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What Happens In A Short Sale

By | September 19th, 2008|

A short sale means that the buyer is offering less than what is owed on the existing mortgages. The funds in the deal will be "short" the amount needed to pay off all of the lenders and closing costs. To complete a short sale transaction, all lenders must agree to accept less than what they are owed.

1031 Exchange & Capital Gains Tax

By | September 17th, 2008|

When you do a 1031 tax exchange it can save you capital gains tax and recapture depreciation tax. Taxes without a 1031 exchange can range 15 to 25 percent. They will be higher the more valuable your investment property or if you've claimed depreciation on the asset you're exchanging. Learn how to save money with a 1031 exchange.

Signing Quit Claim Deed Removes Late Wifes Name From Title

By | September 13th, 2008|

A woman married to a widower wants to put her name on the title of her husband's home and delete his late wife's name. She can add her name to the title using a quit claim deed. But, because the home is pre-marital property, the husband may not want to add his wife to the title so the property can be passed down to his heirs.

1031 Tax Exchange Fees

By | September 12th, 2008|

When you hire a 1031 tax exchange company to help you exchange investment property you will pay some fees. 1031 exchange fees vary depending on the timing of the 1031 exchange. Fees will be higher for a 1031 exchange where the investor has acquired the new property before selling the old one. 1031 exchange companies factor risk into their fees.

Homeownership With Contract For Deed

By | September 12th, 2008|

How a contract for deed and inheritance affect a home sale? Her parents bought a property using a contract for deed and she wonders whether the original seller can claim any of the money from the home sale. Sam and Ilyce advise that once the buyer satisfies the terms of the contract for deed, the buyer owns the property and keeps the home sale proceeds. In this case, the terms of her father's will also affect the transaction.

Is Seller Responsible For Water Damage In Basement?

By | September 12th, 2008|

A home buyer asks about water damage and mold in the basement of the home they purchased after the seller disclosed there was a one-time event and the problem had been fixed. The buyer now wants to know if the seller is liable for the mold from the water damage and not disclosing it properly. Having documentation and a home inspection to back up the buyer's claim will help her going forward in this seller disclosure situation.

Seller Disclosure Did Not Include Building Permit

By | September 12th, 2008|

A home buyer asks about holding a seller accountable for not disclosing a missing permit for a studio apartment and for an inaccurate address on the real estate contract. Because the home buyer bought the property five years ago he may have exceed the statute of limitations to sue the seller for not disclosing the probelm. The buyer should contact the title company about the address mistake and a real estate attorney about the permit problem.

New Home Construction Buyers Feel Satisfied

By | September 12th, 2008|

The 2008 J.D. Power and Associates survey of new home construction buyers showed an increase in home purchase satisfaction from 2007. A J.D. Power spokeswoman says buyers get more for their money because home builders include once optional features such as granite countertops as standard. Builders are finding out how to satisfy customers and stay alive in this market.

Home Equity Line Of Credit Counts As Second Mortgage

By | September 12th, 2008|

A home equity line of credit is a loan that uses the property as collateral. A homeowner recently took out a home equity line of credit and now has a second mortgage listed on his homeowners insurance. The home equity line of credit is a lien against the property and is listed as the second mortgage holder.

Estate Planning May Include Quit Claim Deed Reversal

By | September 11th, 2008|

When you sign a quit claim deed to give a property to your children, your children will have the original cost basis of the property. The original cost basis may result in your children having to pay higher taxes when they go to sell the property. If your children want to sell your home and give you the proceeds to support yourself they'll first have to pay taxes due on the sale. Learn how the taxes on such a home sale would be calculated and whether the sale affects Medicaid benefits. Timely estate planning can help you avoid these kinds of dilemmas.

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