The Crimes We Commit Against Our Wallets

Originally posted 2009-12-12 05:00:33. Republished by Blog Post Promoter

Taylor-Brown Real Estate prides itself on deliver top-notch information that you can use about the topics of mortgages, real estate, and insurance.  Therefore, it is imperative that from time to time specific information is given that may not be found anywhere else on the web.

There are several often over look but very important facts that you will want to know so that you can protect your investment, as well as, your wallet.  Therefore, there are several valuable documents, blogs, and books that needed to be read before purchasing a home:

• Don’t Buy A Foreclosed Property WIthout An Inspection

“However, the potential financial rewards of buying a foreclosure don’t come without their share of hard work and headaches. Foreclosed homes are distressed and neglected homes. Repair issues in foreclosed homes may not be as obvious, nor simple as damaged drywall or dirty carpet……”

• The New Rules For Mortgages

“When getting a mortgage in today’s market, it’s not who you know, but what you know! Before getting a mortgage, you really need to know the rules.  Read this book!……”

• Do You Make These Mistakes When Getting a Mortgage

“Often times, the buyer’s excitement about being told that he or she has been approved for a mortgage that often stops him or her from asking the right questions when applying for a mortgage. When shopping for mortgages make sure you asking the following questions:…….”

• What is Closing Cost

“Closing cost only accrues when a seller conveys title of a property through a real estate contract. When the contract is executed through changing of deed of ownership, transfer of funds, and signatures of all parties, there is an action commonly called a “closing”……..”

• The Little Mistakes that Cost a Homeowner Over $6000 a Year

“There are a couple of little mistakes that cost homeowners a lot of money. One of those mistakes is not filing for tax exemptions. Another mistake is not understanding the mortgage. Still yet another mistake is not knowing your right if you are trouble with your mortgage…..”

• I am a First Time Homebuyer What Next

“As a first time home buyer, there are things that are important to your successful ownership of your first home. The most important things that will make you successful in home ownership understand your market, understanding your mortgage, and knowing what you can and cannot handle…..”

The above blogs and books will arm you with the information needed to conquer the hold on the money in your wallet.

Related Recommended Articles:

• Real Estate News: Loan Mods Disappoint, Lehman Sells Funds (blogs.wsj.com)
• FHA Improvements: New guidelines and Fewer Restrictions (zillow.com)
• Homebuyer Tax Credits Threaten the FHA (online.wsj.com)
• Real Estate News: Fannie As Landlord, Tax Credit Extended (blogs.wsj.com)

Is the United States Broke?

A debate worth having.

With the increase in foreclosures, job losses, taxes, etc., the question becomes is the US broke?   There is a lot of money going out to bail out the car industry, the banking industry, and the insurance industry.    How will this money be paid back?  There is no new industry in the US to speak of.  There is talk of “green” industry, but there is no one trained to do the work.

State after state, city after city, county after county are increasing sales taxes to recover revenue that the municipalities need to run daily business, but where does this money come from if no one or very few people have income? 

In Indiana, the March revenue fell to $87 million which is well below December’s revenue.  Consequently, this is the five straight months that the state’s projected revenue has fallen.  It is several other states reported this devastation with the projected revenue; hence, Cook County, IL, increasing its sales taxes to the highest in the national at 10.75 percent. 

Along those same lines, it makes it difficult for states like Indiana, Illinois, and even the federal government to negotiate a budget.

Let’s face it; these entities are no different than our individual households there must be money left at the end of the month to have a successful budget.

This issue that we are facing is worth taking a good look at.  It needs to be address now whether than later.   Money does not grow on trees and there will be a bubble that will burst.  It is not good that the United States appears to be for sale to other countries because there is no one here that can buy anything due to overspending in the past and lose of jobs today.

Does Governor Daniels Have A Reform for This?

Indiana is finally taking steps to help homeowners that are dealing with foreclosures.

What prompt the state to consider legislature for homeowners facing foreclosure is the alarming increase in foreclosure in Marion County.   The foreclosure rate in Marion County increase by 13 percent to a record high of 10,116 properties.  Consequently,  this is only one county statistics it states to reason that the rest of the state’s foreclosure rate has increased by that much or more. 

Even though it seems to be late in the game the state is taking a strong and forceful stand against further damage from the exponential amount of foreclosure through the state.  The state is proposing changes such as,

• notification timelines for renters of properties that are undergoing foreclosure
• avoid companies that acting on the behalf of the mortgage company to foreclosure
• enforcing mediation between the homeowner and mortgage company before the property goes to foreclosure

The above changes to legislature is a welcome and much needed change to help homeowners stay in their homes.  The changes in and of themselves will not solve the problem overnight it will take alot to turn this crisis around.

Good Indication that You Need to File a Property Tax Appeal

It is often difficult to determine the indication of needing to file a property tax appeal, but there are signs.

The following are a few good indication that a property tax appeal is necessary:

• One indication is when the description of the property does not match.  An example of such an error is a town home being labeled as a single family home.
• Another indication is when similar homes in the area sell for less than the assessed value.  Incidentally, most states, including Indiana, use market value or some variation of market value to determine the assessed value.
• Still yet, another indication of a need for property tax appeal is changes in the environment.  Change in environment includes rezoning, heavy traffic, drainage problems, building of new industry, freeways, or toxic waste in the neighborhood.
• Another indicating factor is the condition of the property.  If the property is environmental obscene.  The obscenity includes the roof needing replacement, inefficient heating, structural cracking, deterioration , and/or chronic defects.

It is important to not that every year is not an assessed year, but that does not preclude you from filing a property tax appeal.

It is equally important to note that any time an economy is plagued with foreclosures, short sales, and homeowners seeking bail out of homeownership are all good intentions that your property tax bill need a review and may be an appeal.