Selling Your Home – Short Sales

A hand is holding out three tiny houses.

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…

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Selling Your Home – Selling at a Loss

A bag of money with a red arrow going down.

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…

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Selling Your Home – Seller Financing

A person holding up a small house on top of papers.

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…

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Selling Your Home – Negotiating

A man is sitting at a table with two other men.

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.…

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Selling Your Home – Property Taxes

A box that says property tax next to a bar graph.

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…

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Buying Your Home – Tax Considerations

A calculator and some wooden houses on top of a table.

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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Selling Your Home – Disclosure

A disclosure sign sitting on top of a desk.

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…

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Buying Your Home – What You Can Afford

A box that says property tax next to a bar graph.

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…

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Selling Your Home – Appraisals & Market Value

Two people shaking hands over a table with a house on it.

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…

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Buying Your Home – Tax Considerations

A person using a calculator to calculate their mortgage payments.

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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