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Update wills when moving cross-country

By Benny Kass, Monday, December 31, 2007.

DEAR BENNY: My elderly parents (dad is 90, mom is 86) had been living in Florida for the past 20 years, but due to bad health, I moved them to California. Do they need to change their wills or do the provisions still apply "as is"? I have power of attorney but would like to leave things as they are, if possible. --Beverly

DEAR BEVERLY: Wills should be updated periodically, even if you live in the same state.  more...

Where are mortgage rates headed?

By Lou Barnes, Monday, December 31, 2007.

An inflation-inspired popup in rates is reversing on news of a weakening economy. Mortgages are still above 6 percent (they touched 6.25 percent at Christmas Eve worst), and markets will now hold until the release of all-powerful payroll numbers on Friday, Jan. 4.  more...

Extra payment to principal may not dent monthly payments

By Jack Guttentag, Monday, December 31, 2007.

Many borrowers would like a mortgage on which the monthly payment would drop following a large payment to principal. They may have highly irregular income, or they may anticipate coming into a large sum of money from a bonus, bequest or insurance settlement.

Mortgages fall into four categories with regard to how responsive they are to this need. Standard fixed-rate mortgages (FRMs) are the least responsive.  more...

Sellers list right to avoid price reductions

By Dian Hymer, Monday, December 31, 2007.

In most areas of the country, 2007 marked a change in the residential home-sale market. Buyers gained clout for the first time in over a decade. Inventories of homes for sale grew to record levels in some places. Price reductions, which carried a negative stigma when listings were easy to sell, came to be seen as a necessary part of the home-sale process.

That is not to say that price reductions are a good thing. They are not. The initial marketing effort is a prime opportunity to attract attention to a new listing.  more...

What's hot in real estate technology?

By Bernice Ross, Friday, December 28, 2007.

The biggest surprise at the National Association of Realtors' tradeshow this year was the lack of new technology. Nevertheless, there were a number of new products that could help you build your business in 2008.

If you've been feeling overwhelmed by the steady onslaught of new technology, it appears that current innovations are more about refining existing applications rather than the invention of entirely new technologies. The NAR tradeshow was packed with vendors, but there was little new in the technology field.  more...

How to keep water flowing during remodel

By Paul Bianchina, Friday, December 28, 2007.

The one consistent thing about remodeling your home is that it's disruptive. There's dust, disorganization and even periods without electricity. But perhaps the most disruptive element of all is being without water.

Prior to the start of any remodeling project, especially a large one, you need to stop and consider what your plumbing needs will be during the course of the project, and then devise a plan on how to meet those needs.  more...

Relax in '08 and hopefully get paid

By Alison Rogers, Friday, December 28, 2007.

I realize that year-ends are artificial markers, like birthdays, but still -- I am so ready for 2008!

For one thing, it will be the last year where we have to watch people wear those stupid little glasses on New Year's Eve. I don't know what the souvenir marketers will do when 2009 turns into 2010, but they'll have to think of something, because suddenly the eye-holes won't be in the right place.  more...

Home improvements could get sellers in trouble

By Barry Stone, Friday, December 28, 2007.

Dear Barry,

What would be the consequences of improving our home without a building permit? The work to be done would include altered plumbing, new siding, new roofing, removing the electric water heater from the outside, installation of a propane water heater on the inside, repairing a sagging ceiling, replacing some windows, and adding an air-conditioning system. We're presently in disagreement as to whether permits are even required for this work and are wondering what we should disclose to buyers when the house is eventually sold. What do you advise?  more...

Can landlord refuse to house Section 8 tenant?

By Janet Portman, Thursday, December 27, 2007.

Q: We own and manage a small apartment building, and we have never participated in the federally subsidized "Section 8" program (we don't want the administrative hassles of dealing with the local housing agency). We recently rejected a disabled applicant who otherwise qualified for an apartment because she wanted to use a Section 8 voucher (she can't pay the full rent without it).  more...

Don't let foundation vent covers stay broken

By Paul Bianchina, Thursday, December 27, 2007.

Q: The metal rods that operate the covers on my foundation vents no longer work, and I want to replace them. Can you recommend a replacement, or a way to make my own? Also, do you feel that closing the foundation vents is even necessary? --Steve B.

A: First of all, I do recommend that the crawl space be sealed off during the coldest part of the winter season in order to prevent frozen pipes.  more...

Do tax breaks exist for elderly home sellers?

By Benny Kass, Thursday, December 27, 2007.

DEAR BENNY: I am a 90-year-old widower. I will have to sell my house when I am no longer able to drive. My problem concerns the possible tax on my profit. I possibly will get double my cost of 20 years ago but the dollars have lost half of their value (purchasing power) so there may be no gain at all. I call this "imaginary profit."

I understand that in the past there was no tax for elderly people when they sold their house at a gain. Is there such a law presently in existence?  more...

Don't let monthly costs decide rent-or-buy question

By Jack Guttentag, Wednesday, December 26, 2007.

Rent versus buy

"I am a 48-year-old divorced female. I have been renting for the last 10 years. My friends keep telling me that renting is 'throwing your money away.' But if I buy, my monthly housing costs will probably double. I wonder if at my age I would not be better off putting the difference into a retirement account?"

Rent versus buy is a perennial issue, and a very complicated one. The decision is not properly made by looking at monthly costs – there would be few homeowners around if that is all they looked at.  more...

Get started on the house hunt

By Dian Hymer, Wednesday, December 26, 2007.

Mortgage interest rates dropped recently and home prices have moderated in many areas, making it a good time to buy.  more...

Mortgage mess tops 2007 housing topics

By Tom Kelly, Wednesday, December 26, 2007.

Inflation floats all boats. If this was not the reality of the housing industry the past decade, it was certainly the perception.

How can you ask consumers to use caution in their home-buying decisions when one respected gauge – the S&P/Case Shiller U.S. National Home Price Index – showed that single-family homes gained 84 percent in value from 2001 through 2006?

This astounding run-up led to over-building, over-lending, over-borrowing and over-selling. All caution flew out the door.  more...

Get rid of powdery film on bathroom tile

By Bill and Kevin Burnett, Wednesday, December 26, 2007.

Q: The grout on my 2-year-old bathroom tile is giving off a white, powdery, film-like substance. I let the shower dry for a number of days and then used sealant on the grout, but the problem persists.

Any idea of what is going on and what I should do about it?

A: Unfortunately, we have a pretty good idea of what's going on. You can apply all the sealer in the world, but it won't help. The problem lies with the grout itself. The grout was either the wrong type or it was improperly mixed when it was applied, or both.  more...

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