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Forced relocation takes bite out of blight

By Steve Bergsman, Wednesday, December 30, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/themuuj/2224917035/">TheMuuj</a>.

A number of older East Coast and Midwest cities have experienced severely declining populations as traditional industries close down or move elsewhere around the globe.

In so many ways, the loss of residents sits heavily on those who stay on, from a decline in services and educational opportunities for children to diminished tax rolls and boarded-up stores.

It doesn't matter if you have a good job with high pay in a city that has been in decline -- it will still be a burden to your pocketbook because the value of your home has probably peaked and in some cities like Detroit, has been dramatically slashed.  more...

House cracks require detective work

By Bill and Kevin Burnett, Wednesday, December 30, 2009.

Q: We have a small 1924 cottage that continues to shift and settle, resulting in cracks in the walls. There is a minor slope of no more than 5 percent, and probably less. There is a high water table where we live.

We have talked to both foundation and drainage contractors. The foundation guy says drainage won't help but foundation work will solve all our problems. The drainage guy says a French drain and other work will solve all and no foundation work is needed.  more...

Story of the year? FHA to the rescue

By Tom Kelly, Wednesday, December 30, 2009.

Every time the U.S. Department of Housing and Urban Development makes a change or looks at its financial stability, you hear howls about its function in housing. Should the government really be involved in homes and loans?

Some members of Congress would like to see the Federal Housing Administration agency taken out of HUD and put into the private sector.  more...

As-is clause sticks buyer with mold

By Tara-Nicholle Nelson, Wednesday, December 30, 2009.

In Hunt v. Elephant Real Estate, a home was purchased in a foreclosure proceeding in April 2005. After the purchase, leaks were discovered in the roof and the basement. The leaks were repaired and the property was put up for sale again.

The buyer, Antoinette Hunt, had a contract to purchase the property from the seller that allowed for an inspection, and provided that she had the right to either back out of the sale or request a repair credit against the purchase price if her inspections uncovered work that needed to be done and made her request within a certain number of days.

The purchase contract also included an as-is clause, stating that if Hunt agreed to purchase the property notwithstanding the disclosures and results of her inspections, she would be taking the property as-is and would have no legal claims against the seller or brokers involved.  more...

Studying up on college-town real estate

By Mary Umberger, Wednesday, December 30, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/youngmoneymag/2076863098/in/photostream/">youngmoneymag</a>.

Brad Hastings is a landlord whose tenants are expected to follow certain rules: No candles. No American flags hung as curtains in the windows. And for heaven's sake, he doesn't want to find 50 beer cans on the lawn on Sunday mornings.

Hastings' 400 tenants are college students in two small, Southern towns. And he says business is good -- different, sometimes, from the typical landlord experience -- but nonetheless good.

He and business partner Matt King decided five years ago to specialize in developing campus housing. They jumped from their former telecommunications careers into a growing real estate niche that seems to be fed by a rich demographic and economic diet.  more...

Agents, pick your paycheck

By Teresa Boardman, Tuesday, December 29, 2009.

Like most real estate agents, I get postcards in the mail from real estate companies that are recruiting agents.

The postcards are pretty much the same. They promise that if I go work with the company, I will get to keep more of my commission and that I will pay lower fees and I will have more opportunities and get more business. They all have state-of-the-art technology and training, too.

It never impresses me when companies advertise that they are less expensive. In some cases those lower fees and higher commission splits mean more out-of-pocket expenses. I look at the list of what the company provides and I rarely find anything that I don't have already.  more...

Homeowners' top 10 money-savers

By Bernice Ross, Tuesday, December 29, 2009.

Are you ready to save more of your hard-earned cash in 2010? If so, here are 10 tips that can help you cut your homeownership and home maintenance costs in 2010.

1. See if you qualify for a reduction in property taxes
Has your property's value declined from last year? If so, you may be eligible for a reduction in your property taxes. You could check with a local real estate professional to determine what your current property value is based on recent sales of comparable properties.  more...

And you should review the guidelines for obtaining a property tax reduction. Typically there is a challenge process offered by local governments if you dispute the assessed value of your property.

Shining light on electrical disclosure

By Barry Stone, Tuesday, December 29, 2009.

DEAR BARRY: Our home was built in the early 1950s and has a low-voltage relay system for lighting. We're selling the home now, and our buyers have questions that we are unable to answer. All we know is that the lights have always worked. How can we adequately disclose the nature of this unusual electrical system to the buyers? --Sally

DEAR SALLY: Low-voltage lighting systems are unusual in residential construction. Their essential purpose is to provide light with reduced energy and increased fire safety. Most of these systems date back to the 1950s. Some were installed by qualified electricians, but many were the works of "inventive geniuses," whose creative imaginations outweighed their electrical experience.

The results, in some cases, were systems that were functional but could not be serviced or comprehended by many electricians.  more...

Know when to walk away

By Tara-Nicholle Nelson, Tuesday, December 29, 2009.

Book Review
Title: "The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket"
Author: Stephen Elias
Publisher: Nolo Press, September 2009; 320 pages; $15.49.

I'm well aware that the majority of economists have long declared the recession over. But I also work with buyers, sellers and owners every single day, and the majority of real people are not feeling like they’re out of the woods yet.  more...

Right-sizing the American Dream

By Tara-Nicholle Nelson, Tuesday, December 29, 2009.

Market predictions are everywhere. Don't get me wrong, they definitely have their place. But the standard market predictions in real estate have been made much tougher for real estate pros and writers alike by all of the governmental toying.

I'm not complaining -- my phone definitely rang more after the announcement of the 2009 tax credit for homebuyers.

My point is just that all the government stimulus past, present and future (and the inevitable expiration thereof at some point in time) makes it tough to call exactly how this whole thing will shake out.  more...

Double the escrow, double the pain

By Benny Kass, Tuesday, December 29, 2009.

DEAR BENNY: I own a house worth approximately $400,000. The current mortgage is $25,000. A company in Florida took over the mortgage about six months ago. The mortgage company handles the tax and insurance payments through an escrow account. Given the current schedule of payments, the account will have a positive balance all next year. The mortgage company now wants to double the escrow payments.

What, short of paying off the mortgage, are my options? Can the mortgage company legally demand such payments? I have owned a number of homes, vacation homes and rental homes over the years and never experienced anything this outrageous. --John

DEAR JOHN: Lenders throughout this country usually demand that their borrowers pay money monthly into escrow so that the lender will pay the annual (or semi-annual) real estate tax and the home insurance. Most lenders are conscientious about making timely payments out of the escrow funds. But over the years, many of my clients have encountered such problems as nonpayment or late payment.  more...

3 steps to a better marketing strategy Premium Content

By Bernice Ross, Tuesday, December 29, 2009.
Some agents had their best year ever in 2009. The difference between these agents and those who are struggling comes down to a single word: mindset.

I belong to a group of real estate industry speakers. At the annual National Association of Realtors conference last month, we were fortunate to have Jennifer Cummings coach our group on how to market our services in today's tough environment.  more...

Approach 2010 with curiosity, not dread Premium Content

By Lou Barnes, Tuesday, December 29, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/iboy/442577321/">Ernst Vikne</a>.

Prognostications for the New Year are governed here by Peter Drucker's law: "Nobody can predict the future. The idea is to keep a firm grasp of the present."

Deal. Attitude first, then the particulars.

Last year opened with panic, and all year long we looked over our shoulders for its return. Instead, we should go into 2010 with curiosity, not foreboding. Next year may not turn out terribly well, but that panic of '08-'09 -- the fire sales and the systemic runs -- that was a once-in-multi-generations affair.  more...

Big things in little packages Premium Content

By Kris Berg, Monday, December 28, 2009.
Flickr image by <a href="http://www.flickr.com/photos/fazen/5021385/in/photostream/">fazen</a>.

Our family has it backwards. Every year, about the time the mall queues its first seasonal song track (August) -- the one about the being home for the holidays -- we start plotting our exit strategy.

And by early December, when normal people (normal people being defined as "people who don't consider lockboxes fashion accessories") are in Code Red socializing readiness, we are holding a family meeting in which we map the emergency exits and review the evacuation checklist.

It's not that there isn't a certain appeal to living the dream of the sparkling beverage commercial -- the one where the 257 handsome friends meet in the lucky hostess's living room to share the love, laughter and cheese spread.  more...

HOA disclosures a case of bad timing

By Tara-Nicholle Nelson, Monday, December 28, 2009.

Q: I'm buying a condo in California, and have already removed all my contingencies. I have just realized that there were some documents that weren't provided to me before and they point to a possible litigation being pursued against the builder by the homeowners association (HOA). How is this even possible, and what is my position?

A: This situation has arisen due to at least two separate problems. First of all, some California HOAs take 15 or 20 days (or more) to produce their disclosure packages, after they are ordered by an agent or title/escrow officer.

These packages are extremely lengthy, by necessity, as they must include all newsletters, covenants, codes & restrictions (CC&Rs), board meeting minutes for the last 12 months, financials, insurance documentation, and other rules and regulations for living and owning a unit. It's not at all bizarre for these packets to run upwards of 250 pages!  more...

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