By Benny Kass
Published: February 20,2012
DEAR BENNY: My wife and I closed on a short-sale house in Florida back in 2010. We paid “in full” the homeowners and flood insurance even before we took title to the property. Once we became the owner of the property, confusion started when the insurance agent apparently – and incorrectly – advised the lender that [...]
By Benny Kass
Published: February 17,2012
DEAR BENNY: We are getting ready to close on a home and there is a settlement fee of $685 for lender’s title insurance and $683 for owner’s title insurance. Must we pay both fees? – Phyllis DEAR PHYLLIS: This is a question that has plagued homeowners for many years: “Why do I need to purchase owner’s title [...]
By Benny Kass
Published: February 13,2012
DEAR BENNY: I am 74 years old. Recently, I have been contemplating paying off my condo mortgage. The remainder is $98,000 at 6 percent. Can you help me through this? On the surface it seems like a good idea, but I’m not aware of all the particulars. I am in good health and will not need the $98,000 [...]
By Benny Kass
Published: February 9,2012
DEAR BENNY: Regarding whether to give houses to heirs as gifts or let heirs inherit them, you have expressed your preference numerous times. In general, I agree with you to let heirs inherit houses so that they get a stepped-up cost basis and, hence, won’t pay capital gains tax. However, for those who have large estates [...]
By Benny Kass
Published: February 7,2012
DEAR BENNY: Due to the death of my former husband, I find myself owning a rental cottage with my two children. Due to the tough real estate market, and also family sentiment, the kids — ages 20 and 24 — and I want to hold on to it as a rental property at least for a [...]
By Benny Kass
Published: February 2,2012
DEAR BENNY: We have been renting a house with an option to buy for two years now. We recently learned from mail the bank has sent that the property was listed for foreclosure. (No, we have not opened the letters addressed to the owners, but they are from the bank that holds the mortgage and they have [...]
By Benny Kass
Published: January 30,2012
DEAR BENNY: I own five rental homes that are managed by a management company. On my monthly statement, the company listed a forfeited security deposit as “rents received” and charged me a 10 percent management fee. I believe that his money is not rent, so I should not be charged a 10 percent management fee on [...]
By Benny Kass
Published: January 27,2012
DEAR BENNY: I have read your articles regarding time shares, but I still feel at a loss as to how unload it. It is completely paid, with the maintenance fees paid every other year. I have offered it on Craigslist but still no bites. I visited a licensed real estate broker, and he has the same problem [...]
By Benny Kass
Published: January 27,2012
DEAR BENNY: I am selling my house and received two offers on the same day. The first offer came in first thing in the morning, and I made a counteroffer. Several hours later there was another offer. My agent informed both buyers’ agents of the competing offers and shortly after was informed by buyer’s agent No. [...]
By Benny Kass
Published: January 22,2012
DEAR BENNY: My wife and I signed a purchase agreement in June 2011 with anticipated delivery of November/December. In September, we were advised that delivery would be delayed until March/April of 2012. When we asked the reason for the delay, we were eventually told that the developer did not have the finances in place yet to [...]
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