DEAR BOB: My 31-year-old niece died recently without a will. She purchased a condominium about three months ago. Can her mom now sell the condo, or does she have to do something else first? --Georgia Z.

DEAR GEORGIA: Unfortunately, because your niece died intestate without a will or a revocable living trust, her condo and other major assets will have to be "probated." That means the local probate court will determine who inherits her assets.

Purchase Bob Bruss reports online.  more...

Recently I received a letter from a reader who asked if having a tall water tower about 1,000 feet from his house would hurt his home's market value. By coincidence, a few days later I saw an appraiser friend at the local post office so I confronted him with that question.

"It sure won't help a home's market value," was his reply. Then, being an experienced appraiser, he reminded me the water tower is called "functional obsolescence." That means it is a material fact that is virtually impossible to eliminate but has a significant impact on market value.  more...

DEAR BOB: I recently purchased my first home, a townhouse condominium. While getting acquainted with my new neighbors, the subject of insurance came up. One of my neighbors, who rents her townhouse condo, says she has a renter's insurance policy. Since I am an owner, do I also need a renter's insurance policy? --Nancy B.

DEAR NANCY: No. As a condominium owner, you need a condominium owner's insurance policy. It will protect you against negligence liability, such as when somebody is injured in your condo.  more...

Real estate apartment investors Donald Sterling and Lawrence Taylor entered into a handwritten memo agreement for the sale of three large apartment buildings owned by Taylor's investment partnership.

The very simple contract said the total price was to be "approx. 10.468 X gross income. Estimated income $1,600,000, Price $16,750.000."

Purchase Bob Bruss reports online.  more...

DEAR BOB: In your articles you always seem to extol the virtues of revocable living trusts. However, living trusts are not for everyone.  more...

If you or someone you know wants to start investing in real estate but you aren't sure what is involved, "Prepare to Profit" by Sheri Alford and Dr. Ahmet Ucmakli is a good beginner's overview book. It provides an easy-to-read summary of the major benefits, and a few pitfalls, of owning realty investments.

Alford, a real estate agent, and Ucmakli, a physician, are investors who share their realty investment experiences in an organized format. Along the way, they use some of their real life examples to make the topics more interesting.  more...

DEAR BOB: I am a loyal reader who should have taken your advice. When my adjustable-rate mortgage was recently "recast" to current interest rates, the unpaid interest was added to the mortgage principal balance. I now owe about 110 percent of my home's market value. I recently lost my tech job, which paid over $100,000 annually. Do I have any recourse to convince the mortgage lender to do the right thing? --Rick C.  more...

DEAR BOB: My wife and I are considering the sale of our home. We have noticed the median sales prices of houses where we live have declined about 3 percent in the last 12 months. However, before that, home prices were going up anywhere from 5 percent to 11 percent annually. We would hate to lose our equity by not selling now. But then she brought up the question "Where would we move?" as we are not yet ready for "the old folks home." How important are these sales price statistics and trends? --Gabe R.  more...

"How can I make some big money in real estate?" That was the question an old friend asked me recently. He purchased two rental houses a few years ago and has enjoyed watching them appreciate in market value.  more...

DEAR BOB: I own a commercial property with residential lots in the rear. There is a fence along the rear of my property, about 7 feet within my side of the property line. There is a paved parking lot on my side of my fence. One of the residential houses in back of my lot was recently sold, remodeled and flipped. The flipper landscaped his backyard up to my fence, making it look as though my property is part of his yard. The buyers are using my fence as their backyard boundary.  more...

After he completed his banking transaction at the Bank of America, Patrick Madden decided to go to the adjacent Del Taco restaurant to purchase food. As he approached the south store entrance, Madden was confronted by a concrete trash can in the middle of the 42-inch-wide sidewalk.

Although he is confined to a wheelchair, Madden attempted to navigate around the trash container. But he was unable to do so and was injured when his wheelchair tipped over.  more...

DEAR BOB: What is your opinion of TIC (tenancy-in-common) investments? Are they a good deal? I currently own a rental property worth about $1 million, with $800,000 in equity. My current net cash flow is about $11,000 per month. From what I have learned, a TIC "promises" increased cash flow and equity in grade A buildings. Do you recommend TICs or an independent Internal Revenue Code 1031 tax-deferred exchange into a larger building to increase my cash flow? --John D.  more...

DEAR BOB: My husband and I recently purchased our first home. Although we both earn good money, our credit isn't so good. On the advice of our mortgage consultant, we obtained an interest-only 100 percent mortgage in my father's name. Both of our names are on the title, but not on the mortgage. It was explained to us that in six months my father would sign a quitclaim deed and title will be in our names alone. Can my husband and I claim the tax deductions on the house although we are not listed on the mortgage? We will be making the payments.  more...

If you have been fascinated by reports about how to earn profits fixing up and quickly selling houses for large profits "Flipping Confidential" by Kirsten Kemp reveals how she profitably flips houses. As TV host of The Learning Channel's "Property Ladder," Kemp has become an expert at how to recognize houses with profit potential and those to avoid.  more...

DEAR BOB: I made a purchase offer to buy a house listed for sale at $700,000. I offered $705,000, agreed to pay all closing costs, and to take care of all the deferred maintenance. The house has three heirs who are battling on the sale. I really wanted to purchase this house. The termite (pest control) inspection revealed $30,000 of needed repairs, but I didn't ask the seller to pay this expense. Two of the heirs accepted my purchase offer. But the third heir held out and said, "I want more." Sixteen days after making my purchase offer, the sellers counteroffered at $850,000.  more...