Sarah Reinhart-Friendship Based Real Estate®

Borrowers Beware! You WILL have to pay off all Snap grants according to the terms outlined in the deed. For my last clients, that meant that if they sold within 4 years they owed the entire 10K, PLUS back interest. 5 years, the full 10K with no back taxes. and then each additional year...8,6,4,2,0. Blah! What young family will be able to afford a home big enough to stay in for 10 years? Life happens. Kids come.

I want to state that the grant IS a really helpful. However, keep in mind that it will most likely cost you. These clients of mine went from a family of 2, to a family of 4 in 540 sq ft. The home that was a good fit was now WAY too small for two crazy boys. To sell, they had to beg, borrow over $12,000 to close. I ended up giving my commission to help make up the difference, but they still had a horrible weekend trying to make ends meet. There were alot of tears.

So, in summary:

If you are a buyer who is considering using the SNAP grant, use it with the knowledge that 10 yrs is 10 yrs. Make sure the home you choose is large enough to accommodate your needs for that period of time.

Home buyers and Americans receiving unemployment benefits both got the word that a bit more money and time is coming their way. On Friday, President Obama signed into law a bill that extends unemployment benefits and the First Time Home Buyers tax credit, which is also being expanded to include benefits for home buyers who aren't on the first time around buying a home.

If purchasing a home is in the future for you or anyone you know, you can get all the details of the home buyer's tax credit in the upcoming week's Blog series. But first, here are a few additional details from last week...including important job market news. The official Jobs Report from last week showed that there were 190,000 jobs lost last month, higher than the 175,000 job losses that were predicted. It is really heartbreaking to imagine what 15,000 families now without at least one source of income looks like. That is overwhelming on a human level. i think it is easier to talk numbers rather than lives. Talking about lives puts a qhole new dynamic. (sniff) I guess that is why I prefer residential real estate over commercial. Real people, real lives.

Wheeeeew!

The final thought I would like to leave you with is that Real Property (all 7 blogs) is like a bundle of sticks like our definition stated. Individually the sticks are still...drumroll...sticks. Grouped together in a bundle, they are still...drumroll...sticks.

Real Property is comprised of several concepts which combine to create a whole definition. However, each concept is still independent in its definition.

Here is our definition to put it in context. real property n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium) or an easement across another's property

Light Fixtures, Rose Bushes, Your Oil vein the size of Montana, all future ownership, life estates, reversions, air, easements....ALL are Real Property individually, and all are real property collectively.

So, if you have made it through 7 Blogs on a definition of Real Property, you are either:

1) Really Bored

2) A Fellow Real Estate Agent OR

3) (my favorite) You think I'm funny

The next line in context is:

real property n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium) or an easement across another's property. Real property should be thought of as a group of rights like a bundle of sticks which can be divided. It is distinguished from the other type of property, personal property, which is made up of movable items. 2) one of the principal areas of law like contracts, negligence, probate, family law and criminal law.

Simply put, this means that you can buy and sell THE ACCESS to the real property of others. In the Northwest, we have a lot of back roads. A myriad of criss crossing, bumpy, dusty endless back roads. They curl around ponds, rivers, junk yards and mountains. I only own 1 car and it is not a flashy SUV the size of a tank and worth more than my annual salary. It is a 9 year old Saturn.

I keep telling myself that I am an Urbanite who has no buisness driving around Chewela looking for an easement (haha) to the lake cabin I am previewing. Somehow, I still do.

Anyway, back to the subject, real property can also be the access to and include the easement leading to the primary real property.

So, now you're rich from the oil under the azaleas, you're gotten your land back from the hospital that went bankrupt and you are hanging on the edge of your seats for another installment in the definition of 'Real Property'.

Our next line in context is:

real property n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium)or an easement across another's property. Real property should be thought of as a group of rights like a bundle of sticks which can be divided. It is distinguished from the other type of property, personal property, which is made up of movable items. 2) one of the principal areas of law like contracts, negligence, probate, family law and criminal law.

Okay, so this one makes me laugh and think about how weird capitalism has made our culture. When you buy a condominium, you are buying air. Seriously, so those Florida real estate agents who only sold condos in the early 2000s were essentially "air peddlers" ( no offense, i am an equal opportunity mocker).

Remember the cone of space that defined your property? Well a condo is a piece of that cone, a fraction ofa whole. The pocket, or space of air, sold and then encased in drywall and stainless steel.

Also, owning airspace, back to a full cone now, means that essentially real property in its unencumbered non easement form extends into space.

I state again that I am worth the money...Aren't you glad I have 7 years of college to back up a career that started with an online course

:)

More to follow...