You may be wary of either buying or selling a home in today’s market. You may feel powerless to the process. How could YOU possibly know whether the current good news about housing will continue? There is no doubt that today’s real estate market is extremely difficult to navigate. However, we want you to know that thousands of homes sold yesterday, thousands will sell today and thousands will sell each and every day from now until the end of the year.

It is totally within your power to decide whether it is the right time for you and your family to move. Even in the current market. [Read more…]

My parents, now deceased, had a reverse mortgage on their Florida home. The total paid out exceeds the current value by at least $40,000. What are my brothers’ and my financial obligations regarding the house? We do not want it and are in the process of allowing the bank to take it through foreclosure. — William M.

The bank’s claim against your parents’ estate is limited to the house, because reverse mortgages are considered non-recourse loans, says Keith Amburgey of Rutherford Asset Planning in Tampa, Fla. The bank should have no claim against you or your brothers unless you were originally part-owners of the home or co-signers on the loan. If not, you can allow the bank to foreclose upon the house. [Read more…]

 

Robin Williams named his Napa Valley home “Villa Sorriso.” It’s a particularly fitting name, considering that “sorriso” comes from an Italian word meaning “to smile.”

The comedian is probably hoping the estate will make someone else smile. Williams has listed his 653-acre Napa Valley property for sale. But the asking price for the Mayacamas mountains mansion is no joke. At

$35 million, the 20,000 square-foot estate is one of the most expensive for sale in the county today.

“This is a true country home … in an area that promises legendary events,” offering the “beauty and bounty of the land,” read a listing brochure.

The Italianate villa on Wall Road boasts five bedroom suites, an oak-paneled library, a 12-seat theater, family room, elevator, climate-controlled art and wine cellars, three “safe” rooms wrapped in Kevlar and tower and bridge, according to a website for the home.

 

The tax-relief law allows homeowners to exclude from income certain debts forgiven by their lenders. The tax break expires Dec. 31, 2012, but keep in mind that a short sale or foreclosure can take many months.