So you have been shopping for the perfect Co-op and now believe you have found a winner with low maintenance at a good price. While all of that is important, you also must examine the financial condition of the Co-op since you will share future expenses on the common areas of the building with other … More Show Me The Money! …… What’s in the Co-op’s Reserve Fund?
Of all the closing expenses a buyer will pay at time of closing, the title bill will be among the largest. This article from Nolo.com explains the importance of having this insurance when buying your home. Getting title insurance is one of the standard steps home buyers take before closing on a home purchase. Title insurance is … More Why You Need Title Insurance When Buying a Home.
More and more clients have come to me lately to tell me that the Board will approve the sale if the contact price is greater than what the buyer agreed to pay. This article from BrickUnderground speaks to some of the possible options when faced with this issue. Are buyers and sellers exaggerating sales prices … More The Co-op Board wants me to inflate the contract price!
A few years ago, the FHA had all but disappeared from the mortgage lending market as lenders aggressively courted low- and moderate-income households and those with impaired credit. But in the aftermath of the economic collapse of September 2008, the FHA has risen to an unprecedented level of importance. How well do you know the … More How Well Do You Know The FHA?
Most New York State homeowners are familiar with STAR, the School Tax Relief program launched in 1998-99. Originally intended to assist senior citizen (age 65 and over) homeowners, STAR was quickly increased and expanded to include residential properties of other school district taxpayers. Qualified homeowners (who must apply to participate in STAR through their local … More Understanding New York’s STAR Program.
For real estate investors, the 1031 exchange is a powerful tool for managing tax liability when selling and purchasing investment properties. Normally, when property is sold, any gain on the sale will be taxed. However, the 1031 exchange allows an investor to defer capital gains tax on the sale of a business or investment asset … More Is a 1031 Exchange right for me?
Q: I purchased a home in a court sale. I am going through the closing now and found out that the owners can’t sell the house to me because of an IRS lien that should have been removed. The title company says their investigation shows that proper notice was not given of the sale to … More Can an IRS lien prevent a Court ordered sale of a home?
Hiring a home inspector is a smart move prior to purchasing a home. This MSN Real Estate article puts in perspective some of the most common issues that come up and what you can expect in terms of cost to repair the items. So you’ve decided to put an older home on the market or … More What to “expect” when you”inspect”.
Here’s an interesting article that appeared in the Harvard University’s Joint Center for Housing Studies that pertains to the Millenial generation and the hurdles many face in owning a home. The housing market has made some strides since 2013, but household growth has yet to fully recover from the effects of the recession, according to a … More When Will Millennials Break into Ownership?
The following article from US News and World Report offers some good advice for those considering a home purchase. Maybe you’ve decided to take the plunge and buy your first home, or you’re already a homeowner and are ready to move into a new place. Whatever reason prompted the move, here are seven things you … More 7 Things to Always Do Before Buying a Home