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Question by delees1_babygirl: Serious Home Buyer Question?
If you found a home that suites your needs and wish list to a T, but there is some major work and cosmetic work to be done. It is a foreclosure and the price has dropped about 70K over time, but the taxes are so high yearly that it messes everything else up. The home has been on the market for over a yr, and you also have done research and know the land is worth about 20k but know the bank will most likely not fall for that price. You call this the “dream home”, see yourself living forever there. You also have a home to sell and need to sell in order to purchase the new one and with market today it is hard. What would you do? How much would you bid?

Best answer:

Answer by Flusterated
I wouldn’t bid a penny until the first house sold unless you’re financially able to make 2 mortgage payments. In the meantime check into the last time the property taxes were reassessed – you might be able to get them lowered once you buy it. Cosmetic work doesn’t scare me – it’s the “major work” that would…it depends on what that entails. If it’s going to be auctioned, it will be as-is, so you’ll need to have cash to fix it up.

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Question by PLEASE HELP ME!!: Real Estate agent acting as “dual agent” tells my personal info to other buyer.?
I live in a small town and two of us were interested in this piece of real estate. The both of us placed and offer and the next day recieved a call from the other person making the offer very upset with me that I was going against them. Come to find out, the real estate agent that was working for the both of us, told the other person it was us going against them. I ended up terminating our offer as I didn’t want any further harrassment as a result. Can I do anything with this agent or file a suit for disclosing this info?
I guess I feel that damages are because we were going to purchase this house and land to build a building to further advance my husband’s business.

Best answer:

Answer by sungod72
File a complaint with your states real estate licensing board.

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Question by max: If I sold my home “by owner” & the buyer had an agent, would that agent take care of all of the paperwork?
I’m considering selling my home FSBO and offering commission to the buyer’s agent. Would that agent take care of the contract, closing paperwork, etc?

Best answer:

Answer by North Shore MA Agent
The agent would take care of all the paperwork, with their clients best interest at hand. If you hire an agent, they will make sure you have all the proper legal disclosures and information and negotiate on your behalf. Without an agent, unless you hire an attorney, you have no one sticking up for your best interests.

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Question by Ms. MD: In real estate what does a “short sale” mean to a buyer?
I’m looking to buy a new home. I know what a “short sale” means for the owner of the home but I’m not sure what it means for the buyer. For example, if the house is listed for ,000 does this mean that I should make an offer higher than that or could I get the house for cheaper than the ,000? I realize that all sales are different but I was just wondering what is the general rule for buying a “short sale” house. Thanks for your help!

Best answer:

Answer by stephen t
It all depends on what the lender is willing to take for the property. You can offer less than 80K but you should do a little research. Look on the days on the market, the longer on the market the more willing they will take a lower price, beware of where in the foreclosure process they property is. It does not hurt to offer a lower price, it is a buyer’s market and there is plenty of inventory so buyers can be picky. Beware, short sales can be a headache/nightmare dealing with getting the approvals from the lender/seller and a lot of potential buyers move on due to frustration.

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Question by Dead: How do we pay back first time home buyer tax credit?
My wife and I purchased a home in Nov. 2009 and began financing it through the owners. In March of 2010, we received the 00 First time home buyer tax credit. Since then, we had to relocate to the opposite side of the state for my job in September 2010. We offered the option to sell the house, but the people we were financing the house through decided it would be best to do a “Deed in lieu of foreclosure” instead. Since the house stopped being our primary residence, I am aware that we will have to pay back the 00 tax credit, but how should we do this? Will we be allowed to pay it back over time? According to Turbo Tax, we were supposed to have received a 1099-C from the people that we were financing the house through, but we never received one and they do not think that they owe us one. Since this was an owner financing, do the same rules apply had we financed traditionally through a bank? Any help is greatly appreciated!!
For more specific detail…. we purchased the home for 9,000 in November 2009. When it came time to relocate, we received three different market analysis’ on the house. The selling price ranged from ,000 to ,000. The maximum list price cap would have been ,425. Therefore, a loss of ,575 and the reason for the Deed in lieu of foreclosure. Our AGI for this year is approx. ,000. Thanks again for your help!

Best answer:

Answer by the tax lady
1. Yes, you have to acknowledge this. Use 1040 and form 5405.

2. You have to calculate the “sales price” of the home. Since this was seller financed and you were foreclosed on, your seller needs to tell you the fair market value he used when he took the house back. Since he’s not a bank, he won’t issue the 1099-A or a 1099-C.

If you bought at 0,000 and he uses 0,000 (or more) as the value, you owe the entire 00 back to the IRS and won’t owe him anything.

If you bought at 0,000 and he uses ,000 (or less) as the value, you won’t owe anything to the IRS, but could still owe him the difference, depending on the contract and state law.

If you bought at 0,000 and he uses something between ,000 and 0,000 you will owe some money to the IRS.

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Question by beachmtgal: Do you know how to find a quick buyer for my house that will actually pay me a fair price?
I’ve contacted several of the “We Buy Houses” types of sites and even though they advertise that they will give a fair price, no one even wants to give me what I owe. I owe less than appraisal.

Best answer:

Answer by robert w
Beachmat,

So Sorry, it is supply and demand in the market.
what u OWE is of no importance to the buyer nor is fair. appraised value is not market value.
suggest u visit daveramsey.com to learn the hard lessons coming ur way from others hard lessons.
the term ‘quick buyer’ and ‘fair price’ do not work in the market.

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Sales Up Before Home Buyer Tax Credit Expires
The federal home buyer tax credit expires on Friday.

Read more on Chicago Public Radio

Coldwell Banker Extends Benefits of Home Buyer Tax Credit with ‘Buyer Bonus’ Sales Event
RISMEDIA, April 27, 2010—Coldwell Banker Real Estate LLC announced the launch of its Buyer Bonus Sales Event, a national promotion intended to build on the momentum of the soon-to-expire federal home buyer tax credit. In a recent survey of Coldwell Banker…

Read more on RISMedia Real Estate News

My wife and I are getting ready to make our first offer on a home. Here’s the info on it.

We are pre-approved for a loan amount of $350,000. The home we like is a short-sale and the bank has already approved the short-sale. They are asking $240,000 and compared to the other homes in our area we believe it is worth $290,000 to us. We really want the home and don’t want to lose our chance so we are going to offer $275,000 and the bank pays the closing costs. We are trying to do anything we can to avoide paying the closing costs ourselves because we might have a hard time coming up with it. However, we are willing to offer $35,000 on top of their asking price. Well actually, think of it more as $25,000 more because if the bank does pay the closing costs then we are really only giving them $25,000 more and not $35,000 more.

Do you think we will have a great chance to get it at an offer of $275,000 and they pay closing OR do you think we need to offer $275,000 and NOT ask for closing?

Our agent says we might not get a chance to submit a backup offer because this home already has multiple bids and that the banks are taking the first best offer these days (in our area of Fullerton, CA).

Please help because I am making the offer today at 3pm.

we want to buy a home thats in short sale. how long do these usually take , any tips on them going thru faster. we want to ask for the bank not to accept any offers during the approval time.