I’ve read some good stuff this week. Everything from beating property taxes, to another article on how good the real estate market is right now.

The one article that really stands out to me was the article about the real estate auction deals. I learned about during a land auction in Sun City, CA a few years ago… There was a huge disclaimer stating that you definitely should not do any improvements on land that you buy at an auction for at least a year.

The reason was because the previous owner can see the improvement and state they never received notice that the land was being sold at auction. They sue and possibly get the land back with the improvements! Now, this rarely happens, but like everything else in real estate, if it happened once before there is a document in the contract.

Real Estate Auctions: Top Bid Doesn’t Always Guarantee Sale
But as interest in real estate auctions grows, bidders are finding out it pays to read the fine print, be prepared and realize that it’s best not to hire the movers until the deal, not the auction, is sealed. Not everyone who “wins” at an auction walks away with a new home
Source: Rismedia

IRS to mine payment data on mortgages
The Internal Revenue Service (IRS) will study whether it should make greater use of data on mortgage-interest payments provided to it by banks. The program, which searches for inconsistencies between mortgage payments and income, is currently used to send notices to non-filers who it believes should have filed a return. It could be used to target for audits individuals who report less income than they paid in mortgage interest.
Source: Wall Street Journal

The reluctant landlords
With housing prices still in the dumps, many Americans are finding themselves in the uncomfortable position of landlord. Some have been forced to relocate for a job and can’t sell their houses. Others have moved, but are holding on to their previous homes, hoping for prices to rebound before selling. Many are finding that rent checks don’t come close to covering their mortgage payments.
Source: Wall Street Journal

Yes, the housing market has rarely looked better
The combination of affordable home prices, historically low mortgage rates, and a first-time home buyer tax credit that’s set to expire in less than three months has created the perfect storm of sorts for buyers who’ve been sitting on the fence, waiting for the market to recover.
Source: Wall Street Journal

Property Taxes: How to beat ‘em
You know that your home’s value has tanked. So why doesn’t the blasted tax man? Home prices fell 27% from the 2006 peak to the end of 2008, according to the S&P/Case-Shiller Index, while the amount of municipalities collected in property taxes rose 12% from 2006-2008.
Source: Money CNN

Savvy buyers use self-directed IRA to buy homes
Nathan Foran used his self-directed IRA to buy a dilapidated foreclosed house in Richmond for $25,000 cash. Another $25,000 to $35,000 from the retirement account will go toward fixing up the property. He then hopes to rent it out for about $1,000 a month, money that will go straight into his retirement account.
Source: Sfgate