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Buying vs Renting a Home in 2021 ThinkGlink Real Estate

Details: Home prices are rising faster than rents in 83 percent of the 915 U.S. counties ATTOM Data Solutions analyzed for their new report — and yet owning a median-priced three-bedroom home is still more affordable than renting a three-bedroom property …

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Renting Home Before Closing

Details: Relocating to a new city can be difficult. To save time and money, you might consider moving only once - by renting the home you'd like to buy before the closing. However, a seller may not want to rent the home. But given the current buyer's market, renting before closing could be a possibility. To have the opportunity, you must work with the seller to offer them several assurances that you

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Should You Put Your Rental Property in an LLC

Details: Holding a Rental Property in an LLC. We’ll start with the LLC issue. We know that most real estate investors hold their real estate holdings in one or more LLCs. While these professionals handle their operations in this manner, it may not be the best way for your son to hold this investment. We’ve written about this frequently in the past.

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How Much Tax Do You Pay When You Sell a Rental Property

Details: In general terms this would mean that he would have a profit of about $100,000 on the sale of the building — when you compare the purchase price to the sales price, excluding items that are allowable deductions, including the cost of purchase, the cost of upgrades and maintenance for an investment property and the cost of sale.

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Home Buyers Search Real Estate Online

Details: The day I searched, there were 135 homes listed for sale in my neighborhood on Zillow, most of which have been posted by big real estate brokerage companies, including Coldwell Banker, Baird & Warner, and Prudential Real Estate. The least expensive residential property (a two-bedroom, two-bath condo) was listed for $235,000.

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Home Buyers, Mortgage Lenders, Home Builders and the

Details: The median home price in San Francisco is $1.6 million. Redfin’s May Real Estate Market Report noted that this is the fastest real estate market in history; the typical home sold in 34 days last month, and the national median home sale price rose to $305,600, a 6.3 percent increase from a year ago across 174 markets.

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Lease Option Offer Could Be A Scam

Details: A house has been on the market for 18 months and the owner is offered a lease/option. Companies that offer this option on unsellable homes are often scamming homeowners. The lease/option transfers the title but still leaves the homeowner responsible for making payments.

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Selling a Two-Family Home: What Taxes Will You Pay

Details: A: To start off, when calculating profit on the sale of a home, the mortgage amount is not considered no matter how many times you refinanced the property. So if you purchased the home for $250,000 and had a mortgage of $200,000 and later sold the home for $300,000 and your mortgage was paid down to $150,000, you’d ignore the mortgage amounts.

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What Happens to Your Taxes When You Rent-to-Own to a

Details: What happens to your taxes when you let a family member rent-to-own your property? The IRS has specific definitions to help, but they can get complicated. Q: I rented our old house to my daughter and her spouse as a rent-to-own property. I told them when they paid enough money I would sign the property over to them.

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What Does Buying a Home in "As Is" Condition Really Mean

Details: Personal property refers to the contents of the house, including the furniture and any items that are not permanently affixed to home. An example of the difference between real property and personal property would be a home’s garage. A stand-alone garage is generally considered to be real property, but the car inside is personal property.

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Real Estate Market Recap for 2020 and Housing Outlook for

Details: Whatever happens with commercial real estate in the next few years, home buyers and sellers should be safe. According to Realtor.com’s December Housing Report, we started 2021 with the lowest amount of existing housing inventory (homes available for sale) ever, coming in below 700,000 homes for sale, a drop of nearly 40 percent year over year.

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The Tax Implications of Renting Out Your Home

Details: On a recent weekend, I visited the Malibu, Calif. area for brunch and a play. The restaurant had a rack of freebie publications, including a glossy homes-for-sale magazine. Wow! The homes and estates stunning—and so are the prices. The advertised monthly rental prices for Malibu homes and estates ranged from $20,000 to $100,000 per month.…

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Do Appliances Increase the Cost Basis of Your Home

Details: When you sell a property and show a profit, the IRS will want to tax that profit. If the home is your primary residence and you have lived in it for 2 out of the last 5 years, the IRS allows married couples to exclude from tax up to $500,000 in profit.

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Landlord Nation: Who Owns Rental Property in America

Details: But in real estate, nothing lasts forever and housing markets can change on a dime. Trulia is reporting that more than one in 10 for-sale listings had a price cut and most major housing markets saw cuts increase: Sixty-nine of the 100 largest metros saw the share of for-sale listings with a price reduction increase from last year to this year.

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How To Evaluate What That House Is Worth

Details: Property Taxes. In many areas, property taxes are an increasingly heavy load. When determining the value of a home, look at the property taxes. Then compare them to other properties you’ve seen in the same price range. Ideally, a $150,000 home in one suburb would have nearly the same property taxes as the same price house in the suburb next door.

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More Homeowners Renting Single-Family Homes

Details: In addition, more companies are swooping into the market offering to rent homes for struggling homeowners, and more investors are snapping up cheap properties in order to rent them out. With so many new homes hitting the rental market, the idea of renting a single-family home has become more popular and more accessible for many potential renters.

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Real Estate Bidding Wars: How Do They Work

Details: Real estate agents are often members of the National Association of Realtors (NAR) and have to abide by their rules and the laws of the state in which they work. Those rules and laws would prohibit the real estate agent from lying but the agent has the ability to market the property to get the seller the best price possible.

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Buying A Home That's For Sale By Owner

Details: There are many things to know before buying a property that is for sale by owner. When buying a house that is for sale by owner, make sure the house is fairly priced, and ask the seller to pay half the broker's commission. You should also hire a real estate attorney to help you buy a home that is for sale by owner.

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Mobile Homes and Property Titles: What You Need to Know

Details: Frequently, people that purchase mobile homes that are located on a parcel of land believe that the deed for the property will include title to the mobile home. But, that’s not the case. Even in a typical home sale, a home seller will give the buyer two documents when it comes to closing. The seller will give the buyer a deed and a bill of sale.

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How to Buy a Foreclosed Home

Details: 2. Select your real estate agent Learning about the homes available online is a great start but it’s not going to get you into one. In order to buy a foreclosed home, you need to work with a HUD-certified real estate agent who’ll help you avoid buying a money pit. Interview several agents but don’t sign with the first one you talk to.

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Is Renting or Home Buying Right For You In Retirement

Details: We are concerned about the real estate market stability in Philadelphia and its suburbs. We want your opinion as to whether at our age it is better to rent or buy an apartment.” We put these two questions together to talk a bit about what people should think about when they are moving, looking for new homes but they may be approaching

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Why So Many Homes Are Unaffordable

Details: Mortgage lenders recommend spending between 28 and 36 percent of your gross monthly income on debt payments. While this is considered to be perfectly affordable, it’s stunning that one-third of the homes for sale right now are unaffordable by historical standards.. More than half the homes on the market in seven major American metros are unaffordable, according to a new Zillow study of home

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How to Find a Single-Family Rental Home ThinkGlink

Details: Both places will feature listings for a large selection of single-family homes for rent, varying widely by size, price, and location. If you want to find a rental home that is just being rehabbed to go on the market, contact leading real estate investment companies in your area that buy, rehab, and rent out former foreclosures.

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Is Strategic Default on Rental Property a Good Idea

Details: If you don't qualify for refinance, you may be stuck with the property - a strategic default on rental property will lead to foreclosure. Q: My question is regarding a strategic default on a rental property. As with almost all homes, my townhome is underwater by approximately $100,000. I live in Maryland and my wife…

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Real Estate Fraud: Preventing Bogus Home Buyers ThinkGlink

Details: When luxury homes are put on the market, bogus home buyers may come out of the woodwork and commit real estate fraud just to take a look at your house. Ilyce recommends methods to prevent real estate fraud and having bogus home buyers walk through your house. In more wealthy neighborhoods, some alleged potential home buyers misrepresent themselves and pretend to be able …

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Offering Rent-To-Buy On Fixer Upper

Details: Q: A friend wants to purchase my house, on which I still owe an equity loan of $19,000 with last payment due in 2013. The house needs major repairs. My friend would like to purchase house on a rent-to-buy basis for about $68,000. If house were in good condition, the selling price for it in my neighborhood would be around $95,000 to $100,000.

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How to Get Started with Long Distance Home Buying ThinkGlink

Details: For your sale, please find a good real estate broker, real estate attorney (in places that use real estate attorneys to close residential real estate transactions), title or escrow company, moving company, and a contractor or handyman-type of company …

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Real Estate Fraud: Real Estate Broker Takes The Home But

Details: How do you know if you're the victim of a real estate fraud, a housing scam or mortgage fraud? A reader listed his house for sale with an investor who was also a Realtor. The investor/Realtor transferred ownership of the homeowner's property to himself using a quit claim deed, but left the homeowner on the hook for the mortgage. Is he the victim of a housing scam or mortgage fraud?

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Should I Buy a House Now or Wait Until 2020

Details: Finding a House to Buy a/k/a the Housing Inventory Issue. Here’s the bottom line: The new construction industry has been in a depression since the Great Recession in 2010. The number of new homes constructed technically reached its nadir in 2011 when just 633,000 new units were added to the national housing supply.

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Spring Real Estate Market: Preparing Your House For Sale

Details: Spring Real Estate Market: Preparing Your House For Sale By Ilyce R. Glink. I know it’s a tough home selling market out there. In many parts of the country, home sales have dropped to levels last seen a decade ago. That means there are going to be more homes on the market, and fierce competition to attract buyers.

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Buying A Home: Real Estate Brokers Get The Best Results

Details: If you're planning on buying a home, using a real estate broker will get you the best results. Real estate brokers are usually paid by the seller, so the person buying a home gets the expert advice without the cost. If you decide on buying a home with the help of a real estate broker, your chances of getting the best deal or the home of your dreams will shrink.

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The Basics Of Selling A Home By Owner

Details: In our neighborhood, two houses that are the same model as ours recently sold. One house was listed by a local, well-respected real estate company. The company was able to sell the house in four days. This past weekend, my other neighbor put his house on the market by owner. He held an open house on Sunday and sold it the same day.

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Buying or Renting a Vacation Home. What's the Better

Details: But they may be renting these second homes and vacation homes out to people. According to HomeAway, a collection of popular vacation rental websites that offers more than 400,000 vacation homes in 120 countries, two-thirds of vacation home owners reported that vacation bookings were the same or better than 2008.

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Short Sales Make Great Second Homes

Details: According to the latest HomeAway Vacation Rental Marketplace Report, some 15 percent of existing vacation homeowners say they bought a vacation home because of the decline in real estate prices. Another 12 percent of existing vacation homeowners said they are interested in buying another vacation property due to the lower prices.

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How Capital Gains Tax on the Sale of a Property Held in a

Details: How capital gains tax on the sale of a property held in a trust works. This reader wants to know if they can claim a capital loss on the sale. Q: I enjoyed your column in the Washington Post. I am trustee of my father's trust. Upon his death, his 50 percent interest in the…

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Real Estate Market Bubble Comments From Believers

Details: As a new real estate agent, I hope there is a bubble as there with be more homes to sell. The real estate bubble does exist, but only in certain markets. Those being the very hot East and West Coast, and Florida as a few examples. Those most prone to a bubble are those whose values have run up quickly and increased in value tremendously.

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Should I Rent Or Should I Buy

Details: Every week, you hear about the hot real estate market. You hear about people selling their homes for more than list price. You read about people who can’t find another house to buy, who keep losing houses to other people in bidding wars. You read about homes going up 10, 20, even 50 percent in value in a single year.

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Are Hedge Funds Inflating Real Estate Prices

Details: In some California markets, real estate prices are zooming so fast that they have ignited bidding wars and raised concerns that these real estate markets are facing another bubble—and subsequent crash. A number of factors are contributing to rising prices. The most important is extraordinarily low inventories of homes for sale.

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Short Sale Real Estate Investor's Only Option ThinkGlink

Details: A real estate short sale may be the only option for this new real estate investor. Many new real estate investors did not anticipate the down turn in the market and now owe more on a property than it is worth and are being forced to negotiate a short sale. If the mortgage lender accepts the short sale, the real estate investor may still be required to pay out of pocket for other expenses.

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Is the Real Estate Market Slowing Down

Details: Call it “the physics of real estate.” More on Topics Related to Is the Real Estate Market Slowing Down? Latest Housing Market News for 2019. Is Now a Good Time to Refinance? Real Estate Market 2019: Where Are Homes Selling Fast? Is a Rental Property a Good Investment? Should You Put Your Rental Property in an LLC?

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Nigerian Online Rental Ads Scam: Alert

Details: In a new twist on the Nigerian email scam, online rental ads are soliciting potential renters to wire money for several months rent, in exchange for super low rent rates. A scam alert from the FBI warns against the latest Nigerian scam. Online rentals found through sites like Craigslist are attracting this new Nigerian scam. The FBI warns renters searching for apartments and rentals to be wary

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Buying a Short Sale Property: Paying More Than House Is

Details: When buying a short sale property, paying more than the house is worth is up to you. The lender can ask for more, but you don’t have to agree. Q: I listen to your radio show every week – it is always so informative! Thank you for providing such great advice. I am in the process of trying to buy a home at the beach as a rental/investment

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The New Stepping Stones to Homeownership ThinkGlink

Details: As the economy improves and more households are created, thousands of new families are looking to enter the real estate market and purchase homes. But for many people, serious barriers stand in the way of buying a home. Because of these obstacles, many of tomorrow’s homeowners are using today’s single-family rentals (SFRs) as stepping stones…

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When Is the Best Time to Buy a House

Details: ATTOM Data Solutions’ research compared median sales prices for homes on a given day to the median automated valuation model (AVM) at the time of sale from 2013 to 2017. Since it’s all based on averages, there’s a chance your home’s purchase price will realize more than a 1.3 percent discount — but there’s also a chance it will be less.

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Taxes On Sale Of Rental Property and Primary Residence

Details: When you sell the property you will get a $250,000 exclusion ($500,000 if you’re married) from any gain on the sale of the property. If you own the home with another person who has used the property as their primary residence for at least the last 2 out of the last five years, you each will get the $250,000 exclusion.

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Real Estate Market: Improvement Through Employment

Details: If you can’t sell your property, but you can afford your payments, consider staying in it for the next couple of years until the market stabilizes. Let other homes for sale in your neighborhood get absorbed by bottom-feeders and real estate investors while you shore up your financial house.

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Finding Hidden Homes in Today’s Inventory Drought ThinkGlink

Details: It’s been nearly a decade since inventories of homes for sale were so low. Typically, inventories are seasonal, rising in the spring when the home-buying season begins and declining through the fall months as real estate markets quiet down over the holidays. This has not been true in recent memory, however. Inventories have fallen during the spring…

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Buying a Home in an Inventory Drought

Details: Start looking early, and look at a lot of homes. Be patient as more homes come onto the market. Keep looking for the right house until you find it, and don’t compromise by stretching yourself too far financially or not getting what your family needs. The market should continue to improve, and more homes will be available next spring.

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Buying a Home vs. Renting in 2017

Details: Buying a home is now more affordable than renting in most places, but there could be changes on the way. According to the ATTOM Data Solutions 2017 Rental Affordability Report, which analyzed data from 540 counties nationwide, buying a home is the more affordable housing option in 66 percent of the markets, up from 58 percent last year.However, the potential for rising interest rates this …

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