NerdWallet’s Smart Money Podcast Episode Summary

Episode: What Home Sellers Can Legally Hide and How to Master Irregular Bills
Date: October 16, 2025
Hosts: Sean Pyles, Elizabeth Ayoola
Guests: Holden Lewis (Mortgage Nerd), Kate Wood (Home & Mortgage Expert)

Episode Overview

This episode blends practical home buying advice with real-world money management strategies. In the first half, the NerdWallet team dives into what sellers are legally required to disclose (or not!) about a home's haunted, spooky, or tragic past—just in time for Halloween. The second half answers listener Alyssa's question about budgeting for unpredictable or irregular expenses, highlighting actionable tips for organizing and smoothing out your financial life.

Key Segments

1. Money News Roundup: The Law of Haunted Houses & Home Disclosures

[02:32 - 14:23]

Main Discussion Points

• Haunted House Stories

  • The hosts and guests swap eerie personal stories about living in homes with spooky reputations—ghostly apparitions, ancient cemeteries next door, and a mysterious “spooky cabinet.”
  • Kate Wood shares her experience buying a colonial-era home built next to a cemetery (04:00–06:42):

    “One of the house's previous owners was actually buried there... So the house itself was not haunted, but it did have this one area... I called this the ‘spooky cabinet’.”

  • Sean Pyles describes a childhood scare that turned out to be just a shirt on a doorknob (03:00).
  • Holden Lewis recalls living in a row house called "Suicide Flats":

    “Every once in a while I would go down into the unfinished basement... I just kind of felt a presence.” (07:17)

• Would You Live in a 'Crime House' or Haunted House?

  • Kate and Sean discuss their willingness to buy a notorious home if the price was right, with the caveat of a good “deep vibe cleanse” (09:06–09:30).
  • Quote – Kate Wood:

    “If the price was right, you just kind of have to be like, well, there were a bunch of murders here. I'm going to burn a lot of sage.” (09:16)

• What Do Home Sellers Legally Have to Disclose?

  • Disclosure laws vary:
    • Most states do not require sellers to disclose supernatural activity (ghosts).
    • Some states (e.g., MA, MN) allow you to ask, but the seller isn’t required to voluntarily disclose.
    • If asked directly, sellers generally can't lie (10:00).
  • Notable Quotes:
    • “Turns out in most states, the home seller does not have to disclose the presence of ghosts or other paranormal activity.” – Kate Wood (09:56)
    • “If you’re selling and someone asks you a question like that, you can say, I do not care to answer that question, and then leave it at that.” – Holden Lewis (12:30)

• Murder & Tragedy Disclosure Laws

  • Laws for murder/suicide disclosure are state-specific:
    • Alaska: Must disclose murders/suicides within the last year
    • California: Must disclose any death on property in last 3 years
    • South Dakota: Disclose homicide/suicide that occurred while owner possessed the home
    • Kentucky: Seller must honestly answer if asked directly (11:27–12:36)
  • Famous California court case: Seller failed to mention a quintuple murder; buyer sued and won based on neighborhood notoriety impacting market value (13:00–13:32).

• How to Investigate a Home’s Past

  • Use online searches, check news archives, and ask neighbors for community history.
  • “...these days we can just go on the web and search the address and see what shows up. Are there news articles letting you know something horrifying happened there?” – Kate Wood (13:54)

2. Money Question: Mastering Irregular Bills

[16:48 - 34:16]

Listener Question from Alyssa:

"We make a good salary and don’t spend extravagantly, but our budget always feels tighter than it should. How can we plan for irregular bills (like annual oil, quarterly water, and unpredictable tolls) without tracking every expense daily?"

Discussion Highlights

• Common Irregular Expenses

  • Car registration, premium credit card fees, pet insurance, subscriptions, home maintenance, child care, beauty products, etc. (17:56–19:13)
  • “Do you want to guess how much I spend on an annual basis?” – Sean Pyles

    “I spend a little over $3,500 a year on annual expenses, and that's a lot more than I was expecting…” (19:24)

• Tracking and Forecasting Irregular Bills

  • Review past spending; flag anything that isn’t monthly.
  • Spreadsheet or notes app for recurring “surprise” bills
  • Estimate averages for fluctuating costs (e.g., water) and budget a cushion
  • “At the end of the day, there isn't actually a big difference between an irregular expense or a regular expense…if you have foresight.” – Sean Pyles (20:22)

• Budgeting Techniques for Irregular Expenses

  • Different approaches based on personality:
    • Multiple savings accounts for specific purposes (Sean uses 9!)
    • Single, “lump sum” savings account with flexibility (Elizabeth’s style)
  • “This is really the pay yourself first method of savings, where before the money is even available for you to spend it, you have it just quickly shot into whatever savings account that you want...” – Sean Pyles (32:31)

• Lifestyle Creep & Spending Awareness

  • “Most people, when they're living a pretty comfortable middle class life, aren't really budgeting that closely at all. And that's okay… But then when you're facing a cash crunch... it's time to look into what's really going on.” – Sean Pyles (24:10)
  • Tracking spending for a month can reveal leaky spots and free you from guilt (25:02–25:38).

• Favorite Budget Frameworks

  • 50/30/20 rule:
    50% Needs – 30% Wants – 20% Savings/Debt
    • “If your money is fitting into these categories neatly, then you can kind of set it and forget it.” (27:06)

• Indulgences and Intentional Spending

  • Lifestyle creep is fine if intentional and within means; be clear about priorities
  • “I kind of love lifestyle creep in a responsible way.” – Sean Pyles (27:14)

Actionable Tips for Listeners:

• Identify your past irregular expenses by looking through previous statements.
• Use a spreadsheet/note or app to track and anticipate when oddball bills come due.
• Average out variable costs and include a cushion.
• Decide if you want multiple targeted savings accounts or a big flexible fund.
• Automate transfers or direct deposit into savings buckets.
• Track expenses for at least a month for awareness, then switch to “set it and forget it” with a 50/30/20 or similar budget.
• It’s okay to spend on what matters most—just make it intentional.

Notable Quotes & Timestamps

• On researching a home's history:
  “You could also just ask the neighbors. They will probably tell you.” – Kate Wood (14:10)

• On hiding a home's dark past:
  “In most states, the home seller does not have to disclose the presence of ghosts...but if the buyer asks, you can’t lie.” – Kate Wood (09:56) “If you’re selling and someone asks...you can say, ‘I do not care to answer that question.’” – Holden Lewis (12:30)

• On budgeting irregular bills:
  “There isn't actually a big difference between an irregular expense or a regular expense…if you have foresight.” – Sean Pyles (20:22) “This is really the pay yourself first method of savings.” – Sean Pyles (32:31) “It was freeing…because now I know where my money is going and what I need to fix, and I have a clear path forward.” – Elizabeth Ayoola (25:31)

• On intentional ‘lifestyle creep’:
  “I kind of love lifestyle creep—in a responsible way.” – Sean Pyles (27:14)

Timestamps for Important Segments

• Haunted house & Spooky Stories: 02:32–08:55
• Disclosure Laws by State: 09:56–13:32
• Court case: Hiding a Quintuple Murder: 13:00–13:32
• How to Investigate a Home’s Past: 13:54–14:23
• Budgeting for Irregular Expense Basics: 17:51–22:50
• Budgeting Methods & Automation: 23:21–33:09
• Lifestyle Creep Discussion: 27:06–29:17
• Final tips and summary for Alyssa: 34:04–34:16

Episode Tone & Style

The hosts are personable, slightly irreverent, and nerdily enthusiastic. The episode mixes practical financial advice with down-to-earth candor and a hint of Halloween humor, making dry homebuying and budgeting topics lively and relatable. Segments are peppered with personal anecdotes, gentle teasing, and “real talk” financial wisdom.

Useful for New Listeners:

• Learn what home sellers are legally required (or not required) to tell you about a property’s haunted or tragic history.
• Get a framework for tackling those pesky, unpredictable annual or quarterly bills that keep eating into savings.
• Walk away with tips to automate savings, track spending without going crazy, and treat yourself responsibly—all with a little financial accountability.