One of my favorite real estate bloggers is The Notorious R.O.B., not just because his blog name makes me smile, but because he is one of the most thorough writers and has a very keen mind for analysis. He covers everything from MLS to NAR and lots of commercial real estate topics. I recently read one of his genius ideas about making the Homestead Act updated for the 21st century. Here are Rob’s ideas:
“Rough outline of a new Homestead Act:
* Banks surrender the property to the municipality. They can claim a loss for future tax writeoff, but importantly, they get the property off their balance sheets.
* Municipality waives all back taxes, transfer fees, etc.
* Utilities write off all water/electric bills, etc.
* Property is made available as is to any legal resident willing to live there.
* You must stay in the residence for at least five years.
* During your stay, you must maintain the house in reasonable condition and not engage in any illegal activities in the house.
* It must be your primary residence for those five years.
* You must pay all property taxes and fees associated with home ownership, such as for trash removal, water and sewage, etc.”
I doubt there is any chance in hell that these ideas are ever considered by Congress, but I think it’s a great way to make people think outside the box about real estate laws. I encourage each of you to read more from the Notorious R.O.B.
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