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Despite a federal prohibition, state laws have relaxed nationwide to allow the prescribed use of medical marijuana. It is currently legal to purchase medical marijuana with a prescription in 23 states plus the District of Columbia. Fifteen of those states even allow users with a prescription to grow their own cannabis, which has the National Association of Realtors taking a hard look at what disclosures real estate agents should consider when selling a property where the previous owners grew the … [Read more...]

If you’ve ever wondered just how much power the IRS has when it comes to collecting unpaid taxes, an interactive quiz created by AARP’s Personal Finance Expert Lynnette Khalfani-Cox seeks to shed some light on the subject. Can the IRS really show up unannounced at your job? Can they put you in jail? Can they contact your family members? Can they take your home? Khalfani-Cox’s quick online test answers these questions and others for the more than 8.3 million Americans who owe back taxes to the … [Read more...]

All eyes are on Detroit today as Judge Steven Rhodes plans to rule in the historic Detroit bankruptcy case. If approved, the Motor City’s bankruptcy plan could help it shed $7 billion in debts. For those who haven’t had time to follow the case closely, MLive reporter Eric Lacy has compiled 20 interesting facts about the case you should know.  One of the most disturbing facts he sites is that Detroit is currently home to more than 50,000 abandoned residential and industrial properties.  He also … [Read more...]

Coldwell Banker Real Estate is empowering sellers to play an active role in marketing their home to potential buyers. The national realty company unveiled new technology today that allows sellers to share their own stories, pictures and even videos with buyers to give their unique perspective on the benefits of living in their home.  Currently real estate agents are completely in the driver’s seat when it comes to what information is shared on a property listing. This new social collaboration … [Read more...]

In recent weeks, unsuspecting taxpayers nationwide have fallen victim to a rash of telephone scams from callers impersonating IRS representatives. Last week, the IRS released a video on both their website and YouTube channel to educate taxpayers about the scam. According to the IRS, many of these convincing imposters, who demand immediate payment for past due taxes, are tech savvy enough to make their caller ID look as though they are calling from the IRS. A key point the IRS stresses in the … [Read more...]

Les Christie of CNN Money reports that the percentage of homes purchased by first-time homebuyers in 2014 has dropped from a norm of 40% down to 33% -- the lowest it has been in almost 30 years. This is unusual particularly when you consider that mortgage rates are exceptionally low. The low number of millennials purchasing homes is largely attributed to high student-loan debts and less than exceptional incomes. Additionally, in the wake of the housing crises, mortgage lenders are much more … [Read more...]

Dave Ramsey is known nationwide as a financial guru who can help people manage their finances and get out of debt for good. What many do not realize, however, is that he and his wife filed for bankruptcy twenty years ago. In this article, Ramsey talks about the difficulties inherent with filing for bankruptcy, but explains that sometimes, this drastic step is the only viable solution. He also assures that it is not the end of the world. Used as a learning experience, bankruptcy gives you the … [Read more...]

Les Christie of CNN Money reports that the average rate for 15-year mortgages has dipped to its lowest amount since June of 2013. At an average of just 3.08%, these rates offer a great deal to those who are planning to refinance, particularly if they are still paying rates of 5% or higher and have several years left on their loans. Christie attributes the low rates to the high number of investors who are turning to mortgage-backed securities amid financial market uncertainty. Refinancing at … [Read more...]

As of 2014, taxpayers were limited to contributing $17,500 a year to their 401(k), 403(b), or 457 plans or to the federal government’s Thrift Savings Plan. However, these limitations have been upgraded to $18,000 in 2015 to meet cost of living adjustments.  In addition, for those approaching retirement, the catch-up contribution limit for these retirement plans was increased from $5,500 to $6000 for the calendar year. Limits for contributions to IRAs remain unchanged at $5,500. Learn more … [Read more...]

Christine Magee of Tech Crunch reports that venture capitalists are currently investing a lot into real estate technology. These investors have recently put more than $300 million into more than 30 real-estate tech startup companies similar to Zillow and Realtor.com. This is an unusually high upswing in this industry sector. This technology is needed as more and more entrepreneurs are entering the real estate market. If you are one of these entrepreneurs, be sure that you have a reliable … [Read more...]