Behind on a Mortgage? Your Lender Might Want to Pay You!

Residential Real Estate Attorney Guide Mortgage

The big banks have come to the conclusion that more foreclosures will not help the sluggishly recovering housing market. It’s about time. A good alternative to foreclosure or bankruptcy for underwater homeowners – those who owe more on their mortgage than their home is worth – is a short sale. In the beginning of the …

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Financing Contingencies: Navigating The Minefield of Real Estate Transactions

Residential Real Estate Attorney Guide Real Estate Transaction

Among the biggest changes we have seen in our market post-Lehman is the return of the financing contingency. Prior to Lehman and the seizing up of the mortgage credit markets, it was quite typical for buyers to “waive” a contingency and accept the risk of financing. With contract deposits typically 10% of purchase price, this …

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Exchange Basics: The Rules for Identifying Replacement Properties

1031 Exchange Residential Real Estate Law

A 1031 exchange is a great way for investor’s to develop significant wealth by deferring capital gains tax on the sale of assets that are replaced with like-kind properties. But this generous benefit of the Internal Revenue Code comes with a caveat: the rules for the safe harbor created must be followed exactly, and errors …

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Becoming More Than Just a Real Estate Salesperson

Salesperson Residential Real Estate

Today’s brokerage clients demand more of their real estate professional than before, and successful agents and brokers recognize this. I deal with many real estate professionals across the spectrum of success, and have noticed that the more talented brokers are the ones who make themselves the single resource that clients trust in connection with all …

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An Expert’s Guide to Succeeding in Your Short Sale

Residential Real Estate Lawyer Guide Short Sale

The decision to sell short is an important one. But for underwater homeowners in financial distress, it can sometimes be the best option. In a short sale, the seller remains in control of the transaction, and no legal proceedings are necessary. Unlike a foreclosure or bankruptcy, which are court proceedings and become a matter of …

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Seven Rules for Successful Deals in 2012

Residential Real Estate Lawyer Guide Deal 2012

2011 was a tricky year, and closing deals this year required a much different mind and skill set than in the past. I think 2012 will be even more robust, and with consumer confidence posting record increases, we’re poised for a banner year. As we start the year, I want to share some trends that …

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A Sales Tax on Real Estate Sales? Yes, Well Sort of…

Residential Real Estate Lawyer Guide Sales Tax

The internet can be great for providing information on any number of subjects. And real estate is among the most popular, with “experts” weighing in on any issues raised by (confused) consumers. Recently, there has been a flurry of activity offering “guidance” on the new 3.8% sales tax on real estate. Much of the “analysis” …

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The Casual Landlord: Dealing with the Non Paying Tenant

Residential Real Estate Lawyer Guide Landlord Tenant

The non-paying tenant can be devastating to your financial plans for the property. In addition to the obvious issues of cash flow, a non-paying tenant in possession continues to have access rights, and can interfere with a landlord’s plans to market and sell a property. And eviction is also expensive and time-consuming. And typically the …

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Refinancing Options for Underwater Homeowners

Residential Real Estate Lawyer Mortgage Homeowners Selling Real Estate

There is new relief in sight for homeowners “underwater” on their mortgage, where the market value of the property is less than the outstanding payoff of their mortgage. Previously, only those whose mortgage was no more than 125% of the market value of their home were eligible, and then only in certain circumstances. That permitted …

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The Casual Landlord: Some Advice for First Timers

Residential Real Estate Lawyer Buying Real Estate Landlord

Being a landlord is not an easy line of work. And in this market where some homeowners opt to become landlords “temporarily” and rent their empty home until market conditions improve, it’s easy to end up in a far worse financial situation than you were in before taking on the landlord role. Here are a …

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