Don’t give seller control over earnest money deposit
Q: What are the obligations of an escrow agent? I signed a real estate sales contract and gave the seller a $10,000 earnest money deposit. He was supposed to escrow...
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Repaying first-time buyer credit after a sale
Q: I have a property that I purchased in 2008 using the first-time homebuyer credit that must be repaid in $500 increments over a 15-year period. I now have a...
Consequences of gifting property
Q: My house is paid in full, and I want to add my sister's name to the title/deed. Please advise what I need to do. A: There are two parts...
Consequences of gifting property
Q: My house is paid in full, and I want to add my sister's name to the title/deed. Please advise what I need to do. A: There are two parts...
How much equity interest can homeowners deduct?
Q: This question is related to our home equity line of credit (HELOC). In 2001, we obtained this loan for $150,000, which we withdrew in its entirety to remodel the...
Doubling up your mortgage payments
Q: I refinanced in January (3.85 percent) and a friend advised me to inquire about a "direct reduction loan schedule." He tells me it is a method to pay down...
Who gets the home when couple breaks up
Q: Let's say a couple is getting divorced after 34 years. The house was purchased shortly after the marriage and put in the wife's name only. A few years ago,...
Requesting a payment plan for unpaid association dues
Q: I need to write a "request for payment plan" letter to my homeowners association, but I don't know how to write an effective one. I owe several months of...
Selling a Starker exchange property
Q: We own a small single-family home (800 square feet) located on the property adjacent to our primary home. We purchased it using a Starker exchange about 15 years ago....
Downsizing to aid daughter might not be worth it
Q: I am 58 years old and married. My total household income is less than $50,000. I have no mortgage; however, I do have a line of credit with $130,000...