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Phantom income haunts short sale

By Bernice Ross, Tuesday, June 2, 2009.

DEAR BERNICE: We are upside down and are thinking about selling our home using a short sale. Our agent said that because we had refinanced our property twice, that we could have a problem with "phantom income." She advised us to talk to our accountant. What does refinancing have to do with this and what is phantom income? --Paul S.

DEAR PAUL: First, no matter what your financial circumstances are, it's smart to talk to your CPA or tax attorney before placing any property on the market. For example, you might think that you can claim the $250,000 (for singles) or $500,000 (for couples) tax break on the sale of your primary residence. However, if you haven't met all the qualifications in terms of the property being your primary residence, you could end up losing the deduction. more...

Secrets of a master negotiator

By Bernice Ross, Monday, June 1, 2009.

Flickr image by <a href="http://www.flickr.com/photos/lumaxart/2136953043/" target=blank>lumaxart</a>.

Negotiation is the No. 1 skill that you need in real estate to succeed. Are you ready to master the secrets of becoming a master negotiator?

Whether you are a newbie or a 30-year real estate veteran, growing your negotiation skills is one of the best ways to improve your conversion ratio and to close more business. In his book, "Create a Great Deal," Tim Burrell provides the strategies you need to maneuver through virtually any tough real estate negotiation. Here are some of Burrell's top tips. more...

Loan shopping made easy

By Bernice Ross, Friday, May 29, 2009.

Even though credit may be tight, there are an amazing number of choices when it comes to obtaining a mortgage. How can you tell which one is right for you?

Whether you are purchasing or refinancing your home, it's important to get the best possible deal for your particular mortgage situation. Mortgages, however, are difficult to evaluate. Even for mortgage professionals, there are so many programs available that it's almost impossible to keep track. Furthermore, the different lender fees and rates make it difficult to do accurate comparisons. Fortunately, there are new online tools that make that decision easier than ever before. more...

Don't overdo home upgrades

By Bernice Ross, Tuesday, May 26, 2009.

Flickr photo by <a href="http://www.flickr.com/photos/mccready/2875900557/">mccready</a>.

DEAR BERNICE: We're thinking about selling our 9-year-old home. It has the original appliances. There are quite a few new homes on the market about a mile from where we live. What can we do to compete? Do we need to update our kitchen? --Sally U.

DEAR SALLY: As a general rule, it doesn't make sense to do major upgrades on your property. What you select to upgrade may be what the buyer hates most about your property. In other words, what you pick out, the next buyer may tear out. more...

Zillow's hottest new tools for real estate

By Bernice Ross, Monday, May 25, 2009.

Do you need a place to get good real estate leads, the best rate on mortgages, and a really cool new iPhone application at no charge? You'll never guess where to look.

It may come as a surprise, but Zillow has stepped up to the plate with three great resources that can help your business. While you may not love Zillow's Zestimates (their online pricing tool that uses mathematical formulas to estimate a home's value), you may find these other tools to be very useful. more...

Common short-sale hang-ups

By Bernice Ross, Thursday, May 21, 2009.

DEAR BERNICE: I have submitted five short-sale offers in the last month and haven't gotten an answer on any of them. What do I need to do to get these agents to do their jobs? --Jim D.

DEAR JIM: Without knowing the particulars for each of your offers, it's hard to tell if the agents are doing their jobs or if the problem is elsewhere. When a bank takes less than the loan balance on a property, there are a number of complex steps they must take before they can approve a short-sale offer. This approval process can take as long as six to 12 months. more...

Buyer beware of location

By Bernice Ross, Tuesday, May 19, 2009.

Are you thinking about buying your first home? Perhaps you're considering buying a second home, retiring in a different area, or building your dream home. Even if you are purchasing in the same area, you must be vigilant during the purchase process.

In 2007, we decided to build a new home. I had specific requirements that I wanted: underground utilities; city sewer; and natural gas for heating. The subdivision where we purchased appeared to meet all those requirements. We received a list of utilities serving our MUD (municipal utility district). Because there were no visible propane tanks, I assumed that the area was on natural gas. When we were ready to move in, however, I was shocked to learn that our subdivision was on propane. more...

Realtor bashing a popular pastime

By Bernice Ross, Monday, May 18, 2009.

Flickr photo by <a href="http://www.flickr.com/photos/mikebaird/2351477334/in/photostream/" target=blank>mikebaird</a>.

Realtor bashing has become a favorite pastime for many people both online and offline. Are their comments really justified?

This month I began a new consumer column for Inman News. I was curious to see what types of consumer questions were being asked on sites such as Trulia and Zillow. While the Trulia crowd appeared relatively tame, I was surprised by a post at Zillow -- with more than 2,000 views -- that proclaimed, "Realtors are like vultures." more...

Top mistakes troubled borrowers make

By Bernice Ross, Thursday, May 14, 2009.

If you or someone you know is facing a challenge making their mortgage payments, Jon Sterling's new book, "Mangled Mortgage," explains how to avoid some of the most common pitfalls you may face.

Although written for real estate professionals, "Mangled Mortgage" is a great book for anyone who deals with distressed property. Sterling, a team leader for Keller Williams Real Estate, has tested his approaches in a number of the toughest real estate markets in the country. The tips he shares with his agents can help you or anyone you know who may need mortgage assistance. more...

8 insurance tips to avoid financial ruin

By Bernice Ross, Tuesday, May 12, 2009.

It's springtime and the news is filled with unseasonably late blizzards, flooding, mudslides, tornadoes, hail and devastating fires. In the summer and fall, many areas must prepare for hurricanes. Of course, there also could be an earthquake, a volcanic eruption or a tidal wave. Do you have the insurance coverage you need to protect your home?

Many people believe that their homeowner's insurance policy provides protection against most disasters. Sadly, most people don't discover there is an issue with their policy until they have a major claim. more...

'If the experts say it's so ...'

By Bernice Ross, Monday, May 11, 2009.

The markets still may be frosty, but there are plenty of signs that the deep freeze in the real estate market may be beginning to thaw.

If the experts say it's so …
Is the real estate market slowly moving towards recovery? A number of experts seem to think so.

After reviewing the latest data on home sales, construction and consumer spending, Ben Bernanke, chairman of the Federal Reserve, observed that the economy is improving. more...

Sellers' debate: Arbitrate or mediate?

By Bernice Ross, Thursday, May 7, 2009.

DEAR BERNICE: We just received an offer on our home. In the offer, the buyers had checked both the binding arbitration provision and the mediation provision. It also said that if we agreed to these provisions, we would be giving up our right to sue. What should we do? Our agent said she couldn't advise us on this. --Randy P.

DEAR RANDY: First, your agent was correct. Unless the agent is a licensed attorney, the agent could lose his or her license for giving you legal advice. Having said that, many Realtor associations have this language in the boilerplate of their contracts. more...

Estimating a real estate bottom

By Bernice Ross, Tuesday, May 5, 2009.

DEAR BERNICE: My husband and I live in Florida and have been waiting for the market to "bottom" before we buy our first home. How can we tell when is the best time to buy? --Ashley B.

DEAR ASHLEY: There's no way to tell exactly when the bottom of the market will be in your area. I've been in the business 31 years and have seen numerous ways to predict what will happen. The truth is that no one has a crystal ball. The best predictor that I have found is "months of inventory." Here's how it works. more...

Dos and don'ts of social networking

By Bernice Ross, Monday, May 4, 2009.

Everyone has an online reputation. The question is how are you showing up online?

The younger your potential client is, the more likely he or she is to search you out on Google, Facebook, Twitter and other social media sites. Today's column takes a fun look at some of the ways that people are positioning themselves in the social media space. more...

Web 3-D revs up real estate

By Bernice Ross, Monday, April 27, 2009.

In the very near future, the experience of buying a home will undergo a radical change. Rather than Web 3.0, the next generation of Web products may very well be Web 3-D.

One of the most important trends for 2009 is the rise of video-based communication. The next wave of video applications, however, is not limited to today's two-dimensional screens. Eventually we will have holographic showing machines that will provide us with a true 3-D experience. more...

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