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REAL ESTATE

By Inman News Feed

Must-knows when buying pet-restricted condo

REThink Real Estate Tara-Nicholle Nelson Inman News® Q: I am surprised that so many condos have a "no pets" policy. How strict is this policy? For instance, I have a cat that would not go outside, so would my cat be banned also? A: As a devoted dog mom, this is an issue that's near and dear to my heart, especially as my first dog years ago was what I call a real estate rescue. At the time, I was a real estate broker working in a big office, and adopted my Pekinese, Mr. Chom Chom Nelson (RIP), after answering the SOS email of an agent who was selling the home of some clients who were (you guessed it!) moving out of state, to a condo that wouldn't allow pets. I have personally only owned single-family homes, and all the condo transactions I've managed have been in California, which has a law prohibiting no-pet condo deed restrictions (California Civil Code Section 1360.50), so I was completely outraged at the idea of such a ban. It was a real education for me to find out that in states like Florida and New York,...

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Posted May. 24, 2012

REAL ESTATE

By Inman News Feed

Rules for disposing of tenant possessions

Rent it Right Janet Portman Inman News® Q: When I moved out of the house I rented, I mistakenly left behind some prescription medicines. When I contacted the landlord, he said he'd thrown it all out. It's going to cost me a bundle to replace those medications. Do I have any recourse against the landlord? --Robert W. A: All but a handful of states have detailed laws that explain how landlords may or must handle property left behind by tenants. Sometimes, the rules depend on the reason the tenant left: Those who move voluntarily, at the end of a lease, arguably had time to pack up; what they left behind is more likely to be unwanted, so the landlord has more leeway in disposing of it. On the other hand, tenants who leave after getting a notice to pay or quit (or cure or quit), who break the lease and move unannounced, or who have been evicted, may not have had time to pack everything; some states make landlords handle any leftover belongings more carefully in these situations (though some take the opposite approach, reasoning that lease-breakers don't deserve special...

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Posted May. 24, 2012

REAL ESTATE

What's Your Home Worth?

The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Variations in price also occur because of negotiating factors, closing costs, and timing of closing.

Provided by Zillow

REAL ESTATE

By Inman News Feed

More vacation-home owners renting them out

Income can help cover mortgage and taxes, or even turn a profit Tom Kelly Inman News® Not only are vacation-home sales on the uptick, but the percentage of purchasers who intend to rent out vacation homes to friends, family and travelers is climbing like never before. Perhaps it's the sluggish economy, coupled with the chance to buy a bargain getaway, but 70 percent of vacation-home buyers say they plan to rent out their home in the next year, according to a survey by the National Association of Realtors. Recreation home sales were up 7 percent in 2011 from the year before, yet the median sales price dropped 19 percent to its lowest point in four years. Of the 70 percent who said they intended to rent out their properties, 39 percent said they planned to use the rental income to help cover mortgage, taxes, insurance and other costs, while 14 percent stated they purchased the property to make a profit. These statistics probably do not surprise the 3.3 million vacation property owners in the U.S. who choose to rent out their homes, condos and apartments. According to Radius Global Market Research, the vocational rental...

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Posted May. 23, 2012

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