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What Does DOM in Real Estate Mean

Details: Last sale and price ; Fair market value ; Each of these sites has good search tools, so you can search the neighborhood that interests you. Also, if you want to know about a specific house just put in the MLS number or the address. 1 . Difference …

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Should Real Estate be in a Trust

Details: Should Real Estate Be in a Trust or LLC? Whether a trust or LLC is better depends on your situation and the type of property you own. Which is better depends on liability issues with the property. You should put: Your primary residence, land and second/vacation homes in a trust ; Rental …

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Due Diligence in Real Estate: Types, Clauses, What to Expect

Details: Due diligence in real estate is basically doing your homework before you enter a binding contract.While most people think of it as the under-contract period for …

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Backup Offer in Real Estate: Whether to Make, Present

Details: A backup offer in real estate is a contract that a seller holds in reserve in case their executed deal falls through. Sellers have many reasons to consider other deals. The most common and obvious is that If the first falls through the seller has …

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EMD in Real Estate: Why do Sellers Ask for It, Who Keeps It

Details: An earnest money deposit (EMD) in real estate is money that you put down with a contract. It is good a good faith deposit that shows the seller you are serious about closing the transaction. This is an important gesture from the buyer that will make the home sale …

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Is an Option to Purchase Binding for Buyers/Tenants

Details: You earn rental income as you go through the house sale process. Some people are willing to pay a higher price for this arrangement. The tenant has an incentive to take better care of the property because they want to buy it. On the other hand, …

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Encumbrance in Real Estate: Liens, Easements, Taxes, and

Details: An encumbrance in real estate is a claim against a property by someone other than the owner. It is a generic term that includes liens, deed restrictions, …

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Under Contract in Real Estate: Showing, Pending, Fall

Details: Active Under Contract in Real Estate. Active under contract in real estate means that the property has an agreement. Often, though, the seller is not comfortable with it. Probably it contains a contingency, usually a sale and settle clause. In California, it means the house …

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How to Syndicate a Real Estate Deal: Fees, Returns, and

Details: The government allows investors to deduct a portion of their depreciable basis (usually the sale price minus the land value) from cash flow. The depreciation schedule depends on the type of property. It is 39 years for office buildings and 27.5 years for apartments. 5 . Final Thoughts on How to Syndicate a Real Estate Deal

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What Does Contingent Mean in Real Estate

Details: So, inspection issues, title issues, mortgage issues, and even house sale clauses combined kill fewer than five percent of real estate deals. Final Thoughts . Most contingencies in real estate contracts mean insurance for the seller and buyer. The most common types: title, mortgage, inspection only activate if there is a major problem.

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Puffing in Real Estate: Is it a Lie, Misrepresentation

Details: In this case, we have a lazy real estate agent who doesn’t even ask the seller what type of flooring is under the carpet. The agent knows that most homes in the area have wood floors, so they assume that this home does too. The agent perpetrates this because of negligence.

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What is Probate Real Estate: Who Pays the Mortgage, How to

Details: Sell Probate Real Estate . How you sell a probate house is different from a regular transaction because it involves courts. The general process will include similar steps: Get an appraisal of the property ; Petition the court to sell the property ; Place the house for sale and accept an offer ; Collect a deposit (usually 10%) before the court

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What Does Building Equity in Real Estate Mean: Is 20%

Details: The house you sell your old home for $200,000. The house you want to buy is $300,000. In order to put 20% down on your new property, you set aside about $95,000. This includes $20,000 (10%) for closing costs on your old house, $15,000 (5%) on your new house, and $60,000 down payment on the property you purchase. As you can see, you need almost 50%.

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What Happens When You Back Out of a Real Estate Deal

Details: What Happens When You Back Out of a Real Estate Deal. What happens if you back out of buying a house depends on timing and issues with the property. Buying a house is a big investment, and there are safeguards to make sure you are making the right decision. You must decide what is best for you at each stage of the process.

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Someone Bought a House in My Name: Gift or Victim

Details: Rental properties ; Summer/recreational homes. Unoccupied properties make the best targets. In addition, poorly maintained houses may be easy to overvalue for second mortgages or lines of credit. If you or a loved one owns such a property you may want to consider regularly checking your credit for unusual activity. Real estate scams always

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Real Estate Security for a Mortgage: Your House as

Details: Real Estate Secured Loan . A real estate secured loan for a mortgage is the property you use as collateral. In other words, you sign a promissory note stating that you will repay the loan, but if you do not then the bank has a claim to the property. Common examples of this type of loan are:

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Does Anyone Require a Survey in Real Estate Transactions

Details: State regulations change constantly, so ask a local real estate agent, title agent, or attorney in the area for the most accurate information. Final Thoughts on Are Surveys Required Half of the states and many mortgage companies demand surveys because issues with zoning, easements, encroachments, and boundaries can happen even with older houses

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How to Transfer Real Estate to an LLC: Should You for

Details: How to transfer real estate to an LLC is like selling your property. It stands for limited liability corporation, and the main reason people do this is to protect themselves from liability when a third party, like a tenant, is involved with the property.

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Probate Real Estate Investing: Flip, Wholesale, What's It

Details: Purchase a Property for Probate Real Estate Investing . How to purchase a probate property is a different process than any other type of transaction. There is a two-step bidding process because courts are involved. Begin by finding properties either with a realtor, by contacting probate courts, or by reading the newspaper

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How Does an LLC Get a Mortgage

Details: Tax Consequences of Transferring Real Estate to an LLC with a Mortgage. Tax consequences for transferring property can be complicated, but there are a few basic principles that apply across the country. The government views the company as an individual – it can own both personal and real property, can sue and be sued, files individual tax

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Sell a House with a Reverse Mortgage: How Long Does It Take

Details: The other important thing is to find a real estate professional experienced in selling homes with these types of loans. Because you may owe more than your property is worth and the appraised value may be different than the sale price, these transactions can be more complicated.

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What is a Variance in Real Estate: Non-Conforming and

Details: If you sell your house consult your agent and provide them with all your documentation. If you are buying a house, these issues should come up during the title search if there is a problem. 5 Property Variance in Real Estate Cost . How much property variance costs depends on how complicated the issue is.

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Turnkey in Real Estate: New Construction, Rentals, Investing

Details: Turnkey in Real Estate: New Construction, Rentals, Investing. Posted March 21, 2020 by Robert Linker. Turnkey in real estate is a marketing term to indicate that the home or apartment is move-in ready. It is not a fixer-upper. While this can mean different things to different people, you should expect a property that is in good shape, not

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Upside-Down Mortgage Relief: What to do When You’re

Details: Sell – short sale, deed-in-lieu, walk away (foreclosure) Keep – Principal reduction, refinance, loan modification, bankruptcy ; Sometimes you don’t need to act immediately. You may be able to wait it out until housing prices go back up. Other times you may be able to rent out your house. Your financial situation determines which action is

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What is Crowdfunding Real Estate: Is It a Good Investment

Details: Crowdfunding real estate works by allowing people to invest small amounts of money in the equity or debt of a large project. Then, that person owns a proportional stake in the venture and receives dividends. There are two types: Equity – investors own a proportional share and earn rental income and proceeds from the property’s sale

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Buy a Home with a Reverse Mortgage: Pros, Cons- Family

Details: The property must be a single-family home or an FHA approved condominium. You must pay the difference between the HECM amount and the purchase price of your new home from a qualified source. A qualified source usually includes savings or proceeds from the sale of the house you sell. You can’t pay the difference with proceeds from another loan.

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Fees You Need to Know Included in Buyer Closing Costs

Details: In some cases, the buyer may pay cash. The seller may not pay commissions. In other cases, a third party, the seller’s lender, may have to approve the sale. These are common exceptions to the normal real estate transaction. Sale By Owner. When you are selling a house …

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Contingencies in Real Estate: Inspection, Financing, Title

Details: Closing Contingencies in Real Estate. A closing contingency protects either the buyer or seller (or both) because they need the funds from one deal to close another. Often, a buyer needs to use the proceeds from a house sale in order to close their purchase

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Trouble Paying Mortgage: How to Take Control of Your Situation

Details: Move if you decide to rent the entire house; There are risks associated with renting your house. Your tenant may damage your property. Also, they may get in financial trouble and not pay their rent. Therefore, while this may seem like a good solution you should weigh all your options before you decide to rent part or all your property. Short Sale

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The Mortgage Forgiveness Debt Relief Act: QPRI Extension

Details: The Mortgage Forgiveness Debt Relief Act dates back to December 2007. It enabled people to deduct acquisition mortgage balances from their federal income taxes. At the time falling housing prices left many underwater, and they couldn’t sell their homes …

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Reverse Mortgage Foreclosure: How You Can Default, Lose

Details: Die and no other borrower lives in the house as a principal residence Don’t meet the contractual requirements of the loan In these cases, the loans become due and payable. In some cases, like moving to a new home or settling an estate, you simply sell the property, and the bank takes the money from the proceeds of the sale.

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Can Someone Steal Your Home Title

Details: If they neglect the property, they may be careless about the title as well. Owners leave vacation homes empty for much of the year and may not closely keep up with ownership issues, and vacant homes are prime targets for the same reason. Sometimes small rental property owners don’t keep a close eye on their investment.

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