Reverse mortgages have become the cash-strapped homeowner’s financial planning tool of choice.
Real Estate News
Mortgage interest rates essentially remained unchanged this week as economic news piled up in all directions: up, down and sideways.
At the beginning of your mortgage, most of your payment does go toward the interest. But later on, you”;ll owe much less interest per month, and the total debt will decrease rapidly.
If you and your significant other decide to get a mortgage, know this: Applying for a mortgage with another person can be risky, especially if one of you has a notably lower credit score.
They came on foot, by car and even by limousine. A few wore vintage outfits for the occasion. The sold-out crowd of 250 who showed up to the Nevada Preservation Foundation”;s second annual Vintage Vegas Home Tour May 8 was proof positive that enthusiasm for midcentury architecture is on the rise in Las Vegas.
Millennials who watched their parents or grandparents struggle with toxic mortgages, short sales and foreclosure might be reluctant to buy a home and get a mortgage themselves. But in fact, most of those bad old loans are gone and while real estate is never risk-free, today”;s traditional terms, strict guidelines and government-mandated forms can help millennials become safe and successful homeowners.
Q: One of my neighbors has placed his condominium up for sale. During the last eight years he’s battled the association about a special assessment and has told everyone he’ll never pay it and it’s in collections. He’s proud that there’s a lien on the property. He’s gone to the Nevada Real Estate Division, gotten his own attorney and even contacted the city. But now he’s tired and “doesn’t want to fight it” anymore. No one on the board will talk about it, so we’ve only heard his side and don’t know if he’s telling the truth. I’m worried that no one will want to buy his condo because of the lien. How will they know that everyone else paid the assessment and all the work was done years ago? If there really is a lien, a new owner may think there’s a current problem.
Q: We put our house up for sale last week with a Realtor we think is pretty good. She told us to prepare for what she called a contingency, that our buyers would probably have to see if they could get a mortgage. Could we go on trying to sell our house while we wait to find out if the buyers work out? — P.R.
Mortgage interest rates remained low again this week, giving homebuyers who can qualify a nice opportunity to lock their rate at an attractive level.
Editor’s note: Listings include the resale home’s parcel number. The address listed is the homebuyer’s mailing address and not the actual location of the resale home. About 90 percent of these addresses reflect the home purchase. Check the parcel number to make sure. Also, a few transactions do not reflect the market value of the homes. The information is provided by Accudata, a local research firm. For the complete listing, visit RJRealEstate.Vegas or on Facebook at www.facebook.com/RJRealEstateLV.
Editor’s note: Listings include the resale home’s parcel number. The address listed is the homebuyer’s mailing address and not the actual location of the resale home. About 90 percent of these addresses reflect the home purchase. Check the parcel number to make sure. Also, a few transactions do not reflect the market value of the homes. The information is provided by Accudata, a local research firm. For the complete listing, visit RJRealEstate.Vegas or on Facebook at www.facebook.com/RJRealEstateLV.
I read your weekly column but I didn”;t think I”;d ever needed your advice. I and several of my neighbors received letters peremptorily demanding that I paint my house. I painted the house less than three years ago in the original colors. My next-door neighbor painted her house the day before I did, using the same painter. She did not get a letter. I can see no deterioration in my, or another neighbor”;s house paint. I have 30 days to appeal this. I have attached a copy of the letter.
Before you make an offer on a house, it pays to ask a handful of questions. While the answers might scare you off or make you rethink your bid, they could make you feel more confident that you”;re making the right move on the right house.
Forget about buying a vacant piece of land or an empty lot in a resort area. Empty land produces no income, ties up your money and requires tax payments. Even experienced investors get burned sometimes. Land is not the right investment for beginners.
Here are 10 turnoffs that sellers should avoid.