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Real Estate Homestead Idea

Atlanta Real Estate News | Email the Author: Brad Nix, Managing+Broker
Posted: August 21st, 2008
Category: First Time Buyers, Real Estate Finance

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.

Additional Reading:

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Rob Hahn 4 月 ago 1 point
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Hi Brad,

Just wanted to say thanks for the comments. Although I share your skepticism about congresscritters... this doesn't strike me as anything that any union or special interest would oppose. It shouldn't have any impact on government jobs, etc. So I thought it might have a shot.

Maybe I need to write my congresscritter -- oh that's right. He hates me and my town, seeing as how we've been gerrymandered into his district....

-rsh

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bnix 4 月 ago 1 point
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I completely agree. It's a win-win for everyone. It's so simple and obvious that I am certain congresscritters would junk it up, bloat it up and mess it up, but I am still a bit cynical based on the last real estate law they passed: Housing and Economic Recovery Act. I will write my congresscritter (love that term) and help plant some seeds.

As a local bank director, I can't think of a better plan to bail us out of the foreclosure crisis (and it is a crisis for many many banks).

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