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Lot owners lose fight to limit street access

By Tara-Nicholle Nelson, Wednesday, September 30, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/23682502@N04/3897873581/">tiffa130</a>.

In Callahan, et al. v. Point Clear Holdings Inc., the lot owners' sole route of access to their homes was via a street that was originally owned by a resort developer.

Lot owners held a "private easement for streets." The resort developer's successor, a residential developer, planned to build new homes in the area, and planned to open the private street to public use by residents and guests of the new-home community.

Lot owners amended the restrictive covenants governing their subdivision and sued for declaratory relief to enjoin the successor developer from using the street to benefit any properties that didn't exist at the time the easement was created, and to further enjoin the developer from converting the private street to public use.  more...

Real estate disconnect tips the scales Premium Content

By Kris Berg, Wednesday, September 30, 2009.
Flickr image by <a href="http://www.flickr.com/photos/flikr/49989058/">flikr</a>.

I don't have a burning desire to draw pictures today, but if I did I think I would draw a lizard.

Admittedly, I haven't been thinking much lately about lizards. If I'm honest, reptiles have been the furthest thing from my mind (ignoring, of course, the bank's short-sale processor we were most recently assigned).

Until this morning, if you had asked me to draw something I might have whipped out a rendering of an appraiser driving a stake through the heart of my latest transaction, or even a quick sketch of me feeding a couple of offers into the shredder because they were missing zeroes.  more...

Building inspectors vs. building codes

By Barry Stone, Wednesday, September 30, 2009.

DEAR BARRY: As a carpenter and contractor, I meet building inspectors who allow construction that is not built to code. When I asked one inspector about this, he said that he has the authority to approve work that is not to code if he finds the quality of materials and workmanship to be sufficient.

Somehow, this doesn't seem right. What's the point of having a building code if inspectors can set whatever standards they wish?  --Charles  more...

The tragedy of a Twitter strategy Premium Content

By Robert Hahn, Wednesday, September 30, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/markhillary/2950218400/">markhillary</a>.

Twitter. The word itself is enough to strike fear and loathing into the hearts of some Hollywood A-listers. And yet, within the real estate industry there is apparently no technology tool that inspires more passion than this microblogging service.

Why, a raging online debate popped up recently between Marc Davison (@1000wattmarc) and Dustin Luther (@tyr) about how to measure influence in the Twittersphere. That debate, in turn, led to this rather interesting post from Marc that included an in-depth interview with Joe Fernandez of Klout -- a service that offers a measure of your social media influence.

It's all rather interesting, and if you have a free rainy afternoon -- or live in Seattle, which I suppose is more or less the same thing ...  more...

Don't give up on your home

By Bernice Ross, Wednesday, September 30, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/bixentro/1354564574/">bixentro</a>.

DEAR BERNICE: I had an interest-only jumbo loan fixed at 6.125 percent for five years. It was scheduled to readjust in 2011. I lost my job about five years ago when the company I worked for went bankrupt.

Due to my age and the nature of my job, it's highly improbable that I will be reemployed, so I started my own business. My business is growing but not yet profitable. I've been using our savings and my 401(k) to offset living and business expenses.

I would like to stay in my home but can no longer make the payments, so I applied for a loan modification directly with my lender. The lender stalled for six months and finally, after calling them repeatedly, I was told that my application was denied. The reason, I was told, is that I have too much equity in my home.  more...

A guide to Mortgage Rules 2.0

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

If you're familiar with Bill Maher's HBO talk show, "Real Time," you're familiar with his "New Rules" segment at the close of each episode, in which he articulates the rules he'd lay down if he ruled the world -- hilariously or outrageously, depending on your particular political leanings.

Dale Robyn Siegel's new book, "The New Rules for Mortgages," might not be quite as entertaining as Maher's New Rules, but it is certainly more usable by the average mortgage consumer.  more...

Real estate analytics site leaves beta Premium Content

By Gahlord Dewald, Tuesday, September 29, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/pikerslanefarm/3447778889/" target=blank>amandabhslater</a>.

Web analytics package Woopra has finally left beta, with nearly 100,000 installs. The analytics package (see Inman News) is popular in the real estate industry for its real-time data and, the big clincher: a pop-up chat window that the Woopra user can send to someone browsing their Woopra-enabled site.

So when someone is browsing your site, you can see this in real-time via Woopra. Then you can pop a chat window up and ask them if you can help them or if they have questions, etc. More on this later ...  more...

'Green' homes come in many shades

By Tara-Nicholle Nelson, Monday, September 28, 2009.
Flickr image by <a href="http://www.flickr.com/photos/35577089@N00/3598981080/" target=blank>annnie</a>.

I'm always fascinated by how new words -- or new, off-label definitions for old words -- permeate the popular lexicon. If you called an object "green" five years ago, the average listener would have thought you were referring to its hue. These days, the label of "green" implies something comprised of sustainable or recycled materials, something energy efficient or an object that otherwise empowers its user to live in a manner that is environmentally friendly and promotes well living.

When it comes to what homebuyers want and what home sellers tout in this day and age, a green house is less likely to be a house with green exterior paint or a glassy outbuilding for cultivating plants than it is an eco-sensitive abode.  more...

Bridging real estate's generational gap Premium Content

By Bernice Ross, Monday, September 28, 2009.

Are you still proclaiming that you are "the local real estate expert"? If so, you may be surprised about how few people actually give a hoot.

According to the National Association of Realtors, approximately 50 percent of real estate Web leads go unanswered. The reason is twofold. First, Web leads often expect instantaneous response. Second, they may take months of intensive follow-up before they will contact you to do business.  more...

Will downpayment aid draw gift taxes?

By Benny Kass, Monday, September 28, 2009.

DEAR BENNY: My question concerns our gift to our son and his wife. My husband and I paid $28,000 for the downpayment on the house they bought in 2008. We paid it by a money order directly to the lawyer handling the transaction. Does our son owe any gift taxes on the $4,000 that is above the $24,000 gift amount that was allowed in 2008? The loan is in my son's name. The house is in both of their names. --Priscilla

DEAR PRISCILLA: The additional $4,000 above the $12,000 per gift that you made to your son and his wife is not taxable to them. It may have tax implications for your estate on your death. According to our federal tax laws, the donor (you and your husband) are responsible for any tax involving a gift. Discuss your specific situation with your own financial adviser.

Note that as of Jan. 1, 2009, the annual exclusion is now $13,000.  more...

Condo-purchase deal-breakers

By Dian Hymer, Monday, September 28, 2009.

Condos are a popular choice for first-time buyers as well as homeowners who want to downsize because they tend to be less expensive than single-family residences. Also, they usually require less maintenance.

Condominium owners belong to a homeowners association (HOA) that collects dues, usually on a monthly basis, to pay the cost of common-area liability insurance and maintenance, as well as to fund a reserve account. HOA dues often pay for more -- sometimes exterior painting, garbage collection and roof repairs. Precisely what is covered by HOA dues varies from one condo complex to another.  more...

Loan shoppers: their own worst enemy?

By Jack Guttentag, Monday, September 28, 2009.
Flickr image by <a href="http://www.flickr.com/photos/lentini/3172635578/sizes/o/" target=blank>Lentini</a>.

For many years, the Federal Reserve and other federal agencies with responsibility for formulating required disclosures of financial information were tone deaf. They decided on the information borrowers should have without ever asking borrowers what they wanted, and without testing to see whether the information the agencies had selected for them was useful or even understood. For this they were much criticized, and rightly so.

But this has changed. In recent years, the Federal Reserve in particular has gotten religion, and their latest proposals to reform the Truth in Lending Act are replete with references to the results of consumer testing. Many of the Fed's proposals are the direct result of listening to consumers.  more...

Beware undertones in Fed-speak

By Lou Barnes, Friday, September 25, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/icco/2246383366/" target=blank>Nat W</a>.

Long-term rates are again approaching four-month lows, with 10-year T-notes just above the magic 3.28 percent level; break that and low-fee mortgages will cross just under 5 percent.

If that blessed moment should arrive, do not wait for lower or expect sub-5 percent to last more than a few hours: Surviving mortgage lenders will yell "Now!" to a few million boat-missing refinance candidates, and that renewed demand must be worked off before any deeper drop.  more...

Don't put mortgage in the wrong hands

By Tara-Nicholle Nelson, Friday, September 25, 2009.

Q: I just finished moving, with my husband and three kids, into an apartment, after owning our own home for more than 15 years. I have no idea how we ended up here. I'm a well-educated psychologist, and my husband has worked for the same company for 20 years.

Years ago, when we divided up our household duties, he took the bills and finances and I took all the kids' doctor appointments and arranging extracurricular activities.  more...

The right bit for the job

By Paul Bianchina, Friday, September 25, 2009.

If you need to drill a hole, it seems like a simple matter to grab a drill and a drill bit and go to work. But if you ever check out the aisles of a hardware store, you'll find quite a variety of bits for different applications. Knowing the right one for a specific job will help you get the project done faster, safer, and with better results.

Twist drill bits: These are the bits that do-it-yourselfers are typically the most familiar with. Twist drill bits are usually made of high-speed steel (HSS), and have a flute -- a recess in the side of the bit -- that spirals up from the point of the bit toward to the top. The flute allows for chip removal as the hole is being drilled. Twist drill bits have a shallow point, and are used primarily for drilling metal.  more...

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