign. After a few days, the agent phoned to tell me the seller wants $65,000 or he won't sell. Is it legal to ask for more than the listed price? The lot is still listed in the local MLS (multiple listing service) for $59,900 – Tami C.  more...

Since 1997, Southcoast Childcare Centers Inc. has leased its childcare facility from the First Baptist Church. The leased property, located adjacent to a busy street, includes a children's play area that is surrounded by a 4-foot-high chain-link fence.

On May 3, 1999, Steven Abrams intentionally drove his large Cadillac Coupe de Ville through the fence, killing little Brandon Wiener and Sierra Soto, and injuring several other children.

Purchase Bob Bruss reports online.  more...

Whether you are a home buyer, home owner, realty agent, or mortgage lender who wants to know the insider secrets of the mortgage lending business, a "must read" book is Jack Guttentag's new "The Mortgage Encyclopedia."

Known as "The Mortgage Professor" in his weekly syndicated newspaper articles (he is Professor of Finance Emeritus at the University of Pennsylvania's prestigious Wharton School of Business), Guttentag's latest book reveals almost everything mortgage borrowers need to know but most lenders don't want to share.  more...

Dear Barry,

Before buying my home, I hired a home inspector and was not impressed with the quality of his work. Since moving in, I've discovered two major problems. First, an exterior gas line had such a major leak that the gas company refused to turn the gas on. Second, one of the roofing beams is cracked clear through, and with a flashlight this is visible from the attic entrance. Do I have any recourse for either of these problems? – Ryan

Dear Ryan,  more...

DEAR BOB: My daughter and I will soon be inheriting a rental property from my deceased husband. She will be 18 in four months. How long do we have to sell the property before we are hit with capital gains tax? Can we sell before she is 18? – Bibi K.

DEAR BIBI: If title to the inherited property was in your deceased husband's name alone, you and your daughter's new stepped-up basis will be the property's market value on the date of his death (or alternate date used by his estate).  more...

DEAR BOB: Ever since you began writing about senior citizen reverse mortgages, I have saved every article. Now I'm ready to get one. On the Internet, I filled out the requested forms for information and suddenly felt like a pot of honey surrounded by hungry bees. Within 36 hours, four companies responded. One agent said there is very little difference between one reverse mortgage company and another. Another company wants a $35-per-month service fee, but a different company wants only $25 per month. What about termite inspections and maintenance?  more...

Many sellers wonder if Sunday open houses are worth the inconvenience. Some complain that agents use open houses to pick up clients rather than to sell their home. Others worry about security. Do the rewards outweigh the risks?

Plenty of sellers have sold homes without ever having a public open house. However, many more sellers will admit that they actually found their home at a public open house. Public open houses provide additional market exposure that in some cases will result in a sale.  more...