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Show miner ht S bonds 3 pers. But ; were ecause oVving bonds nd innse to | Says tor of ter. ee inother ny of yields is de1p, he nking n not veight Norcredit ancial sider- you'll > next hould bond mancome , Tax. The ue of a few short loney ay be nt. Sunday, July 12, 1992 SD REAL ESTATE Standard-Examiner Compared to paying sister's rent, property taxes are cheaper DEAR EDITH: My brother, sister and I inherited our parents’ home. paymentto him and it turns out he hasn't been sending it on to the Mybrother and I live there. We feel our sister should pay her share of the property taxes but she re- fuses. We both makeless than she does, and we have our own expenses. She says she is paying rent e 3 —** sith Lank ~~ Los Angeles Times Syndicate on an apartment while we live there rent-free. ——oe Example: Place should But whyshould wepay rent on a house we own? Weneed youropinion. — XX. A. Since you asked ... but this is $333 a month. Yearly taxes are $3,000. Her share would be $1,000, or $83 a month. She owes $83 taxes each month; you owe her $333 rent. If she’s willing to forget rent in return for your paying all the taxes, grab the bargain. DEAR EDITH: My sisteris distraught. She is divorced after 19 years of marriage. Their investments were split and her husband got a rental property. He sold it on a land contract, retainingtitle. The not going to be what you wanted to hear. You don’t owerent on a house you own, but you do owerent on yoursister’s one-third of the house. rent for $1,000, so you owe her Figure what one-third of fair market rental would be, and compare that with your sister’s obligation for one-third of the taxes. I'll bet you find you should pay her . New owners make the mortgage mortgage company. Now mysister gets a notice she is being subpoe- naed to court because of a pending foreclosure on this house. It seems her nameis still on the mortgage agreement. This is ruining her credit. She needs a car and can’t get a loan even though she pays her own bills faithfully. Her lawyer doesn’t seem to be much help, just says this could drag out for a year. What would you suggest? — F.S. A. There’s been quite a run of letters like yours lately. I don’t have much to suggest except to have patience, follow the lawyer's advice, and hope for the best. I'm printing the letter to alert stand but what can I do? — Mrs. R. D.S. different lawyer. DEAR EDITH: Myhome is free A. Since the first step in selling a and clear in my nameonly. I'm seriously thinking of selling and whose money may be down the drain? I hope they had a good lawyer when theynegotiated the land contract and I hope they have a good one now. house is to price it properly, suggest to your friend that you seek DEAR EDITH: I bought a house with myso-called friend. Yes, we some free advice from local real estate brokers. If you call a couple of had a lawyer. In the deed we are firms and say you're thinking of selling, they will probably send agents over who will give you professional estimates of value, based on whatelse is selling in the neighborhood. Explain to your friend that this won't obligate you in any way; half-owners each. There is no mortgage; it’s free and clear. Now we want to sell it, at least I do. My husband died and I need the money badly, she has no moneyproblems. My problem is I can’t get my friend to use a real estate agent. She says she'll be darned if she'll spend a commission. On top of those who may be contemplating divorce, and also to caution any- that I think she is asking too much. People like the house but theyall ask us to hold the mortgage and we say no. The lawyer says since he one whois purchasing on contract. workedfor both of us he can’t tell What about those poor buyers, me what my rights are. I under- moving into an apartment but if I should die before this takes place, what should I do to avoid probate? I have a will, no children or close relatives who would want the re- sponsibility of a house. — F.V.T. A. Probate is not a fate worse than death — and you'd be dead anyhow, so why worry? . Probate is simply a process by which a court overseesthesettling ‘of your estate, according to the in- you'll get valuable service for free structions in yourwill. It’s nothing to be afraid of. If you have some — which indeed you will. Then with any luck, one of the agents specific goal in mind, talk with a lawyer who specializes in estate will impress your friend enough that she'll decide to list the property. It sounds as if you could use professional help. If you want someonetotell you what your legal rights are, just see a planning, to see if your situation _ warrants taking any special steps. But don’t let anyone get you all worked up about avoiding probate. Report says fewer folks own homes WASHINGTON (AP) — The percentage of Americans who owned their own homesfell during the 1980s for the first time in five decades, but has stabilized in recent years, the government says. A Census Bureau studyreleased last week showed that the home ownership rate dropped from 65.6 pg in 1980 to 63.9 percentin 1989. But the study,titled “Housing in America: 1989-90,” said the drop occurred before 1985 and the ownership rate has since remainedstatistically unchanged. WITH HOME EQUITY RATES THIS Low, YOU SHOULD BE GIVING US'THE FREE TV. oo 5 sunenaas ore The study pointed out that two or ho nt the ns ce recessions slowed homesales in the early 1980s, but it also said the decline was due in part to a large number of younger wage earners remaining single. “During the 1980s, young adults wereless likely to get married and more likely to remain single,” it said. “This trend contributed to the home ownership rate being lower in 1989 than at the beginning of the decade.” enjoying the tax advantages, you'll If you've been shopping around also enjoy your choiceof a for a great rate on a homeequity 20”colortelevision, an credit line, you probablydon’t need usto tell you that 1% automatic breadmaker, over prime* is an extrem- a CD radiocassette ely competitiverate. recorder, or VCR, F. John Devaney, author of the study, said young Americans continue to remain single longer than they did earlier in this century. But that has been offset recently by an increase in the number of older Americans who have married and are more likely to buy homes,.he said. Still, the study found that fewer than half of American families could afford to buy a homeasthe 1980s drew to a close. In 1988, 57 percent ofall families and related individuals could not afford to buy the medianpriced home in the region where they lived, it said. The median means half of the homes cost more and halfless. “The median value of owner-occupied homes was $80,600 in 1989, an increase of only 2 percent over the 1979 median home value” when adjusted for inflation, the study said. “The average sales price of new one-family houses sold in 1989 was $148,800 ... a 107 percent increase over the average sales price of $71,800 in 1979,” it found. But by another measure, the study, “new one-family houses sold showed no increase in homeprices ... (and) after adjustment to constant 1989 dollars, the index showed a 5 percent drop from 1979 to 1989,” . The median income of renters was $18,000, compared with $33,000 for owners. The study showed that from 1981 to 1989, rental costs jumped 16 percent, to an average $424 a month when adjusted for inflation. Owner costs averaged $399 a month at decade’s end. “In 1989, the nation’s 34 million renters spent a median 27 percent of incomefor rentalcosts,” it said. absolutelyfree. Which makesthe fact that we're also offering a choiceof four great NO FEES. NO POINTS. v premiumsjust a sort of Speaking offree, a Zions windfall benefit. Hyppype, Here’s how our homeequity credit line works: Your mortgage Loan-to-value ratio Bank homeequity line costs As 1% O ve™younothing to open. No appraisalfees, notitle insurance fees, no origination fees, no filing fees, no fees period. In fact, we'll even waive Interest rate (variable) A.P.R. 25% and below Primerate + 1% 7.0% 26% - 50% Prime rate+ 1.5% 7.5% 51% - 70% Prime rate + 2% 8.0% loan by phone. Just call 537-LOAN (1-800-789- 71% - 85% Primerate + 3% 9.0% LOANoutside Salt Lake) for more information. our normal homeequity line annual maintenance charge until January 1, 1994. You can even applyfor a Zions Bank homeequity We have a great homeequityline rate and a free TAX-DEDUCTIBLE INTEREST.* gift with your nameonit. And to think, all you haveto give us is your business. Financing your purchases with a homeequity Offer ends July 31, 1992. Premiumsavailable line is the only way you can continueto deduct while supplieslast. interest payments from yourtaxes. But while you're “Almost one-fifth of renters spent 50 percent or more of their income for housing.” Vacation home top spot named BOISE (AP) — Thelake town of McCall is the top spot in the United States to invest in vacation homes, Money magazine reports. The national study in the July issue says a typical $127,000 vacation home with three bedrooms and 1,700 square feet will appreciate 50 percent by 1994, ‘ & % The Valley County town on Pay- eee scence tea es Gane one ette Lake was rankedfirst in expected price gains among 21 locations, according to Century 21 Real Estate Corp., a national company. _ “We've been discovered,” said Eloris Chisholm, owner of Century — 21 Chisholm Realty in McCall. Since Jan. 1, her office has han- (Model #HB-B201) Sony AM/FMstereo, dualcassette, CD player with detachable speakers. Panasonic 20”color TV with remote. ZIONS BANK and Smiths Ferry in the south. — Cascade, also are stimulating sales. Hitachi 4-head VCR with remote. CHOOSE ONE OF THESE GIFTS FREE WHEN YOU OrEN A Home EQuity CREDIT LINE AT ZIONS BANK. died 360 property sales in an area bounded by Riggins to the north That is double the pace in the first half of 1991. Fueling the activity is publicity generated by William Manchester, the San Diego developer who wants to turn McCall into a fourseason destination. Efforts to build Valbois, a $300 million resort near Hitachi automatic bread maker - HomeBakery Plus. MEMBER FDIC The APRs *Zions First National Bank's prime rateis equal toits baserate as defined in the loan documentation. The APR (Annual Percentage Kate) may var The maxmum APR is 21 wv less than $s y) ling credit the against written draft on check any for made ts charge $15 A regulations. IRS to deductionssubject **Tax 1992. 6, July on effect shown reflect theratein . aesaaeanSCaSaoSeSNSSEoS = |