Feb
27

Buying handyman specials?

Question by (mimi): House buying?
Lets say you want to buy a house, but  it needs some repairs and don’t have the money for them…… if you get a  loan from a  credit union will they only give you the loan for the amount of the home? I’ve seen those house flipping shows where the person buys a home and they fix it up, but do they get a loan to fix the home on top of the loan to buy the home?

Best answer:

Answer by tim

You should make sure your contract offer is contingent on a satisfactory appraisal.

For example, you submit a contract for some value, it could be the asking price or some value less that that. You should make the contract contingent on the house  appraising for at least equal  to your offer. You should also make the contract contingent on a home inspection, by a professional inspector to identify that there are no major problems in the property such as plumbing, heating and cooling,  and so on. If the house doesn’t pass the inspection, you can ether cancel the contract or try to negotiate a resonable compromise with the seller. 

Know better? Leave your own answer in the comments!

Feb
15

Claiming the capital gains exemption when you sell your home?

Question: Claiming the capital gains exemption when you sell your home?
I sold a home in 2008 and claimed the house selling exemption for my capitol gains and at that time I was single. I got married last year. Before we got married my spouse sold her home and made a profit on it. We are now filing a joint return. Can we claim the capitol gains exemption since she was single at the time she sold the home?

Best answer:

That’s a really good question! You should look through the IRS publication below on this subject, and there is an example in there that I believe is on point. (Example 1 under “married persons”, about halfway down). Based on this I would say you can definitely use the exlusion (just the $ 250K) and you can do so filing seperately or jointly (not legal advice). Good luck on the return! http://www.irs.gov/newsroom/article/0,,id=106951,00.html

Add your own answer in the comments!

Feb
14

What is the best way to sell a house fast in order to purchase a new home?

Question: What is the best way to sell a house fast in order to purchase a new home?
Sell first house – Purchase a new house

Answer:

if you sell your home first you may need to find temporary housing until you close on the new home.  Most people try to coordinate the sale of their current home with the purchase of their new home. That may be easy or hard depending on where your home is located and obviously it’s appeal. 

Find a great Real Estate Agent (like me) that can help you identify what needs to be done to make your home marketable/desirable and price your home sell without giving it away.

Give your answer to this question below!

Feb
13

How do I record on my taxes a rental house purchase for less than tax value.?

Question: How do I record on my taxes a rental house purchase for less than tax value.?
My husband and I purchased his grandmother’s home from his dad and two brothers. One brother forfeited his 1/3 of profit to keep the house in the family. We paid the other brother cash for his 1/3. Once we get the house ready and rented, we will start paying my father-in-law back his 1/3. What value should I use for the purchase price of the home? How will that affect our taxes by paying less than tax value for the home?

Best answer:

Answer by artillerygirl01
It won’t affect your taxes until you actually start renting it out and earning income. You use the purchase price of the home plus any capital improvements you made as your cost basis in the house, and you will depreciate that value over the life of the home, using the IRS depreciation schedule.

Give your answer to this question below!

Feb
13

Someone is in desperate need of a home stager

How not to sell a house.
House Selling

It’s unbelievable that someone would use this as a marketing photo for a house. Surely they could have put their laundry away before snapping the photo. all that’s missing is the photographer in the mirror.

Don’t let this happen to you.

Call Nance & Associates, Realtors Right Now!

(703) 499-9944

Feb
09

I need to find a way to finance a house purchase?

Question joe bloe: I need to find a way to finance a house purchase?
I make under 30K a year, I have a horrible and I mean HORRIBLE credit history because of my ex wife’s mismanagement of our finances. I want to be able to purchase my grandmother’s house back but it is valued by the bank at 500K
I know but the question is ALTERNATIVE ways!!

Best answer:

Not going to happen. You do not have the income to make those high payments or even pay the property taxes.

Give your answer to this question below!

Feb
07

When staging a home, do you leave the staging items in the home when it sells?

Question : When staging a home, do you leave the staging items in the home when it sells?
I’m getting ready to list my home for sale, and I’m thinking about staging it. Before I buy items for the house (like furniture, decorations, plants, candles, etc.), I wanted to know if these items usually stay with the home when it sells or will I be able to take them with me?   I have already de-cluttered everything, taking down all personal pictures, magnets, etc. I have painted everything neutral and cleaned it up inside and out.

Best answer:

Great question!

Only permanent fixtures are standardly expected to be included with the price of the house. Example: hanging lamps, curtain rods (attached to the walls), built-in furniture, etc. Home furnishings would typically be negotiable.

Give your answer to this question below!

Feb
07

Q&A: house buying and credit rating?

Question by Ed : house buying and credit rating?
I am looking for tips for first time home buyers? how does good credit affect mortgage?

Best answer:
The better your credit, the lower your interest rate will be. Less interest equals smaller payments. Good credit makes more money available to you so you can buy more house then someone with poor credit.

Give your answer to this question below!

Feb
04

The Pros and cons of Selling your home

Moving is always a difficult thing to do, and having to selling your current home will only add to the difficulties. It doesn’t matter how much you are looking forward to moving to your new home, it can still be a very stressful process.

Being able to quickly find a buyer for your home is the ideal situation.

However, having an unoccupied home that you have to continue paying for can become a  serious financial burden for you, especially when the selling process drags on for a long period of time. Selling your current home before you have to begin paying for your new home is the best choice for your bank account.

 There are many tips that experts boast about that claim to increase your chances of unloading your home quickly. But few compare the pros and cons of different ways you can sell your home.

Choose the right method for you when  selling your home.  Below are some essential tips to help you decide the best way to sell your home.

 Real Estate agents are  still the most common way to find a buyer for your home. Real Estate agents are the best choice for homeowner trying to sell their home while accomplishing countless other things.  Many home sellers are also uncomfortable dealing and negotiating with buyers directly.

 A good Real Estate Agent can eliminate a lot of the stress of  selling your home by dealing with potential buyers and much of the paperwork that comes with selling a home. However, it can still take months to sell your home with a Real Estate Agent if your home isn’t marketable.

Good Real Estate Agents are specially trained to handle the intricate details associated with selling your home. There are many aspects of home selling that an average seller might not be aware. Problems often arise during the sale of a home that can be very troublesome for Real Estate Agent (let-alone homeowners). Working with a trained  Real Estate professional can help alleviate much of the stress that comes from the uncertainty of not knowing what to do next.  But whatever you do, remember, it is always a mistake to hire a Real Estate Agent solely on the basis they gave you the highest valuation for your house.

Please repeat the sentence in bold above until memorized. Figures don’t lie, but liars figure.

 Many homeowners choose do to a FSBO (For Sale By Owner) because they want complete control over the process of selling their home and any other details that affect such a significant investment.

FSBO (For Sale By Owner) can be a very time consuming process and thanks to the internet an increasingly popular choice as more home sellers are trying to find cheaper alternatives to Real Estate Agents. For those who do decide to pursue selling their own home, there are many facts to consider.

Determing the valuing your home is the first step. Too many sellers simply “think of a number” and fail to do sufficient market research . Others refuse to be realistic regarding what their house is worth. Once you determine what value you want for your home, the next logical step is to begin marketing and showing your house.

 Whenever showing a home, make sure that it looks great and smells fantastic. A clean, nice smelling house is essential. A house with a  lived-in look is passable as long as you take steps to depersonalise some of the clutter.  Scented candles, home baking, and fresh coffee can all help. 

 Potential buyers intimidate many private sellers. Experienced Real Estate Agents are specially trained to find out information  about a buyer without being direct or offensive. It can be very embarrassing for a seller to have to be so intrusive, but it is important for them to qualify buyers. You can prepare a list of questions in advance. If you’re on good terms with amortgage broker ask them to help you prequalify your potential buyers.

 The last option for selling your home is to sell to a cash property buyer. Typically, these are investors or developers who specialise in quick cash house sales. They work quickly and can make it possible to sell a home in a very short span of time, typically less than a month.

 People who need to sell their homes quickly have a whole host of reasons for doing  so. Some of these include bankruptcy, divorce, a broken sale chain or a sudden move. In some cases there are further complicating factors which restrict the alternatives open to the house seller. These include high levels of debt and house repossession or a desire to sell the property but to then rent it back.

 Cash property buyers tend to fall into categories. Some tend to focus on quick property sales and run their businesses according to strict investment criteria. This restricts the types of properties they buy or the nature of their offers. Others are more consultative in style and  claim they will help you fix your financial problems.

 As with any property sale, always be suspicious of offers that sound too good to be true.

Feb
02

Anyone know any sites where I could meet real estate buying partners?

Question: Anyone know any sites where I could meet real estate buying partners?
I want to start investing in real estate properties but I can’t afford to do it by myself. I’m looking for a site where people can get together for joint ventures and if there plans are similar (looking in same area, price etc) they considering buying the property together.

Best answer:

Entering into a joint venture with strangers is not a very good idea. Strangers could bail and leave you holding the bag to make mortgage payments and who knows what else, and yet they could still demand profits while not sharing any expenses, mortgage payments, ect.

Add your own answer in the comments!