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Consider the Internet an ally

By Teresa Boardman, Thursday, June 19, 2008.

Last week I took a mandatory continuing education class. The instructor said something that I used to hear all the time. He was gloating over the fact that even though Minnesota consumers now have access to information about homes that were sold in the last two years, they do not have all of the information about the homes that Realtors have.

Our multiple listing service now provides listings of sold homes, and consumers can search for them on our Web sites using the same search that they use to find homes for sale. They can now see how much the home down the street sold for.  more...

Owners dispute duty to rent-free tenant

By Robert Griswold, Thursday, June 19, 2008.
Q: I live in a 12-unit apartment building. When the previous owner died, his will provided an apartment "rent-free for life" to a friend of mine. The building was sold recently and the new owners are aware of the agreement and do not collect rent from this tenant. But an issue has come up and I am wondering who is legally responsible for the maintenance inside this rent-free apartment?  more...

Buying a rental? Check permits first

By Janet Portman, Thursday, June 19, 2008.

Q: I am a new rental property owner and was recently cited for a code violation. Apparently, a previous owner did some work on the property following a fire, for which he obtained the correct permits. But he never scheduled the final inspection. Like us, the seller from whom we bought the property had no knowledge of the problem. Are we responsible for the fine and for doing any work required to pass inspection? --Nel N.  more...

Swapping vacation homes easier under IRS rule

By Benny Kass, Thursday, June 19, 2008.

Many investors are taking advantage of the like-kind exchange, which is authorized under Section 1031 of the Internal Revenue Code. These exchanges are commonly referred to as "Starker" exchanges.

But if you own a vacation home, there has been a lot of confusion as to whether that property qualifies for the exchange.

Indeed, back in September 2007, the Treasury Inspector General for Tax Administration (TIGTA) issued a scathing report about the lack of IRS oversight of the capital gains (or losses) deferred through this kind of exchange.  more...

No money? No problem -- good credit's all you need

By Tara-Nicholle Nelson, Thursday, June 19, 2008.

Q: Over the last 18 months or so, I've been anxiously watching the TV and Internet news document the decline of home values. Now that it's finally a buyer's market, I feel like it would be a good time for me to buy, but my mortgage broker just told me that there are no more 100 percent financing options -- I would have to come up with a 5 or 10 percent down payment in order to buy a home now. What good does it do to have a buyer's market if you have to have a huge amount of savings in order to buy?

A: Current market dynamics are very frustrating in that they seem to present a Catch-22. For the first time in years, buyers have many more homes to choose from, favorable interest rates and superior negotiating power vis-à-vis sellers. Simultaneously, though, the subprime mortgage market debacle has resulted in a virtual desert of low- and no-down-payment options. Many buyers who were waiting to buy have been devastated to realize that 100 percent financing is simply not available the way it used to be.  more...