Lie to Home Buyers, Go to Jail
b"With Terry Story, 26-year Veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
Here\\u2019s a long but attention grabbing headline from the world of residential real estate\\u2026 Couple arrested after 'pocketing $153,000 of insurance money and selling house without telling the new owners about a secret sinkhole that splits the living room in two\\u2019.
A Florida couple could face up to 20 years in prison each after allegedly taking insurance money to fix a sinkhole but failing to fix the problem before they sold the property to another owner. The couple face federal charges for wire fraud after supposedly receiving a $153,000 settlement but leaving a sinkhole and collecting an additional $60,000 from a family with five children. Terry\\u2019s advice \\u2013 honesty is always the best policy when you\\u2019re selling a home so you don\\u2019t have to face a lawsuit down the road, and for obvious moral reasons.
In addition, there\\u2019s some good news for low income home buyers \\u2013 with laws that let income from household members - grandma and grandpa \\u2013 potentially count towards income to pay off a mortgage. That\\u2019s great news for folks that tend to live in joint families \\u2013 it\\u2019s a win all around provided home buyers do not lie or take unfair advantage of those who live with them.
Terry also cautions people against over-estimating their home values as they go into a sale \\u2013 because price is a key factor in home sales. If you over-price your home, savvy buyers that do their homework over the Internet will not even come and look at your home \\u2013 because buyers typically do way more research than sellers.
Experts think the housing market should remain strong through 2017 \\u2013 so this is still an okay time to be investing in property \\u2013 especially with the U.S. economy mostly picking up across all states.
Finally, Terry answers a listener\\u2019s question about protecting yourself and your property while wanting to help out a loved one\\u2026 her advice, treat it like a business transaction and protect yourself."