Tagged Questions
6
votes
3answers
60 views
Is there anything I can do to prepare myself for the tax consequences of selling investments to buy a house?
I have about $500k in Vanguard funds, in a regular (i.e. taxable, non-retirement) account. I've been building these positions over the past 12 years or so.
There's a chance that I'll want to buy an ...
3
votes
1answer
44 views
What are the tax implications of a normal sale of a house?
What are the tax implications of a normal sale of a house, where the owner would make a "profit"? Does it make any difference if the house is owner occupied and for how long they have owned the ...
0
votes
1answer
19 views
Transferring a Property (with a loan) to a relative in Maryland
We have a property in Maryland, currently in my name, on a loan with a bank. Other than selling the property and having my relative buy it, is there a more cost-effective manner, in which the property ...
4
votes
1answer
126 views
Next option(s) after house is not selling on market?
Lets say I have a house which is pretty old and is not in the best neighborhood. I put in on the market and for one reason or another, even after dropping the price substantially I cannot get it to ...
2
votes
3answers
122 views
Buying a home without a Real Estate Agent - Who should I get to do the paperwork?
I'm considering buying a home from a friend without the aid of a real estate agent in the hopes of saving everyone the unnecessary 6% commission (since the property didn't need to be marketed).
...
1
vote
1answer
59 views
How do you go about buying a house directly from an owner? I.e. no broker involved?
I live in California. Usually when people buy a house here, they just entrust a broker. The broker deals with all the paper work, etc. for both parties. There are 4 parties involved...seller, buyer, ...
0
votes
1answer
49 views
Homebuyer Credit - 2008 Installment Repayment
I bought my house in 2008. I took the $7,500 credit. I remembered that I have payed $500 each year in 1040.
Now I have to fill the tax form this year. How to fill the two textboxs.
6
votes
1answer
70 views
Are commissions paid to realtors for finding tenants for my rental property tax deductable as a rental expense?
I used a realtor to find a tenant for my rental home. I paid her a commission of the amount equal to the first months rent. Is this what turbotax means by Commission Expenses "Commissions paid to ...
9
votes
4answers
254 views
Buying a house for a shorter term
I've lived under the impression that it is never wise to buy a house (as your home) unless you are planning to live there "at least five years" (or something like that). But is this necessarily ...
1
vote
1answer
36 views
Equity or alternative compensation in an LLC?
I am currently working for a real estate startup (LLC) that wholesales REOs nationwide.
I was one of the earlier employees to get hired. Since my time of employment, the company has been expanding ...
2
votes
0answers
63 views
New construction closing in a year; how can I lock in mortgage rate?
I've just contracted for a new house in Florida to be built. The closing won't occur for approximately a year. Is there a way to lock in a mortgage interest rate for so long in the future? It will ...
1
vote
1answer
44 views
What are the tax rules of owning a vacation rental property?
I am considering purchasing a vacation property and renting it out for a majority of the season. Best case scenario I could generate about 50% of the annual cost (mortgage, tax, utilities, ...
4
votes
2answers
86 views
Closing on two mortgages (investment refi & primary home) — is it ok to do them simultaneously?
My wife and are are simultaneously in the market for a new home and trying to refinance a condo we rent out as an investment.
The stars may be aligning that both loans could go into underwriting ...
1
vote
3answers
297 views
Why could rental costs for apartments/houses rise while buying prices can go up and down?
In this U.S. city, I have the impression that the rents of apartments and houses always go up, say, about a 5% per year, while the prices of buying them fluctuates throughout the same years. If my ...
2
votes
1answer
37 views
Is a trustee sale winning bid all inclusive, or are prorated taxes & fees due?
Is my winning bid at a trustee sale on a foreclosed home all inclusive, or
can the trustee make us pay prorated taxes and home owner association fees?
If we must pay the fees, when would they be ...
3
votes
1answer
308 views
How much does a tenant eviction cost in Miami and New York City?
I heard it's easy to evict a tenant that does not pay the rent in US (at least easier than in Italy).
I heard in 60 days comes the sheriff and kicks the tenant out of the flat. I suppose the ...
5
votes
3answers
481 views
What is the standard real estate commission to sell a million dollar home?
I want to list my condominium for US $1.3 million. How can I decide on a fair real estate commission?
4
votes
3answers
150 views
Can I check multiple lenders for mortgage rates, via preapproval, and have it only count as one hard inquiry on my credit?
Note: This applies to the State of New York (the NYC metro area), in the United States.
I'm shopping around for mortgage rates. I'm not sure if I have to get a preapproval mortgage to get their ...
6
votes
3answers
126 views
I have an “excellent” credit rating. Do I need to get a preapproval mortgage letter?
I'm in the infancy of buying a residential property. I have a credit rating of EXCELLENT. Do I need to get a preapproval mortgage letter? I thought that getting preapproved would expedite the ...
9
votes
1answer
103 views
What are the risks in buying a property from a “Tax Deed” auction?
Recently, I was approached by a friend of my wife's, and she said that she and her husband were making a lot of money bidding on properties that went up for sale in our area, at auctions like this ...
8
votes
2answers
194 views
Why is mortgage interest deductible in the USA for a house you live in?
In Australia, if you have a mortgage on the house you live in the interest and other expenses are not tax deductible, unless you rent out one or some of the rooms or run a business from your home, in ...
3
votes
2answers
212 views
Tax implications of short sale with second mortgage?
I short sold my home this year and was told by my Realtor that the government forgives taxes which would normally be owed by selling a property for a loss. I had heard this before and assumed it would ...
5
votes
1answer
73 views
Complications dividing real estate for a married couple vs unmarried
What complications should be expected when an unmarried couple's relationship fails after they have purchased a house together? How does this situation compare to that of a married couple?
8
votes
4answers
969 views
Landlords: what's the maximum amount of time to allow a guest of tenant to stay in a rental?
As the title says, but with these details:
I have a rental unit; this situation has come up with a potential tenant. This tenant has an adult daughter, who, the tenant volunteered, has an unstable ...
11
votes
3answers
267 views
How do people trade up from one house to another?
Newbie question here folks. My wife and I currently own our first (20% down on a condo in San Francisco in 2009; fixed 30-year loan). Obviously at some point (maybe 2-4 years from now) we would like ...
2
votes
2answers
375 views
How do historically low interest rates affect real estate prices?
30-year fixed interest rates have hit a historic low today: 3.83%. I happen to live in the second hottest real estate market in the nation and am considering purchasing my first home, which would be ...
5
votes
1answer
110 views
Keeping our current home (second property) as a rental. Will it interfere with purchasing a third home?
Prior to moving to our current location, my wife and I lived in a one bedroom condo. We continue to own the condo, owing about $80k on it. We get enough rental income that we make a profit after condo ...
4
votes
1answer
595 views
How does a real estate agent get paid when they're helping us find rental properties (in the US)?
My wife and I are looking into moving to a new area and would like to rent initially. It would be good to enlist the services of a local real estate agent in the search for a good rental property as ...
1
vote
1answer
205 views
HUD-1 limit on realtor commission rebate?
My wife and I are buying a new house and we are using the builder's mortgage company.
Assume our HUD-1 breaks out like this (numbers manufactured to hide real transaction amount):
Line 103 - ...
5
votes
2answers
340 views
To buy a house, is a 20% down-payment required for a mortgage?
My wife and I want to buy a house. The price is well within our means. The mortgage payment would be less than 25% of our gross income and we have no other debt, so we're comfortable with the payment.
...
1
vote
2answers
63 views
How to analyze the option of refinancing a home?
5 years ago when the market was up I bought I a home. This house was in my means so I had no issues paying it on time for all this time. Now the market is down and the interest rates are about 2.5% ...
3
votes
9answers
1k views
Buying a multi-family home to rent part and live in the rest
I currently rent the top floor of a two-family house. Our landlord recently offered to sell the house to us, so I started looking at the cost of mortgages and property taxes in the area.
It's my ...
6
votes
2answers
91 views
If Case-Shiller offers seasonally-adjusted indices, does that mean there's a good time to buy houses?
Saving up to buy a house in a few years, so right now I'm just watching the market to get a sense of the region. I noticed that the Case-Shiller index has seasonal adjustments, which make sense to me ...
12
votes
6answers
958 views
Would it make sense to buy a rental property as an LLC and not in my own name?
I'm considering buying a rental property. Would it make sense forming an LLC and purchasing it in the name of my company, rather than owning it directly?
Considerations:
pros:
I don't want my name ...
2
votes
2answers
42 views
How does expiration of special zone property taxes affect property values?
I've been thinking about investing in local real estate lately, and there's an unusual (to me) practice here of funding some of the city provided infrastructure (water, roads and lighting I guess) by ...
1
vote
2answers
110 views
What is the process to refinance a home?
All,
A family member is thinking about refinancing their home. The idea is to take advantage of low rates to get a lower interest rate loan, ideally with a longer term (current mortgage is 15yr I ...
1
vote
2answers
216 views
Can I claim property tax & interest deduction if I pay the mortgage on my mother-in-law's house?
I currently pay mortgage (taxes, interest) on my mother-in-law's house. The house is under her name but we live in it. Can I use the interest and taxes as deductions?
2
votes
1answer
113 views
In a foreclosing Arizona home, can the bank or anyone hired by the bank access the home's interior premises without permission?
I am residing in an Arizona home that is being foreclosed upon, until the sale confirmation. Does the bank have any right to demand or assume rights to access the interior of my home while I am living ...
5
votes
2answers
56 views
What are the tax implications of improvements to a home that's not primary residence?
How are expenses related to fixing up an investment property treated? Are they deductible? What is a qualified expense? Are they deductible from income, or only used to offset capital gains? USA ...
3
votes
1answer
84 views
Tax implications on profit/loss from selling a home that's not your primary residence?
What is the tax treatment for profit/loss on the sale of a home that is not your primary residence? Does length of ownership matter? USA rules, please.
5
votes
1answer
66 views
How do secured loans get paid off when selling the asset?
I own a home in California (as tenants in common) with two siblings. My brother took out a loan using the house as collateral. When we sell the house, does the loan get repaid first, or do I get my ...
3
votes
1answer
306 views
Can a mortgage broker issue a mortgage commitment letter?
I have applied for a mortgage from a mortgage broker and he recently gave me a loan commitment letter. But there is no mention of the lender or the underwriter.
I have some doubts regarding this are ...
11
votes
2answers
646 views
What are the risks in changing jobs during closing on a house?
I am working for CompanyX and my closing date on the house is on 18th August. I just now got a job offer from CompanyY and I have accepted it. My start date is August 29th. I dont want to jeopardize ...
2
votes
4answers
3k views
How to locate a land survey for my house?
A prospective buyer of my house has requested a survey. I thought I could obtain a copy from the county courthouse. My agent told me our courthouse does not keep surveys. Questions: Who is the ...
6
votes
4answers
1k views
Why are monthly mortgage pre-payments applied to the back-end of the mortgage?
After having paid several years of 'extra' principal payment on my mortgage, I found that the extra monies were being applied the the 'back-end' of the mortgage instead of the 'front end'.
The ...
4
votes
2answers
503 views
What if only one of two tenants signs a lease?
The title is a little misleading. Lease agreements tend to have multiple forms that need to be signed. In my case there was the actual lease agreement (with checkmarks next to many things that needed ...
6
votes
1answer
186 views
Rental Income and Expenses (Taxes)
My wife and I are thinking about purchasing a 2-unit building. We would live in one unit, and rent the other one out. The idea would be that down the road, we would convert the property to a single ...
29
votes
8answers
3k views
Should I buy a house with a friend?
To give some background, I currently live with a couple of friends in a 3 bedroom apartment. The living arrangement is good however I'm tired of not building equity. I've tossed the idea out for two ...
9
votes
4answers
235 views
How should we handle the house if it doesn't sell?
Us
Selling our house, quitting our jobs, and moving from the US back to my home country. We have no debts, and that includes no mortgage. Both have good jobs.
Location
In an area of the US that is ...
5
votes
2answers
134 views
What kind of credit rating hit can I expect if I short sell my house?
Like many others, my house has fallen in price so much that I now owe the bank over much more than I can sell it for between the first and second mortgage. I know that in my state (and many others) I ...
