Archive for August 2023
Selling Your Home – Short Sales
When does foreclosure begin?Lenders will initiate foreclosure proceedings when borrowers become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the borrower in writing that he or she is in default. The lender can request a trustee’s sale or a judicial foreclosure, in which the property is sold…
Read MoreSelling Your Home – Selling at a Loss
Can a home seller sell a home for less than its mortgage?Yes, in some case you can sell your home for less than what you still owe on the mortgage, but this is complicated and depends on the lender. This situation is known as a “short sale.” Sometimes a lender will be willing to split…
Read MoreSelling Your Home – Seller Financing
What is seller financing?Seller financing is when a seller helps to finance a real estate transaction by taking back a second note, or even financing the entire purchase if the seller owns the home free and clear. Usually sellers do this when a buyer has difficulty qualifying for a conventional loan or meeting the purchase…
Read MoreSelling Your Home – Negotiating
Is there a secret to good negotiating?There are several cardinal rules to negotiating effectively. One is do your homework, and learn as much about the seller or the buyer as you can. Another is to play your cards close to your vest and not reveal too much information to the other party or their agent.…
Read MoreSelling Your Home – Property Taxes
Where can I learn more about appealing my property taxes?Contact your local tax assessor’s office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed…
Read MoreBuying Your Home – Tax Considerations
Where do I get information on IRS publications?The Internal Revenue Service publishes a number of real estate publications. They are listed by number: Are seller-paid points deductible?As of Jan. 1, 1991, homeowners have been able to deduct points paid by the seller. This deduction previously was reserved only for points actually paid by the buyer.…
Read MoreSelling Your Home – Disclosure
Whose obligation is it to disclose pertinent information about a property?In most states, it is the seller, but obligations to disclose information about a property vary. Under the strictest laws, you and your agent, if you have one, are required to disclose all facts materially affecting the value or desirability of the property which are…
Read MoreBuying Your Home – What You Can Afford
How much does my real estate agent need to know?Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation. Agents working for buyers have three possible choices: They can represent…
Read MoreSelling Your Home – Appraisals & Market Value
What is the difference between market value and appraised value? The appraised value of a house is a certified appraiser’s opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300. Market value is what price the…
Read MoreBuying Your Home – Tax Considerations
Where do I get information on IRS publications?The Internal Revenue Service publishes a number of real estate publications. They are listed by number: Are seller-paid points deductible?As of Jan. 1, 1991, homeowners have been able to deduct points paid by the seller. This deduction previously was reserved only for points actually paid by the buyer.…
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