I live in Georgia in a home that I co-own. It has not mortgage. I have restored my VA eligibility and would like to buy a second home in Florida. I would split my time between the two. It would be in my name only. Would this be considered a vacation by VA or would I be eligible?... more
As long as you have not used your VA loan guaranty benefits, and you are going to occupy the house that you will be purchasing with them, they are available. Contact your nearest VARO for further details and to get your application going.
On the question about the rules regarding FHA loans, I do not know if you may rent the home out. You may want to re-finance it with a conventional lender and save the FHA mortgage insurance payment every month if you have enough equity. Depending on your interest rate and what sort of a deal you get, may have smaller payments every month - and thus higher cash flow!... more
It means only a cash buyer can buy the property, but sometimes private money loans will work as well. Ask your Realtor to check specifically about the properties you are interested in. Call/text us for more details.
Jennifer Peterson and Mandy Lewis
Keller Williams... more
This is a specific contractual question. You can write 10 contracts and never have the same answer to this. And to answer it you need to know why they backed out. They may well have had a contingency. Did you have an agent? We as brokers have a responsibility to answer these questions and more and we have E and O to protect you. Need a little more info and we can help!
In most buy/sell agreements, the contract is worded to protect the seller from the buyer backing out - i.e. keeping the earnest money deposit. The only legal ramification for backing out of your end of the agreement is that if the buyers are insisting on buying the home, they would have to take you to court. Rarely does that happen.
The good part here is that you have an agreement that has been active since - what was it? March? Um, how long does a closing take? I bet there was a deadline in your contract. I also bet that deadline has long past. I would think that may give you just cause.
If you lender was the one holding up the closing, just have them reject the short sale agreement (make them come up with a reason). Then you are free and clear to go ahead with the loan modification.... more
I assume that the land is single residential and you already stated that the apartment did not have permits when built.
For you to buy 25% you will need to setup a partnership with parents and put the property in a trust. This will cover all the legalize for who gets what.
The apartment will never be insurable or financeable unless the zoning can be worked to split the apartment from main house.
Reselling as it is now would be all 10 acres and the buyer would take the apartment knowing that it was not built with permits.
A good deal on a house donâ€™t be so sure. That is a lot of expense to go from 1b/1b to 3b/2b and any resale will have above problems to go with it. Plus a long market time to find a buyer that fits the modified property.
Unless you are familiar with the real estate laws and contracts I would not sell your property yourself. The liability alone should be enough for you to hire a professional realtor. I would gladly answer any other questions you have and would welcome the chance to show you how easy it is for a realtor to list, market and sell your property without any stress. If I can help in anyway, please contact me.
John L Scott Market Center
503-887-5323 or firstname.lastname@example.org... more
Short answer ~ There are no taxes paid on your primary residence, any home that you own for 5 years or more, and have lived in for more then 2 years of the 5 is considered your primary residence. You have the right to claim tax exemption for up to $250k, and $500k if you're married. You also have the right to reduce any tax liability by amounts paid for renovation, new flooring, new siding, new roof ect.
In the future if you buy a home and it's your primary residence, and your inherit your mothers home. You can sell which ever home will not be your primary residence under a 1031 exchange. That is a little more complicated then what is appropriate to write about to answer your question. But basically if you sell and buy like property within 180 days from sale to purchase, you can avoid taxes. That is very basic and there are obviously other things you need to know.
Jason H. Gomes
Prudential NW Properties
Greater Portland Area
Desk: 503.350.7378... more