This information comes via Doug Pittman & Elizabeth Pedersen of Chicago Title. Filing Bankruptcy while being a homeowner can be confusing. Responsibilities are relieved for a fresh start but judgements remain connected to the property. A relief of judgement is possible but even that can be refused by the judge if he/she feels there is enough equity in the property to pay the judgement debtor.
Uphill lots can create situations that are very costly to fix. In this situation, the topography of the backyard slopes to the house which resulted in the homeowner having to install drainage systems to properly manage the surface water. Properly managed surface water can prevent a huge headache in the future.
Frequently repair work is done on property prior to the closing of a sale.
What if the seller doesn’t pay for the repair work and a mechanics lien is recorded after the closing?
Keep in mind that the priority of the mechanics lien is established when the work begins, not when the lien is recorded. If the work is started before the closing, and the party performing the work complies with the necessary statutory requirements regarding their right to claim a lien, the subsequently claimed lien may have priority over the rights of the purchaser and their new lender.
This is why your buyer needs title insurance!
If the purchaser learns of the recording of such a lien, they should contact their title insurer immediately. If the policy is a standard coverage owners policy (with an additional protection endorsement for homeowners) and the purchaser did not join in the contract for the work, or if the policy is a Homeowner’s Policy or an Owner’s Extended Coverage title insurance policy, loss resulting from the lien is most likely covered by the policy.
As a side note, it is likely that the title insurance company will pursue recovery from the seller for any amounts paid. This is based upon the rights contained in the policy and under the deed warranties, but in no way involves the new owner, whose title is secure. The title company may have also required the seller to sign a sworn affidavit regarding unrecorded labor and material lien rights as part of the closing.
(Courtesy of Chicago Title Insurance)
Here’s a testimony from John & Daniele Donatelli…”Sandy’s proactive marketing and outstanding communication resulted in such a positive experience that we are forever advocates of Sandy and his service…especially in a climate where many people we have met had a “not so positive” experience with their chosen real estate agent. When our home first became available, Sandy’s proactive marketing resulted in multiple offers. Unfortunately the chosen offer ended up not working out. We regrouped with Sandy re-initiating his marketing program which AGAIN resulted in multiple offers! We couldn’t be happier with the service from Sandy.”
Sharing an original Frank Lloyd Wright original home found on the Sammamish plateau. Built in 1952 on 3.25 acres, this home is like living in a high quality tree house! It was a truly special experience to walk into something with such historic value. In my 20 years as a real estate broker, I have seen many homes built by those inspired by Frank Lloyd Wright but never an original. The photos and video don’t do this home justice. (video)
Louisiana Pacific Siding, or LP Siding for short, was a product that was used in the 1990 era by builders as an alternative to wood siding. Due to the moisture in the Pacific Northwest, it did not do well. There was a class action law suit (that has since expired) against the company. In the image is the classic signature knot for the product. (video)
If you take mortgage-interest tax deductions, the next 100 days could have significant financial implications for you, thanks to Congress’ federal debt-ceiling plan.
Though the compromise legislation involved no new taxes, it created an unusual mechanism — an evenly split, 12-member bipartisan super-committee — that could call for major cutbacks in real-estate write-offs by Thanksgiving.
All it will take is a single vote by a lone senator or House member who breaks with his or her party to put the mortgage-interest deduction into serious play.
Here is what’s about to unfold and how it could affect you:
The legislation signed by the president Aug. 2 calls for a two-step increase in the federal debt ceiling plus spending cuts of about $917 billion. It also created the Joint Select Committee on Deficit Reduction with the goal of slashing an additional $1.5 trillion from the deficit over the coming decade.
With the Dow Jones Industrial Average down more than 400 points today, and many market experts predicting more volatility ahead, some advisers are recommending their clients put some of their cash to another use: To buy that house or summer home at the shore.
Potential homebuyers certainly have plenty of incentives: Home prices are still way down in many parts of the country, and mortgage rates are nearing their all-time lows. Consider: The benchmark 30-year fixed-rate mortgage fell 1 basis point this week, to 4.45 percent — just a few basis points above the record low hit in October 2010, according to the Bankrate.com national survey of large lenders. Freddie Mac, meanwhile, reported today that the 30-year fixed-rate mortgage averaged 4.15% for the week ended Aug. 18, its lowest reported rate in 50 years.
Money magazine on Monday published its 2011 list of “100 best places to live in America,” highlighting small towns across the country with populations of 50,000 or less. For the annual cover story, which hits stands on Aug. 19, Money looked for places with the optimal combination of job opportunities, fiscal strength, top-notch schools, safe streets, good health care, cultural and outdoor activities, and even nice weather.