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Have real estate questions? Here, you’ll find helpful articles and other resources that cover issues related to real estate, buying, selling, financing, refinancing, credit and debt, insurance, second homes, vacation homes, real estate investment, new construction, and renovation.

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Real Estate Agent Is Not Tax Advisor

By | April 29th, 2007|

When you sell a rental property you'll owe capital gains tax on the sale, even if you buy a primary residence in the same year. One alternative to reduce your tax burden is to do a 1031 tax free exchange, but that means you have to buy a second rental property. A 1031 exchange may not be used for a primary residence. You might expect your real estate agent to make you aware of these tax implications but agents help buy and sell homes, they are not tax advisors.

Negotiate Your Listing Agreement Before You Sign

By | April 27th, 2007|

When it comes to a listing agreement, the contract isn't usually that long. But you have to understand what you're signing. You also need to know that if you don't like the way something reads in a listing agreement, the time to speak up is before you sign. Once you sign, the broker has no incentive to negotiate. If you sign a blank listing agreement without reading it, you're opening up a huge can of worms.

Buying A Home For Sale By Owner

By | April 25th, 2007|

A buyer has decided to buy a home that is for sale by owner (FSOB) and needs to let her agent know. It's important to thank the agent for all the time spent. If the deal falls through, you'll want that agent to still be on your side.

Avoid Capital Gains Tax With Primary Residence

By | April 24th, 2007|

When you're selling a home you have to have lived there at least two out of the last five years in order to avoid capital gains tax. How can you prove you've lived in a home for 24 months? You need to have documents such as voting records, phone and mail records available for the IRS in case you get audited.

How To Split Investment Property Inheritance

By | April 23rd, 2007|

When families own property together and some of the owners pass away it means that the remaining owners likely have to split up ownership of the investment property. In order to make the division of this investment property inheritance fair, the owners who want to be bought out should receive their fair share. Those who wish to keep interest in the investment property should pay what they owe. After the ownership issues of this investment property inheritance have been resolved, the family must come together again to determine how the investment property will be maintained.

Removing Name From Home’s Deed

By | April 22nd, 2007|

A woman is in the process of getting a divorce but is considering removing her husband's name from the home's deed before the divorce is final. Even though the woman says her husband abandoned her, he could still have rights to their home because his name is on the deed. A divorce attorney will help this woman move forward and protect herself during the divorce.

Understanding A Lis Pendens

By | April 21st, 2007|

A lis pendens is a document recorded against real estate that gives the world notice of a pending law suit. While the lis pendens has no monetary value, it does protect the plaintiff from actual or potential claims that may come later. But the actual value of the lis pendens will not become known until there is a judgment in the case.

Options For Selling Inherited Property

By | April 19th, 2007|

Inherited property can involve many different tax implications. If you sell for the amount the estate valued it at, you might not ow any taxes. If the property has appreciated, you will have to pay capital gains tax -- unless you used it as a primary residence. With investment property, you may be able to use a 1031 exchange. Talk to an accountant or estate attorney for more options with inherited property.

Income Tax Owed On Short Sale

By | April 18th, 2007|

Homeowners sold their home for less than the mortgaged amount, which is known as a short sale. The IRS considers this as a gift from the lender and will collect income tax on the amount forgiven. The forgiven amount of the loan is commonly referred to as "phantom income" simply because it doesn't exist in your pocket or bank account. So, the seller now owes tax on what the IRS views as earned income.

Second Homes In Mexico: An Owner’s Manual

By | April 17th, 2007|

Many Americans are buying second homes in Mexico. Developers are setting up second home developments in Mexico like an American condominium association. For Americans thinking of buying a primary or second residence in Mexico, here are some things to keep in mind before you sign the papers.

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