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Preview: Edith Lank - ArcaMax Publishing

Edith Lank - ArcaMax Publishing

Edith Lank News Feed

Copyright: Copyright 2017 ArcaMax Publishing

House Calls: Inheriting Debts


Hi, Edith: My mother has end-stage lung disease. In her will, I am the sole heir to her two properties, which are both underwater. Upon her death, do I simply continue making mortgage payments to the banks, or do I need to notify the mortgage ...

House Calls: Mortgagor, Mortgagee


Dear Edith: I'm studying for my real estate license, and last week, we discussed mortgages. I still can't get "mortgagor" and "mortgagee" straight in my mind. I told our professor that I'd email you to see whether you could help. By the way, we ...

House Calls: Amateur Absentee Landlord


Ms. Lank: I own a house in another state, and we rent it out. Last month, there was some water damage caused by water backing up through the toilets. The insurance company sent us pictures, and the damage was not very bad. The damage caused by ...

House Calls: Gift From Parents


Dear Edith: My aged parents are about to put their house in my name. What are the tax implications for me, other than annual property taxes? Is this considered a gift that I have to claim as income? -- M. Answer: First, property taxes: Your folks...

House Calls: Thoughts on Fence or Hedge


A few weeks ago, a reader wrote in to ask about whether to replace a long-standing hedge around his corner property with a picket fence for the cost of about $5,000. He is getting along in years and would eventually be able to hire someone to ...

House Calls: Starting in Real Estate


Dear Edith: Is it possible to start a real estate career part-time? I have a good office job, but meeting the bills would be much easier with more income, and I do like houses. Also, I'm not a very aggressive person. Would that be a handicap? -- R...

House Calls: True Tax Figure


Dear Ms. Lank: If we buy a house, can we expect to pay the same property taxes as the person we buy it from? -- P. I. Answer: Sometimes yes, sometimes no. In some locations, the tax assessment is automatically changed to the amount you paid for ...

House Calls: For Sale Two Years


Edith: The house across the street has had the same for-sale sign up for over two years. I would think that the Realtor would want the sign taken down, as it seems to imply that he can't sell houses. Isn't there a time limit of expectations for ...

House Calls: Lawyer's Advice


Edith: You wrote that it would be "simplest" for the reader to contact an attorney to see whether a deed had been recorded. Perhaps, but it may also be more expensive. It could be simple for the reader to go to the county or some other appropriate...

House Calls: Deducting Interest


Dear Edith: A reader recently asked you about the value of having a mortgage so she could deduct the interest. I was disappointed that you didn't point out the folly of paying a bank $4 just to avoid paying the government $1. (Obviously, the ...