Posted by Annalisa Burgos | May 8, 2009
My mother-in-law and I get along well, but I’m not sure how I’d feel about her living with me and my husband. Sure we’d get a babysitter and homemade enchiladas whenever we want. But there’s just something disconcerting about having your husband’s mother so close — the potential for power struggles and disagreements on how the household is run and how the children are raised. Not to mention the possibility that your husband will have to choose sides during an argument.
That said, many families across the country live happily with their mother-in-laws, and in a recession, sharing one roof to save money may not be such a bad idea. Which is why I expect a growing demand for “mother-in-law suites” or accessory dwelling units, as some cities call them.
A brief background — zoning and land use laws typically ban multiple dwelling units on one property, but some cities allow a relative or guest to live in secondary units, hence the term “mother-in-law suite,” or as I’ve heard here in the Northeast “a mother/daughter home.” You essentially have a separate living area, with its own kitchen and bathroom, connected to a single family home. They come in various forms, often a finished attic or basement or a detached building elsewhere on the property.
As more extended families and relatives move in together, properties with mother-in-law suites will become more appealing. Real estate agents already call out the feature in their listings. Before you buy one, make sure you check your local laws — you may or may not be able to rent out the space.
Check out these pictures of an awesome Craftsman-style home with mother-in-law suite (more like house!) for sale in Redmond, Oregon. It’s like getting two homes for the price of one! It’s listed for 390K.
If this one isn’t for you, don’t worry. We’ve got tons more on www.FrontDoor.com. And if you do decide to have your mother-in-law live with you, good luck with that.
Posted by Annalisa Burgos | April 30, 2009
Whenever I go to an open house, the listing agent often offers me the business card of a mortgage broker or loan officer, in case I’m looking for financing. Since I usually secure financing before I go house hunting, I never really think about the recommendation. Figured the guy was a friend, so the agent was doing him a favor by throwing him a bone.
But what if that agent or broker took a kickback for it. A big NO-NO.
Apparently, that’s what the nominee for the head of the Federal Housing Administration is accused of.
David Stevens, president and chief operating officer of Long & Foster, was supposed to be confirmed on Capitol Hill this week, but lawmakers put the vote on hold to review lawsuits alleging his company broke federal anti-kickback laws.
Long & Foster is facing several class action lawsuits, alleging that it shared profits with affiliated mortgage and title companies in exchange for bringing buyers their way. While these relationships are commonplace in the real estate industry, profiting from them is illegal.
If confirmed, mortgage industry vet Stevens will run the FHA, which offers those highly-coveted loans that require as little as a 3.5 percent down payment.
Posted by Annalisa Burgos | April 28, 2009
I’m trying to buy a condo in Manhattan and you know that’s nothing but drama. Running around the city via subway and cabs. Dealing with sellers who haven’t accepted the reality of the market. Trying to get financing with loan terms I want. And hello! Did you know New York City has the highest closing costs in the country, averaging $4,016, according to a survey by Bankrate?! DRAMA!
Well, now there’s a guide for anyone tired of the stress of buying, selling or financing a home. (drum roll please)
Introducing the new “Drama-Free Real Estate” series on HGTV’s FrontDoor.com. FrontDoor Freak-Out Prevention Specialist and real estate expert Tara-Nicholle Nelson offers more than 100 timely stories and tips to help you take the drama out of your homebuying, selling and financing experience. Check it out at: http://www.frontdoor.com/dramafree
Tara’s breaks down the “Top 10” action steps, strategies and insider secrets you must know; offers “Don’t Freak Out” tips to tackle the main sources of frustration; and shares her experiences and lessons learned with real-life clients in “Been There, Done That.”
If you’ve got drama you can’t handle, consult Tara’s guide and leave a comment here. We want to hear about it!
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