A Skeleton in the Closet

Photo source: snookerbacker.com

When you buy a new house, especially as foreclosure, you may find a few things the previous owner left behind like old furniture, paint cans, etc. But you certainly don’t expect to actually find the previous owner, dead and rotting away in your garage.
Yet that’s exactly what happened to a Florida man while inspecting his newly purchased home. According to ABC Action News, authorities believed it to be the dead body of the previous owner who had been missing since foreclosing on her home earlier that year.

Home Invasion

Photo source: nbc17.com

Everyone should feel safe in their own home. Unfortunately, this sense of safety can be gone in an instant as a man in Durham, N.C. experienced first-hand when he woke up to noises in his home last December.
Unable to reach his phone, he grabbed his firearm and set out to defend his property, as he later told NBC17.com. The ensuing standoff with the three intruders resulted in an exchange of fire that landed the criminals in the hospital and behind bars, while the brave homeowner lived on to defend his home another day.

Next-door Meth Lab

Photo source: stopmethinflorida.org

Most people buy a house in what they consider to be a safe neighborhood. But what happens when your apparently perfect neighbor turns out to be running a meth lab?

A quiet neighborhood in South Providence, Rhode Island became the epicenter of a drug investigation when a former Brown University student started to run a meth lab in his house. His neighbors noticed a foul stench and notified the authorities, who then shut down the illegal operation, according to WPRI.com.

While the investigation is ongoing, any potential home buyers will certainly stay clear of this area now, as it poses a serious health and safety risk.

Unwanted Baby Delivery

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The postman may always ring twice, but the unwanted baby delivery service won?t even knock on your door once, as homeowner Juan Renevato in Dickinson, Texas found out last December, according to ABC13 News.

He found a shivering newborn on his doorstep at an outside temperature of below 40 and immediately called 911. Fortunately, the baby survived and is currently up for adoption. But the experience was traumatic for everyone involved.

Fecal Matters

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While no one would take a dump in his own living room, it seems impossible to prevent the city from dumping all kinds of waste anywhere in your house, as evident in the recent sewage backup incidents reported in New Jersey.

One homeowner in Roselle Park, New Jersey had two feet of raw sewage spill into his basement, resulting in over $30,000 in damages and cleanup costs. The city of Roselle Park however, denied the insurance claim the man filed, citing the incident as an “Act of God.”

House of Snakes

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While the most infamous story about snake infestation in a home has since been retracted by The Consumerist, snake infestations can and do happen in certain parts of the country. Nevertheless, stories about thousands of snakes invading a house at a time tend to be mere urban legends.

Conclusion

While bad stuff can happen to people anywhere, owning a home does not necessarily pose an inherent risk. Practicing due diligence is always the best way to avoid any worst-case scenarios.

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Purchasing property with a spouse is usually a wonderful moment for most families. You’ve finally found the home of your dreams and now you can begin your life together. But the more pragmatic sorts will wonder if there is something they need to do to protect themselves in the case of a future divorce.

Home purchases are typically made with the assumption that the family is planning on staying together so there aren’t any special forms you need to file, unless you feel like having an agreement drafted by an attorney.

Typically spouses purchase the home in both their names and have it titled as such. This means you both have an equal stake in the property and if one of you should happen to die the property automatically becomes the sole property of the surviving spouse. But in the case of a divorce an agreement will have to be reached between both parties. In some cases it is best for the couple to sell the home and split the assets or the expenses. In other cases one of the homeowners may wish to continue living in the home, in this situation you’ll have many issues to iron out and an attorney can help you arrive at an equitable solution that fits with your local and state laws.

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If you have ever bought or sold a real estate property then you know that this transaction is a situation akin to that old saying that “it ain’t over ’til the fat lady sings”. People who are new to the process may believe that the real estate purchase is basically complete when the negotiation has been completed and the closing date has been set. However, veterans of real estate sales know that there are a whole lot of things that can go wrong at real estate closings. Until the closing is over and the transfer of the property is officially complete, neither buyer nor seller should assume that the deal is certain to go through.

For those who are new to the process of buying and selling real estate, here is an overview of some of the most common problems that may occur at real estate closings which can delay or terminate the deal:

• Failure of parties to show up at the closing. The most frustrating experience for those people who arrive at the real estate closing on time is when they end up waiting there for one party to show up and the party never does. In rare cases, this is due to a case of cold feet by the buyer or seller and results in a dead deal. However, the more common case is that someone who didn’t realize he or she had to be there to sign the papers is a no-show. For example, a married woman may be purchasing a home as a fix-up for sale and not realize that her husband is also going to need to be there to sign the paperwork. If he’s not there and she doesn’t have Power of Attorney to sign for him, the closing may need to be rescheduled to a time when he can be present.
• Failure to bring all of the paperwork and identification necessary to complete the closing. It often happens that one or both parties mistakenly fails to bring an important piece of paper or ID to the closing. Make sure that you know in advance what items are expected of you from the title agent and other professionals that you’re working with at the closing. Put all of these together in a file and make sure to bring the file with you to the closing in order to avoid problems with completing the deal.
• Sudden awareness of problems. In theory, both parties have already read all of the documents about the deal in full before the closing date and there will be no surprises. However, those people who don’t pay close attention to what they are reading may get to the closing and discover that there are issues they weren’t aware of that change the terms of the deal for them. For example, a more thorough read through the title report may reveal that certain issues are present with the home that affect the insurance of the home. Sudden awareness of this could cause the buyer to have second thoughts about making the deal.
• Insufficient funds. The financial details of the real estate transaction should be worked out prior to the closing date. However, that’s not always the case. The most common scenario here is that the buyer doesn’t realize that he or she needs to bring additional funds for the closing costs. If the buyer doesn’t have those funds available, the closing may not be able to take place. Other problems with the funds for the purchase may have to do with problems coming up in relation to the mortgage loan such as failure to pay off other mortgages or foreclosure payments prior to completing this transaction. If all is not in order with the money situation then there’s a good chance that the closing isn’t going to be completed at this time – and may not ever be completed.

In most cases, the closing of a real estate sale is easy. Everyone shows up with all of the proper documents and everything is in order before they arrive. They sign the papers, pay the closing costs and go their separate ways. However, things don’t always happen so smoothly. Neither the buyer nor the seller of a property should consider the real estate transaction complete until the real estate closing has been finalized. There are simply too many problems that might come up at (or just prior to) the closing which can cause the deal to have to be delayed or even to fall apart completely.

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Buying a home is a really exciting experience. You’re realizing the American Dream. You’re choosing a place where you can make a life for yourself. You’re investing in something that could be good for your future. Unfortunately, a number of people go through this exciting experience only to end up disappointed with the choice that they have made in their home. They feel that they’ve paid more than they should, live in a neighborhood they don’t really like or picked a home design that doesn’t suit the needs of the family. Buyer’s regret is always a sad thing but it’s particularly sad when what you’re regretting is the purchase of something that’s so important in your life.

Luckily, it’s possible to avoid buyer’s regret by thinking carefully about your home purchase before you actually make it. Here are some tips for avoiding buyer’s regret when buying a home:

• Figure out what type of home you want. The most important thing that you can do to avoid home buyer’s regret is to decide what kind of home you want before you even start looking at homes. This will make it more likely that you will only look at purchasing homes that meet a basic set of criteria that are requirements for happiness in your home purchase. Think about whether you want new or old homes, whether you want to live in certain areas or avoid specific neighborhoods and whether there are any features of a home (such as a large back yard) that you consider a prerequisite for a good home. Make a list of these things before you even look at homes for sale so that you can refer back to it when you need to make objective decisions about a home.
• Figure out your budget. You’re going to need to look realistically at how much you can afford to pay for a home. One of the biggest reasons people regret buying a home is because they have to pay too much on their mortgage each month and it stresses them out. It’s better to buy smaller and in your budget because you’ll be happier this way.
• Find a good real estate agent. You want to work with someone who is really going to listen to you, someone that you feel comfortable working with as you select a home. Take the time to find this person so that you can increase your chances of having a positive experience in buying a home. Make sure that you’re open in articulating what your needs are for a home and what you can be flexible about. Being clear and upfront with this information will help the real estate agent know what to look for when helping you find a home.
• See more than one home. You need to really look around before you find the home that you like. Buying a home is so exciting that people may jump on the first place that they like but it’s wise to do some looking around and really compare the things that you do and don’t like about different homes before you make a final selection about the purchase.
• Take the home inspection seriously. A home inspection will be done before the home is sold to you. You should pay close attention to everything that is revealed in that inspection so that you know what the areas of concern are in the home. There are also certain things that you should look for in the review of the home such as whether the roof appears to be sturdy and whether all of the electrical outlets work properly.
• Spend time picturing your real life in the home. You should be able to envision yourself carrying out your daily tasks in this new environment. Don’t just daydream about things that are yet to come (like raising kids here if you don’t have any yet). Focus on fitting the life you have right now into the home. Imagine doing your work at a desk in the living room here. Imaging cooking with your spouse in the kitchen here. If you can picture yourself in the home, you probably won’t regret buying it.
• Be honest in your communication with your spouse about buying a home. If you’re buying a home with someone else then there may be a tendency to acquiesce on certain points of the home because you want to make the other person happy. This can lead to home buyer’s regret and eventually to resentment of the other person. You want to avoid this so be open in your communication about how you feel about the homes you look at. There will probably need to be some compromise but talking about the pros and cons of a place openly will help make sure that you’re both happy with the final decision.
• Make sure that you read and understand all of the fine print. Take a look at every paper that’s involved in the home buying process. Make sure that you understand what it says, what it requires of you and what it does to protect or assist you.

Buying a home is a big decision. It’s something that you should take time to do correctly. You should think through what your needs are in a home and hold out for the home that’s right for you. Doing so will help you to make sure that you don’t regret a big purchase like this.

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Owning a home is the basic foundation of achieving The American Dream. For minority cultures in America, homeownership has historically been a milestone revealing that they have made it here in this country. As a result, many cultural communities are concerned about the fact that the recent home foreclosures sweeping the nation have created a setback for the minority homeowner.

Minority populations were impacted by the subprime mortgage bust at a much higher rate than their counterparts in the United States. This has created serious concern that we will see a decrease in the number of ethnic minorities who own homes in this country. A decreased ability to invest in real estate is a setback to the entire cultural community affected by this situation.

In order to counter the impact of this setback, several diverse organizations have joined together to call for a five point plan designed to minimize the loss of homes by minority homeowners. The five points touched on in this plan are:

• Preserve minority homeownership
• Reverse declining markets policies
• Educate and reach out to the minority community
• Generate confidence in the housing market to encourage new minority real estate investment
• Create liquidity in the market

The goal is to involve lawmakers, the housing industry and regulators in achieving the goal of keeping as many minority individuals as possible from losing their homes.