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Katya Sousa | Biggs Realty Blog

Friday, April 24, 2020   /   by Katya Sousa

Understanding Preliminary Reports

After months of searching, you’ve finally found it -- your perfect dream home. But is it perfect?

Will you be purchasing more than just a beautiful home? Will you also be acquiring liens placed on the property by prior owners? Have documents been recorded that will restrict your use of the property?

The preliminary report will provide you with the opportunity, prior to purchase, to review matters affecting your property which will be excluded from coverage under your title insurance policy unless removed or eliminated before your purchase.

To help you better understand this often bewildering subject, the Land Title Association has answered some of the questions most commonly asked about preliminary reports.

What is a Preliminary Report?

A preliminary report is a report prepared prior to issuing a policy of title insurance that shows the ownership of a specific parcel of land, together with the liens and encumbrances thereon which will not be covered under a subsequA ...

Wednesday, April 22, 2020   /   by Katya Sousa

Getting the Highest Price in the Shortest Time

Getting the Highest Price in the Shortest Time

In order to get the highest price in the shortest time, you need to know how to market your home. The better you market your home, the more offers you will get. And the more offers you get, the more choices you have to get the price and terms you want.

The most important factor of marketing your home is pricing it right. Your price should be adjusted to reflect the market and your property’s worth. The key is to get as many people as possible checking out your fairly priced property. If your property is not priced fairly, there will be no buyers because your price is set too high.

Another important factor is the condition of your home. Make sure that your home looks ready to be sold. Fix any defects (peeling or faded paint, cracks, stains, etc.) Condition alone can sometimes prompt fast buying decisions. Not only should you fix any defects, but consider upgrading your home by making major repairs and cosmetic improvements ...

  biggs realty, sellers, listing, listing agent, tips for sellers

Thursday, April 9, 2020   /   by Katya Sousa

What is a Short Sale Anyway?

An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale?

A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure.

As a general rule, lenders lose money when they foreclose on a property. Consequently, they would rather not have to foreclose if it can be avoided. A short sale represents an opportunity to cut their losses because a short sale usually allows them to recoup more of the cost of the loan than a foreclosure process would.

However, don’t think that a short sale is an easy thing to accomplish. In order to get permission for a short sale, you must provide documentation showing a genuine financial hardship. And don’t think that the decision for accepting a short sale is solely in the hands of the lender ...

  biggs realty, resources, sellers

Friday, March 27, 2020   /   by Katya Sousa

9 Important Tax Provisions In The CARES Act, As Passed By The Senate On March 25, 2020

On Wednesday, March 25, 2020, the Senate passed by a 96-0 vote its version of the “Third Phase” of COVID-19 relief entitled “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act”). The approximately $2 trillion spending bill is intended to combat the devastating effects of COVID-19. House of Representative leaders have indicated that the House will take up the bill on Friday, March 27, 2020. While nothing is certain, it is expected that the House will pass the bill quickly.

The bill is almost 900 pages long. In this paper, we review nine tax provisions in the CARES Act that may be important to our clients and that may invite or require immediate attention upon enactment. In the near future, we will discuss additional provisions of the CARES Act.

The references to “Section” in the discussion below are to the section of the Senate version of the CARES Act where the provision can be found.

1. Special rules for use of reti. ...