Couple of factors to this question.
The area in Wildwood would be the first one. The entire island is considered a flood zone but some areas hardly see water. Many homes never see water in them but the streets will get flooded. It has a lot to do with where you want to be.
Yes there are lots for sale. There is also new construction for sale.
I would need more information on where you would like to be (North Wildwood, the Crest, Wildwood City, West Wildwood,) the amount you are planning on spending and the build you want to do.
You can contact me direct at 609.231.0303 or by email: firstname.lastname@example.org
North Wildwood: Entertainment DistrictNorth Wildwood offers a wide variety of entertainment options along the Old New Jersey Ave. strip. You have great outdoor areas at the bars on this street, and all
She is in good shape and can use her SSI and pension to qualify or she can do a Reverse mortgage if she is over 62. Her SSI income is grossed up at 125% to qualify
Ensuring that you make the right choice for you and your family is my ultimate goal. I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and receive expert advice from an FDIC member Bank Mortgage Banker who is responsible for the decisions on all mortgages coupled with over 17 years of experience in the industry.
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As much as I, and other agents I am sure, would like to help, this question really needs to be answered by either a real estate attorney and/or your cpa -
In addition - since you're asking about a possible credit due you for the exit tax - keep in mind your ex may be entitled to part of that, as well........you really need an expert to break this down for you.
ps - the good news is..........at least you're in a position to have a capital gain (ok, so the down side is you will owe capital gains TAXES!)
Some refer to it as an NJ Exit Tax Not Really!
It is an estimated income tax payment on the gain paid at time of closing. Its a way of assuring taxes will be collected.
a 2% tax on the sale of the property - 2% of the price listed on the deed that you will pay directly to the state at the closing table. It's also been labeled the exit tax - because if you are not moving to another residence within NJ at the time of deed transfer, they want that money up front, at closing because of course it will be more difficult to get it from you if you live out of state.
You will complete a Seller's Residency Certification/Exemption (form GIT/REP3) http://sellitfast123.com/wp-content/uploads/2011/12/gitrep3.pdf for NJ resident taxpayers at settlement. It has 8 exemption options and you'll choose which apply. Refunds will be given to you of that money when you file your return , that is if you qualify for a refund.
Section 121 of the Internal Revenue Code
Section 121 of the Internal Revenue Code, which is often referred to as the 121 exclusion, generally allows homeowners to sell real property held (owned) and used (lived in) as their primary residence and exclude from their taxable income up to $250,000 in capital gains per homeowner, and up to $500,000 in capital gains for a married couple filing a joint income tax return.
The 121 exclusion can only be used in conjunction with real property that has been held and used as the homeowner’s primary residence. It does not apply to second homes, vacation homes, or property that has been held for rental, investment or use in a trade or business
Homeowners are required to have (1) owned and (2) lived in the real property as their primary residence for at least a combined total of 24 months out of the last 60 months (two out of the last five years) in order to qualify for the 121 exclusion. The 24 months does not have to be consecutive. There are certain exceptions to the 24 month requirement when a change of employment, health, military service or other “unforeseen circumstances” have occurred.
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I can look up some rentals for you. However, have you looked into becoming a home owner. Rates are still at an all time low, and you can own with mortgage payments less than todays rentals in the market. Please contact me with any questions.... more
There are a few in trouble that are not on the market.
Give me a call and I will fill you in on the proccedure to getting to them.
Edward ( Augie ) Augsberger
SHORT SALE TEAM LEAD
609-523-1112 Office... more
Is ~60% your DTI before you refinance? The DTI which counts is your DTI with the new proposed mortgage, so if you are refinancing a $1,372/mo payment then hopefully your payment is going down, which would lower your DTI below the 58.13% which the numbers you laid out calculate out to.
It also includes your consumer debt too, car loans, student loans, credit cards, etc... and your property taxes & homeowners insurance too, if not already included in your mortgage payment.... more