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Dallas : Real Estate Advice

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Activity 5
13194866430, Renter in Dallas, PA
Sun Jul 20, 2014
13194866430 asked:
This question was asked from http://www.trulia.com/rental-community/9000054530/Yalick-Farms-802-Homestead-Dr-Dallas-PA-18612/
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Tony Grech, Real Estate Pro in Southfield, MI
Tue Aug 13, 2013
Tony Grech answered:
An attorney or financial planner would be good to speak to, but here is what I can tell you.

First of all, any proceeds from the home should be tax-free, since it is your mom's primary residence and she has presumably lived there for more than 2 years. In most cases, profit is tax-free up to $250,000, but there are always quirks and exceptions to the rule. Consult a CPA or the IRS website for confirmation of this.

Mom's name should presumably be on the home if you are using her money and if she is going to be living there. A lot of suspiciousness will be raised if she is not. Believe it or not there are greedy kids out there who rob their parents blind and put them in a nursing home once they've gotten what they want.

As far as the mortgage goes, it's probably going to need to be in your mom's name or your sister's if she has income. To do a mortgage in your name, this would be classified as an investment property, and investment property guidelines would not permit mom to "gift" you the money for the down payment. So mom would have to qualify for the mortgage payment based on her Social Security and Pension income (plus any income from your sister assuming she is credit-worthy).

Now if mom can't qualify for the new mortgage all by herself then FHA allows the use of non-occupying co-borrower (you) income to qualify. Your credit needs to be acceptable, as does hers, and your income and hers combined must be enough to qualify for both your house payment and her new one.

I can walk you through the mortgage end of things and let you know your options. Then from there you can can speak to an attorney or financial/estate planner who can advise you on ways to make sure everyone protects their best interests in this transaction. Feel free to give a call with any questions.

Tony Grech

Loan Officer -NMLS #977416

WCS Lending, LLC
Tony.Grech@WCSLending.com
Toll Free: 866.936.5363 ext. 278
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michelle swe…, Real Estate Pro in kingston, PA
Sun Aug 12, 2012
michelle sweeney answered:
Hello! It's great that you decided to buy a house, I know it can be stressful but I am a local agent in your area working for Classic Properties in Kingston. Pa and I would be happy to help you find a house! If you would like to contact me that would be great and I could walk you through the process.My office no. 570-714-8959 x1310. I look forward to hearing from you.

Thank You,
Michelle Sweeney
Realtor
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Interpro, Other/Just Looking in Dallas, PA
Thu Jun 11, 2009
Interpro answered:
The Options are:
1. Make sure that you require that the well be tested. This testing should include a water quality sample and also a short pumping test on the well. In addition, the homeowner should provide you with a detail of the well log. This log should have been prepared by the driller with the well was put in.
2. Also document the static water level and dynamic water level in the well.
3. On the septic issue, get the system inspected and if possibly conduct a hydraulic load analysis.
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Dirk Knudsen, Real Estate Pro in Hillsboro, OR
Mon Jan 14, 2008
Dirk Knudsen answered:
Well it sure looks wooded there. I just used Google Earth to survey the area, A couple of nice big waterways and lots of woods! Unless they do not allow people to live in the woods this looks like a great location. Here is a map link to a google map that has the ability to show the air photo as well.

Tey this:

http://maps.google.com/maps?t=h&hl=en&ie=UTF8&ll=41.334431,-75.964397&spn=0.044855,0.622101&z=11&om=0

Also google a broker for Dallas, PA and ask them this question. I always tell people to go local or don't go at all!

Best wishes to you;

Dirk T Knudsen
Re\Max Hall of Fame
"The Real Estate Doctor"
#1 Rated Re\Max team in Oregon
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