A parent has owned a home for a long time, and their purchase price plus improvements is much less than a current sales price. A broker called me to tell me that they had a problem. “To avoid probate, the mother had put the daughter on title as a joint tenant. Upon death the daughter […]
Archive | Finances
IRS Tax Tip: What To Consider When Selling A Home
Great Advice From A Great Source IRS has an amazing Tax Tip email service. Real estate people should study them and use them as handouts to your clients. This is information from the source. I would register for their tax tip email and then google IRS TAX TIPS ARCHIVES to check what has been sent […]
Special Alert to People Born in the Year 1950
The IRS, Your IRA’s, and You Congratulations, you will be 72 this year. You probably realize that you will be asked to start taking money out of your IRA’s this year. Yes, that IRS regulation that most Senior Citizens hate with a passion. You have to take money out (not Roth IRAs of course) and […]
The Controversial Proposition 19
Taking a Stance Some people love it. Some people hate it. Some people do not care a bit about it, and some people do not even know what in the world all the talk is about, and then it hits them and they fall into either category one or two. It involves property tax assessment […]
Rose Bowl and the Mid-West
It’s About the Weather Years and years ago in a far-off land called Racine-Wisconsin, I watched the first Rose Bowl game where a Big Ten team played a West Coast team. The Michigan team won handily so that felt good. We decided to go to a local movie, and when we walked outside we met […]
New Loan Limits For 2022
2022 Conforming Loan Limits The Fannie Mae and Freddie Mac Conforming Loan Limits for California have a new high of $970,800 for one-units in ten counties. The other 48 counties vary from $647,200 to $897,000 for Napa. Two-unit maximum is $1,243,050, three-unit is $1,502,475 and four-unit is $1,867,275. The highest limit for 2021 was $822,375 […]
When Can You Break A Lease In California?
Acceptable Reasons This is not something for you to try without talking to a professional but, (these statements come from Chris Barta, JD. Mitchell Hamline Scholl of Law, writing for NOLO): You are starting active military duty.The rental unit is unsafe or violates health or safety codes.Your Landlord harasses you or violates your privacy rights.If […]
Tips From Zillow
Competitive Offers Zillow sure has contact with a lot of prospective buyers. Recently they posted three tips to buyers in a seller’s market. Since we are right now still in a seller’s market we might look at them. Zillow’s estimates today for me are fine so they are today knowledgeable. Submit your offer before the […]
Letter of Intent
Efficient Negotiations This is a favorite form of mine. When I bought or sold apartment houses, I used it all the time. It saves a lot of time and time is money. Instead of writing up a complete binding offer, you would write up a simple form that explains the conditions under which a buyer […]
When Is The Best Time To Get A Reverse Mortgage?
Home Equity Just saw an article by NewRetirement.com that gave their answer to this question. It happens to be an answer with which I agree. However, my answer would be that if your situation would be improved with an RM go NOW. They say when: You Need the MoneyHousing Prices Are HighInterest Rates Are LowYou […]