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The escrow headache

By Benny Kass, Monday, December 1, 2008.

DEAR BENNY: Why does one have to pay monthly insurance payments in escrow to the lender? Also, after having paid this payment in escrow for five to six years, why can't this be cancelled? --Marcelle  more...

Financing closing costs may be unwise

By Jack Guttentag, Monday, December 1, 2008.

Many mortgage borrowers are tempted to finance their closing costs, that is, adding the costs to the loan amount. This could be attractive to borrowers who can earn high returns on their free cash, or those who don't have any free cash. Financing closing costs is very costly, however, if the larger loan increases the price of the mortgage.  more...

Credit crisis delaying home purchases

By Dian Hymer, Monday, December 1, 2008.

Changes in the housing market can change the nature of home-sale transactions. For instance, before the boom in the home-sale market that began in the second half of the 1990s, the California Association of Realtors (CAR) purchase agreement used by most California Realtors included a clause in which the seller warranted the condition of the property.

The boom market changed that. The version of the CAR purchase contract most widely used during the fast-paced market that subsided in 2006 did not include a seller warranty. Instead, the buyer agreed to purchase the property in its present condition subject to the buyer's inspection rights. Market conditions changed the home-sale transaction in a very significant way.  more...

Get ready for real estate rebound Premium Content

By Bernice Ross, Monday, December 1, 2008.

Will 2009 boom or will it be more doom and gloom?

Now you're probably thinking: "A real estate boom in 2009? You've got to be kidding!" While the market may not exactly boom in 2009, there are a number of factors that may signal a dramatic improvement over the next 12 months. Here's what's happening that could make 2009 better than anyone anticipates.  more...

Religious family complicates life for tenants

By Janet Portman, Monday, December 1, 2008.

Q: I live in a large apartment complex, and have as neighbors a family that takes their religion, and its mandate that they spread their faith, very seriously. I'm constantly greeted with blessings and inquiries as to my spiritual condition, and written materials are often left at my door. Even a casual encounter in the elevator or laundry room becomes an opportunity to spread their views. Other tenants in the complex have had the same experience, and we've complained to management.  more...

Tax lien surprise disrupts escrow

By Tara-Nicholle Nelson, Monday, December 1, 2008.

Q: We got preapproved for a loan and started house hunting in June of this year. In August, we made an offer on a bank-owned home (REO), and the bank accepted. Three days before we were supposed to close, the mortgage broker told us that the loan was in jeopardy because we have a state tax lien on our credit reports for $6,000. The thing is, we told him about this tax lien back in June, when we gave him a copy of our payment arrangement letter from the state! We have always made the payments on our lien on time. We signed a three-week extension of escrow.  more...

Making real estate 'guacamole' Premium Content

By Kris Berg, Monday, December 1, 2008.
Flickr photo by <a href="http://flickr.com/photos/avlxyz/375423476/" target=blank>avlxyz</a>.

I was once showing a home that boasted numerous fruit trees in the backyard. "Look!" I said to my clients, pointing to the avocados. "A guacamole tree!"

Then, I gleefully called their attention to a lime-bearing specimen. "A margarita tree!" This is when the wife laughed, "Isn't it funny how Kris only sees trees for their end product?"

Actually, it's good business. I have a vision.  more...