The m-word is one of the worst four-letter words in the real estate sales realm. About 70 percent of homes have some dangerous mold, so most homeowners will probably deal with this issue. Fortunately, in most cases, the “dealing with it” does not go beyond Step Two. First, a few facts about mold. This...READ MORE
Ladies: Money Tips on Buying a House
According to the National Association of Realtors, single women accounted for nearly 20 percent of all home sales in 2017. That’s more than twice as many single men. Married couples were the only demographic to purchase more homes. NAR notes that the median age for single female homebuyers was 52, and one-third of all...READ MORE
If I Sell Inherited Property At A Loss, Do I Save Money On My Taxes?
Although there is a limit as to how much of a loss you can claim each year, in general, selling inherited property at a loss counts as a capital loss on Line 13 of your annual 1040. Heirs in Massachusetts and New Hampshire sell inherited property at a loss more often than you may...READ MORE
Is Inherited Property Marital Property?
New Hampshire and Massachusetts are both equitable division states. So, upon divorce, the court pools all marital property together and divides it equitably. Note that an “equitable” division is not necessarily the same thing as an “equal” division. The judge uses a number of factors to divide property fairly, including the economic and noneconomic...READ MORE
Tough Conversations the Sandwich Generation Needs to Face
For many area families, springtime graduation is not the rite of passage that it once was, as almost a third of adults ages 18 to 34 still live with their parents. That proportion outstrips those living alone, with roommates, or with a significant other. At the same time, the over-65 population may increase as...READ MORE
Should I Rent or Sell the Property I Inherited?
Many times, when a loved one dies and leaves real property behind, the family has made property disposition arrangements in advance, especially if another family member is still living in the house. Usually, a brief addendum to a will is more than enough to get everyone on the same page when it comes to...READ MORE
Should You Refinance Inherited Property?
Many times, selling inherited real property is in everyone’s best interests, but there are always exceptions. Here are two of the more common ones that we see: Dad lived alone in failing health, so Diane agreed to move into the house with him. As Dad’s health declined even further, Diane left her job to...READ MORE
Answers to Inherited Real Estate FAQs
When a loved one dies, everyone goes through the same five stages of grief. However, not everyone goes through these stages at the same speed, since recovery may take a couple of weeks or it may take a couple of decades. At the same time, a death in the family also creates financial concerns, as...READ MORE
3 Steps to Take When You Inherit Property with a Mortgage
Many people are confused about their obligations and options in these cases. First and foremost, the mortgage is still due. Repayment obligation does not terminate with the death of the original owner. Second, to avoid foreclosure or other adverse action, such as collection letters, the mortgage must be current. The lender can still take...READ MORE
The 5 Steps of a Massachusetts Probate
While there are some ways to expedite the process and reduce the amount of inherited property involved, some legal proceedings are almost inevitable when a loved one dies. Properly understood and carried out, probate often brings emotional closure in these situations, but if it gets out of control, probate litigation can become an expensive...READ MORE