Home Owners: How to Protect Yourself from a Personal Injury Suit

Home Owners: How to Protect Yourself from a Personal Injury Suit

Remember in Liar, Liar when Jim Carrey’s secretary irately recalls how her friend had a robber in her house who sued her friend because he fell on a table and injured himself?  It seems crazy that someone trespassing on your property could turn around and sue you for injuries they incurred while illegally on your property; but instances like this aren’t unheard of.  Whether you’re throwing a dinner party or have workmen in your home, you need to take the following steps to protect yourself from being involved in a personal injury suit.

  1. 1.     Know Your Obligations

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GOOGLE YOUR ADDRESS?

Google Your Address?

6 Reasons to Google Your Address

With virtually any type of information imaginable online, it makes sense to do regular internet searches for your home’s address. There are at least six compelling reasons it makes sense to do so, especially if it’s an address you’re thinking of renting, buying or selling. Smart homeowners would do well to search for their addresses, too, and here’s why:

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SHOULD I SELL OR RENT OUT MY HOUSE?

Should I Sell or Rent Out My House ?

Usually, moving means that you will need to sell your home. After all, it’s usually a necessary step in affording a new home.

But for a number of reasons some people choose to rent out their homes instead. For example:

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NATIONAL HOUSING NUMBERS

National Housing Numbers

Sales of existing-home sales rose in March, continuing an uneven recovery that began after sales bottomed last July, according to the National Association of Realtors® (NAR).

Existing-home sales, which are completed transactions that include single-family, townhouses, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.

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MAJOR BANKS MAY BE FORCED TO ALLOW SHORT SALES FOR DELINQUENT HOMEOWNERS

Major Banks May Be Forced To Allow Short Sales For Delinquent Homeowners…..according to a March 30 Article in the Los Angeles Times.

Proposed settlement would force banks to allow short sales for delinquent homeowners

The proposed deal among banks and government officials is aimed at stabilizing the real estate market and helping underwater borrowers who are months behind on mortgage payments avoid foreclosure.

By Jim Puzzanghera and Alejandro Lazo, Los Angeles Times

Reporting from Washington and Los Angeles—

Major banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork, according to government officials involved in the negotiations. Read the rest of this entry »

WHAT IS A SHORT SALE, AND WHO DOES IT BENEFIT?

What Is A Short Sale, and Who Does it Benefit?  A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and owning a non-producing asset and poorer credit report outcomes for the borrowers.

A Short Sale is a win-win-win solution for the lender, the home owner, and the buyer: Read the rest of this entry »