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An end to property tax deferrals?

By Tom Kelly, Wednesday, February 8, 2012.

<a href="http://www.shutterstock.com/gallery-54987p1.html" target=blank>Senior homeowners image</a> via Shutterstock.com.

One common misperception of reverse mortgages is that prospective borrowers can qualify for an amount equal to the value of their home, or at least the Federal Housing Administration (FHA) loan limit.

The actual reverse mortgage amount is substantially less than both those numbers, ensuring that there will likely be sufficient equity left in the home when the loan comes due. more...

Second-home market on the rise in Sayulita, Mexico

By Tom Kelly, Wednesday, February 1, 2012.

<a href="http://www.shutterstock.com/gallery-73710p1.html">Early morning sun in Sayulita, Mexico.</a> Image via Shutterstock.com.

SAYULITA, Mexico -- While violence and crime are foremost topics when discussing Mexico in the U.S., they are rarely mentioned here.

Crime? What crime?

The struggling U.S. economy remains the primary concern in most of the country's popular tourist areas, but in this once sleepy town just north of Puerto Vallarta everyone seems to be betting on the uptick. more...

Benefits of converting longtime home into rental

By Tom Kelly, Wednesday, January 25, 2012.

<a href="http://www.shutterstock.com/gallery-81251p1.html" target=blank>Three-house concept</a> via Shutterstock.com.

Seniors are particularly careful about guarding their assets. With little monthly income, older people still living in their longtime primary residences need to make the most of an eventual home sale.

Helen (last name withheld), from Gig Harbor, Wash., was concerned that she would be taxed on the entire sale of her home because she had already taken the "over 55" exclusion with her late husband on a previous home. more...

Home raffles, essay contests remain a tough sell

By Tom Kelly, Wednesday, January 18, 2012.

<a href="http://www.shutterstock.com/gallery-64432p1.html" target=blank>Raffle tickets</a> via Shutterstock.com.

You've reduced your home's price -- twice -- yet still no takers.

You've painted the exterior, purged all unnecessary items in the kids' rooms, and prodded your agent to bring you more potential buyers. more...

Know the tax rules on sale of exchanged property

By Tom Kelly, Wednesday, January 11, 2012.

<a href="http://www.shutterstock.com/gallery-461077p1.html" target=blank>House and money image</a> via Shutterstock.com.

The lackluster housing market has many investors looking for bargain properties, sometimes in bunches. Buyers are getting more creative about funding their purchases, rethinking the role of real estate not only for their portfolios but also for their residences.

In a recent example, an older couple sold their home and purchased two Arizona golf-course condominiums with the proceeds -- one for their primary residence and another as a rental -- and still put some money in their pocket. What made the deal interesting was that they had purchased the original home six years ago via a tax-deferred exchange. more...

Finding a new normal for real estate in 2012

By Tom Kelly, Wednesday, January 4, 2012.

<a href="http://www.shutterstock.com/gallery-102p1.html" target=blank>Housing market graph</a> via Shutterstock.com.

The most popular question since the mortgage meltdown and subsequent dive in home prices has changed in the past 12 months. It has evolved from "Where's the bottom?" to "What's the new normal?"

The reasons for the change vary, but they lie somewhere between a general public acceptance that double-digit appreciation is a thing of the past, and the inability of economists and analysts to accurately predict supply and demand. more...

FHA stays in the jumbo loan game

By Tom Kelly, Wednesday, December 28, 2011.

<a href="http://www.shutterstock.com/gallery-100760p1.html" target=blank>House and money image</a> via Shutterstock.com.

We've all heard stories about second-team players that were thrust into the starting lineup because the usual starters were not healthy enough to play -- or whose past performance did not merit a starting role.

The same was true for the Federal Housing Administration in 2011. It became the preferred default setting in the United States mortgage banking system -- again -- by default. more...

Keep Christmas alive after selling family home

By Tom Kelly, Wednesday, December 21, 2011.

<a href="http://www.shutterstock.com/gallery-54497p1.html" target=blank>Christmas tree image</a> via Shutterstock.com.

When our four kids were younger, Santa Claus always arrived earlier than expected.

We set up the tree a few days after Thanksgiving, decorated it with lights and sentimental ornaments collected from special places we visited, and then prepared for Santa's visit about a week before Dec. 25. more...

Bring back FHA 203(k) loan for investors

By Tom Kelly, Wednesday, December 14, 2011.

<a href="http://www.shutterstock.com/gallery-1684p1.html" target=blank>House in shopping cart image</a> via Shutterstock.

Two years ago, the National Association of Realtors, the largest trade group in the nation with 1 million members, floated its idea of a housing solution to attendees at its annual convention.

NAR later presented Congress with a Four-Point Housing Stimulus Plan to help stabilize the housing and mortgage markets. The crux of the package suggested using $130 billion of the $700 federal billion bailout funds on housing, specifically earmarked for an interest-rate buydown and more tax credits. more...

No 'Plan B' if mortgage interest deduction axed

By Tom Kelly, Wednesday, December 7, 2011.

<a href="http://www.shutterstock.com/pic.mhtml?id=664650" target=blank>Money image</a> via Shutterstock.

Moe Veissi, the new president of the National Association of Realtors, didn't even blink an eye when the sensitive question was raised. It wasn't an elephant-in-the-room topic, but it was close.

"There's a lot (of) maneuvering on Capitol Hill," the reporter said. "If the mortgage interest deduction is in jeopardy, what's Plan B?" more...

Sellers: Real estate agents can't read your mind

By Tom Kelly, Wednesday, November 30, 2011.

<a href="http://www.shutterstock.com/gallery-540784p1.html">Lightspring</a>/<a href="http://www.shutterstock.com">Shutterstock</a>

The chores of listing and selling a home should not be taken lightly, nor handed off -- especially in this market.

Typically, when you contract a real estate broker to help sell your home, you are promising to pay for services rendered if the broker finds a person ready, willing and able to buy your home. more...

Agent buys house from under client's nose

By Tom Kelly, Wednesday, November 23, 2011.

<a href="http://www.shutterstock.com/gallery-100760p1.html" target=blank>Andy Dean Photography</a>/<a href="http://www.shutterstock.com" target=blank>Shutterstock</a>

In a recent column, we asked if a person who serves homebuyers and sellers for a living should be held to different guidelines if they are competing to purchase a property.

For example, should the listing be exposed to the market for a certain amount of time (perhaps 48 hours) before a licensed agent can buy a home that somebody else is ready, willing and able to buy? more...

Seniors' reverse mortgage experiences mostly positive

By Tom Kelly, Wednesday, November 16, 2011.

<a href="http://www.shutterstock.com/gallery-54987p1.html" target=blank>Nolte Lourens</a>/<a href="http://www.shutterstock.com" target=blank>Shutterstock</a>

John Marttila has seen his share of slam-dunk winners and woeful losers.

The leader of Boston-based Marttila Strategies, a public-opinion research firm, has worked for a wide variety of elected officials in all regions of the United States, including Vice President Joe Biden, former presidential candidate John Kerry, Massachusetts Gov. Deval Patrick, and other members of the U.S. House and Senate. more...

Boomers 'anxious' about real estate decisions

By Tom Kelly, Wednesday, November 9, 2011.

<a href="http://www.shutterstock.com/gallery-65566p1.html">StockLite</a>/<a href="http://www.shutterstock.com">Shutterstock</a>

Unlike the Greatest Generation (those who grew up during the Great Depression), baby boomers have never been labeled as risk-averse. They take chances, look for adventure and are generally positive about the aspects of aging.

They overborrowed for homes, cars, tuitions and vacations, leading Eric Snider, who holds a doctorate in social psychology and once served as Shea Homes' marketing director for Trilogy, the company's upscale active adult communities, to say "baby boomers never met a loan they didn't like." more...

Desperate sellers swindled out of home equity

By Tom Kelly, Wednesday, November 2, 2011.

<a href="http://www.shutterstock.com/gallery-240565p1.html" target=blank>OneO2</a>/<a href="http://www.shutterstock.com" target=blank>Shutterstock</a>

Homes are taking longer to sell and foreclosures are taking longer to process. Unfortunately, crooks are taking advantage of both of those extended time frames.

Scammers are involved in foreclosure rescue schemes, loan modification stings and in just about every conceivable angle of "equity skimming" that wipes out any remaining positive dollars in a person's home. more...

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