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Home Buying in Corte Madera : Real Estate Advice

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Activity 7
Tue Mar 6, 2012
Steven Ornellas answered:
Jacksbusy:

Oggi is correct; however, doing so MAY create a potential tax exposure problem for you.

You see, I believe if you don't charge interest, the IRS can still tax you on what they figure you should have earned in interest. The IRS has many "interest rules" regarding making personal loans so the bottom line is that you should talk with your CPA or Tax Advisor on the best way to proceed.

In fact, if one follows IRS guidelines the setting of a loan rate actually depends on:

1) The month your promissory note is created, and

2) The term of the loan: Short-term (3 years or less), Mid-term (> 3 and <=9 years), Long-term (> 9 years).

The setting of what rate is appropriate is "controlled" by the IRS via their monthly Index of Applicable Federal Rates (AFR) Rulings, which you can see here: http://www.irs.gov/app/picklist/list/federalRates.html

-Steve
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Tue Mar 6, 2012
Kenton Wolfers answered:
I would say there is no reason a seller can't carry the loan if they sell as long as they own the home free and clear. If you have a loan on your house and sell it most banks have an acceleration clause....meaning they will demand to get paid off if you sell. With interest rates at historically low levels most buyers can obtain excellent financing for home purchases. If you would like to sell your home and carry the note call me I would be happy to help. 415-609-5138 Kenton Wolfers Alain Pinel Realtors lic.# 01272467 ... more
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Fri Sep 30, 2011
Maryann Pearson answered:
Ronnae,
If you want to see the actual tax bill for a property in Marin County, you can find it on the Marin County website.
Go to: http://www.co.marin.ca.us/depts/AR/compass/index.asp and enter the parcel number of the property. It will show you the entire current tax bill. Maryann ... more
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Wed Aug 10, 2011
Andy answered:
Hi Halley,

You asked in Apr 2007. I hope those 2008, 2011 answers are still useful.

Andy
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Thu Jun 23, 2011
Cliff Perotti answered:
Having lived in Chapman Park for over 10 years, I can tell you that the fog stops at the southern hilltop (Mill Valley), but does cause the nice cool down in the evenings. The weather is not as windy as the East side of Corte Madera, but you'll still get that breeze from West to East. The lower you are in Chapman Park, the less you will feel the effect of the fog. And yes, it does differ from Larkspur. There is generally less wind in Larkspur, so temperatures might be 3-4 degrees warmer. Chapman Park is an EXCEPTIONAL place to live! Cheers! ... more
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Sun Apr 11, 2010
Hannah Fliegel answered:
Hi Jack,

Typically you will pay $400 per sq feet in this area. You might be able to get a little cheaper due to the economy but this is the typical range for Mill Valley, Corte Madera.

Good luck!

Hannah Fliegel
415-999-9348
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Mon Apr 23, 2007
Scott Sheldon answered:
Well you should be also concerned about the max loan amounts in Marin County. I can run scenarios for you. If you want to give me a telephone call I can go over the numbers with you and write you a preapproval letter within minutes. You can call me directly at my cell phone which is 707-217-4000.

Thanks,

Scott
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