Real Estate News

Real Estate News

The Mortgage Professor: Becoming a homeowner when you don't qualify for a mortgage

Lease-to-own contracts and land contracts are different legal ways to transfer occupancy of a property from an existing owner who does not want to occupy it to someone else who does but cannot immediately qualify for the financing required to purchase it outright. Both lease-to-owns, known as LTOs, and land contracts, known as LCs, offer wannabe owners the right to occupy a house for a period during which they can improve their capacity to qualify for the financing they need to complete the deal.

Real Estate News

The Mortgage Professor: Confronting the 3 reverse mortgage decisions

This article describes the three major decisions that must be made in taking out a reverse mortgage. The purpose is to alert potential borrowers to the information they will need to make the best decisions possible, and where to get it. A second purpose is to help those who are on the fence about whether or not a reverse mortgage is in their interest, to make up their minds.

Real Estate News

Real estate Q&A: Is HOA obligated to pay for property damage?

Q: My husband and I live in a patio home. There is a common property area of about 15 yards behind our house. The builder planted royal palm trees in this common area. Fronds from a tree are causing unnecessary damage to the house and patio screen. Because we haven't had even a tropical storm, we went to the homeowners association meeting to ask the board to pay for the repairs. The board turned us down, saying our homeowner's insurance policy should pay. But the insurer also refused. Who is responsible for this?

Real Estate News

High housing costs driving population shifts?

Fewer people are moving into some of the country's most expensive areas, including San Diego, Silicon Valley, and some Washington, D.C., suburbs. At the same time, places where the cost of living is lower, such as Las Vegas, Phoenix and parts of Florida, are showing bigger population gains, new census data show.