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Friday, February 22, 2019  Spokane, Washington  Est. May 19, 1883
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Stories tagged: Tom Kelly

Tom Kelly: Some timelines for residence exemption are confusing

If you’ve traded for a lakefront getaway condo and now think you would like to live there, make sure you own it for five years before attempting to pocket a …

Tom Kelly: ‘Who’s the local expert agent … I mean broker?’

When we bought our first home, my wife and I were stunned to discover the person representing us in the transaction did not have a real estate license. Here we …

Tom Kelly: If you charge for waterfront access, check your insurance

Most states now have guidelines as to how business and rental property owners treat and protect their waterfront, especially when children are present. In summary, these owners are required to …

Tom Kelly: The comparative expense of a reverse mortgage

Reverse mortgage funds can help seniors stay put in the home they own and close to their friends, church and familiar environment.

Tom Kelly: Appraisers are not building inspectors

The subject of appraisers and a structural flaw came up again last week when a friend asked if an appraiser should have known and disclosed appearances of dry rot in …

Tom Kelly: Reverse mortgage ‘subordination’ clarified

If you are a senior and struggling with the expenses that are allowing you to remain in your home, take the time to research a reverse mortgage.

Tom Kelly: Higher appraisal brings out an agent’s competitive side

In a recent column, we asked if a person who serves homebuyers and sellers for a living should be held to different guidelines if they are competing to purchase a …

Tom Kelly: Revisiting how our nation participates in housing

If the government was removed from home financing, special category loans would need to be included in any new system. We simply have to remember that special, by definition, means …

Tom Kelly: The playing field should be the same for first-time buyers, investors, agents

The question becomes: Should a person who serves homebuyers and sellers for a living be held to different guidelines if they are competing to purchase a home?

Tom Kelly: Don’t trust another to communicate with your real estate agent

The first thing to remember is that nobody can read your mind. Make sure your real estate agent knows your concerns and keep all communication lines open.

Tom Kelly: Old consumer loan method applied to home mortgage

The borrower on a loan had planned to pay the small balance off within three years and save some interest money but was shocked to discover the loan structure – …

Tom Kelly: Think twice before restarting your mortgage clock

Many mortgage professionals would like to see more programs today in which loans emand borrowers to have sizable down payment in exchange for a benefit of a moveable mortgage down …

Tom Kelly:

Most real estate investors are familiar with tax-deferred exchanges. This practice allows the seller of an investment property to defer the gain on a sale by purchasing property of equal …

Tom Kelly: Rules of thumb for judging future ‘rent-by-owner’

If you bought an investment home there now and rented it out, is there a way of knowing if it will appreciate? And, is there a break-even formula to use …

Tom Kelly: Empty house on the market may cost more to insure

Because a primary residence was unoccupied, vacant and headed for sale, its insurance premium had jumped to nearly eight times the normal rate.

Tom Kelly: Looking for a quick credit fix? Co-signer usually not the answer

Co-signers, or co-borrowers, can help bring you up to the income needed to qualify for a loan, but guidelines can be very specific depending on the type of loan. Usually …

Tom Kelly: Mid-week rentals … and travel insurance

While family and friends can be the key to a successful vacation rental property, they also can be a major pain in the backside.

Tom Kelly:

While rent-by-owner agencies say it’s a snap to find renters for your family cabin on the internet, the best way to ensure your sanity – and your second-home’s safety – …

Tom Kelly: No personal use with IRA-purchased properties

The rules for purchasing real estate with an individual retirement account are specific and differ greatly from those that govern conventional rentals and second homes.

Tom Kelly: Can your lender challenge loan data after closing?

Lenders are more focused on the proper verification of a borrower’s assets. But just how long is the information stated on your home-loan application considered valid?

Tom Kelly: Father’s gift was more than summer vacation

The fondest memories of my youth are of warm days on those family trips.

Tom Kelly: Marriage and home ownership for tax purposes

The U.S. Tax Court recently ruled that the cap on mortgage interest deductions applies in the same way to unmarried couples as it does to married couples, affirming a ruling …

Tom Kelly: Should known crimes return to sellers’ disclosure forms?

But to what extent should the property’s known history, or stigma, be included?

Tom Kelly: No tax deduction for paying Mom’s mortgage?

Have you moved into your mother’s home, paid her monthly mortgage yet have been unable to take a mortgage interest deduction on your federal tax return because you are not …

Tom Kelly: Some tax extenders bring more confusion than help

Most of the breaks included in the Bipartisan Budget Act of 2018 did little for consumers, which was probably the reason it passed so quickly.

Tom Kelly: It’s more than adding space when mom moves in

Knowing and accepting that a parent or older (perhaps disabled) family member is coming to live with you is one thing. Finding a way to finance that accommodation is a …

Tom Kelly: Be honest about remodel needs for aging in place

Before deciding on and executing the typical major renovations – roof, bathroom and kitchen – plus other applications that are often needed to age in place, remember that any renovation …

Tom Kelly: Can’t borrow more? FHA home-improvement program could work

FHA Title 1 loans of up to $25,000 are available to owner occupants and investors who want to repair or improve their property.

Tom Kelly: B&B becomes national example for barrier-free living

The 3,700-square-foot bed and breakfast situated on 18 acres was built for the purpose of improving the quality of life for people living with physical disabilities, providing creative options for …

Tom Kelly: Evaluate a property by proposing a lease-option

A lease-option allows the vacation renters to buy time to research the area while getting a portion of the monthly rent credited toward the down payment if they decide to …