Thinking of having an multigenerational home? You need to consider the pros and cons.

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help.

From The New York Times: Before You Move in With Family: A Checklist

Multigenerational housing can make sense in many ways: Older parents can be near their adult children in the event of health issues or emergencies, and when there are young grandchildren, having another set of adults around can make child-rearing easier. But there are a number of things that should be sorted out before deciding to share a home.  

Jessica, left, and Keith Peterson share
a two-family home with Jessica's mother, Beth Lyons,
in Monroe, Conn.Credit
Jane Beiles for The New York Times

Deal-breakers: Have everyone list their must-have items and create a list that you can stick to during house hunting. Jessica Peterson was glad that she and her parents got everything they wanted in their multifamily home in Connecticut. “The last thing I wanted was to push my parents into a place where they were going to be constantly complaining about how they didn’t want to live here,” she said.
Finances: Consider who will pay for what, and how everything will get paid. If aging parents still work, how will they deal with expenses after retirement? In addition to the home purchase, don’t forget to factor in other costs, including property taxes, renovations, monthly expenses like utilities, cable and internet service, and exterior tasks like gardening and landscaping.

 Maintenance: Who will manage the maintenance of the house — not just landscaping, but things like snow removal and gutter cleaning? 

Caregiving: What role will grandparents play in the lives of their grandchildren? Will they be regular babysitters?  And if an aging parent requires care, how much responsibility will fall on the adult child living in the house? Are there other adult children who need to be consulted?

Exit strategy: If a family member moves out (or on), what can will be done with the unused space? Who will receive what portion of the sale?  

Other family members: What will happen to the other spouse’s aging parents if they need care? If adult children have siblings who do not share ownership of the house, how will their inheritance be settled?

Sound scary?  Isn't family living always scary?  But, hey, there's always the built-in babysitter!

Read the column at NYTIMES.COM

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if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

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Low rates influence housing market but there are some bumps in the road

Good news about the housing industry.

Realty Times reports-

Even with the home buying season behind us, housing data continues to show the influence of low mortgage rates. The National Association of Realtors reported that existing home sales increased 2.1% on a seasonally adjusted basis in October. This increase is 10.9% higher than the rate in October of 2011.

While conventional lenders are closely eyeing borrower's information-

On the other hand, HARP 2.0 is the non-traditional mortgage refinance program for borrowers who have loans that were sold to Fannie Mae or Freddie Mac prior to June 1, 2009. This program does not require an appraisal in most cases and documentation is kept to a minimum. HARP 2.0 has helped many underwater borrowers, especially those with more than 125% loan to value, refinance to historically low mortgage rates, thus, saving them a substantial amount of money and eventually giving them back equity at a faster pace. This whole process is helping not only the housing market, but the overall economic recovery. With many borrowers still eligible for HARP 2.0, the online form is available for submission without the need of a social security number. A response with more information is returned almost instantly.

Some negative news. 

FHA announced that the annual mortgage insurance premium will be increasing by 10 basis points or 0.1% which will add approximately $13 per month to the monthly mortgage payment for the average borrower. In addition, premium payments will no longer be able to be canceled as has been the case since 2001.

These changes are being made in order to shore up the agency's insurance fund which has taken a serious hit since the housing crisis began. Throughout this time FHA has kept mortgage rates both low and competitive with conforming mortgage rates, even sometimes lower. 

FHA closing costs (APR) are high due to various FHA fees and the upfront mortgage insurance premium, but these can often be added to the loan amount or paid with seller concessions as allowed by FHA guidelines. The FHA streamline with no cash out and drastically reduced upfront and annual mortgage insurance premiums is available until the end of 2013. This program is for existing borrowers who have loans that were endorsed prior to June 1, 2009. While an appraisal or other documentation is not required for the FHA streamline, borrowers must have a clean mortgage payment record with no late payments for the most recent twelve months.

Read the full story.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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Houses look like their owners?

Realty Times has a quiz for you - What Home Am I?  First-time homebuyers, pay attention!

I always believed that dogs and owners begin to resemble each other, but a house?

Are you looking to get in the housing market? It's a great time to buy, with historically low interest rates and affordability rates.

Where does one start? Are you a country mouse or a city mouse? Your own personality and desires should be your guide. There are homeowners who avoid yard maintenance at all costs. Others love the privacy of a country property.

 Choosing the right home for your particular needs and temperament is crucial in today's market, where staying in a home long term is the best way to build equity.

Want to find your match? Read the full story.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

mortgage refinance reverse mortgage settlement services title vested title inc.

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A bold approach - Principal Reduction Will Solve The Housing Crisis and Jumpstart The Economy

Realty Times has a super article about one way to solve the housing crisis.  Written by Arizona real estate broker Tanya Marchiol of Team Investments, her thesis could be summed up this way-

The American economy is chained to the crushing housing debt load. Chronic unemployment, foreclosures, and small business closings can all ultimately be traced back to the housing crisis. Working families across the country have seen their home values plummet, have had their life savings wiped clean, have been powerless to help when their loved ones lost their jobs, and in too many cases watched helplessly while they lost their homes to banks that continue to post billion-dollar profits and pay out billion-dollar bonuses. Add to that the trillions in bailouts and backstops that taxpayers gave to the banks, and one thing is clear: tax payers have already done their part. Now it is the banks' turn. Principal reduction will restore the American Dream, create jobs, and give the American family the ability to breathe again.

There's a bold approach in Ms. Marchiol's approach and it's one we can't disagree with.  Nothing else has worked to date, so in our view, it's worth a try.

Read the full story - Realty Times - Principal Reduction Will Solve The Housing Crisis and Jumpstart The Economy

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

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Is the F.H.A. in trouble?

According to a report in the New York Times, the backbone of the US government's housing programs may be facing financial difficulties.

Chances are nearly 50 percent that the Federal Housing Administration will need a bailout next year if the housing market deteriorates further, the agency’s independent auditor said in a report released Tuesday.

The agency's cash reserves have dropped by almost 45% from this time last year. This could result in the need for central government to pump money into the F.H.A. system.

Stay tuned.

Read the full story.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

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Is the bad news about the housing market coming to an end?

Simon Constable writing in the Wall Street Journal thinks

“There might finally be some good news this year about the nation's dismal housing market. Or, at least, the bad news could stop.”

“Either way, it will be welcome relief for current homeowners as well as for potential real-estate investors. Reasons to be optimistic have been sadly lacking since the housing bubble burst in 2006.”

Constable points to the continuing decline in the S&P/Case-Shiller home-price index that fell again for the fifth month.

What are the signs that the bottom is close?

“Houses Are a Good Deal. Housing is the most affordable it has been in decades, according to analysts at Moody's Analytics. They don't just look at house prices. They also look at incomes.”

“Nationally, the cost of a house is the equivalent of about 19 months of total pay for an average family, the lowest level in 35 years. Prices usually average close to two years' pay, although that varies nationally.”

“Investors Stepping Up. Here's another sign the market is nearing a bottom: Investors have started to buy up houses and condos, in some instances paying entirely in cash. That's a far cry from the heady bubble days when borrowed money seemed the key to riches. The bubble-era speculators who got burned tended to buy at the peak and borrowed heavily to do so. When the crash came, they quickly saw their wealth erased.”

“Plan to Stay Put. Buy and hold. While the good news is that the worst of the housing crash might be over, the bad news is that the fast gains of the glory days of 2005 and 2006 won't be back any time soon. So to cover the costs of buying and selling, and what could be a prolonged recovery, plan to own for more than 10 years, explains Jack Ablin, chief investment officer at Chicago-based Harris Bank.”

“Home Buying Without a House. There are other ways to benefit from a real-estate rebound than directly buying a house. Such investments include stocks, mutual funds or exchange-traded funds. Unlike homes, which typically cost tens of thousands of dollars, these financial investments can be made in smaller amounts and typically are easy to sell.”

Is this the light at the end of the tunnel or a locomotive bearing down on us.  Time will tell.

Read the full article.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Title Inc.

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 201-656-4506

E-mail vti@vested.com - www.vested.com

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