60403 : Real Estate Advice

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Bob Brandt, Real Estate Pro in Schaumburg, IL
Bob Brandt answered:
I closed on a home in Nov 2014. The previous owner was paying a 6% property tax due to him renting it out.
Unless there is a special clause or agreement about it in the contract or at closing, it is yours.
It is important to check and make sure you get all the real estate tax exemptions tha ... more
0 votes Share Flag Sun Jan 18, 2015 Home Buying in 60403
Suzanne MacD…, Real Estate Pro in Morristown, NJ
Suzanne MacDowell answered:
I am closing on my house August 29, 2014 I don't have a mortgage on my house and I pay my property tax in four installments, do I pay at closing?
There will be an adjustment on the settlement statement so that both you and the buyer will pay the property taxes, on a per diem basis, for the time you actually owned the house.
0 votes Share Flag Fri Jul 18, 2014 Home Buying in 60403
Brian Kurtz, Real Estate Pro in Dearborn, MI
Brian Kurtz answered:
Anyone have a lead on an investor who could buy a home and hold the mortgage for a year, rto, or land contract it back to us?
Do you have a sizable chunk of money to put up as a down payment on a land contract? Hopefully you saved all the payments you were not making on the house and set them aside for just t ... more
0 votes Share Flag Wed May 14, 2014 Financing in 60403
Peter Kedzior, Real Estate Pro in Elk Grove Village, IL
Peter Kedzior answered:
Want to move but don't know what steps to take! Help!!
Please keep in mind that most lenders will require that you first collect a full year of rental income (from the lease of your current home) before you can claim it as additional source ... more
0 votes Share Flag Tue Jun 12, 2012 Home Selling in 60403
Debi Shapiro, Real Estate Pro in Lockport, IL
Debi Shapiro answered:
Can someone explain how a property tax credit at closing works?
The most important thing to remember is that when the next tax bill comes in May of 2012, the money to pay those taxes are coming from the money you received at closing.

If you escr ... more
0 votes Share Flag Tue Nov 15, 2011 Home Buying in 60403
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