Q. How can I keep up to date on current real estate market interest rates?

A. Federal Reserve Board Chairman Alan Greenspan is agreed upon source for announcements regarding projected changes in Prime Rate. The Prime Rate reflects interest rates all lenders will be offering in United States. However, according to an article by Alan Murray in Wall Street Journal called “Rates Lay Bare Greenspan Challenge” there have been some questions as to accuracy of Greenspan’s most recent projections. Murray says although “bank’s prime rate” has been raised “along with some short-term lending rates….the interest rates that matter most to economy—home mortgage rates for individuals; bond rates for companies—have been mostly going down and not up.” It is best to follow Prime Rate trends and keep them in mind, but also review interest rates of several lenders.

Q. What are signs of a hot market?

A. In today’s real estate market you must think creatively. You want to sell while market is most active and most competitive. Watch for an increase in property sales as prices escalate. If other properties in neighborhood have sold recently it is a good time to sell, it helps with appraisal. In areas of Virginia values have doubled in just two years because of increasingly fast paced market. Look for this type of accelerated movement if you want to make a quick return on your investment.

Chris Swynford described various liens not commonly known:

Voluntary Liens Most people are aware of voluntary liens placed on their property. These include mortgages or deeds of trust executed by owner/borrower.

Involuntary Liens As term suggests, involuntary liens are placed on property by other than legal owner of property. Common involuntary liens are placed on property to cover real estate taxes; judgments; homeowner’s association/condominium liens for unpaid dues/assessments; and mechanics liens for labor and materials provided to build/improve property.

Municipal Liens As term implies, local municipality may place a lien on property. Perhaps owner did not pay trash removal or grass cutting fees. Or, municipality had to remove inoperable motor vehicles from property, or remove a structure endangering public health; or, for community improvement, e. g. to pay for a park adjacent to a property, new sidewalks, gutters, alleys, water and sewer lines.

Lis Pendens This provides notice that a suit against title is pending. A Lis Pendens may indicate a breach of contract, or an heir who claims ownership of property; or, a person who claims ownership of property through adverse possession. It has to be cleared for property sale or purchase to proceed

Estate Tax Liens Some states may have an estate tax, though many do not. Estate taxes liens do not have to be recorded in order to be valid. If estate of a deceased individual is subject to federal or state estate taxes, proceeds of sale are held for one year from date of property owner’s death. If proceeds are not held for one year, a bond may be posted to cover any tax due.

It is always advisable to seek legal advice in closing a real estate transaction, often involving legal and significant economic considerations.