A tag for questions on real estate or property.

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-1
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2answers
124 views

How much money should I put on a house?

My mother passed away and left me with 100,000 dollars. My boyfriend and I decided that we would go ahead and buy a house. We are living with my dad right now and have 2 kids and we are both 22. I am ...
0
votes
1answer
59 views

important considerations when expected monthly returns seem implausible relative to the purchase price of real estate?

as a concrete example: this property has been on the market for two months for $39,000 with tenants who allegedly pay $1,000/month in rent. before taxes, that's a 31% annual return. could anyone ...
5
votes
3answers
442 views

What are the transactional costs when buying and selling a house?

I am trying to breakdown all transactional costs related to buying and selling a house as well as their numerical values. For instance, the agents get around 3% in commission each, the inspection ...
3
votes
1answer
63 views

Property taxes collected at closing weren't assessed correctly

We sold a home in March 2014. The lawyer who drew up the closing paperwork did it incorrectly and only charged us $900 for property taxes. The actual bill came out to $2400 for 2013. The current ...
4
votes
2answers
377 views

401k vs. real estate for someone who is great at saving?

I'm a great saver, and I have no trouble saving at least 40k a year. I'm 25. I'm still not too sold on the 401k idea though... because I feel like it would chip away at my savings/income, money that I ...
1
vote
1answer
38 views

How does a variable interest rate loan work?

I took out a $100,000 loan on my house on a variable rate loan at 4.5% for 30 years. For example, see this calculator. Assuming the interest rate stays the same, the final cost will be $145,000. In ...
4
votes
2answers
141 views

Unethical, Illegal, or Business as usual? When negotiating a contract, can open contracts on comparable properties be disclosed?

I'm currently negotiating a contract for a home via my agent and a listing agent. As part of the negotiations, the listing agent has disclosed details of another contract that his colleague is the ...
3
votes
3answers
335 views

Tax deductions on empty property

Some one that works with me told me about a wealthy person that owns a lot of large buildings in our city. He said the guy would rather keep the buildings empty and is using the empty buildings as ...
2
votes
1answer
51 views

Selling a portion of my attached land and renting the main house

I have been offered 40k for a section of my land that is considered a side lot to my house. The buyer is going to work and pay all cost in separating the land. I plan on moving and renting my house. ...
0
votes
2answers
58 views

Do I need to do a title search on land? how about title insurance? lawyers?

I am looking at a piece of land that is being sold for 25k. As I understand it, I need to do a title search before any transaction is done. I've already looked at the tax assessors website and seen ...
0
votes
2answers
110 views

Is there any reason to add my spouse to home title?

I am about to move to Texas and am under contract to purchase a house with 100% cash. I went on the house hunting trip alone so my wife is not listed in the contract. My realtor suggested that I ...
5
votes
4answers
205 views

How to find a real-estate agent for buying a first home?

How soon should I find a real-estate agent? I am probably going to buy my first home in September and am assuming I will need an agent. So when should I contact one?
12
votes
3answers
10k views

If I sell my house, will I have to pay taxes on the profit?

I am in the United States, in Colorado. I purchased a house in July of 2013. It was in poor condition, so I spent the first two months repairing things before moving in. Now, 11 months after moving ...
3
votes
2answers
77 views

What to look for when evaluating a mortgage lender?

When evaluating mortgage offers in the US for a primary residence, obviously the rate and fees is important to consider as it impacts the bottom line. Having a lender who is responsive when trying to ...
1
vote
2answers
160 views

Property Trust - who or what is the Owner?

I'm trying to work out an arrangement to use some neglected UK property held in trust by a not-very active corporation. I'm puzzled by the nature of trust ownership. In essence, who owns land held in ...
1
vote
1answer
133 views

1031 Exchange and Taxes?

We were given a property by my father in 2001 who was doing a 1031 Exchange on an investment property. Once we were given the deed and title of the property a year later, we started using it as a ...
2
votes
1answer
59 views

What factors to consider for deciding between forming an LLC vs taking insurance on rental properties

My friend and I (both living in California) want to buy a couple of rental properties (one in Texas and other in Florida). Looking through the various websites and forums on the internet, we could ...
0
votes
0answers
34 views

real estate property that spans across multiple jurisdictions

Hopefully this isn't off topic, it's about real estate and this is the best SE site I can find. I'm looking at starting a business on a fairly large parcel of land. Once I looked at the assessor's ...
5
votes
1answer
146 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 ...
5
votes
1answer
524 views

How can I save LLC fees when investing in Arizona real estate from California

My sister, brother and I (who live in California) want to invest our money in Arizona real estate. We would like to hold the property in an LLC for liability reasons, and we would really like that LLC ...
3
votes
3answers
106 views

What purchases, not counting real estate, will help me increase my cash flow?

I've read several books that recommend making purchases that increase your cash flow. Most point to real estate as the way to go, however this requires a big commitment and some working capital. Is ...
2
votes
2answers
133 views

Is there any instrument with real-estate-like returns?

I want to shift part of my portfolio away from stocks into real estate. I've found that if I bought real estate directly I could expect about 10% in yearly returns. The problem with buying physical ...
7
votes
1answer
325 views

Wife wants to buy me out of our house - how to do this?

My wife and I want to separate, and have agreed in principle that she will pay me half the value of the house we share and I’ll move out. As she has just inherited a large amount following her ...
3
votes
1answer
1k views

Tax implications of selling part of land associated with main home

My wife and I are considering splitting off a portion of the land attached to our main residence. Will this be taxed as a capital gain? Can the money be put towards the mortgage and not be taxed? ...
7
votes
3answers
203 views

What argument(s) support the claim that long-term housing prices trend upward?

The eminently useful New York Times Buy or Rent calculator assumes a 3% average annual rise in home prices. Curious whether that value made sense, I did some research and came across the views of ...
2
votes
2answers
126 views

Is “affordable housing” being added across the street from my condo likely to decrease my condo's value?

I live in a pretty nice condo in a growing area. There are several open fields around my neighborhood, and the city has decided to build "affordable housing" apartments directly outside the perimeter ...
1
vote
1answer
78 views

Inspection Contigency - Form 35 (NWMLS)

After a residential home inspection has occurred, and both parties have signed/initialed an inspection response (NWMLS Form 35R); What are the buyers options for recourse when the seller does not ...
0
votes
3answers
88 views

How to shop for mortgage rates ?

I have already been prequalified with 3.8% (but I am sure I can do better :)). Now, I am about to make an offer on a house. So, once the seller accepts my offer, how do I rate shop ? Do I need to ...
2
votes
0answers
38 views

What is the economically rational way to fund leasehold property management?

I am trying to find a company to manage the block of flats (apartment building) I live in. What is the economically rational way to pay for property management services, According to traditional ...
2
votes
1answer
218 views

Would I qualify for the 2/5 year exclusion if I've only owned the property for 2 years?

I’ve owned a property for 2 years exactly. I’ve lived in it for just over 12 months and have rented it out for 12 months so far. I want to understand if I would pay taxes if my gain was under ...
3
votes
1answer
111 views

Building a new primary residence before selling the current one

Our current primary residence (in MD) is under contract to a property developer, and we expect to go to closing in about 24 months. If we build a new primary residence on property that we own in ...
1
vote
1answer
55 views

What is “Last escrow analysis date”?

I am looking at the 'Escrow Details' on my mortgage and the "Last escrow analysis date" is listed as as 05/01/15. Obviously that date has yet to come. So what does this date represent?
1
vote
2answers
333 views

When a real-estate counter offer is made, and ignored, can the seller still accept the original offer?

Buyer makes an offer. Counter offer is made. Buyer has meantime seen another house they prefer, so choose to ignore the counter offer. Is the Seller then permitted to accept the original offer? Does ...
12
votes
8answers
6k views

Can I back out of a house purchase after the inspection if the offer stipulates “as is”?

I made an offer on a house in the state of Arkansas, and got a counter offer, and now I am about to accept it. However, there is one thing that bugs me: the counter offer requires me to buy the house ...
2
votes
2answers
969 views

Is buying a townhouse as a “starter home” a bad idea?

My wife and I are looking for our first home. We live in a somewhat high-cost area of the Northeast, so most of the houses we see in our price range need a lot of work or are in bad school districts ...
7
votes
2answers
459 views

I am thinking of buying a property to split into 2. How do I determine the costs basis on the existing house?

This is a property on over 2 acres. I'd like to buy it, split the property and rent out the existing house. Then build myself a new house on the other portion of the property. How would I determine ...
3
votes
1answer
267 views

Knob and Tube Just Discovered in House I'm Selling “As Is” - What to Do?

My wife had an electrician in the house 10+ years ago and thought he was removing the old knob and tube wiring as part of the overall system upgrade to 200 amp service. An electrician there yesterday ...
2
votes
1answer
73 views

Owned house for less than 2 years - 1031 exchange?

My wife and I bought our first house about 8 months ago. It turns out it's not the right fit for us (for many reasons). Because of this, we want to sell it and move to the suburbs on the other side of ...
0
votes
2answers
248 views

Why are Rausch Coleman houses so cheap? Is it because they don't have gas?

I have been looking for a new house for 5 months now. An average price per square foot in my area is $100. However, Rausch Coleman Homes is offering very nice and SUPER CHEAP houses for $75 per square ...
10
votes
2answers
2k views

Do I owe a finders fee to my tenant's broker if they didn't bring me the referral?

I am currently using a broker to help me find new tenants for my rental home. Currently, she has only advertised the home on Craig's list. However, at an open house that she was hosting for another ...
1
vote
1answer
105 views

Can I remove additions from a forclosed home? [closed]

I would like to buy a porch off a foreclosed home however removing the porch will leave a huge hole in the side of the home is it legal for this guy to sell me the addition he added on? to add the ...
1
vote
2answers
126 views

Is renting out a house still a lot of trouble if you rent through a real estate agency?

I often hear people speak about the difficulties of renting out a house, such as dealing with damage to the property, delinquent tenants, occupancy, etc. Where I live (the US), real estate companies ...
1
vote
1answer
145 views

Capital gains for agricultural land converted to non-agricultural land for the purpose of sale?

I held some agricultural land in Gujarat state for 14 years, and sold it on 20th August. As per the law in Gujarat, a non-farmer cannot hold agricultural land, so the land status was changed to ...
5
votes
1answer
1k views

Can I put what I earn from the sale of my house in the bank?

I bought my house for $247K in 2000 but refinanced and now owe $300K. I've also put in at least $12K in upgrades. I can probably sell the house for $450K, for a profit of $150K. Should I quickly ...
0
votes
1answer
72 views

Can the Philadelphia Center City District Tax be deducted on my Schedule-A?

I'm a full time salaried employee living in Center City Philadelphia. I own my own home and I am wondering if the Center City District Tax can be deducted from my federal taxes on the Schedule-A form ...
5
votes
5answers
417 views

Home owners association for houses, pro/cons

(there is a question about home owners associations for condo communities here, so this is a) not a duplicate and b) fit for this website) In most contexts where I hear about a home owners ...
2
votes
0answers
46 views

Is there any possibility of doing an equity release deal on a property you don't (currently) own?

There are various equity release schemes to let you release some of the tied-up value in a property you own, see eg. http://www.equityreleasecouncil.com/faqs/ Is it ever possible to jointly purchase ...
1
vote
0answers
54 views

Do i need to declare property in India when living in USA [duplicate]

I have been living in US and paying taxes, filing FBAR to declare the foreign bank accounts. My question - do i also need to declare my property like the house in which parents are living (but its in ...
0
votes
1answer
82 views

How do practically determine a house's value

How should someone determine the value of a house, practically speaking? I understand it helps to look at the price of comparable places in the area, but there are so many variables at play that I ...
0
votes
2answers
62 views

Tax implications of selling a non-owner-occupied house and receiving installments

My mother is in the process of selling her rental unit to a buyer. They have a contract laid out where the buyer is making 10-year amortized payments for 5 years, with a balloon payment at the end. ...