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Real Estate

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Real Estate Contract Determines Sale Status

By | March 14th, 2006|

Is a home sale still valid when a home burns down? It depends on the real estate contract. The real estate contract may discuss what happens when the home is destroyed prior to the completion of the home sale. The real estate contract may allow the home buyers to receive a new home built using insurance money or it may allow the new owners to receive the insurance money directly. Consulting a real estate attorney to look at the real estate contract will help sort out this home sale.

Renting A Home With Option To Buy

By | March 7th, 2006|

Leasing out a rental property is often a good idea. However, you may want to rent your property with an option to buy. Doing a lease/option allows the buyer to live in the home for a year and pay a non-refundable option for the right to purchase the property in the future at a price that's negotiated today.

Limiting State Tax On Capital Gains

By | March 7th, 2006|

A seller is selling their home in California and buying a new home in Idaho and wants to limit his state tax liability on capital gains. The "rollover replacement" rule was thrown out and replaced by newer tax laws that will benefit this home seller. The seller probably doesn't owe any state tax on his capital gains in California.

Including Preapproval Letter With Contract

By | March 7th, 2006|

Often you can be preapproved for a mortgage at an amount higher than you are willing to pay. It is good to be clear with your agent, exactly the amount you are hoping to spend, regardless of what your preapproval letter states. Not disclosing exactly what you've been preapproved for will allow you to better negotiate.

Cash Out Refinance To Purchase Investment Property

By | February 28th, 2006|

Can you use home equity to purchase investment property? Or should you do a cash-out refinance? Current tax law allows you to borrow up to $1 million on a first mortgage and up to $100,000 on a home equity loan and still deduct the interest paid. But when it comes to investment real estate, the real bonus is being able to write off your expenses against income that the property generates.

Understanding Exclusive Buyer Agents

By | February 28th, 2006|

A buyer wonders how to assure that his agent is really looking out for your best interest. The nice thing about an exclusive buyer's agent is that you never have to worry about the agent ever representing the seller. Exclusive buyer's agents never represent sellers, just buyers.

Real Estate Commission And Protected Buyer List

By | February 28th, 2006|

When you're looking to buy a property you may end up on a "protected buyer" list. When a listing contract ends, the listing real estate broker wants to make sure the seller does not contact any of the people the listing real estate broker showed the property to and deprive him of a commission. If the seller and the real estate agent can't agree on the protected buyer list or the commission it could delay the sale.

Refinancing A Home For Repair And Estate Planning

By | February 28th, 2006|

Refinancing a home for repair and estate planning purposes can be a challenge for a person who is doing this for an elderly loved one. If the property is in the elderly person it's best to speak with a mortgage lender who specializes in loans to senior citizens, in order to refinance and repair the home. Speaking to an expert in this field can help the person decide whether to refinance and repair the home, or whether selling the home now would be the better option.

Reverse Mortgage Or HECM May Be Good For Elderly

By | February 28th, 2006|

Older Americans who own their homes outright may benefit from a reverse mortgage or HECM, where they'll receive monthly payments from the equity in their homes. Reverse mortgage or HECM lenders can advise on how much a reverse mortgage will cost in fees and the issues inheritance issues involved.

Using Home Equity Loan Or Cash To Purchase New House

By | February 28th, 2006|

A recent retiree is planning on moving to a less expensive area and is thinking about using a home equity line of credit or use the proceeds from the sale of his condo to pay cash for his new home. There are advantages of buying with cash versus financing the new purchase. However, prior home sale contingencies make buyers nervous. He needs to go over all options for home equity loans and cash purchases with a mortgage broker before making a decision.

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