Q. I am just thinking, because the housing market is lower than last year here in California and due to the economy situation, can I expect to renew my apartment lease at a lower rent price? Or am I just wishfully thinking?
If you work for an apartment company or have just renewed your apartment lease and it was lower .. (or higher*grunts*) let me know what to expect.
If you work for an apartment company or have just renewed your apartment lease and it was lower .. (or higher*grunts*) let me know what to expect.
A. Nope, that is wishful thinking.
What is going on in the housing market right now is that banks are being more careful about who they give loans to. This means less people are buying houses which has driven down the prices (basic supply vs demand equation). When less people are buying houses, it means more people are renting. Do the supply vs demand again and you see that more demand for rental units means higher rent prices.
What is going on in the housing market right now is that banks are being more careful about who they give loans to. This means less people are buying houses which has driven down the prices (basic supply vs demand equation). When less people are buying houses, it means more people are renting. Do the supply vs demand again and you see that more demand for rental units means higher rent prices.
Can we refinance our house if we are renting in a different state?
Q. We own a house in Indiana. Because of job change, we have just relocated to another state. We are currently renting. The house in Indiana is on the market for sale. We are wondering if we can refinance the house to take advantage of the low interest rate. Can we still consider the house as our main residence? Any inputs will be highly appreciated.
A. No lender will refinance a house that is currently up for sale.
Also, the refi interest rate on a non-owner occupied house in going to be a much high rate than if you still lived there. The time to refi was before you moved.
Also, the refi interest rate on a non-owner occupied house in going to be a much high rate than if you still lived there. The time to refi was before you moved.
My mom passed away last month and her house is paid off. How long can the house stay in her name?
Q. There are 3 daughters and none of us want to sell the house in this housing market. We get the feeling that the estate attorney is going to pressure us to either sell it or to have one of the sisters buy out the other two. I am currently living in the house and all 3 of us are fine with keeping the house in mom's name and me living there until the housing market recovers. Is this possible??? Thanks in advance.
A. Sure... Executrix can execute a deed transferring in into all 3 of your names. This will need to be done before you close the estate anyway, otherwise, it gets tricky when you do sell & you'll have to provide a title company with a will &/or DC & Letter of Testementary (from probate) to prove your ownership & who has authority to sign.
You should however pay some sort of fair market rent (or close to it) to keep things equitable & it will also prevent any hard feelings from arising in the future. Everyone may be happy & fine with things now, but believe me, things change & people start telling others things & all the sudden, the ugly greed monster rises & everyone starts pointing fingers. It's just in people's nature to sometimes stir up trouble for others. I went through this last fall. My brother is renting some commercial space & wasn't paying rent to the estate since he just took over the business. Wasn't but a couple months & our sister kept insisting he start paying & how he was robbing the estate of income.
You can check on market rents are in your area here: http://www.zilpy.com/
Your rent could go into an estate account to make sure taxes, insurance & repairs (if needed) are paid. Once the house sells, then you all split the net proceeds equally, rather than you being shorted because you lived there rent free.
Get a tax ID # from the IRS (you can do this online) & open an estate account at a local bank. Executrix signs checks & you make rent payable to the estate. Expenses for the home & the estate can be paid from that account. When you close the estate, you all split whatever is left in the account.
You should however pay some sort of fair market rent (or close to it) to keep things equitable & it will also prevent any hard feelings from arising in the future. Everyone may be happy & fine with things now, but believe me, things change & people start telling others things & all the sudden, the ugly greed monster rises & everyone starts pointing fingers. It's just in people's nature to sometimes stir up trouble for others. I went through this last fall. My brother is renting some commercial space & wasn't paying rent to the estate since he just took over the business. Wasn't but a couple months & our sister kept insisting he start paying & how he was robbing the estate of income.
You can check on market rents are in your area here: http://www.zilpy.com/
Your rent could go into an estate account to make sure taxes, insurance & repairs (if needed) are paid. Once the house sells, then you all split the net proceeds equally, rather than you being shorted because you lived there rent free.
Get a tax ID # from the IRS (you can do this online) & open an estate account at a local bank. Executrix signs checks & you make rent payable to the estate. Expenses for the home & the estate can be paid from that account. When you close the estate, you all split whatever is left in the account.
Do residential rents ever go down or remain flat at worst?
Q. In bad housing markets (which we're obviously in), people shy away from buying property, but still have to live somewhere. That obviously means more renters in the market. Does that create a big jump in demand--and price--of residential rent? Or does a bad economy depress the price of everything? Do rents go down in hot buying markets? Does anyone have a good idea of where residential rents are going to go in the near future?
A. Yes, rents can go down. It's a matter of supply and demand.
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