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Home Selling in Fullerton : Real Estate Advice

  • All150
  • Local Info15
  • Home Buying38
  • Home Selling2
  • Market Conditions6

Activity 11
Thu Sep 7, 2017
Rmrucker answered:
If your friend wants to give away any more property in the USA, be sure to come back and tell us. We can give him a list a names of people to which he can give property. We would prefer at least half an acre and it doesn't have to include the mule. ... more
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Wed Jun 8, 2016
Have a title company handle it for your. No realtor needed. If you need a referral to a good one or a mortgage to do so call me. I am a realtor/broker and will help you with the paperwork for free if your sister uses me for the mortgage.


CA BRE Lic 01080071 NMLS lic 287206 Equal housing lender
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Thu Jun 2, 2016
Walter 'Skip' Kersten answered:
Hi Kel,
If you sell your home and there is no mortgage you will receive cash rather or not your buyer paid cash. (Cash buyers will usually offer less than non cash buyers so you might just sell to a well qualified buyer). You then write cash offers to purchase one or more homes. You can also sell contingent upon buying and make the escrows close concurrently. Hope that helps. You can email me directly at if you have additional questions or would like an estimate of what your home is worth.
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Wed Jun 1, 2016
You are not required to file taxes if your income is under a certain limit. Though in the year you sell the house you will need o file taxes. There is an owner occupied exemption for $250,000 for a single person and $500,000 for a married couple. That has nothing to do with how much cash is distributed, rather it is the price you paid for the house minus the price you sell the house for.

There are some strategies you can use to avoid additional taxes.

Also remember the tax base on the old house is probably much lower than the new house, if you are over 55 you may be able to transfer the property tax to the new house.

For example.

Let's say you paid $300,000 for a house in 1998 and now are selling it for $500,000. If it is an owner occupied house and you are a single person, you get the $250,000 exception and get all $500,000 tax free.

I I understand the question, you are paying cash for the new house. The transaction will be reported to the IRS.

If the new house is $400,000 then the property tax rate will go up from $3000 to $4000 or an increase of $1000 a year. If you are over 55 you can avoid that by filing the proper paperwork at the county recorder's office.

I am a bit more than just a lender, I do full on mortgage planning strategies and am a real estate broker.

I am more than happy to help people who call, for no charge or obligation. Please verify with your licensed legal and tax advisors


Lic BRE 01080071 NMLS lic 287206
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Mon May 16, 2016
Hello John, the banks will not lend more than a house is worth at market value per appraisal so it will depend on if the buyers have all cash or are paying the difference of the appraised value and the asking price.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7 or
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0 votes 7 answers Share Flag
Tue Dec 8, 2015
Old question...but very common.
Yes, any one person can sell you a home at any price of their choosing.
Gift Equity is perfectly acceptable with a gift letter.

To ascertain the value, the lender will request a new appraisal.

The actual value of the home for loan to value purposes is going to be the new purchase price regardless of appraised value.

In this case $440/$550 would be 80%.

It can be one and I am guessing ....has already been done with much success!!

The new property tax bill will be calculated on your purchase price of the home.
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Tue Mar 31, 2015
The title company may require it, On the surface it is not needed but with CA being a community property state there could be a cloud on title fairly easily
0 votes 3 answers Share Flag
Fri Dec 12, 2014
Walter 'Skip' Kersten answered:
Hi Natalie, yes your husband can sell his Fullerton home to his sister. You should be able to do it without coming to CA, if that is what you are asking. You can contact me through my profile if you have specific questions.
Good luck,
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0 votes 1 answer Share Flag
Wed Oct 8, 2014
Temple Stratton answered:
It Pays to work with a Realtor! Have someone on your side as a guide through the entire process. Plan your goals for today and tomorrow. Give me a call I love to talk about my favorite subject Real Estate! ... more
0 votes 11 answers Share Flag
Tue May 1, 2012
Kawain Payne answered:
I do not see a conflict of interest here. It could actually be a plus.

If both homes are in good condition, nice location and priced right...there will be enough buyers to go around.

Best of luck to you.

Kawain Payne
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0 votes 16 answers Share Flag
Tue May 1, 2012
Kawain Payne answered:
Hello Cacay,

Short Sales are usually only an option for distressed home onwers. Your bank will more than likely require you to provde proof of a financial hardship.

If you cannot provide a financial hrdship your short sale request may not get approved.

Kawain Payne, Realtor
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0 votes 13 answers Share Flag
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