The last two months of the new normal stay at home has led many homeowners to rethink the way they live in their home. It has now become an office for working at home; a school for children; a gym to stay in shape; and a place for recreation. The repurposing has people evaluating whether their home still meets their needs or if some changes are necessary. In some cases, adult children have moved back...
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During the mortgage meltdown that caused the Great Recession a decade ago, some homeowners lost their homes to foreclosure or constructed a short sale to get out from under the debt. In most of the cases, the lenders forgave all or part of the debt owed them. Similarly, in the early 90's after the failure of the Savings & Loans in the U.S., thousands of homeowners lost their homes in the same way...
The convenience of selling your home without the hassle of getting it ready, putting it on the market, showings, open houses, negotiations and repairs comes at a cost ... a significant part of your equity. The companies, referred to as iBuyers, that buy homes from sellers are for-profit organizations. They expect to make a profit from sellers who are willing to discount the proceeds they'll realize as...
The deadline for challenging your property tax assessment this year may be later than normal due to the stay at home orders but when you are notified, you'll want to be ready to decide whether you can save some money on property taxes this year. There are two elements that determine the amount of property taxes you'll pay for the year: the assessment of value and the property tax rate. Both...
Taking cash out of the equity of your home could be a legitimate way to fund a temporary cash crisis now or to have it on-hand if the need arises. Most homeowners can pull out the difference in 80% of the fair market value of their home and what they currently owe. The most frequently cited reasons for refinancing are to lower the payment, eliminate the private mortgage insurance, combine mortgages,...
Everyone knows someone it has happened to or has heard a tragic story. It could have been a fire, a flood, a burglary or some other disaster but to file a claim on their insurance, they need the receipts or a list for what is being claimed. Since you're at home anyway and may even have kids at home who need something to do, now is a great time to get a current home inventory done. One of the easiest...
The American bank robber, Willie Sutton, was asked why he robbed banks and his answer was "because that is where the money is." During his 40-year career, he stole about $2 million but Internet scammers are stealing many times that amount in phishing schemes preying on unsuspecting home buyers. These crooks know where the money is because buyers have the down payment and closing costs and are expecting...
While you're isolating at home, there are things you can do to help buy a home now or in the near future. Instead of spending time surfing the Internet looking at homes, do the groundwork necessary to be able to purchase the home that you find. There is a lot of documentation necessary to qualify for a mortgage and to be approved. This part of the homebuying process can be done in advance, long before...
During these unsettling times, sellers and buyers are concerned about staying healthy and virus-free as we all are. To keep all parties safe, new procedures should be considered regarding the procedure for showing houses. Agents are reporting that they are selling homes where the buyers have not physically been in the home and base their decision on the virtual tour found online. Some states have...
You don't have to watch TV for long before Tom Selleck, Henry Winkler or Robert Wagner will tell you why seniors should consider a reverse mortgage. However, there are a seniors who are resisting the conventional wisdom of having their home paid for and opting for a mortgage with payments on their home. In some cases, seniors will downsize into a smaller home and have a large amount of equity to pay...