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03842 : Real Estate Advice

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  • Local Info0
  • Home Buying7
  • Home Selling0
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Activity 9
Carlossoto30, Home Buyer in New York, NY
Sun Oct 23, 2016
Carlossoto30 asked:
Have enough for renos but since this is our first time we wanna make sure we get the full 200k from the bank for the house and renos. Any thoughts?
0 votes 0 Answers Share Flag
Diana McLaug…, Real Estate Pro in Somersworth, NH
Sat Nov 22, 2014
Diana McLaughlin answered:
I am not a lender but I do work with a lot of VA Buyers. Please feel free to give me a call if you are still looking to purchase a home. Thank you, Diana McLaughlin
Owner/Broker at MKK Real Estate Professionals, LLC 603-343-4352 ... more
0 votes 3 answers Share Flag
c.combier.do…, Renter in Hampton, NH
Thu May 30, 2013
c.combier.donovan answered:
Thanks! At least now I understand why the usual lease jumps 4-fold in the summer. The problem is my daughter's 1-year lease in Hampton is up this weekend and it has been impossible to find anything remotely affordable beginning June 1! ... more
0 votes 4 answers Share Flag
Lisa Newman, Real Estate Pro in Hampton, NH
Thu May 24, 2012
Lisa Newman answered:
Are you looking for a multi family investment? I am assuming by you question you are. But you may also be looking for a fixer upper that you can buy, rehab, hold and sell as the market starts to improve. There are a number of multis currently available, most are at the beach which would lead to the question of how you want to run your rentals. Yearly or seasonally. Either way, there are a number of options out there depending on your price point and the rate of return you want. Feel free to call if you want to chat. Lisa Newman. BHG/The Masiello Group. 603-601-1117 ... more
0 votes 3 answers Share Flag
Common Sense, Home Owner in Houston, TX
Thu May 10, 2012
Common Sense answered:
Taking a loan for "tax advantage" is a hugely false savings. Let's do the math.

Only the interest paid is deductible, and only if you file using itemized expenses.

Let's say you pay $5,000 in interest expense for the whole year, and let's assume it's all deductible (which, depending on your situation, it may or may NOT be - check with your accountant). You get to deduct as an itemized deduction that $5,000 in interest expense. Assuming it drops dollar-for-dollar to reduce your taxable income (and it might not - again, check with your accountant) you'll save taxes at the marginal rate you pay. If you're in the highest federal tax bracket which for 2012 is 35%, your actual dollar tax savings would be $5,000 x 35% = $1,750. Nice tax savings, right?

WRONG. You paid a bank $5,000 for the "privilege" of "saving" $1,750 on your taxes. Maybe you like the bank a whole lot better than the government (it's kind of hard to like either one, in my view), but it COST you $3,250 in real money. And if you're in a lower tax bracket, the "Cost" is even higher, perhaps much higher.

Why would you do something that's going to cost you (at best) almost 2 times the savings just to reduce your tax bill? I like to pay the smallest legal amount of taxes too, but paying interest when you do not have to makes zero financial sense.
... more
0 votes 13 answers Share Flag
Bob Holder, Real Estate Pro in Portsmouth, NH
Fri Mar 9, 2012
Bob Holder answered:
Laura,

All good answers, and I agree, you must have a professional negotiating this for you. The BPO can certainly be challenged with current comps and an experienced negotiator should be able to improve the situation.

Good Luck
... more
0 votes 8 answers Share Flag
Bob Holder, Real Estate Pro in Portsmouth, NH
Fri Mar 9, 2012
Bob Holder answered:
1st Time Buyer,

You are 100% correct, you don't want to tell the seller that you can pay more when you don't intend to. We always have the pre-approval letter written to agree with the purchase price offered. Many times you end up getting more than one letter, depending on the negotiations go.

Good Luck!
... more
0 votes 17 answers Share Flag
Annette Levi…, Other/Just Looking in New York, NY
Mon Oct 11, 2010
Annette Levinson answered:
A large down payment is considered a compensatory factor for a mortgage. How low is your FICO and have you had a mortgage officer go over your credit to tell you what you need to do to get it up. That is one service I provide free of charge. Let me know if you need help. ... more
0 votes 6 answers Share Flag
Tom McGuirk, Real Estate Pro in Hampton, NH
Sat Nov 22, 2008
Tom McGuirk answered:
The Foreclosure process is just that a process. The bank may not have the option to "DEAL" pre-auction. One common stubbling block is the presence of a Second-Mortgage. The primary mortgagee cannot satisfy the second mortgage through short sale. The auction process will eliminate the second mortgage and give title to the "Bank" (primary mortgagee) or highest bidder (in most cases the second mortgagee will have to bid in to protect their interest.)

Also it is the duty of the bank to properly notify the mortgagor, advertise the foreclosure adequately and bid in at a certain percentage of market value in order to minimize the deficiency created by the sale. If the Bank offered a "deal" pre-foreclosure, they are opening themselves up to possible litigation by the mortgagor. The forclosure process is designed to limit litigation and also protect the homeowner as well as the interest of the bank.
... more
1 vote 14 answers Share Flag
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