Whether you are a home buyer or seller during the peak 2007 spring home sales season of April through June, you will probably encounter the term "as-is" sale. Just as used-car dealers sell thousands of automobiles "as is" without any warranty or representations, houses and condominiums are sold using the same term.

But an "as is" home sale is different. Thanks to state laws and court decisions, a real estate "as is" sale is far more complicated than the sale of an "as is" used car.  more...

DEAR BOB: I own some land purchased in 1943 for $50,000. It is now worth about $600,000. How can I sell it and keep federal and state taxes to a minimum? I have three adult children and two grandchildren. --Sabena M.

DEAR SABENA: There is only one way to fully avoid tax on the sale of property held for investment, such as your land. That method is an Internal Revenue Code 1031 tax-deferred exchange for another investment or business property of equal or greater cost and equity.  more...

DEAR BOB: I am a mortgage broker. One of my borrowers owns two properties. The first one is his primary residence. The other is a rental house. He intends to refinance and take maximum cash out from the investment property. Since he can't afford to make mortgage payments on both properties, he plans to default on the rental house by foreclosure. Is this a good or bad idea? What happens to the cash he gets from the refinance? --Julie H.  more...

In 2003, AMCAL Multi-Housing Inc. acquired property to construct 300 affordable housing units and retail uses. During negotiations, AMCAL hired an environmental consulting firm, which determined the previous owner, Pacific Clay Products Inc., and its predecessors owned and operated a clay product and ceramic manufacturing facility on the property since 1896.

Pacific Clay's operations included extensive lead-glazing and kiln-firing activities, known for causing lead contamination.  more...

Dear Barry,

The home I'm planning to buy has a bizarre history. It was built about five years ago but was never completed. The owner fired the contractor and obtained a temporary occupancy permit that allowed him to live in the house while completing the work. The property was later foreclosed by the mortgage company and is now being sold by a trustee. The house has still not been approved by the city, and I'm told that there are many code violations. If I buy this home and more violations are found, who will be responsible for repairs? --Lisa

Dear Lisa,  more...

Only serious real estate investors, brokers, sales agents and homeowners will read "Beyond the Bubble" by Michael C. Thomsett and Joshua Kahr. This is a serious thinking-person's book explaining so-called local "real estate bubbles" and how individuals can profit from them.

The "media," such as some newspaper writers, TV and radio commentators and other book authors, have loosely used the term "real estate bubble" to refer to escalated prices that may or may not be justified by sustainable demand.  more...

DEAR BOB: A year ago my husband died unexpectedly at age 55. He did not have a will or any life insurance. We lived in our home more than 25 years and have a large amount of equity in it, but I am thinking of relocating to a lower-cost area. Title to our home is in both names as joint tenants with right of survivorship. Should I hire a lawyer to transfer the title to my name alone and will I have to go through probate court? --Annie G.  more...