Steve McLinden, Bankrate.com

Steve McLinden

Bankrate.com

Arlington, TX, United States

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Past:
  • Bankrate.com

Past articles by Steve:

How Do Home Construction Loans Work?

Getting a loan to build your house is a complex process. Here’s how to do it. → Read More

Filing A Quiet Title Lawsuit Against My Soon-To-Be Exs Ex-Wife

Dear Real Estate Adviser, My soon-to-be ex-husband deeded our home to me a while ago. When I put it up for sale, the title had 5 judgment liens from credit card debt that my ex and his former wife (before me) neglected to repay. My ex is now paying the two in his name, but his earlier wife, who was on the title, disappeared and can't be found to be served. Do I retain a debt-settlement lawyer or… → Read More

Land Buyers Verbal Agreement With Seller Wasnt Enough To Close Deal

Dear Real Estate Adviser, I made an offer on land in South Carolina to build a home and the owner accepted it over the phone, but the agent didn't take it to be signed. In the meantime, a presumably better offer came along and I lost out. Is ignoring our verbal agreement legal? I even offered escrow money to hold the land but the agent told me, "Don't worry about it." -- Paul B. Dear Paul, As… → Read More

Questions To Ask When Buying A Condo

Dear Real Estate Adviser, I'm considering buying a condo. How do I determine if the condominium complex has any litigation pending against it? I ask because a relative of mine lives in a condo development that went south because of a big legal settlement. What are the questions to ask when buying a condo? -- Sandra B. Dear Sandra, Great questions! There are thousands of condominium owners across… → Read More

7 Deal-Breakers That Can Sink A Home Sale

In the huge capital outlay that is a home purchase, you can never be too meticulous about the things that matter. Dozens of little potential deal-breakers can wreck even the most well-constructed deal. So holster that checkbook or cashier's check for a moment and ponder these deal-breakers before you go home-shopping. → Read More

How To Get Out Of A Timeshare And Make It Official

Dear Real Estate Adviser, My friend entered into a contract to buy a time share. Since he's not proficient in English, he realized after signing that he had been intentionally misled, so he decided to cancel. He informed the company of his intent by email within the required 3 days. Is he still obligated to honor the transaction? If so, is there anything he can do to void it? He hasn't made a… → Read More

How To Back Out of Contract With Ugly Houses Agent

Dear Real Estate Adviser, I was going to sell my home to one of those "ugly houses" agents and now I don't want to anymore. Can I still back out of a signed real estate contract? What can happen? -- Joe G. Dear Joe, You have a pretty good chance of exiting this contract unscathed, but that doesn't mean the other party won't at least threaten to play hardball. And exiting this arrangement would… → Read More

Should You Disclose Unstable Trees When Selling Your Home?

Dear Real Estate Adviser, We signed an agreement to sell our home with a closing date set for mid-June. But our inspector said that 2 of my 100-foot trees that I thought were healthy are unstable and could fall and damage the house and garage. Should I disclose this latent defect and, if so, does this give the buyer grounds to opt out? -- Kevin M. Roots of huge tree | Peter Owen / EyeEm/Getty… → Read More

How To Sell Home With Silent Second Mortgage

Dear Real Estate Adviser, We're trying to sell our home and just found out there's an undisclosed second mortgage that was charged off in fall 2009 and finally assigned to a collection agency last summer. How can we get this off our title and resell? I have been told that the statute of limitations here in Michigan is 6 years and it's been longer than that. What can we do? -- Kelley M. Dear… → Read More

Zombie House Hurts From Property Values

Dear Real Estate Adviser, I live next to a vacant home that's become an eyesore, to say the least, over the past 10 years. I'm planning on selling my home because of it. I was wondering if I have legal grounds to sue the owner since his negligence will affect the value of my home. -- D. Dresbech Dear D., A lawsuit like that would have virtually no chance of succeeding and, even if did, it would… → Read More

City Diverts Water Drainage, Floods Neighbors Property

Dear Real Estate Adviser, I live in a small Midwestern town. The city recently changed the flow of water drainage into my property due to new development and now it floods during strong storms. What can I do? -- John C. Dear John, In general, finding someone to right such a wrong in this type of situation can be a challenge, especially in your case. When researching your question, I found… → Read More

Recourse For Buyers of Home Built On Dump Site

Dear Real Estate Adviser, We're the second buyers of a home in a small rural subdivision. Soon after moving in, we found that the place was apparently built over an old dump. There was never any disclosure of this from the seller. The foundation now is cracking and we're about ready to just give back the house to the bank. Is there any recourse for us? -- Eldon H. Dear Eldon, It's mind-boggling… → Read More

What Are the Advantages Of Selling My Home For Cash?

Dear Real Estate Adviser, My brothers want to buy me out of my parents' home, which is paid off. We each own an equal share: one-third. What do we use to arrive at the property value: a bank appraisal, real estate appraisal or tax assessment? -- Larry F. Dear Larry, Tax assessments and property appraisals don't always represent the true market value of a home, though an independent home… → Read More

What Are the Advantages Of Selling My Home For Cash?

Dear Real Estate Adviser, What are the advantages of me selling my house for cash? -- Reggie M. Portra Images/DigitalVision/Getty Images Dear Reggie, There are many upsides and very few downsides. Tops in the "pro" column are speed of sale and convenience. Once you accept a cash offer, you can often get your money in days. For folks facing a relocation, foreclosure or bankruptcy, this can be a… → Read More

Provide Disclosures When Selling As Is

Dear Real Estate Adviser, I am going to sell my house "as-is." Do I still need to provide the disclosures to the buyers? What does this include? Also, I have 2-room add-on. Do I need to show permits? -- Lilly V. Dear Lilly, On the disclosure issue, yes, you are still legally obliged to answer every question on the standard seller's disclosure property-condition form used by your state. But one… → Read More

Is It Illegal to Accept Offer On Home If Already Under Contract?

Dear Real Estate Adviser, I told a man who looked at my home that I would take a lower amount than asking price and I even told him by how much. My Realtor said what I did was against the law. Is it actually criminal to do this when already under contract? If so, what might happen? (She also said, "Shame on you.") -- Gail H. Dear Gail, What you did is a breach of protocol and a likely a breach… → Read More

Debt Collector Demands Huge Fees For Timeshare Debt

Dear Real Estate Adviser, I have a 3-year-old debt to a time-share company for a U.S. property and it's gone to collections. I'm willing to pay the debt and some interest, but a new collection company is trying to charge $1,000 in fees. Is this legal? What do I do? -- Kari Dear Kari, You'd be astonished at the huge volume of time-share owners who are stuck in the same black hole. Sadly, you're… → Read More

Would I Owe Money To Sellers Agent For Delayed Closing

Dear Real Estate Adviser, We plan to buy a home in Kansas with a closing date in a few weeks. However, my lender now says my husband isn't loan-eligible even after we were issued preapproval. We're now going another route on the loan so closing on the original date isn't realistic because we must also come up with a bigger down payment. But the seller's Realtor is threatening us about owing him… → Read More

Do First-Time Homebuyer Programs Offer Loans for Prefab Homes?

Dear Real Estate Adviser, I want to buy a piece of land where I'd build a prefabricated house. Can I use my 1st-time homebuyer status for this and if so, what kind of 1st-time buyer programs are out there? -- P. Turgeon Dear P., Yes, most first-time homebuyer programs, which typically include smaller-than-average down payments and low closing costs, include loans for prefabricated, or "modular"… → Read More

Sold House Myself – Still Owe Commission?

Dear Real Estate Adviser, I met with a real estate agent 2 days ago and then assumed we had a valid contract, as I had initialed and signed it. Today she called to tell us the contract became official only this afternoon. Yesterday, believe it or not, I got an offer on my house (in Florida) from a friend whom I showed the house to a few weeks ago. Some timing! Am I still obligated to pay… → Read More