Monthly Archives March 2013

Best of Q&A: I’m Selling My Home, How Much Of The Sale Price Will I Leave With?

Q: When I am pricing my home for sale, how much of the sale price will I actually leave the closing with?

I have been told fees consume as much as $9,000 of the sales price. I have had three buyers offer to purchase my home at the asking price of $99,500, they all agree it is worth that much. The financial group handling the mortgage have informed me that, due to foreclosures being flipped in the area, they will only finance a price of approx $70,000 and I will only receive $61,000 of that. This has created a very stressful situation for me. The home has been rented for $800 month for three years, good renters have never been late and do not want to leave – they want to buy the home at my asking price...

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Best of Q&A: When Is The Best Time To List Your House?

Q: Currently when is the best time to list your house?

It is mid January we are currently getting an estimate for putting in city sewage, new roof, and driveway. We are hoping to have this done by the end of February.

A: The best time to sell your house is when you are absolutely ready.

A home on the market cannot be a work in progress, as you will never get an opportunity to re-interest a buyer turned off by something avoidable. When the home is de-cluttered, clean, and show ready, you can welcome potential buyers with confidence.

People sometimes think that Spring is the optimal time. But keep in mind that you will have more competition then. Buyers looking for a home in the winter months are usually pretty serious and need to make a decision.

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Best of Q&A: How Can I Get More Money For My Home?

Sold Home

Q: I am looking to sell my home and move to another house within the next 18 months.

Based on real estate assessments, I am about $75,000 upside down on my home (the same amount I owe on my equity loan). My home is worth approximately $150,000. The only option I feel like I have now is to own both houses and try to rent out my current home to have the rent pay some of that mortgage. This feels risky to me so I would prefer to get out from under my current home completely. Is there a way to increase the value of my home so it is not underwater by only putting a fraction of the $75,000 into it?

A: Start by finding out its worth.

Contact a real estate agent for a comparative market analysis, an informal estimate of value based on the recent selling price of similar neighborhood properties...

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The Top 10 Real Estate Tax Deductions for Homeowners

As the time to file income taxes approaches, we need to take a new look at the changing tax landscape for homeowners. The dynamic atmosphere in Washington, D.C. has a different effect each year on which tax breaks are proposed, rescinded, changed, and extended for taxpayers who own a home.

Thanks to the efforts of many real estate industry groups including the National Association of Realtors, many of the  tax benefits that homeowners enjoy–which were on the chopping block over the past few months–have been protected and extended through the 2013 tax season.

Disclaimer – This is only an informational summary of current tax issues in the news. If you need tax advice, please contact a tax attorney or CPA

1.  Mortgage Interest Deduction

The mortgage interest deduction has always bee...

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