1. I qualified some folks that owned a mobile home. It was not considered a home and they qualified for 1st time buyer, even though they had the mobile home.
2. Not sure if it hits you as hard as losing a home, but it will still show up as a repo, which will prevent you from qualifying. A - having the repo hurts your credit. B - if you have a "remaining balance" after the repo, in other words if you owe $10K, they sell it for $4K, then you will still owe $6K to them on top of having the repo on your credit. So both the repo as well as the amount owed will affect your credit.
As much as losing a home? No. But it will still prevent you from buying a home anytime soon.... more
For clarification, are you interested in renting or buying?
According to the listing your referencing it is a rental. At the price your looking to rent you can substantiate a nice house.
Contact me at your convenience and let's discuss your options. I would be able to assist you with either a purchase or lease.
Grandterrace - I have closed several homes where Wells Fargo was the lender and have not had any problems. There are a lot of variables involved in closing on a home. Your agent may have had a transaction that had problems and is relunctant to use them based on that situation. In today's market, you want to use an experienced loan officer that has a good team supporting them during the processing of your loan. As a buyer, if you have all your loan documentation ready when you apply for the loan, it will help the process go smoother. In my experience, if the buyer qualifies and if the home appraises, Wells Fargo closes their loans on time. You certainly have an opportunity to talk to multiple lenders and compare their programs. Good luck with your home purchase.... more
Hello Sal. The base property tax rate in CA is 1% of the purchase price and then the property gets reassed every year and the property tax adjusts accordingly, but the increases are not really significant. In addition to the base property tax, you may also have to pay special assessment that can vary greatly from location to location. One of the most significant special assessments is the Mello Roos. You should be able to access the tax bill at the county tax collector's office. While the property tax that's shown in the most recent tax bill will be based on the old assessed value, not the new purchase price, you'll be able to see what kind of special assessment you'll have to expect. This should have been disclosed to you during the transaction. Usually, the tax and special tax information is contained in the NHD report (Natural Hazard Disclosure Report) that you should have been provided by the seller. While property taxes don't really have anything to do with natural hazards, the information is usually included in that report. I hope this helps.... more
Hello Sal. Whether you need to pay taxes on the amount reported on the 1099 depends on your overall financial circumstances. You really need to consult with a tax professional who can review your situation and advise you of applicable exemptions under state and federal tax laws. Depending on your facts, it's possible that you don't have pay taxes on the 1099 amount at all or you may have to pay taxes on the full amount or only a portion of it. If you have to pay taxes, you may be able to arrange for a payment plan (up to 5 years I believe), but the downside of a payment plan is that you'll have to pay interest and penalties. Unfortunately, we can't answer your question better on Trulia as real estate agents are not licensed to give tax advise and even if we were qualified and licensed, we could not give advice without a careful review of your particular facts which would certainly go beyond what we can do in this online forum. Good luck to you.... more