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27834 : Real Estate Advice

  • All14
  • Local Info3
  • Home Buying4
  • Home Selling1
  • Market Conditions0

Activity 8
Sun Jan 15, 2017
Cmanning2015 asked:
I need to move into a better location. I have a low credit score due to Medical Bills along with closed accounts still on my credit report along with a cc debt that was closed and now has…
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Thu May 1, 2014
Jeff B Tripp answered:
The only public transportation in Greenville is the bus. Unfortunately there is no bus stop near you location.
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Fri May 3, 2013
Anna M Brocco answered:
Since rent to own properties may not be listed as such, consider working with an agent of your own. Keep in mind that rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright; keep in mind that there are other factors besides credit that determine mortgage qualification. ... more
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Mon Oct 10, 2011
Laura Novo asked:
walkability, pet friendly?
What types of activities are there and is there a park nearby?
Is there a community pool nearby?
How safe is it?
0 votes 0 Answers Share Flag
Wed Sep 22, 2010
FSBOsuccess answered:
Scott, you and I are going to have to agree to disagree. If you are using a competent real estate agent that is solely representing YOUR interest, you should not have to bring an attorney into the equation until the closing. I may have misunderstood you because I would ALWAYS use a real estate atty to close. ... more
0 votes 14 answers Share Flag
Thu Aug 26, 2010
Jesse Allen answered:
Hi Mevans 14,
This is a good question and I have had this same question several times this week! Just to give you a few facts... your first payment will be due when you file your 2010 tax return. Here are a few rules that apply for you not haveing to make payments:
However, some exceptions apply to the repayment rule. They include:

-If you die, any remaining annual installments are not due. If you filed a joint return and then you die, your surviving spouse would be required to repay his or her half of the remaining repayment amount.
-If you stop using the home as your main home, all remaining annual installments become due on the return for the year that happens. This includes situations where the main home becomes a vacation home or is converted to business or rental property. There are special rules for involuntary conversions. Taxpayers are urged to consult a professional to determine the tax consequences of an involuntary conversion.
-If you sell your home, all remaining annual installments become due on the return for the year of sale. The repayment is limited to the amount of gain on the sale, if the home is sold to an unrelated taxpayer. If there is no gain or if there is a loss on the sale, the remaining annual installments may be reduced or even eliminated. Taxpayers are urged to consult a professional to determine the tax consequences of a sale.
-If you transfer your home to your spouse, or, as part of a divorce settlement, to your former spouse, that person is responsible for making all subsequent installment payments.

Another important thing to remember is that "profit" does not mean you get to claim all your expenses from the sale of the home to determine this. Some expenses like property taxes and insurance can not be used as closing cost when determining the "profit" from the sale of a home. Your realtor fees can be used!

Most important to remember is always consult a tax expert before entering into the sale of your home! For more help visit us at www.JesseAllenHomes.com or for more tax info visit www.irs.gov
... more
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Wed Nov 12, 2008
Bill Bird answered:
Amy,
The best answer is consult with a seasoned Realtor- there is no magic number or percentage. A home's value is what a willing buyer will pay and a willing seller will take (and a willing bank will lend if financing is involved!). What the seller paid or owes is of no consequence if there's equity, and it's almost always a case-by-case basis. By way of example, let's assume all the comparable homes on a street sell for $200,000. If a motivated seller prices his at $190,000, he's already discounted the value by 5% and likely won't reduce from there. Conversely, another seller could price his at $210,000, so a 5% reduction would put you back to about market value- a local, seasoned Realtor can help you separate the wheat from the chaff. ... more
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