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How can you verify the owner of a rental property before you hand over deposit money? First off, if you feel funny about it, move on! As for who the owner is you will go to the county recorders office for this. Tell them you want to look up the owner of a property. For around $10 – maybe less – you can get the name of the owner on record.

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I am paying cash for a new house If I forclose on my current home can they come after my new home? Joe in Pa. It's not likely they will come after you. They could get a deficiency judgment. This would be the difference in what the home ultimately sell for and what you owed. Based on the market however it is more likely that they wont come after you – and rather write-off the loss. In which case you will get a 1099 for the income in the amount of the difference. Banks all operate different so the...

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Will making a purchase of around $1,000 to $2,000 affect what we qualify for in our home loan? This is a good question for you lender! The bank will base your loan on a ratio. The lender/broker must know this number. Depending on how much you are putting down, your debt-to-income ratio, and any possible reserve requirement. You could also wait for your final approval before making your purchases. The bottomline is ask your lender.

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What is advertising that does not include the name of the real estate company that is used One of two things: 1) the listing real estate company did not include the name of their firm. This a failure to 'disclose' that its a brokerage. I'm fairly – the law does vary state to state – on when an agent must disclose, but my guess is this one of those times. 2) The house is not listed and is being offered by its owner. And, if the owner were an agent they would like have to...

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Do real estate agents just call people randomly out of the blue and ask them if they want to sell their home? Could happen, but what is more likely is they will call, or knock a specific neighborhood. It's called farming.

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When does it make sense to refinance? The question is how long do you plan to live in your home? There are few factors here. Understand there are 2 types of refi; one that you pay for and one you don't. Really, you are paying for both. As an example If the par rate is 5% and your rate is 6% then traditional wisdom does say you should refi. BUT if you plan to move it may not make sense. Lets say it will cost you $3000 to refi to...

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Can anyone give me a step-by-step guide to move out of my parents place and buy either a condo or a house? I don't agree with bklyn.kings about going to a bank. I would suggest calling a mortgage broker/lender. The reason is not clear in the bklyn.kings post – but implied... "flushing savings bank", flushing because banks and credit unions lend when they are kicking ass. Otherwise they say NO. A mortgage broker will/should have many banks to send your file to, and should know which are currently...

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In n.j. you need 90 day seasoning for properties,is there a way to get around this, and if so - what is it? if you are talking about FHA seasoning, as of February 1st 2010 there is a twelve month moratorium on seasoning. Meaning you can sell properties as fast as you buy them, with one real exception. IF the sale price is 20% great than you paid, you must show the repairs, etc that created the value increase.

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should i pay over market value for a house. Market value is a relative term. Do NOT pay over-market value in this market. There are plenty of houses to look at that will meet your requirements – whatever they are. It's arguable that the current market is already under-market – based on history I would have to agree. And, it is likely we will see a dramatic increase when the market does improve. You must make your buying...

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When someone with a reverse mortgage passes go the heirs have to buy the home in one lump sum? this is assuming they want the house Yes, the heirs typically have three to twelve months – depends on the lender – to pay-off the loan in full (one lump sum). You can achieve this by selling the property or by refinancing it to keep it.

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I purchase a repo house from a developer, the old house was allready on the sub., i purchase a lot behind the house, the developer went broke, banks owns all the lots, no houses were builts on any lot, are the covenants filed by the developer still good I'm going to say yes the covenants ARE still good. They are required by the city and the bank now controls them – whether or not they do a good job is another question. Two things are likely to happen; 1) the bank finishes the subdivision, 2) an investor buys it to finish it, or to sell it off in pieces.

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what is owner financing owner financing, lease option, seller carryback and land contract are similar in that the seller agrees to finance all or some of the financing on the sale of their house. Traditionally you would get a loan from a bank to buy a house. But, if your credit is not perfect, or your income is not sufficient, you might consider finding a seller to carry part of the financing (like a second...

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What is the best way to raise private money for real estate deals Family, mortgage loans (on other real estate), and hard money lenders.

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In CO, when a managment co gives the "owner" a 30 notice to quit, does that make the rental agreement with the tenant null and void? I assume your lease is going to expire? In this case you are being notified that the "owner" does not wish to continue offering you a place to live. The terms of the lease are still valid, or, IF your notice is related to your non-payment of rent then the same applies and you may also be sued for unpaid rents. In either case, you have to find a new place to live. The lease terms are not...

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does properties that are in forclosure have to be listed in the city newspaper and if so, how can i get a copy I assume you want to find a deal on (i) a house, or (ii) houses you can buy for investment? Either way you can most likely get a list of these homes in foreclosure (in default) from your local title agent. The foreclosure list (NOD's) IS public record and is listed in the newspaper every day. As a courtesy (to get your business) title/escrow companies buy a complied list and offer it for...

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What are the tax consequences of selling land after holding 14 years? After 14 years... this is considered long term capital gains (max tax of 15%). As written about here: "Gain on the sale of real property is categorized between long term and short term based on the date it is acquired and the date it is sold, just the same as stocks and bonds. If you sell the property within five months of purchasing it, you will have a short-term capital gain. Short-term...

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in 2006 i got a eviction i paid court cost and rent stay there til 07/2009 how can i rent somewhere else Rent a house not an apartment... many homeowner-landlords do not do extensive backgrounds like an apartment complex will.

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Rental agreement, and land contract to follow, but having trouble getting rent money, what to do Okay this sounds a bit sloppy... I hope not. first and foremost, your lease SHOULD tie to the option/land contract. IF the tenant fails to pay rent you evict them and they loose their option to buy. Same is true for the water. Your lease should include a utility provision. AND you must get duplicate utility bills for your property (to be sure the tenants stay current). If they fall behind on...

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Do you need a mold clearance test done after mold remediation in order to sell a house? I was already given an offer on my home for a good price with no conditions. Depends where you are. Here is how to know... was there a cloud on the title report reflecting the mold (the title/escrow agent would know)? OR is there a flag in the MLS system used by your local Realtors (the agent would know)? My guess would be a cloud on title if anything. The county would likely condemn the home and require remediation. ME, I would proceed to closing the sale and ask...

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For an offer on a foreclosure should I be concerned about my ernest money being held indefinitely? If so what can I do to prevent it? The idea here is to use as little earnest money as possible. IF you are an investor you want to keep your earnest monies low. IF you just buying a house for yourself then I assume you aren't writing other offers for different homes anyway. You can easily prevent your earnest money being held by including an addendum to your contract that reads.. "Buyer reserves the right to cancel contract...

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Can I break a lease in Lansing, MI without any fines or legal problems due to employment relocation? Likely if you give notice the landlord/manager will be understanding. Communicate with them and see what they say.

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Purchased a home in Atlanta, GA May 09. Had inspection. Found out after heavy rain, that seller Hid a Huge crack running length of basement foundation wall behind sheetrock, never disclosed this. This is a hug expense. What recourse am I allowed? Contact your agent, have them contact the listing agent. Tell them that is 'appears' there was hidden problem in the basement. In any case you'd rather not go through a messy lawsuit but instead have them cover the cost of repair by a qualified contractor. This is your first option in my mind. If you don't have an agent contact one and ask your question. IF they dont seem to know have them...

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how does a leaseback work on a peice of real estate ? any advice as to whether this is a good idea? a builder is offering one at 6% I assume the builder has offered to lease the property from YOU after you purchase it from him, correct? This makes good sense for the builder, he likely plans to use the property as a model home. And also, likely has a line of credit to build houses. When he has too many house in inventory he can not build more houses. Most builders just want to build – even when their business encompasses...

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List and briefly explain at least 5 legal/regulatory influences that effect the real estate environment and function. The interesting thing is that the following five 'legal/regulatory influences' often work in sync to dictate what is or isn't acceptable within a real estate transaction. *Insurance* When you buy you must have a lenders policy if you have a lender, and of course you want a seller policy protecting your purchase from defect of title. There are circumstance where the Escrow company will not...

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What are mortgages? Great answer Mark Kennan. Not to confuse anyone but technically YOU give a mortgage when you get a loan from a bank for real estate. You are giving a mortgage note to the bank – the bank gives you a loan. If you dont pay them the 'mortgage' lets the bank take your house. Hence the term 'mortgage holder'. And, for humor "Yes, I own this house... me and the bank." But the popular language...

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how and who regulates the homeowners assoc. Basically when a community is created the builder must establish an HOA. At which time there arent any members living in the community. Naturally builders have no interest in running an HOA. As families move in they are invited – or as More2Be wrote – not invited to join the HOA. In other words an HOA may or may not be well managed because typically they are run by the community. At...

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how can i get my credit back without paying so much money i want to buye a house be fore the tax credit is up You have many options... though your question is a bit vauge. There are many varibles here – for example –  Do you still owe money? Did you file bankruptcy? If yes, 7 or 13? Did you just have some 30, 60 or 90 day lates? When does the tax credit expire? The fastest you can really expect any BIG change is likely 90 days. Unless your FICO needs to move 30 or so points in which case you may...

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There is a bird in my wall, he chirps on one side of the room and then the other, it's driving me crazy, any suggestions? We can't find any opening that he could have go through. He wants out, but how. I can't tear the walls apart. Birds CAN get into the wall! All it would take is a hole in the top plate (the framing of your house). I know because i just cut – with a razorknife – a five inch square of sheetrock out of my wall – about a foot from the floor. Alas a brown bird was set free. He was nesting in eve of the house, somehow ended up trapped in the wall – flailing and flapping helplessly. The piece of...