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Selling in '09? Follow these rules

By Ilyce Glink, Wednesday, January 7, 2009.

By the time the dust settles, one thing will be clear: 2008 will be a year most home sellers, homeowners and lenders will want to forget.

At the end of 2006, home prices had dropped 3.5 percent. At the end of 2007, home prices dipped again. And home prices in 2008 had dropped by double-digit amounts in major parts of the country, according to the National Association of Realtors. In California, the median home price plunged 41 percent from a year ago, according to the California Association of Realtors (although the number of days on the market is shrinking as is the overall housing inventory in that state).  more...

Real estate cynicism at its worst

By Ilyce Glink, Wednesday, January 7, 2009.

Q: This is a comment, not a question. Real estate agents work for the seller, not the buyer -- that's how they make their money. Home inspectors work for the real estate agent and themselves. Neither usually has a background in home maintenance.

Neither real estate agents nor the home inspectors give advice to the homebuyer about why they shouldn't buy the house. An apartment maintenance person would know more about the mechanical aspects of a home over both an agent and mechanical inspector.

My advice: Don't trust either the home inspector or real estate agent, and get a second or third opinion before buying a home.  more...

The short-sale nightmare

By Ilyce Glink, Tuesday, January 6, 2009.

Q: We've worked for the last six months to buy a home that was a short sale. Our offer was accepted by the banks, and the house was taken off the market.

I've been living month-to-month at my complex paying an additional $200 per month in order to be flexible when closing came around. I incurred a $2,000 penalty for early withdrawal of my IRA funds for the down payment, and I imagine I'll be tapped again when I file my taxes.  more...

Grandson seeks comeuppance at probate

By Ilyce Glink, Monday, January 5, 2009.

Q: My father passed away in March. About a year before he died, he gave me the keys to his house and cars. My dad then moved into my grandmother's house. She was his power of attorney until his death.

At the time he died, the house and the cars were all legally in my name. My grandmother is telling me I don't have legal rights over the house or cars. But she does not have the power of attorney anymore.  more...

Get ready to buy in 2009

By Ilyce Glink, Wednesday, December 31, 2008.

As we get ready to say goodbye to 2008, it's worth looking back at the year that was for home buyers, sellers and homeowners.

Frankly, I wouldn't be surprised if this year goes down as one of the worst ever for housing since the Great Depression.

Housing values fell by double digits in many metropolitan areas. Housing starts virtually stopped. Inventories of new and existing homes grew dramatically. Mortgage interest rates remained relatively high, even as the short-term federal funds rate plunged to nearly zero by the end of December.  more...

Pay off mortgage with IRA money?

By Ilyce Glink, Tuesday, December 30, 2008.

Q: I would like to pay off my mortgage with an IRA distribution. A friend told me that you have some advice on your Web site about the best time of the year to do this. The amount on my condo is only about $40,000, but of course my IRAs and regular mutual funds are shrinking daily.

Can you tell me if I should do something before the end of the year or should I wait until next year?  more...

Owner fears losing house while in prison

By Ilyce Glink, Monday, December 29, 2008.

Q: Can a company put a lien on your house or property if you're incarcerated? My brother has been in jail for 10 years. He returned his car to the finance company and it in turn auctioned it off for $4,000 less than what he owed on it. Can the finance company sue or take his house?

A: Whether a person is incarcerated or not isn't the issue. If a creditor is able to get a judgment against the person that owed it money, that creditor can try to satisfy that judgment anyway it can. One of those ways is to go after assets owned by the debtor: his bank accounts, cars and even real estate.  more...

Buyer hates high-pressure tactics

By Ilyce Glink, Friday, December 26, 2008.

Q: I feel my best friend has been pushed into buying a home by a real estate agent. He told her the amount he was willing to spend on a house and she kept showing him more expensive homes.

Finally in frustration, he looked at one that kind of met his needs. He asked for a privacy fence to be adjoined to two other neighbors and for a cabinet to be added in the kitchen.

He has not signed the final contract or purchase papers and no closing has happened. There was only this request for a modification to the property.  more...

Readers create recipe for housing recovery

By Ilyce Glink, Wednesday, December 24, 2008.

A few weeks ago, I put forth a few ideas on how to fix the real estate market. I invited readers to respond with their own suggestions. Here are some of their ideas (edited for space and clarity):

1. We could ask Bill Gates and Warren Buffett to purchase all the foreclosed homes.  more...

Owners with reverse mortgages breathe relief

By Ilyce Glink, Tuesday, December 23, 2008.

Q: I'm seeing more ads for reverse mortgages. I'm wondering if they're getting more popular. I also wonder how badly those reverse mortgage lenders got burned by real estate values deteriorating.

If the house is turned over to the lender, how bad are reverse mortgage lenders getting hurt?

As real estate values are now low, is this an opportunity for lenders to acquire assets for a large profit later?  more...

Cancel refi, lock in lower rate

By Ilyce Glink, Thursday, December 18, 2008.

Q: I applied for a refinance loan several days ago and locked the rate. I have also provided all the necessary documentation (employment info, etc.). This has cost me nothing other than the $350 I paid the appraiser yesterday. Since locking the rate, current mortgage rates have dropped quite a bit over the past few days.

Would it be unethical of me to cancel the application and reapply for the currently lower rates (most likely with another broker since I'm not sure the current broker will want to work with me if I cancel the refi at this point)? Other than the expense for the appraisal and possibly the credit report, am I obligated to pay any other expenses or fees at this point four days into the application process?  more...

Trading up (or down) is hard to do

By Ilyce Glink, Wednesday, December 17, 2008.

As I hosted my radio show on a recent Sunday morning, I took call after call from baby boomers who are finally realizing that their ability to call the financial shots in their life has been somewhat impaired by the credit crisis.

Essentially, these callers are all asking the same sorts of questions: Is now a good time to sell my home? Should I sell my house and trade down to something smaller and less expensive? Will I have to keep working to afford the mortgage on a property I would have sold to help fund my retirement?

What these baby boomers have begun to realize is that when a market has stalled, it stalls for pretty much everyone, not just a few souls here or there.  more...

Sell for more money in 2010?

By Ilyce Glink, Tuesday, December 16, 2008.

Q: We are thinking about putting our house on the market. It's not a necessity, but we want to trade down, as we are getting older. Is spring 2009 a good time to enter the market?

A: If you can wait until 2010, I think you'll find that you'll sell your home faster and for more money. Of course, you may pay a little more for what you're buying. But I'd want to sell the bigger asset at a higher price and buy the smaller asset for a little more money because the differential will be less on the cheaper property.  more...

The condo conversion nightmare

By Ilyce Glink, Friday, December 12, 2008.

Q: Our son purchased a condo that was converted from an apartment. Only 25 percent of the condos sold and now the developer has rented out the remaining condos as apartments again. So, my son now owns and lives in a condo in an apartment complex.

The atmosphere has changed in the complex and crime is skyrocketing. The lender at the sales department offered him a home loan and an equity loan at the same time to get him into the condo.

He has called them twice and they don't offer any help. He lost his job and will be moving in with us. He can no longer make his payments.  more...

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